1. 1
‫ﺍﳉﻬﻮﺭﻳﺔ‬‫ﺍﳉﺰﺍﺋﺮﻳﺔ‬‫ﺍﻟﺪﳝﻘﺮﺍﻃﻴﺔ‬‫ﺍﻟﺸﻌﺒﻴﺔ‬
‫ﻭﺯﺍﺭﺓ‬‫ﺍﻟﺘـﻌﻠﻴـﻢ‬‫ﺍﻟﻌﺎﻟـﻲ‬‫ﻭﺍﻟﺒﺤـﺚ‬‫ﺍﻟﻌﻠﻤـﻲ‬
‫ﻋﺒﺎﺱ‬ ‫ﻓﺮﺣﺎﺕ‬ ‫ﺟﺎﻣﻌﺔ‬-‫ﺳﻄﻴﻒ‬
íé×Òíé×Òíé×Òíé×Ò<<<<Ýç×ÃÖ]Ýç×ÃÖ]Ýç×ÃÖ]Ýç×ÃÖ]<<<<íè^’jÎ÷]íè^’jÎ÷]íè^’jÎ÷]íè^’jÎ÷]<<<<Ýç×ÂæÝç×ÂæÝç×ÂæÝç×Âæ<<<<éŠjÖ]éŠjÖ]éŠjÖ]éŠjÖ]
‫ون‬:
‫و‬ ‫و‬ ‫א‬ ‫א‬ ‫א‬‫و‬ ‫א‬ª ‫א‬ ‫א‬‫و‬ ‫א‬ ‫א‬
‫اﻟﻤﻠﺘﻘﻰ‬‫اﻟﺪوﻟ‬ ‫اﻟﻌﻠﻤﻲ‬‫ﻲ‬
Þìy
‫م‬ ‫ــــ‬‫م‬ ‫ــــ‬‫م‬ ‫ــــ‬‫م‬ ‫ــــ‬20212009
á]çßÂí×}]‚¹]
‫ﺍﻟﺒﺎﺣﺚ‬ ‫ﺇﻋﺪﺍﺩ‬ ‫ﻣﻦ‬
‫ﺩ‬.‫ﻏﺭﺒـﻲ‬ ‫ﺍﻝﺤﻠﻴـﻡ‬ ‫ﻋﺒﺩ‬
‫ﺍﻝﺘﺴﻴﻴﺭ‬ ‫ﻭﻋﻠﻭﻡ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﻌﻠﻭﻡ‬ ‫ﻜﻠﻴﺔ‬
‫ﺴﻁﻴﻑ‬ ‫ﺠﺎﻤﻌﺔ‬/‫ﺍﻝﺠﺯﺍ‬‫ﺌـﺭ‬
‫ﺃ‬.‫ﺩ‬.‫ﺼﺎﻝﺤـﻲ‬ ‫ﺼﺎﻝـﺢ‬
‫ﺍﻝﺘﺴﻴﻴﺭ‬ ‫ﻭﻋﻠﻭﻡ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﻌﻠﻭﻡ‬ ‫ﻜﻠﻴﺔ‬
‫ﺴﻁﻴﻑ‬ ‫ﺠﺎﻤﻌﺔ‬/‫ﺍﻝﺠﺯﺍﺌـﺭ‬
‫و‬‫و‬‫و‬‫و‬‫א‬ ‫א‬‫א‬ ‫א‬‫א‬ ‫א‬‫א‬ ‫א‬
‫א‬ ‫א‬‫א‬ ‫א‬‫א‬ ‫א‬‫א‬ ‫א‬‫ز‬ ‫א‬‫ز‬ ‫א‬‫ز‬ ‫א‬‫ز‬ ‫א‬ªªªªª ‫وא‬ª ‫وא‬ª ‫وא‬ª ‫وא‬‫و‬ ‫א‬‫و‬ ‫א‬‫و‬ ‫א‬‫و‬ ‫א‬
177
‫و‬ ‫א‬ ‫د‬ ‫وא‬ ‫א‬ ‫ز‬ ‫א‬‫و‬ ‫א‬ ‫د‬ ‫وא‬ ‫א‬ ‫ز‬ ‫א‬‫و‬ ‫א‬ ‫د‬ ‫وא‬ ‫א‬ ‫ز‬ ‫א‬‫و‬ ‫א‬ ‫د‬ ‫وא‬ ‫א‬ ‫ز‬ ‫א‬
‫א‬ ğ‫وא‬ ‫א‬ ğ‫وא‬ ‫א‬ ğ‫وא‬ ‫א‬ ğ‫وא‬

2. 2
‫ﻜﻔـﺎﺀﺓ‬‫ﻭﺃﺴﺎﻝﻴـﺏ‬ ‫ﺼﻴـﻎ‬‫ﺍﻹﺴﻼﻤـ‬ ‫ﺍﻝﺘﻤﻭﻴـل‬‫ــ‬‫ﻲ‬
‫ﻓـﻲ‬‫ﺍﺤﺘـﻭﺍﺀ‬‫ﺍﻷﺯﻤـﺎﺕ‬‫ﻭﺍﻝﺘﻘﻠﺒـﺎﺕ‬‫ﺍﻝﺩﻭﺭﻴـﺔ‬
‫ﻤﻠﺨ‬‫ـ‬‫ﺹ‬:
‫ﺃﺴ‬ ‫ﺩ‬‫ﺩ‬‫ﻭﺘﻌ‬ ‫ﺍﻝﺼﻴﻎ‬ ‫ﻉ‬‫ﻭ‬‫ﺒﺘﻨ‬ ‫ﺍﻝﻤﺭﺘﺒﻁﺔ‬ ‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻜﻔﺎﺀﺓ‬ ‫ﺍﻝﻤﻘﺎل‬ ‫ﻫﺫﺍ‬ ‫ﻓﻲ‬ ‫ﻨﺎ‬‫ﻴ‬‫ﺒ‬ ‫ﻝﻘﺩ‬‫ﺘﻐﻁﻴﺔ‬ ‫ﻓﻲ‬ ‫ﹸﺴﻬﻡ‬‫ﺘ‬ ‫ﺒﺼﻭﺭﺓ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺎﻝﻴﺏ‬
‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻝﻤﺨﺘﻠﻑ‬ ‫ﺍﻝﺘﻤﻭﻴﻠﻴﺔ‬ ‫ﺍﻻﺤﺘﻴﺎﺠﺎﺕ‬)‫ﺃﻓﺭﺍﺩ‬ ‫ﺃﻭ‬(‫ﻨﺸﺎﻁﻬﺎ‬ ‫ﻭﻤﺠﺎل‬ ‫ﻭﺤﺠﻤﻬﺎ‬ ‫ﻁﺒﻴﻌﺘﻬﺎ‬ ‫ﻤﻊ‬ ‫ﻴﺘﻨﺎﺴﺏ‬ ‫ﺒﻤﺎ‬ ،‫ﺍﻝﻌﺠﺯ‬.
‫ﺒﺎﺤﺘﻭﺍﺀ‬ ‫ﺍﻝﻤﺘﻌﻠﻘﺔ‬ ‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻜﻔﺎﺀﺓ‬ ‫ﺃﺒﺭﺯﻨﺎ‬ ‫ﻜﻤﺎ‬‫ﺍﻷﺯﻤﺎﺕ‬‫ﻭﺍﻝﺘﻘﻠﺒﺎﺕ‬‫ﺍﻝﺩﻭﺭﻴﺔ‬‫ﻭﺼﻴﻐﻪ‬ ‫ﺃﺸﻜﺎﻝﻪ‬ ‫ﺒﺘﻜﺎﻤل‬ ‫ﺍﻝﻤﺘﻌﻠﻘﺔ‬ ‫ﻭﻜﻔﺎﺀﺘﻪ‬ ،
،‫ﻭﺃﺴﺎﻝﻴﺒﻪ‬‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻭﺃﺴﺎﻝﻴﺏ‬ ‫ﻝﺼﻴﻎ‬ ‫ﱠﻌﺔ‬‫ﻗ‬‫ﺍﻝﻤﺘﻭ‬ ‫ﺍﻝﺘﻁﺒﻴﻘﻴﺔ‬ ‫ﺍﻝﻜﻔﺎﺀﺓ‬ ‫ﻤﻨﺎ‬‫ﻴ‬‫ﻗ‬ ‫ﺜﻡ‬.
Abstract :
We have shown in this article the efficiency of Islamic finance formulas associated with the diversity
and multiplicity of methods of financing contribute to cover the financing needs of the various institutions
(or individuals) deficit, commensurate with the nature, size and area of activity.
As we have highlighted the efficiency of the containment of Islamic finance on crises and economic
cycles, and efficiency relating to the integration of forms, structure and methods, and then applied the
expected values of the efficiency formulas and methods of Islamic finance.
‫ﺘﻤﻬﻴـﺩ‬:
‫ﺤﻴﻥ‬ ‫ﻓﻲ‬ ،‫ﺍﻝﺤﻘﻴﻘﻴﺔ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺒﺎﻝﺤﺭﻜﻴﺔ‬ ‫ﺍﻝﻤﺭﺘﺒﻁﺔ‬ ‫ﺍﻝﻤﺘﻨﻭﻋﺔ‬ ‫ﺍﻝﻤﺸﺎﺭﻜﺔ‬ ‫ﻻﺕ‬‫ﺩ‬‫ﻤﻌ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻴﻌﺘﻤﺩ‬
‫ﻓﻲ‬ ‫ﻴﺭﺘﺒﻁ‬ ‫ﻻ‬ ‫ﺍﻝﺫﻱ‬ ‫ﺍﻝﻤﻀﺎﺭﺒﻲ‬ ‫ﺍﻝﺭﻤﺯﻱ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻲ‬‫ﻤ‬‫ﹸﻨ‬‫ﺘ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﺴﺒﻘﺔ‬ ‫ﺍﻝﺭﺒﻭﻴﺔ‬ ‫ﺍﻝﻔﻭﺍﺌﺩ‬ ‫ﺁﻝﻴﺔ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺘﻘﻠﻴﺩﻱ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻴﻌﺘﻤﺩ‬
‫ﻭ‬ ‫ﺍﻝﺤﻘﻴﻘﻲ؛‬ ‫ﺒﺎﻻﻗﺘﺼﺎﺩ‬ ‫ﺍﻝﺤﺎﻻﺕ‬ ‫ﻤﻥ‬ ‫ﻜﺜﻴﺭ‬‫ﻝﻸﺯﻤﺎﺕ‬ ‫ﺍﻷﺴﺎﺴﻴﺔ‬ ‫ﺍﻝﻌﻭﺍﻤل‬ ‫ﺒﻴﻥ‬ ‫ﻤﻥ‬ ‫ﺩ‬‫ﻌ‬‫ﻴ‬ ‫ﻓﻬﻭ‬ ‫ﻡ‬‫ﺜ‬ ‫ﻤﻥ‬‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﺍﻝﺘﻘﻠﺒﺎﺕ‬
‫ﺍﻝﺩﻭﺭﻴﺔ‬.
‫ﺘﺤﺕ‬ ‫ﻤﺎﻝﻴﺔ‬ ‫ﻭﻤﻨﺘﺠﺎﺕ‬ ‫ﻤﺒﺘﻜﺭﺍﺕ‬ ‫ﺸﻜل‬ ‫ﻓﻲ‬ ‫ﻋﺩﻴﺩﺓ‬ ‫ﺘﻁﻭﺭﺍﺕ‬ ‫ﺍﻝﻤﺼﺭﻓﻴﺔ‬ ‫ﻭﺍﻝﺼﻨﺎﻋﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻷﺴﻭﺍﻕ‬ ‫ﺸﻬﺩﺕ‬ ‫ﻝﻘﺩ‬
‫ﻤﺴﻤﻰ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻬﻨﺩﺴﺔ‬‫ﻨﺘﺎﺌﺠﻬﺎ‬ ‫ﺃﺒﺭﺯ‬ ‫ﻤﻥ‬ ‫ﻜﺎﻥ‬ ‫ﺍﻝﺘﻲ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺸﺘﻘﺎﺕ‬‫ﺏ‬‫ﻌ‬‫ﺼ‬ ‫ﺒﺸﻜل‬ ،‫ﻭﺍﻝﺘﻭﺭﻴﻕ‬‫ﺍﻝﻨﻘﺩﻴﺔ‬ ‫ﺍﻝﺴﻠﻁﺎﺕ‬ ‫ﻬﻤﺔ‬‫ﻤ‬
‫ﺒﺎﻻﺴﺘﻘﺭﺍ‬ ‫ﹼﺕ‬‫ﻠ‬‫ﺃﺨ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻷﺯﻤﺎﺕ‬ ‫ﺘﻭﺍﻝﻲ‬ ‫ﺇﻝﻰ‬ ‫ﺃﺩﻯ‬ ‫ﺍﻝﺫﻱ‬ ‫ﺍﻷﻤﺭ‬ ‫ﻭﻤﺘﺎﺒﻌﺘﻬﺎ؛‬ ‫ﻤﺭﺍﻗﺒﺘﻬﺎ‬ ‫ﻓﻲ‬ ‫ﻭﺍﻝﻤﺎﻝﻴﺔ‬‫ﺭ‬‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬.
‫ﻭﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻷﺼﻭل‬ ‫ﻓﻲ‬ ‫ﺍﻝﺨﺴﺎﺌﺭ‬ ‫ﺤﺠﻡ‬ ‫ﺍﻝﺘﻘﻠﻴﺩﻱ‬ ‫ﻭﺍﻝﻤﺼﺭﻓﻲ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﻝﻠﻨﻅﺎﻡ‬ ‫ﺍﻝﺤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻷﺯﻤﺔ‬ ‫ﻨﺕ‬‫ﻴ‬‫ﻭﺒ‬
‫ﻤﻥ‬ ‫ﺒﺄﻜﺜﺭ‬ ‫ﺭ‬‫ﺩ‬‫ﹸﻘ‬‫ﺘ‬50‫ﻤﻠﻴ‬ ‫ﺃﻝﻑ‬‫ﻭﺍﻝﻜﺴﺎﺩ‬ ‫ﺍﻝﺭﻜﻭﺩ‬ ‫ﻤﻥ‬ ‫ﺒﺤﺎﻝﺔ‬ ‫ﺒﺩﺃﺕ‬ ‫ﺍﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺃﺯﻤﺔ‬ ‫ﺇﻝﻰ‬ ‫ﻝﺕ‬‫ﻭ‬‫ﻭﺘﺤ‬ ،‫ﺩﻭﻻﺭ‬ ‫ﺎﺭ‬.
‫ﺒﺎﻻﻗﺘﺼﺎ‬ ‫ﺍﻝﺤﻘﻴﻘﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻴﺭﺒﻁ‬ ‫ﺍﻝﺫﻱ‬ ‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺃﻫﻤﻴﺔ‬ ‫ﻅﻬﺭﺕ‬ ‫ﻭﻗﺩ‬‫ﺩ‬‫ﺍﻷﺯﻤﺎﺕ‬ ‫ﺍﺤﺘﻭﺍﺀ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺎﻝﻲ‬
‫ﺒﻬﺎ‬ ‫ﺍﻝﻤﺭﺘﺒﻁﺔ‬ ‫ﻭﺍﻝﺩﻭﺭﺍﺕ‬ ‫ﻭﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬.
‫ﻓﻲ‬ ‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﻝﻠﺘﻤﻭﻴل‬ ‫ﺍﻻﺴﺘﺨﺩﺍﻤﻴﺔ‬ ‫ﺍﻝﻜﻔﺎﺀﺓ‬ ‫ﹸﺒﺭﺯ‬‫ﻨ‬ ‫ﻭﺴﻭﻑ‬‫ﺤﻴﺙ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ؛‬ ‫ﺍﻝﺘﻘﻠﺒﺎﺕ‬ ‫ﺓ‬‫ﺩ‬‫ﺤ‬ ‫ﻤﻥ‬ ‫ﺍﻝﺘﺨﻔﻴﻑ‬
‫ﺍﻝﺘﺎﻝﻴﺔ‬ ‫ﻝﻠﻤﺤﺎﻭﺭ‬ ‫ﺍﻝﻤﺩﺍﺨﻠﺔ‬ ‫ﻫﺫﻩ‬ ‫ﻓﻲ‬ ‫ﺽ‬‫ﺭ‬‫ﺴﻨﺘﻌ‬:
-‫ﹰ‬‫ﻻ‬‫ﺃﻭ‬:‫ﻝﻨ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﻜﻔﺎﺀﺓ‬ ‫ﻀﻌﻑ‬ ‫ﺇﺸﻜﺎﻝﻴﺔ‬‫ﺍﻝﺘﻘﻠﻴﺩﻱ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻅﺎﻡ‬‫ﺍﻝﺴﻠﺒﻴﺔ‬ ‫ﻭﺁﺜﺎﺭﻫﺎ‬‫؛‬
-‫ﹰ‬‫ﺎ‬‫ﺜﺎﻨﻴ‬:‫ﺍﻝﻜﻔﺎﺀﺓ‬‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺃﺴﺎﻝﻴﺏ‬ ‫ﺩ‬‫ﺩ‬‫ﻭﺘﻌ‬ ‫ﺍﻝﺼﻴﻎ‬ ‫ﺒﺘﻨﻭﻉ‬ ‫ﺍﻝﻤﺭﺘﺒﻁﺔ‬ ‫ﺍﻝﺘﻤﻭﻴﻠﻴﺔ‬‫؛‬
-‫ﹰ‬‫ﺎ‬‫ﺜﺎﻝﺜ‬:‫ﺍﻝ‬ ‫ﻜﻔﺎﺀﺓ‬‫ﺘﻤﻭﻴل‬‫ﺍﻹﺴﻼﻤﻲ‬‫ﺍﻝﺩﻭﺭﻴﺔ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﺘﻘﻠﺒﺎﺕ‬ ‫ﺒﺎﺤﺘﻭﺍﺀ‬ ‫ﺍﻝﻤﺘﻌﻠﻘﺔ‬‫؛‬
-‫ﹰ‬‫ﺎ‬‫ﺭﺍﺒﻌ‬:‫ﺍﻝﻤﺭﺘﺒﻁﺔ‬ ‫ﺍﻝﻜﻔﺎﺀﺓ‬‫ﺒﺘﻜﺎﻤل‬‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻭﺼﻴﻎ‬ ‫ﺃﺸﻜﺎل‬‫؛‬
-‫ﹰ‬‫ﺎ‬‫ﺨﺎﻤﺴ‬:‫ﺍﻝﻜﻔﺎﺀﺓ‬ ‫ﺘﻘﺩﻴﺭ‬‫ﺍﻝﺘﻁﺒﻴﻘﻴﺔ‬‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻭﺃﺴﺎﻝﻴﺏ‬ ‫ﻝﺼﻴﻎ‬ ‫ﱠﻌﺔ‬‫ﻗ‬‫ﺍﻝﻤﺘﻭ‬.
‫ﹰ‬‫ﻻ‬‫ﺃﻭ‬:‫ﻝﻨ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﻜﻔﺎﺀﺓ‬ ‫ﻀﻌﻑ‬ ‫ﺇﺸﻜﺎﻝﻴﺔ‬‫ﺍﻝﺘﻘﻠﻴﺩ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻅﺎﻡ‬‫ﻱ‬‫ﺍﻝﺴﻠﺒﻴﺔ‬ ‫ﻭﺁﺜﺎﺭﻫﺎ‬
1-‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬ ‫ﻭﺍﻝﻤﺼﺭﻓﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﻝﻠﻭﺴﺎﻁﺔ‬ ‫ﺍﻝﺨﻁﻴﺭﺓ‬ ‫ﺍﻝﺴﻠﺒﻴﺔ‬ ‫ﺍﻵﺜﺎﺭ‬:‫ﻋﻠﻰ‬ ‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬ ‫ﺍﻝﻤﺼﺭﻓﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻭﺴﺎﻁﺔ‬ ‫ﺘﻘﻭﻡ‬
‫ﺃﺴﺎﺱ‬‫ﺍﻝﻤﻀﻤﻭﻨﺔ‬ ‫ﺍﻝﻤﺴﺒﻘﺔ‬ ‫ﺍﻝﻔﻭﺍﺌﺩ‬ ‫ﺁﻝﻴﺔ‬،‫ﻓﺎﻝﺒﻨﻙ‬‫ﻴ‬‫ﻭ‬ ‫ﺍﻝﻔﺎﺌﺽ‬ ‫ﻭﺤﺩﺍﺕ‬ ‫ﻤﻥ‬ ‫ﺒﻔﺎﺌﺩﺓ‬ ‫ﻴﻘﺘﺭﺽ‬‫ﻝﻭﺤﺩﺍﺕ‬ ‫ﻤﻨﻬﺎ‬ ‫ﺃﻋﻠﻰ‬ ‫ﺒﻔﺎﺌﺩﺓ‬ ‫ﻘﺭﺽ‬
‫ﺒﻴﻥ‬ ‫ﺍﻝﻔﺭﻕ‬ ‫ﻭﻤﻥ‬ ،‫ﺍﻝﻌﺠﺯ‬‫ﺍﻝ‬ ‫ﺍﻝﻔﺎﺌﺩﺓ‬‫ﻭﺍﻝﻤﻭﺩﻉ‬ ‫ﺍﻝﻤﺴﺘﺜﻤﺭ‬ ‫ﻠﻬﺎ‬‫ﻤ‬‫ﻴﺘﺤ‬ ‫ﺘﻜﻠﻔﺔ‬ ‫ﱢل‬‫ﻜ‬‫ﹸﺸ‬‫ﺘ‬ ‫ﻓﺎﺌﺩﺓ‬ ‫ﺍﻝﺒﻨﻙ‬ ‫ﱢﻕ‬‫ﻘ‬‫ﺤ‬‫ﻴ‬ ‫ﻭﺍﻝﻤﺩﻴﻨﺔ‬ ‫ﺩﺍﺌﻨﺔ‬.
‫ﺇ‬‫ﺩ‬‫ﺍﻝﻤﻘ‬ ‫ﻭﺍﻝﺘﻤﻭﻴل‬ ‫ﺍﻝﻭﺴﺎﻁﺔ‬ ‫ﻝﻬﺫﻩ‬ ‫ﻥ‬‫ﺠﻤﻠﺔ‬ ،‫ﺨﻼﻝﻬﺎ‬ ‫ﻤﻥ‬ ‫ﻡ‬‫ﺍﻵ‬ ‫ﻤﻥ‬‫ﺜﺎﺭ‬‫ﺍﻝ‬‫ﺴﻠﺒﻴﺔ‬‫ﺍﻝ‬‫ﺍﻝﺨﻁﻭﺭﺓ‬ ‫ﺒﺎﻝﻐﺔ‬،‫ﻭﻤﻥ‬‫ﻨﺫﻜﺭ‬ ‫ﺒﻴﻨﻬﺎ‬1
:
-‫ﺇﻥ‬‫ﺍﻝﺘﻤﻭﻴل‬‫ﺍﻝﺘﻘﻠﻴﺩﻱ‬‫ﻴﺅﺩﻱ‬‫ﺇﻝﻰ‬‫ﱡ‬‫ﻜ‬‫ﺘﺭ‬‫ﺍﻝﻌﻘﺩ‬ ‫ﺍﻝﻌﻼﻗﺔ‬ ‫ﻫﺫﻩ‬ ‫ﻅل‬ ‫ﻓﻲ‬ ‫ﻓﺎﻷﻤﻭﺍل‬ ‫ﺍﻝﺜﺭﻭﺓ؛‬ ‫ﺯ‬‫ﺍﻝﻭﺤﺩﺍﺕ‬ ‫ﺒﺎﺘﺠﺎﻩ‬ ‫ﺘﺴﻴﺭ‬ ،‫ﻴﺔ‬
‫ﹰ‬‫ﺎ‬‫ﺩﺍﺌﻤ‬ ‫ﺘﻜﺴﺏ‬ ‫ﺍﻝﺘﻲ‬‫ﺃﻱ‬ ‫؛‬‫ﹸ‬‫ﺘ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻭﺤﺩﺍﺕ‬‫ﺼ‬‫ﺍﻝﻤﺤ‬ ‫ﻓﻲ‬ ‫ﻭﺘﻨﺤﺴﺭ‬ ،‫ﺒﻔﺎﺌﺩﺓ‬ ‫ﻘﺭﺽ‬‫ﺘﻠﺘﺯﻡ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻌﺠﺯ‬ ‫ﻭﺤﺩﺍﺕ‬ ‫ﻋﻥ‬ ‫ﻠﺔ‬
‫ﺩ‬‫ﺒﺭ‬‫ﺍﺴﺘﻬﻼﻜﻴﺔ‬ ‫ﺍﻝﻘﺭﻭﺽ‬ ‫ﻫﺫﻩ‬ ‫ﻜﺎﻨﺕ‬ ‫ﺴﻭﺍﺀ‬ ‫ﺍﻝﻔﻭﺍﺌﺩ‬ ‫ﻤﻊ‬ ‫ﺍﻝﻘﺭﻭﺽ‬‫ﺃﻡ‬‫ﺇﻨﺘﺎﺠﻴﺔ‬‫ﺍﺴﺘﻐﻼل‬ ‫ﻤﻥ‬ ‫ﻫﻲ‬ ‫ﺭﺒﺤﺕ‬ ‫ﻭﺴﻭﺍﺀ‬ ،

3. 3
‫ﻫﺫﻩ‬‫ﺍﻷﻤﻭﺍل‬‫ﺃﻡ‬‫ﻓﺎﻝﺘﻤﻭﻴل‬ ،‫ﺨﺴﺭﺕ‬‫ﺍﻝﺘﻘﻠﻴﺩﻱ‬‫ﺇﻝﻰ‬ ‫ﻴﺅﺩﻱ‬‫ﺍﻝﺫﻱ‬ ‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺨﻼﻑ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﻤﻠﻜﻴﺔ‬ ‫ﹸﺯ‬‫ﻜ‬‫ﺘﻤﺭ‬
‫ﺍﻝﻤﻠﻜﻴﺔ؛‬ ‫ﻗﺎﻋﺩﺓ‬ ‫ﻝﺘﻭﺴﻴﻊ‬ ‫ﻴﺴﻌﻰ‬
-‫ﺇﻥ‬‫ﺍﻝﺘﻤﻭﻴل‬‫ﺍﻝﺘﻘﻠﻴﺩﻱ‬‫ﺍﻹﻨﺘﺎﺝ‬ ‫ﺘﻜﺎﻝﻴﻑ‬ ‫ﺍﺭﺘﻔﺎﻉ‬ ‫ﻓﻲ‬ ‫ﺴﻬﻡ‬‫ﻴ‬‫ﻭﻫ‬ ،‫ﻲ‬‫ﻴﺩﻓﻌﻬﺎ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﺘﻜﺎﻝﻴﻑ‬‫ﺍﻝﻤﺴﺘﺜﻤﺭ‬‫ﻭ‬‫ﻝﻠﻤﻤ‬‫ل‬‫ﺍﻝﻭﺴﻴﻁ‬
‫ﻝ‬ ‫ﻋﺒﺅﻫﺎ‬ ‫ﻭﻴﻨﺘﻘل‬‫ﻋﺒﺭ‬ ‫ﻠﻤﺴﺘﻬﻠﻜﻴﻥ‬‫ﺍﻷﺴﻌﺎﺭ‬‫ﻭﺇﺫﺍ‬ ،‫ﺒﺄﻥ‬ ‫ﻋﺭﻓﻨﺎ‬‫ﺍﻝﺘﻤﻭﻴل‬‫ﺃﺴﺎﺴﻴﺔ؛‬ ‫ﻭﻅﻴﻔﺔ‬‫ﻴ‬ ‫ﻓﻬﺫﺍ‬‫ﻌﻨﻲ‬‫ﺃﻥ‬‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺁﻝﻴﺔ‬
‫ﺍﻝﺘﻘﻠﻴﺩﻱ‬‫ﺍﻝﺫﻱ‬ ‫ﺍﻝﺘﻀﺨﻡ‬ ‫ﻤﺼﺎﺩﺭ‬ ‫ﻤﻥ‬ ‫ﺭﺌﻴﺱ‬ ‫ﻤﺼﺩﺭ‬‫ﺭﻑ‬‫ﻌ‬‫ﻴ‬‫ﺍﻝ‬ ‫ﺩﻓﻊ‬ ‫ﺒﺘﻀﺨﻡ‬‫ﺘ‬‫ﺍﻝﻨﻘﺩﻴﺔ‬ ‫ﺍﻝﺴﻠﻁﺎﺕ‬ ‫ﺘﺴﺘﻁﻴﻊ‬ ‫ﻭﻝﻥ‬ ،‫ﻜﻠﻔﺔ‬
‫ﺩ‬‫ﺍﻝﺤ‬‫ﺍﻝﺘﻀﺨﻡ‬ ‫ﻫﺫﺍ‬ ‫ﻤﻥ‬‫ﺤﺘﻰ‬‫ﻥ‬‫ﻭﺇ‬‫ﺍﻝﺴﻌﺭﻱ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﻝﺘﺤﻘﻴﻕ‬ ‫ﻜﺄﺩﺍﺓ‬ ‫ﺍﻝﻔﺎﺌﺩﺓ‬ ‫ﺴﻌﺭ‬ ‫ﺍﺴﺘﺨﺩﻤﺕ‬‫؛‬
-‫ﺇﻥ‬‫ﺍﻝﺘﻤﻭﻴل‬‫ﺍﻝﺘﻘﻠﻴﺩﻱ‬‫ﻴ‬‫ﺤ‬‫ﺭ‬‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﺍﻝﻨﺸﺎﻁ‬ ‫ﻤﺨﺎﻁﺭ‬ ‫ﻜل‬ ‫ل‬‫ﺇﻝﻰ‬‫ﻓﺌﺔ‬‫ﻤ‬‫ﻥ‬‫ﺍﻝﻤﺴﺘﺜﻤﺭﻴﻥ‬‫ﺒﻌﺩ‬ ،‫ﺃﻥ‬‫ﻝﻤﺨﺎﻁﺭﺓ‬ ‫ﻴﺤﺘﺎﻁ‬
‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﺘﺸﺎﺅﻡ‬ ‫ﺃﻭ‬ ‫ﺍﻝﺘﻔﺎﺅل‬ ‫ﺤﺎﻝﺔ‬ ‫ﺭﻫﻴﻥ‬ ‫ﻴﻜﻭﻥ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﻓﺎﻝﻨﺸﺎﻁ‬ ‫ﺫﻝﻙ‬ ‫ﻭﻷﺠل‬ ،‫ﺍﻝﻜﺎﻓﻴﺔ‬ ‫ﺒﺎﻝﻀﻤﺎﻨﺎﺕ‬ ‫ﺍﻹﻗﺭﺍﺽ‬
‫ﱢ‬‫ﻅ‬‫ﺍﻝﻤﻨ‬ ‫ﻋﻠﻰ‬ ‫ﺘﺴﻴﻁﺭ‬‫ﺒ‬‫ﺘﺴ‬ ‫ﺃﻤﺭ‬ ‫ﻭﻫﻭ‬ ،‫ﻤﻴﻥ‬‫ﻓﻲ‬ ‫ﺏ‬‫ﺍﻝ‬‫ﺩﻭﺭﺍﺕ‬‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬‫ﻓﻲ‬‫ﺃﺤﻴﺎﻥ‬‫ﻜﺜﻴﺭﺓ‬.‫ﻭﻝﻭ‬‫ﺠﻤﻴﻊ‬ ‫ﺍﺸﺘﺭﻙ‬
‫ﺍﻷﻁﺭﺍﻑ‬‫ﻤ‬‫ﺘﺤ‬ ‫ﻓﻲ‬‫ﺍﻻﻗﺘ‬ ‫ﺍﻝﻨﺸﺎﻁ‬ ‫ﻤﺨﺎﻁﺭﺓ‬ ‫ل‬‫ﻭﺍﻝﻤﻀﺎﺭﺒﺔ‬ ‫ﺍﻝﻤﺸﺎﺭﻜﺔ‬ ‫ﻓﻲ‬ ‫ﻜﻤﺎ‬ ‫ﺼﺎﺩﻱ‬‫ﻴﺅﺩﻱ‬ ‫ﺫﻝﻙ‬ ‫ﻓﺈﻥ‬ ‫؛‬‫ﺇﻝﻰ‬‫ﱡ‬‫ﻘ‬‫ﺘﺤ‬‫ﻕ‬
‫ﺍﻝﻤﻼﺌﻤﺔ‬ ‫ﺍﻝﺤﻭﺍﻓﺯ‬‫ﺍﻝﻤﺩﺭﺴﺔ‬ ‫ﺠﻌل‬ ‫ﻤﺎ‬ ‫ﻭﻫﺫﺍ‬ ،‫ﻝﻼﺴﺘﺜﻤﺎﺭ‬‫ﺍﻷﻝﻤﺎﻨﻴﺔ‬‫ﺯ‬‫ﻴ‬‫ﺘﻤ‬‫ﺍﻝﺨﺎﻤل‬ ‫ﺍﻝﻤﺎل‬ ‫ﺭﺃﺱ‬ ‫ﺒﻴﻥ‬)‫ﺍﻝﺭﺒﻭﻱ‬(‫ﻭﺭﺃﺱ‬
‫ﺍﻝﻨﺸﻴﻁ‬ ‫ﺍﻝﻤﺎل‬.‫ﺍﻝﻤﺎل‬ ‫ﺭﺃﺱ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻨﻭﻉ‬ ‫ﻫﺫﺍ‬ ‫ﻭﺠﻭﺩ‬ ‫ﺘﺴﺘﺩﻋﻲ‬ ‫ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬ ‫ﻭﺍﻝﻤﺴﺅﻭﻝﻴﺔ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﻜﻔﺎﺀﺓ‬ ‫ﺇﻥ‬
Venture Capital‫ﻤ‬‫ﻴﺘﺤ‬ ‫ﺍﻝﺫﻱ‬‫ﺍﻝﻤﺨﺎﻁﺭﺓ‬ ‫ل‬‫؛‬
-‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺇﻥ‬‫ﺍﻝﺘﻘﻠﻴﺩﻱ‬‫ﻴ‬‫ﱢ‬‫ﺜ‬‫ﻤ‬‫ل‬‫ﻋﻘﺒﺔ‬‫ﺃﻤﺎﻡ‬‫ﱢ‬‫ﻅ‬‫ﻭﺍﻝﻤﻨ‬ ،‫ﺍﻝﺤﻘﻴﻘﻲ‬ ‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﻜﻤﺎ‬ ‫ﻡ‬‫ﺫﻝﻙ‬ ‫ﻋﻠﻰ‬ ‫ﱠﺩ‬‫ﻜ‬‫ﺃ‬‫ﻜﻴﻨﺯ‬Keynes‫ﺍﻝﺫﻱ‬
‫ﻔﺎﻀل‬‫ﻴ‬‫ﺒﻴﻥ‬‫ﺘ‬‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻜﻠﻔﺔ‬‫ﻓﻲ‬ ‫ﱠﻠﺔ‬‫ﺜ‬‫ﻤﻤ‬‫ﱠ‬‫ﻗ‬‫ﻴﺘﻭ‬ ‫ﺍﻝﺫﻱ‬ ‫ﺍﻝﺭﺒﺢ‬ ‫ﺃﻭ‬ ‫ﻝﻼﺴﺘﺜﻤﺎﺭ‬ ‫ﺍﻝﺤﺩﻴﺔ‬ ‫ﻭﺍﻝﻜﻔﺎﺀﺓ‬ ‫ﺍﻝﻔﺎﺌﺩﺓ‬ ‫ﺴﻌﺭ‬‫ﺍﻝﺤﺼﻭل‬ ‫ﻊ‬
‫ﺍﻻ‬ ‫ﺍﻝﻌﻤﻠﻴﺔ‬ ‫ﻤﻥ‬ ‫ﻋﻠﻴﻪ‬،‫ﺴﺘﺜﻤﺎﺭﻴﺔ‬‫ﻭﻋﻨﺩﻤﺎ‬‫ﹰ‬‫ﺎ‬‫ﻜﺎﻓﻴ‬ ‫ﺍﻝﻔﺎﺌﺩﺓ‬ ‫ﻭﺴﻌﺭ‬ ‫ﻝﻼﺴﺘﺜﻤﺎﺭ‬ ‫ﺍﻝﺤﺩﻴﺔ‬ ‫ﺍﻝﻜﻔﺎﺀﺓ‬ ‫ﺒﻴﻥ‬ ‫ﺍﻝﻔﺭﻕ‬ ‫ﻴﻜﻭﻥ‬ ‫ﻻ‬
‫ﱢ‬‫ﻅ‬‫ﺍﻝﻤﻨ‬ ‫ﻹﻗﻨﺎﻉ‬‫ﻡ‬‫؛‬‫ﻝﻥ‬ ‫ﻓﺈﻨﻪ‬‫ﺍﻝﻤﺸﺭﻭﻉ‬ ‫ﻓﻲ‬ ‫ﻴﺴﺘﺜﻤﺭ‬‫ﻴﻌﻨﻲ‬ ‫ﻭﻫﺫﺍ‬ ،‫ﺃﻥ‬‫ﺍﻝﻔﺎﺌﺩﺓ‬‫ﺃﺼﺒﺤﺕ‬‫ﹰ‬‫ﺍ‬‫ﻗﻴﺩ‬‫ﺴ‬‫ﻤﺅ‬‫ﹰ‬‫ﺎ‬‫ﺴﻴ‬‫ﹰ‬‫ﺎ‬‫ﻤﺴﺒﻘ‬‫ﻋﻠﻰ‬
‫ﻭﺍﻝﻁﺎﻗﺔ‬ ‫ﺍﻝﺤﻘﻴﻘﻲ‬ ‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﻨﺘﺎﺠﻴﺔ‬‫ﺒﻪ‬ ‫ﺘﺭﺘﻬﻥ‬ ‫ﺍﻝﺘﻲ‬‫؛‬
-‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺇﻥ‬‫ﺍﻝﺘﻘﻠﻴﺩﻱ‬‫ﻴﻨﺘﻘل‬‫ﺘﺴﺘﻁﻴﻊ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﻠﻴﺌﺔ‬ ‫ﺍﻝﻭﺤﺩﺍﺕ‬ ‫ﺒﺎﺘﺠﺎﻩ‬‫ﺘﻘﺩﻴﻡ‬‫ﺍﻝﻤﺴﺘﺜﻤﺭ‬ ‫ﺃﻤﺎ‬ ،‫ﺍﻝﻜﺎﻓﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻀﻤﺎﻨﺎﺕ‬
‫ﺘﻘﺩﻴﻡ‬ ‫ﻴﺴﺘﻁﻴﻊ‬ ‫ﻻ‬ ‫ﺍﻝﺫﻱ‬‫ﻜﻔ‬ ‫ﻜﺎﻥ‬ ‫ﻭﻝﻭ‬ ‫ﺍﻝﻤﻁﻠﻭﺏ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻋﻠﻰ‬ ‫ﻴﺤﺼل‬ ‫ﻓﻠﻥ‬ ‫ﺍﻝﻀﻤﺎﻨﺎﺕ‬ ‫ﻫﺫﻩ‬‫ﺅ‬‫ﹰ‬‫ﺍ‬‫ﻴﻌﻨﻲ‬ ‫ﻭﻫﺫﺍ‬ ،‫ﺃﻥ‬
‫ﺍﻝﺘﻤﻭﻴل‬‫ﺍﻝﺘﻘﻠﻴﺩﻱ‬‫ﺍﻝﺴﻴﻭﻝﺔ‬ ‫ﺘﺨﺼﻴﺹ‬ ‫ﻴﺴﻲﺀ‬‫؛‬
-‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺇﻥ‬‫ﺍﻝﺘﻘﻠﻴﺩﻱ‬‫ﻴﻤﻴل‬‫ﺇﻝﻰ‬،‫ﺍﻷﺠل‬ ‫ﻗﺼﻴﺭ‬ ‫ﺍﻝﺘﻤﻭﻴل‬‫ﻴﻌﻨﻲ‬ ‫ﻭﻫﺫﺍ‬‫ﺃﻥ‬‫ﻓﺭﺹ‬‫ﻁﻭﻴل‬ ‫ﺍﻝﺤﻘﻴﻘﻲ‬ ‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻷﺠل‬
‫ﺍﻝﺘﻭﻅﻴﻔﺎﺕ‬ ‫ﺘﻨﺎﻓﺱ‬ ‫ﻻ‬‫ﻭﺍﻝﺘﻤﻭﻴﻼﺕ‬‫ﺍﻝﻘﺼﻴﺭﺓ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬‫؛‬
-‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺇﻥ‬‫ﺍﻝﺘﻘﻠﻴﺩﻱ‬‫ﻴﻔﺘﻘﺭ‬‫ﺇﻝﻰ‬‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﻜﻔﺎﺀﺓ‬‫؛‬‫ﻻ‬ ‫ﻷﻨﻪ‬‫ﻴﺘﻀﻤﻥ‬‫ﺇﻝﻰ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﻭﺍﺭﺩ‬ ‫ﺘﻭﺠﻴﻪ‬ ‫ﻹﻋﺎﺩﺓ‬ ‫ﺁﻝﻴﺔ‬
‫ﹰ‬‫ﺎ‬‫ﺍﻗﺘﺼﺎﺩﻴ‬ ‫ﺠﺩﻭﻯ‬ ‫ﺍﻷﻜﺜﺭ‬ ‫ﺍﻻﺴﺘﺨﺩﺍﻤﺎﺕ‬‫ﹰ‬‫ﺎ‬‫ﻭﺍﺠﺘﻤﺎﻋﻴ‬‫؛‬
-‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺇﻥ‬‫ﺍﻝ‬‫ﺘﻘﻠﻴﺩﻱ‬‫ﺒ‬‫ﻴﺘﺴ‬‫ﺏ‬‫ﻓﻲ‬‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﺩﻭﺭﺍﺕ‬‫ﻋﻠﻰ‬ ‫ﱢﺭ‬‫ﺜ‬‫ﹸﺅ‬‫ﺘ‬‫ﻓﻘﺩ‬ ،‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﺍﻝﻨﺸﺎﻁ‬‫ﺃﺸﺎﺭ‬‫ﻭﻴﻜﺴل‬Wicksell
‫ﺍﻝﻔﺎﺌﺩﺓ‬ ‫ﻤﻌﺩل‬ ‫ﺒﻴﻥ‬ ‫ﺍﻻﺨﺘﻼﻑ‬ ‫ﺇﻝﻰ‬‫ﺍﻝﻁﺒﻴﻌﻲ‬‫ﺍﻝﺩﻭﺭﺓ‬ ‫ﺇﺤﺩﺍﺙ‬ ‫ﻓﻲ‬ ‫ﻭﺩﻭﺭﻩ‬ ‫ﺍﻝﻨﻘﺩﻱ‬ ‫ﺍﻝﻔﺎﺌﺩﺓ‬ ‫ﻭﻤﻌﺩل‬‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬‫ﻜﻤﺎ‬ ،
‫ﺃﺸﺎﺭ‬‫ﻓﺭﻴﺩﻤﺎﻥ‬Friedman‫ﺇﻝﻰ‬‫ﺘﻔﺴ‬ ‫ﻓﻲ‬ ‫ﺘﺩﻓﻘﻪ‬ ‫ﻓﻲ‬ ‫ﺍﻻﻀﻁﺭﺍﺏ‬ ‫ﻭﺩﻭﺭ‬ ‫ﺍﻝﻨﻘﺩﻱ‬ ‫ﺍﻝﻤﺘﻐﻴﺭ‬‫ﻴﺭ‬‫ﺍﻷﺯﻤﺎﺕ‬
‫ﺍﻝﻨﻤﻭ‬ ‫ﻝﻔﺭﺹ‬ ‫ﺘﺭﺍﺠﻊ‬ ‫ﻤﻥ‬ ‫ﺫﻝﻙ‬ ‫ﻴﻌﻨﻴﻪ‬ ‫ﻭﻤﺎ‬ ،‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬.
‫ﻝﻬﺎ‬‫ﻭ‬‫ﻭﺘﺤ‬ ‫ﺍﻝﺤﺎﻝﻴﺔ‬ ‫ﻭﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺼﺭﻓﻴﺔ‬ ‫ﺍﻷﺯﻤﺔ‬ ‫ﻭﺘﻔﺎﻗﻡ‬ ‫ﺘﻁﻭﺭ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺘﻘﻠﻴﺩﻱ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻭﺃﺴﺎﻝﻴﺏ‬ ‫ﺁﻝﻴﺎﺕ‬ ‫ﺃﺴﻬﻤﺕ‬ ‫ﻭﻝﻘﺩ‬
‫ﻜﻤﺎ‬ ‫ﺭﻜﻭﺩ‬ ‫ﺤﺎﻝﺔ‬ ‫ﺇﻝﻰ‬ ‫ﻝﺕ‬‫ﻭ‬‫ﻭﺘﺤ‬ ،‫ﺍﻝﺸﻌﻭﺏ‬ ‫ﺠﻤﻴﻊ‬ ‫ﻋﻠﻰ‬ ‫ﺘﻜﺎﻝﻴﻔﻬﺎ‬ ‫ﺍﻝﺭﺃﺴﻤﺎﻝﻴﺔ‬ ‫ﺍﻷﻨﻅﻤﺔ‬ ‫ﻭﻨﻘﻠﺕ‬ ،‫ﺍﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺃﺯﻤﺔ‬ ‫ﺇﻝﻰ‬‫ﻥ‬‫ﻴ‬‫ﻤﺒ‬ ‫ﻫﻭ‬
‫ﺍﻝﺘﺎﻝﻲ‬ ‫ﺍﻝﺸﻜل‬ ‫ﻓﻲ‬:

4. 4
‫ﺸﻜل‬15:‫ﺭﻜﻭﺩ‬ ‫ﺃﺯﻤﺔ‬ ‫ﺇﻝﻰ‬ ‫ﻭﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺼﺭﻓﻴﺔ‬ ‫ﺍﻷﺯﻤﺔ‬ ‫ل‬‫ﻭ‬‫ﺘﺤ‬
‫ﺍﻝﻤﺼﺩﺭ‬:
Nicolas Couderc et Olivia Montel-Dumont, Des subprimes à la récession : Comprendre la crise,
La documentation Française, Paris, 2009, P. 34.
2-‫ﺁﺜﺎﺭ‬‫ﺍﻻﺒﺘﻜﺎﺭﺍﺕ‬‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬:‫ﺍﻷﻤﺭﻴﻜﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﻴﺭﻯ‬‫ﻤ‬‫ﻴ‬‫ﻫﻴﻤﺎﻥ‬ ‫ﻨﺴﻜﻲ‬Minsky
Hyman،‫ﺍﻝﺭﺃﺴﻤﺎﻝﻲ‬ ‫ﺍﻝﻨﻅﺎﻡ‬ ‫ﻓﻲ‬ ‫ﻁﺒﻴﻌﻲ‬ ‫ﺃﻤﺭ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻝﻨﻅﺎﻡ‬ ‫ﺍﺴﺘﻘﺭﺍﺭ‬ ‫ﻋﺩﻡ‬ ‫ﺒﺄﻥ‬ ،‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻷﺯﻤﺎﺕ‬ ‫ﺒﺘﻔﺴﻴﺭ‬ ‫ﺍﺸﺘﻬﺭ‬ ‫ﺍﻝﺫﻱ‬
‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻻﺒﺘﻜﺎﺭﺍﺕ‬ ‫ﺫﻝﻙ‬ ‫ﻓﻲ‬ ‫ﻴﺯﻴﺩ‬ ‫ﻭﻤﻤﺎ‬2
‫ﻭﻫﻭ‬ ،‫ﻌﺘﺒﺭ‬‫ﻴ‬‫ﻋﻠﻰ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺒﺘﻜﺎﺭ‬ ‫ﺃﺜﺭ‬ ‫ﺩﺭﺴﻭﺍ‬ ‫ﺍﻝﺫﻴﻥ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﻴﻥ‬ ‫ﺃﻭﺍﺌل‬ ‫ﻤﻥ‬
‫ﻝﻼﻋﺘﺒﺎﺭﺍ‬ ‫ﻭﺫﻝﻙ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻱ؛‬ ‫ﺃﺜﺭﻫﺎ‬ ‫ﻀﻌﻑ‬ ‫ﺇﻝﻰ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻻﺒﺘﻜﺎﺭﺍﺕ‬ ‫ﺘﺅﺩﻱ‬ ‫ﺃﻥ‬ ‫ﻴﻤﻜﻥ‬ ‫ﺤﻴﺙ‬ ‫ﺍﻝﻨﻘﺩﻴﺔ؛‬ ‫ﺍﻝﺴﻴﺎﺴﺔ‬ ‫ﻓﻌﺎﻝﻴﺔ‬‫ﺕ‬
‫ﺍﻝﺘﺎﻝﻴﺔ‬3
:
‫ﺍﻷﺯﻣ‬‫ﺍﻷﺯﻣ‬‫ﺍﻷﺯﻣ‬‫ﺍﻷﺯﻣ‬‫ــ‬‫ــ‬‫ــ‬‫ــ‬‫ﺔ‬‫ﺔ‬‫ﺔ‬‫ﺔ‬‫ﺍﳌﺼﺮﻓﻴ‬‫ﺍﳌﺼﺮﻓﻴ‬‫ﺍﳌﺼﺮﻓﻴ‬‫ﺍﳌﺼﺮﻓﻴ‬‫ــ‬‫ــ‬‫ــ‬‫ــ‬‫ﺔ‬‫ﺔ‬‫ﺔ‬‫ﺔ‬‫ﻭﺍﳌﺎﻟﻴ‬‫ﻭﺍﳌﺎﻟﻴ‬‫ﻭﺍﳌﺎﻟﻴ‬‫ﻭﺍﳌﺎﻟﻴ‬‫ــ‬‫ــ‬‫ــ‬‫ــ‬‫ﺔ‬‫ﺔ‬‫ﺔ‬‫ﺔ‬
‫ﺍﻨﺨﻔﺎﺽ‬
‫ﺃﺴﻌ‬‫ـ‬‫ﺎﺭ‬‫ﺍﻷﺼ‬‫ـ‬‫ﻭل‬
‫ﺍﻨﺨﻔﺎﺽ‬
‫ﺤﺠ‬‫ـ‬‫ﻡ‬‫ﺍﻻﺌﺘﻤ‬‫ـ‬‫ﺎﻥ‬
‫ﺘ‬‫ﺩﻫﻭﺭ‬‫ﻗﻴﻤﺔ‬
‫ﺍﻝﻌﻘﺎﺭﺍﺕ‬‫ﻭﺍﻝﻤﻤﺘﻠﻜﺎﺕ‬
‫ﺃﺯﻣــﺔ‬‫ﺃﺯﻣــﺔ‬‫ﺃﺯﻣــﺔ‬‫ﺃﺯﻣــﺔ‬
‫ﺛﻘـﺔ‬‫ﺛﻘـﺔ‬‫ﺛﻘـﺔ‬‫ﺛﻘـﺔ‬‫ﻭﺗﺸﺎﺅﻡ‬‫ﻭﺗﺸﺎﺅﻡ‬‫ﻭﺗﺸﺎﺅﻡ‬‫ﻭﺗﺸﺎﺅﻡ‬
‫ﺍﻨﺨﻔﺎﺽ‬‫ﺍﻻﺴﺘﻬﻼﻙ‬
‫ﺘﺯﺍﻴ‬‫ـ‬‫ﺩ‬‫ﺍﻝﺒﻁﺎﻝ‬‫ـ‬‫ﺔ‬
‫ﺍﻨﺨﻔﺎﺽ‬‫ﺍﻝﻤﺩﺍﺨﻴل‬
‫ﺍﻨﺨﻔﺎﺽ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭﺍﺕ‬
‫ﻭﺘﺴﺭﻴﺢ‬
‫ﺍﻝﻌﻤﺎل‬
‫ﺭﻛـــــــــﻮﺩ‬‫ﺭﻛـــــــــﻮﺩ‬‫ﺭﻛـــــــــﻮﺩ‬‫ﺭﻛـــــــــﻮﺩ‬

5. 5
-‫ﺇﻥ‬‫ﺃﺩﻭﺍﺕ‬‫ﺍﻝﺴﻴﺎﺴﺔ‬‫ﻤﺜل‬ ‫ﺍﻝﻨﻘﺩﻴﺔ‬:‫ﻨﺴﺒﺔ‬،‫ﺍﻝﻔﺎﺌﺩﺓ‬ ‫ﻤﻌﺩل‬ ‫ﺃﻭ‬ ‫ﺍﻹﻝﺯﺍﻤﻲ‬ ‫ﺍﻻﺤﺘﻴﺎﻁﻲ‬‫ﺘﺼﺒﺢ‬‫ﺍﻝﺠﺩﻭﻯ‬ ‫ﻋﺩﻴﻤﺔ‬‫ﹰ‬‫ﺍ‬‫ﻨﻅﺭ‬
‫ﹸ‬‫ﺘ‬ ‫ﻤﺎﻝﻴﺔ‬ ‫ﺃﺩﻭﺍﺕ‬ ‫ﺍﺒﺘﻜﺎﺭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻝﻘﺩﺭﺓ‬‫ﱢ‬‫ﻜ‬‫ﻤ‬‫ﻗﻴﻭﺩ‬ ‫ﺘﺠﺎﻭﺯ‬ ‫ﻤﻥ‬ ‫ﻨﻬﺎ‬‫ﺍﻝﺴﻴﺎﺴﺔ‬‫ﺍﻝﻨﻘﺩﻴﺔ‬‫ﻓﻘﺩ‬ ‫؛‬‫ﺍﺴﺘﺨﺩﻤﺕ‬
‫ﻋﻤﻠﻴﺎﺕ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬‫ﺇﻋﺎﺩﺓ‬‫ﺍﻝﺸﺭﺍﺀ‬‫ﺍﻹﻝﺯﺍﻤﻲ‬ ‫ﺍﻻﺤﺘﻴﺎﻁﻲ‬ ‫ﻤﺸﻜﻠﺔ‬ ‫ﻝﺤل‬‫؛‬‫ﻴﺒﻴﻊ‬ ‫ﺤﻴﺙ‬‫ﺍﻝﺒﻨﻙ‬‫ﺴﻨﺩﺍﺕ‬
‫ﺤﻜﻭﻤﻴﺔ‬‫ﺒﺜﻤﻥ‬‫ﺩ‬‫ﻤﺤ‬‫ﻨﻔﺴ‬ ‫ﺍﻝﺒﺎﺌﻊ‬ ‫ﻤﻥ‬ ‫ﻴﺸﺘﺭﻴﻬﺎ‬ ‫ﺃﻥ‬ ‫ﻋﻠﻰ‬ ‫ﺩ‬‫ﻪ‬‫ﺃﻋﻠﻰ‬ ‫ﺒﺜﻤﻥ‬‫ﻡ‬‫ﺜ‬ ‫ﻭﻤﻥ‬ ‫؛‬‫ﺇﻝﻰ‬ ‫ﻤﻤﺎﺭﺴﺘﻬﺎ‬ ‫ﻋﻨﺩ‬ ‫ﻴﺤﺘﺎﺝ‬ ‫ﻻ‬
‫ﺍﺤﺘﻴﺎﻁﻲ‬ ‫ﺤﺠﺯ‬‫ﺇﻝﺯﺍﻤﻲ‬‫ﻤﻘﺎﺒل‬‫ﺍﻝﺴﻴﻭﻝﺔ‬‫ﻋﻠﻴﻬﺎ‬ ‫ﻴﺤﺼل‬ ‫ﺍﻝﺘﻲ‬‫؛‬
-‫ﻴﻤﻜﻥ‬‫ﻝﻠﺒﻨﻭﻙ‬‫ﺍﻻﻗﺘﺭﺍﺽ‬‫ﺴﻭﻕ‬ ‫ﻤﻥ‬‫ﺍﻷﺠﻨﺒﻴﺔ‬ ‫ﺍﻝﻌﻤﻼﺕ‬Eurodollar‫ﺃﻭ‬‫ﺍﻝﺘﻲ‬ ‫ﺍﻷﺩﻭﺍﺕ‬ ‫ﻤﻥ‬ ‫ﻏﻴﺭﻫﺎ‬ ‫ﺇﻝﻰ‬ ‫ﺍﻝﻠﺠﻭﺀ‬
‫ﹸ‬‫ﺘ‬‫ﱢ‬‫ﻜ‬‫ﻤ‬‫ﻨﻬﺎ‬‫ﺍﺤﺘﻴﺎﻁﻲ‬ ‫ﺤﺠﺯ‬ ‫ﺩﻭﻥ‬ ‫ﺍﻝﺴﻴﻭﻝﺔ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺤﺼﻭل‬ ‫ﻤﻥ‬‫ﻭ‬ ‫ﺇﻝﺯﺍﻤﻲ؛‬‫ﻫﻲ‬ ‫ﺍﻝﻨﺘﻴﺠﺔ‬‫ﻨﻘﺹ‬‫ﻓﻌﺎﻝﻴﺔ‬‫ﺍﻝﻨﻘﺩﻴﺔ‬ ‫ﺍﻝﺴﻴﺎﺴﺔ‬
‫ﻭ‬‫ﻡ‬‫ﺜ‬ ‫ﻤﻥ‬‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﺃﺜﺭﻫﺎ‬ ‫ﻀﻌﻑ‬‫؛‬
-‫ﺍﻝﻭﺩﺍﺌﻊ‬ ‫ﻗﺒﻭل‬ ‫ﻭﻫﻭ‬ ،‫ﻝﻠﺒﻨﻭﻙ‬ ‫ﺍﻝﺘﻘﻠﻴﺩﻱ‬ ‫ﺍﻝﺩﻭﺭ‬ ‫ﺘﺭﺍﺠﻊ‬ ‫ﺇﻝﻰ‬ ‫ﺍﻝﺘﻤﻭﻴﻠﻴﺔ‬ ‫ﻭﺍﻵﻝﻴﺎﺕ‬ ‫ﺍﻷﺩﻭﺍﺕ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺴﺘﻤﺭ‬ ‫ﺍﻝﺘﻁﻭﺭ‬ ‫ﺃﺩﻯ‬
‫ﺍﻝﻤﺨﺘﻠﻔﺔ؛‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﺒﻴﻥ‬ ‫ﺍﻝﻔﻭﺍﺭﻕ‬ ‫ﺘﺭﺍﺠﻊ‬ ‫ﻭﻜﺫﻝﻙ‬ ،‫ﻤﺨﺘﻠﻔﺔ‬ ‫ﻵﺠﺎل‬ ‫ﺇﻗﺭﺍﻀﻬﺎ‬ ‫ﺜﻡ‬ ‫ﺍﻝﻁﻠﺏ‬ ‫ﺘﺤﺕ‬
-‫ﺼﻌﻭﺒﺔ‬‫ﻤﺭﺍﻗﺒﺔ‬‫ﻜ‬‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺒﺎﻻﺒﺘﻜﺎﺭ‬ ‫ﻴﺤﻴﻁ‬ ‫ﻤﺎ‬ ‫ل‬‫ﻭ‬‫ﱡ‬‫ﻗ‬‫ﺘﻭ‬‫ﻊ‬‫ﺍﻝﻌﻤﻠﻴﺔ‬ ‫ﺍﻝﻨﺎﺤﻴﺔ‬ ‫ﻤﻥ‬ ‫ﻨﺘﺎﺌﺠﻪ‬‫؛‬‫ﻤﺴﺘﻤﺭﺓ‬ ‫ﻋﻤﻠﻴﺔ‬ ‫ﻷﻨﻪ‬‫ﹸ‬‫ﺘ‬‫ﻀﻴﻑ‬
‫ﻋﺩﻡ‬ ‫ﻋﻨﺼﺭ‬‫ﺍﻝﻴﻘﻴﻥ‬‫ﺍﻝﻤﺭﻜﺯﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻓﻴﻬﺎ‬ ‫ﺘﻌﻤل‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﺒﻴﺌﺔ‬ ‫ﺇﻝﻰ‬‫ﺍﻝﺫﻱ‬ ‫ﺍﻷﻤﺭ‬ ‫؛‬‫ﺍﻷ‬ ‫ﻋﻠﻴﻬﺎ‬ ‫ﱢﻡ‬‫ﺘ‬‫ﺤ‬‫ﻴ‬‫ﺨﺫ‬‫ﻓﻲ‬
‫ﻴ‬‫ﺍﻝﺘﻐ‬ ‫ﺍﻻﻋﺘﺒﺎﺭ‬‫ﹸ‬‫ﺘ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺭﺍﺕ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻻﺒﺘﻜﺎﺭﺍﺕ‬ ‫ﺤﺩﺜﻬﺎ‬‫؛‬
-‫ﺇﻥ‬‫ﺍﻝﺘﻁﻭﺭ‬ ‫ﺒﻌﺽ‬‫ﺍﻝﺘﻲ‬ ‫ﺍﺕ‬‫ﺃﻥ‬ ‫ﻴﻤﻜﻥ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﻭﺍﻻﺒﺘﻜﺎﺭﺍﺕ‬ ‫ﺍﻹﺒﺩﺍﻋﺎﺕ‬ ‫ﻓﻲ‬ ‫ﺘﺤﺩﺙ‬‫ﹸ‬‫ﺘ‬‫ﻴ‬‫ﻐ‬‫ﺭ‬‫ﱠ‬‫ﺜ‬‫ﻴﺘﺄ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻁﺭﻴﻘﺔ‬ ‫ﻤﻥ‬‫ﺭ‬
‫ﺃﻨﻪ‬ ‫ﻜﻤﺎ‬ ،‫ﺍﻝﻨﻘﺩﻴﺔ‬ ‫ﺍﻝﺴﻴﺎﺴﺔ‬ ‫ﻋﻤل‬ ‫ﻨﺘﻴﺠﺔ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﺒﻬﺎ‬‫ﻴ‬‫ﺤﺘﻤل‬‫ﻭﻤﺩﻝﻭﻻﺕ‬ ‫ﻤﺤﺘﻭﻯ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺘﺄﺜﻴﺭ‬ ‫ﺇﻝﻰ‬ ‫ﺘﺅﺩﻱ‬ ‫ﺃﻥ‬
‫ﻴﺴﺘﺨﺩﻤﻬﺎ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﺅﺸﺭﺍﺕ‬‫ﺍﻝﺒﻨﻙ‬‫ﺴﻴﺎﺴﺘﻪ‬ ‫ﺒﺨﺼﻭﺹ‬ ‫ﻗﺭﺍﺭﺍﺘﻪ‬ ‫ﻻﺘﺨﺎﺫ‬ ‫ﺃﻭ‬ ‫ﻝﻠﺭﻗﺎﺒﺔ‬ ‫ﺍﻝﻤﺭﻜﺯﻱ‬‫ﺍﻝﻨﻘﺩﻴﺔ؛‬
-‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺒﺘﻜﺎﺭ‬ ‫ﺃﻥ‬ ‫ﺍﻋﺘﺒﺎﺭ‬ ‫ﻴﻤﻜﻥ‬‫ﺃﺴﺒﺎﺏ‬ ‫ﻤﻥ‬‫ﻭ‬ ‫ﺍﻻﻀﻁﺭﺍﺏ‬‫ﻋﺩﻡ‬‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬‫؛‬‫ﺫﻝﻙ‬‫ﺃﻥ‬‫ﺍﻷﻨﻅﻤﺔ‬
‫ﻀﺒﻁ‬ ‫ﺇﻝﻰ‬ ‫ﺘﻬﺩﻑ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﻭﺍﻝﺴﻴﺎﺴﺎﺕ‬‫ﺍﻻﺒﺘﻜﺎﺭ‬ ‫ﺒﻴﻨﻤﺎ‬ ،‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﻭﺘﺤﻘﻴﻕ‬ ‫ﺍﻝﺘﻌﺎﻤﻼﺕ‬)‫ﺍﻝﻬﻨﺩﺴﺔ‬ ‫ﺃﺴﺎﺱ‬
‫ﺍﻝﻤﺎﻝﻴﺔ‬(‫ﺒﺤﺴﺏ‬‫ﺍﻝﻤﺴﺘﻘﺭ‬ ‫ﺍﻝﺴﺎﺌﺩ‬ ‫ﻋﻥ‬ ‫ﺨﺭﻭﺝ‬ ‫ﻫﻭ‬ ،‫ﹰ‬‫ﻼ‬‫ﺃﺼ‬ ‫ﺘﻌﺭﻴﻔﻪ‬‫؛‬‫ﻡ‬‫ﺜ‬ ‫ﻭﻤﻥ‬‫ﺴﺒﺏ‬‫ﻤﻥ‬ ‫ﻗﺩﺭ‬ ‫ﻝﺤﺩﻭﺙ‬‫ﻋﺩﻡ‬
‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬‫؛‬
-‫ﻴﻥ‬‫ﺩ‬‫ﺤ‬ ‫ﺫﻭ‬ ‫ﺴﻼﺡ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺒﺘﻜﺎﺭ‬:‫ﻨﺎﻓﻊ‬ ‫ﻓﻬﻭ‬‫ﻭﻤﻔﻴﺩ‬‫ﻋﻨﺩﻤﺎ‬‫ﻴ‬‫ﱢ‬‫ﻘ‬‫ﺤ‬‫ﺍﻝﻤﺸﺭﻭﻋﺔ‬ ‫ﺍﻝﻤﺼﺎﻝﺢ‬ ‫ﻕ‬‫؛‬‫ﺍﻝﻜﻔﺎﺀﺓ‬ ‫ﻤﻥ‬ ‫ﻴﺭﻓﻊ‬ ‫ﺇﺫ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬‫ﻭﺍﻹﻨﺘﺎﺠﻴﺔ‬‫؛‬‫ﻡ‬‫ﺜ‬ ‫ﻭﻤﻥ‬‫ﻤﻥ‬ ‫ﻴﺯﻴﺩ‬‫ﻤﺴﺘﻭﻯ‬‫ﻗﺩ‬ ‫ﻤﺎ‬ ‫ﺘﻌﺎﺩل‬ ‫ﺍﻝﺭﻓﺎﻫﻴﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺯﻴﺎﺩﺓ‬ ‫ﻭﻫﺫﻩ‬ ،‫ﺍﻝﺭﻓﺎﻫﻴﺔ‬‫ﻴﺤﺩﺙ‬
‫ﺍﻻﺒﺘﻜ‬ ‫ﻁﺒﻴﻌﺔ‬ ‫ﺒﺴﺒﺏ‬ ‫ﺍﺴﺘﻘﺭﺍﺭ‬ ‫ﻋﺩﻡ‬ ‫ﻤﻥ‬‫ﺎﺭ‬.‫ﻤﻥ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﺒﺘﻜﺎﺭ‬ ‫ﺨﻼ‬ ‫ﺇﺫﺍ‬ ‫ﻝﻜﻥ‬‫ﺍﻝﻤﻘﺼﻭﺩ‬ ‫ﻭﻜﺎﻥ‬ ،‫ﺍﻻﻴﺠﺎﺒﻴﺎﺕ‬ ‫ﻫﺫﻩ‬
‫ﺭ‬‫ﻤﺠ‬ ‫ﻫﻭ‬ ‫ﻤﻨﻪ‬‫ﺍﻝﺴﻴﺎﺴﺎﺕ‬ ‫ﻭﺘﺨﻁﻲ‬ ‫ﺍﻷﻨﻅﻤﺔ‬ ‫ﺘﺠﺎﻭﺯ‬ ‫ﺩ‬‫ﺍﻝﺭﺒﺤﻴﺔ‬ ‫ﻝﺯﻴﺎﺩﺓ‬‫؛‬‫ﺍﻷﺴﻭﺍﻕ‬ ‫ﺍﺴﺘﻘﺭﺍﺭ‬ ‫ﻋﺩﻡ‬ ‫ﺇﻝﻰ‬ ‫ﻴﺅﺩﻱ‬ ‫ﻓﺴﻭﻑ‬
‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﺍﻝﺭﻓﺎﻩ‬ ‫ﻤﻥ‬ ‫ﻤﻘﺎﺒل‬ ‫ﺩﻭﻥ‬‫؛‬
-‫ﺴﻭﺀ‬ ‫ﺍﻷﻤﺭ‬ ‫ﻴﺯﺩﺍﺩ‬‫ﹰ‬‫ﺍ‬‫ﹼ‬‫ﻨ‬‫ﺘﺘﺒ‬ ‫ﺤﻴﻨﻤﺎ‬‫ﻰ‬‫ﺍﻝﺒﻨﻭﻙ‬‫ﺍﻝﻤﺭﻜﺯﻴﺔ‬‫ﻋ‬‫ﹸﺩ‬‫ﺘ‬ ‫ﺴﻴﺎﺴﺎﺕ‬‫ﻡ‬‫ﻫﺫﺍ‬‫ﺍﻝﻨﻭﻉ‬‫ﻤﻭﻗﻑ‬ ‫ﻏﺭﺍﺭ‬ ‫ﻋﻠﻰ‬ ،‫ﺍﻝﺘﻌﺎﻤﻼﺕ‬ ‫ﻤﻥ‬
‫ﻤﻥ‬ ‫ﺍﻷﻤﺭﻴﻜﻲ‬ ‫ﺍﻻﺘﺤﺎﺩﻱ‬ ‫ﺍﻻﺤﺘﻴﺎﻁﻲ‬‫ﻭ‬‫ﺍﻝﺘﺤ‬ ‫ﺼﻨﺩﻭﻕ‬‫ﻁ‬(LCTM)‫ﱠ‬‫ﺜ‬‫ﺘﻌ‬ ‫ﺍﻝﺫﻱ‬‫ﻋﺎﻡ‬ ‫ﺭ‬1998‫؛‬‫ﺭ‬‫ﻗ‬ ‫ﺤﻴﺙ‬‫ﱡ‬‫ﺨ‬‫ﺍﻝﺘﺩ‬ ‫ﺭ‬‫ل‬
‫ﻹﻨﻘﺎﺫﻩ‬‫ﺒﺎﻝﺘﻌﺎﻭﻥ‬‫ﻤﻊ‬14‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻤﻥ‬‫ﺭ‬‫ﺩ‬‫ﻘ‬‫ﻴ‬ ‫ﺘﻤﻭﻴﻠﻲ‬ ‫ﺒﺘﺴﻬﻴل‬‫ﺒ‬‫ﻨﺤﻭ‬3.6‫ﻤﻥ‬ ‫ﻝﻤﻨﻌﻪ‬ ‫ﺩﻭﻻﺭ‬ ‫ﻤﻠﻴﺎﺭ‬
‫ﺍﻹﻓﻼﺱ‬.‫ﺘﺼﺒﺢ‬ ‫ﺍﻝﺤﺎﻝﺔ‬ ‫ﻫﺫﻩ‬ ‫ﻓﻲ‬‫ﺍﻻﺴﺘﻘﺭﺍﺭ‬ ‫ﻋﻥ‬ ‫ﺍﻝﻤﺴﺅﻭﻝﺔ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬‫ﹸ‬‫ﺘ‬ ‫ﺍﻝﺘﻲ‬ ‫ﻨﻔﺴﻬﺎ‬ ‫ﻫﻲ‬‫ﺩ‬‫ﻘ‬‫ﺍﻝﺩﻋﻡ‬ ‫ﻡ‬
‫ﺍﻝﺘ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﻭﺍﻝﻤﻨﺘﺠﺎﺕ‬ ‫ﺍﻝﺘﻌﺎﻤﻼﺕ‬ ‫ﻝﻬﺫﻩ‬‫ﻲ‬‫ﹸ‬‫ﺘ‬‫ﹸ‬‫ﺘ‬‫ﻭ‬ ‫ﺃﻫﺩﺍﻓﻬﺎ‬ ‫ﻌﺭﻗل‬‫ﺍﻷﺴﺎﺴ‬ ‫ﻤﻘﺎﺼﺩﻫﺎ‬ ‫ﺘﺤﻘﻴﻕ‬ ‫ﻌﻴﻕ‬‫ﻴﺔ‬.
‫ﻭﻜﺎﻨﺕ‬‫ﻤﺠﻠﺔ‬Economist‫ﻋﺎﻡ‬ ‫ﻨﺸﺭﺕ‬ ‫ﻗﺩ‬1999‫ﺩﺭﻜﺭ‬ ‫ﻝﺒﻴﺘﺭ‬ ‫ﹰ‬‫ﻻ‬‫ﻤﻘﺎ‬‫ﻋﻨﻭﺍﻥ‬ ‫ﺘﺤﺕ‬‫ﺍﻝﻤﻭﺕ‬ ‫ﺃﻭ‬ ‫ﺍﻻﺒﺘﻜﺎﺭ‬
Innovate or Die‫ﺃﺸﺎﺭ‬ ‫؛‬‫ﺇﻝﻰ‬ ‫ﻓﻴﻪ‬‫ﹰ‬‫ﺍ‬‫ﻨﻅﺭ‬ ‫ﻭﺍﻝﺘﺭﺍﺠﻊ‬ ‫ﺍﻝﺘﺩﻫﻭﺭ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻴﻭﻡ‬ ‫ﺘﻌﺎﻨﻲ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﺼﻨﺎﻋﺔ‬ ‫ﺃﻥ‬‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻷﻥ‬
‫ﺍﻝﻤﻬﻴﻤﻨﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﹸ‬‫ﺘ‬ ‫ﻝﻡ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﺨﺩﻤﺎﺕ‬ ‫ﻋﻠﻰ‬‫ﺩ‬‫ﻘ‬‫ﻱ‬‫ﺃ‬ ‫ﻡ‬‫ﺫ‬ ‫ﺍﺒﺘﻜﺎﺭ‬‫ﻱ‬‫ﺃﻫﻤﻴﺔ‬‫؛‬‫ﺤﻴﺙ‬‫ﺇﻥ‬‫ﺍﻝﻌﻘﻭﺩ‬ ‫ﺨﻼل‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻻﺒﺘﻜﺎﺭﺍﺕ‬ ‫ﺃﻫﻡ‬
‫ﻜﺎﻨﺕ‬ ‫ﺍﻝﻤﺎﻀﻴﺔ‬ ‫ﺍﻝﺜﻼﺜﺔ‬‫ﺯﻋﻤﻭﺍ‬ ‫ﻤﺎﻝﻴﺔ‬ ‫ﻤﺸﺘﻘﺎﺕ‬ ‫ﺍﻝﻐﺎﻝﺏ‬ ‫ﻓﻲ‬‫ﺃﻨﻬﺎ‬‫ﻋﻠﻤﻴ‬‫ﺔ‬‫؛‬‫ﻝﻜﻨﻬﺎ‬‫ﻤﻥ‬ ‫ﻋﻠﻤﻴﺔ‬ ‫ﺃﻜﺜﺭ‬ ‫ﺘﻜﻭﻥ‬ ‫ﻝﻥ‬ ‫ﺍﻷﻤﺭ‬ ‫ﺤﻘﻴﻘﺔ‬ ‫ﻓﻲ‬
‫ﺍﻝﻘﻤﺎﺭ‬ ‫ﺃﺩﻭﺍﺕ‬4
.
‫ﺍﻝﺤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﻝﻸﺯﻤﺔ‬ ‫ﻜﺎﻥ‬ ‫ﻭﻝﻘﺩ‬‫ﺘﻨﺎﺴﺒﻬﺎ‬ ‫ﻭﺘﺸﺭﻴﻌﻴﺔ‬ ‫ﺘﻨﻅﻴﻤﻴﺔ‬ ‫ﺒﻴﺌﺔ‬‫ﺇﻥ‬ ‫ﺤﻴﺙ‬ ‫؛‬‫ﺸﺒﻪ‬ ‫ﻜﺎﻥ‬ ‫ﺍﻻﺌﺘﻤﺎﻥ‬ ‫ﻤﺸﺘﻘﺎﺕ‬ ‫ﺴﻭﻕ‬
‫ﺍﻝﻤﺎﻀﻲ‬ ‫ﺍﻝﻘﺭﻥ‬ ‫ﺘﺴﻌﻴﻨﻴﺎﺕ‬ ‫ﺃﻭﺍﺨﺭ‬ ‫ﻓﻲ‬ ‫ﻤﻌﺩﻭﻡ‬‫؛‬‫ﺭ‬‫ﺃﻗ‬ ‫ﺒﻌﺩﻤﺎ‬ ‫ﺍﻝﻘﺭﻥ‬ ‫ﻤﻁﻠﻊ‬ ‫ﻓﻲ‬ ‫ﻋﺎﺩﻴﺔ‬ ‫ﻏﻴﺭ‬ ‫ﺒﺩﺭﺠﺔ‬ ‫ﻨﻤﺎ‬ ‫ﻝﻜﻨﻪ‬‫ﺍﻝﻜﻭﻨ‬‫ﻐ‬‫ﺭ‬‫ﺱ‬
‫ﺍﻷﻤﺭﻴﻜﻲ‬‫ﻋﺎﻡ‬ ‫ﹰ‬‫ﺎ‬‫ﺘﺸﺭﻴﻌ‬2000(Commodity Futures Modernization Act)‫ﺍﻝﻤﺸﺘﻘﺎﺕ‬ ‫ﺃﺴﻭﺍﻕ‬ ‫ﻭﺘﻘﻴﻴﺩ‬ ‫ﺘﻨﻅﻴﻡ‬ ‫ﻴﻤﻨﻊ‬‫؛‬
‫ﺒﺎﻝﺘﺄﻤﻴﻥ‬ ‫ﺍﻝﻘﺎﻨﻭﻨﻴﺔ‬ ‫ﻭﺍﻝﻭﺜﺎﺌﻕ‬ ‫ﺍﻝﻌﻘﻭﺩ‬ ‫ﻓﻲ‬ ‫ﺍﻻﺌﺘﻤﺎﻥ‬ ‫ﻤﺸﺘﻘﺎﺕ‬ ‫ﺘﻭﺼﻑ‬ ‫ﻻ‬ ‫ﺍﻝﺴﺒﺏ‬ ‫ﻭﻝﻬﺫﺍ‬(insurance)‫ﻓﻲ‬ ‫ﻜﺫﻝﻙ‬ ‫ﺃﻨﻬﺎ‬ ‫ﻤﻊ‬
‫ﺍﻝﺘﺄﻤﻴﻥ‬ ‫ﻝﻘﻭﺍﻨﻴﻥ‬ ‫ﺴﺘﺨﻀﻊ‬ ‫ﺍﻝﺤﺎﻝﺔ‬ ‫ﻫﺫﻩ‬ ‫ﻓﻲ‬ ‫ﻷﻨﻬﺎ‬ ‫ﺍﻝﺤﻘﻴﻘﺔ؛‬‫؛‬‫ﺒل‬‫ﻤﻘﺎﻴﻀﺔ‬ ‫ﺒﺄﻨﻬﺎ‬ ‫ﺘﻭﺼﻑ‬(swaps)‫ﱠ‬‫ﺘ‬‫ﻝﺘﺘﻤ‬‫ﻫﺫﺍ‬ ‫ﺒﺤﻤﺎﻴﺔ‬ ‫ﻊ‬
‫ﺍﻝﺘﺸﺭﻴﻊ‬5
.
‫ﻤﻥ‬ ‫ﺒﺄﻜﺜﺭ‬ ‫ﺍﻝﻤﺸﺘﻘﺎﺕ‬ ‫ﻫﺫﻩ‬ ‫ﺤﺠﻡ‬ ‫ﺘﻀﺎﻋﻑ‬ ‫ﻭﻗﺩ‬6‫ﻤﻥ‬ ‫ﻓﺎﻨﺘﻘل‬ ‫ﻤﺭﺍﺕ؛‬100.000‫ﺴﻨﺔ‬ ‫ﺩﻭﻻﺭ‬ ‫ﻤﻠﻴﺎﺭ‬1998‫ﺇﻝﻰ‬
‫ﻤﻥ‬ ‫ﺃﻜﺜﺭ‬330.000‫ﺴﻨﺔ‬ ‫ﺩﻭﻻﺭ‬ ‫ﻤﻠﻴﺎﺭ‬2005‫ﺤﻭﺍﻝﻲ‬ ‫ﺇﻝﻰ‬600.000‫ﺴﻨﺔ‬ ‫ﺩﻭﻻﺭ‬ ‫ﻤﻠﻴﺎﺭ‬2008‫ﻤﺘﻭﺍﻓﺭ‬ ‫ﻏﻴﺭ‬ ‫ﻨﻤﻭ‬ ‫ﻭﻫﻭ‬ ‫؛‬
‫ﻤﻥ‬ ‫ﻗﻁﺎﻉ‬ ‫ﻱ‬‫ﺃ‬ ‫ﻓﻲ‬‫ﺍﻝﺤﻘﻴﻘﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻗﻁﺎﻋﺎﺕ‬6
.

6. 6
‫ﻤﺅﺴﺴﺎﺕ‬ ‫ﺘﺄﺴﻴﺱ‬ ‫ﺨﻼل‬ ‫ﻤﻥ‬ ‫ﺍﻝﻤﺴﺘﺜﻤﺭﻴﻥ‬ ‫ﺒﻭﻋﻲ‬ ‫ﺍﻻﺭﺘﻘﺎﺀ‬ ‫ﻀﺭﻭﺭﺓ‬ ‫ﺍﻝﺒﺎﺤﺜﻴﻥ‬ ‫ﺃﺤﺩ‬ ‫ﻴﺭﻯ‬ ‫ﻭﻝﺫﻝﻙ‬‫ﻤﺎﻝﻲ‬ ‫ﺃﻤﻥ‬‫ﻡ‬‫ﻴ‬‫ﺘﻘ‬ ،
‫ﻨﺘﺠﺕ‬ ‫ﺍﻝﺘﻲ‬ ‫ﻭﺍﻷﺯﻤﺎﺕ‬ ،‫ﺸﺭﺍﺌﻬﺎ‬ ‫ﻋﻠﻰ‬ ‫ﹼﺒﺕ‬‫ﺘ‬‫ﺘﺭ‬ ‫ﺍﻝﺘﻲ‬ ‫ﻭﺍﻵﺜﺎﺭ‬ ،‫ﺍﻝﺴﺎﺒﻘﺔ‬ ‫ﻨﺘﺎﺌﺠﻬﺎ‬ ‫ﻭﺘﺸﺭﺡ‬ ،‫ﺍﻝﻤﻌﺭﻭﻀﺔ‬ ‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬ ‫ﺍﻷﺩﻭﺍﺕ‬
‫ﻋﻨﻬﺎ‬ ‫ﻭﺍﻀﺤﺔ‬ ‫ﻤﻌﻠﻭﻤﺎﺕ‬ ‫ﻭﺘﻭﻓﻴﺭ‬ ،‫ﻤﻨﻬﺎ‬‫ﺍﻝﻤﻌﻠﺒﺎﺕ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﻤﻨﺸﻭﺭﺓ‬ ‫ﺍﻝﻤﻌﻠﻭﻤﺎﺕ‬ ‫ﺍﻝﻐﺫﺍﺌﻴﺔ‬ ‫ﺍﻝﻤﻭﺍﺩ‬ ‫ﻤﺴﺘﻬﻠﻙ‬ ‫ﻴﺴﺘﺨﺩﻡ‬ ‫ﻜﻤﺎ‬ ‫ﹰ‬‫ﺎ‬‫ﺘﻤﺎﻤ‬ ،
‫ﺍﻝﺼﺤﻴﺤﺔ‬ ‫ﺍﻝﻘﺭﺍﺭﺍﺕ‬ ‫ﺍﺘﺨﺎﺫ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﻤﺴﺘﺜﻤﺭ‬ ‫ﺘﺴﺎﻋﺩ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﻌﻠﻭﻤﺎﺕ‬ ‫ﻤﻥ‬ ‫ﻭﻏﻴﺭﻫﺎ‬ ‫ﻭﻤﻜﻭﻨﺎﺘﻬﺎ‬ ‫ﺼﻼﺤﻴﺘﻬﺎ‬ ‫ﻝﻤﻌﺭﻓﺔ‬ ‫ﺍﻝﻐﺫﺍﺌﻴﺔ‬7
.
3-‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺒﺎﻝﻤﺸﺘﻘﺎﺕ‬ ‫ﺍﻝﻤﺘﻌﻠﻘﺔ‬ ‫ﺍﻻﻨﺘﻘﺎﺩﺍﺕ‬:‫ﺍﻨﺘﻘﺎ‬ ‫ﺇﻝﻰ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺸﺘﻘﺎﺕ‬ ‫ﻀﺕ‬‫ﺭ‬‫ﺘﻌ‬ ‫ﻝﻘﺩ‬‫ﻤﻥ‬ ‫ﺍﻝﻌﺩﻴﺩ‬ ‫ﺒل‬‫ﻗ‬ ‫ﻤﻥ‬ ‫ﻜﺒﻴﺭﺓ‬ ‫ﺩﺍﺕ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﻴﻥ‬8
‫ﺍﻝﺘﺎﻝﻲ‬ ‫ﺍﻝﺠﺩﻭل‬ ‫ﻓﻲ‬ ‫ﺃﻫﻤﻬﺎ‬ ‫ﻨﻭﺠﺯ‬ ،:
‫ﺠﺩﻭل‬1:‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺒﺎﻝﻤﺸﺘﻘﺎﺕ‬ ‫ﺍﻝﻤﺭﺘﺒﻁﺔ‬ ‫ﺍﻻﻨﺘﻘﺎﺩﺍﺕ‬
‫ﺍﻝﻤﺼﺩﺭ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺸﺘﻘﺎﺕ‬ ‫ﻭﺼﻑ‬
‫ﺍﻷﻜﺎﺩﻴﻤﻴﻴﻥ‬ ‫ﻤﻥ‬ ‫ﻋﺩﺩ‬
‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺸﺘﻘﺎﺕ‬ ‫ﺴﻭﻕ‬=‫ﻝﻠﻘﻤﺎﺭ‬ ‫ﻋﻤﻼﻕ‬ ‫ﻨﺎﺩﻱ‬
‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺇﺩﺍﺭﺓ‬ ‫ﻝﻌﻠﻡ‬ ‫ﺍﻝﺘﺭﻭﻴﺞ‬=‫ﻜﺒﺭﻯ‬ ‫ﺃﻜﺫﻭﺒﺔ‬
‫ﺒﻴﺘ‬‫ﺩﺭﺍﻜﺭ‬ ‫ﺭ‬
‫ﺍﻝﺘﻌﺎﻤل‬ ‫ﻴﺠﺭﻱ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻘﻤﺎﺭ‬ ‫ﺃﺩﻭﺍﺕ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺸﺘﻘﺎﺕ‬
‫ﻜﺎﺭﻝﻭ‬ ‫ﻭﻤﻭﻨﺘﻲ‬ ‫ﻓﻴﻐﺎﺱ‬ ‫ﻻﺱ‬ ‫ﻓﻲ‬ ‫ﻋﻠﻴﻬﺎ‬
‫ﺴﻭﺭﻭﺱ‬ ‫ﺠﻭﺭﺝ‬
‫ﹰ‬‫ﺎ‬‫ﺨﺼﻴﺼ‬ ‫ﺘﺼﻤﻴﻤﻬﺎ‬ ‫ﺘﻡ‬ ‫ﻗﺩ‬ ‫ﺍﻝﻤﺸﺘﻘﺎﺕ‬ ‫ﺃﺩﻭﺍﺕ‬ ‫ﺒﻌﺽ‬ ‫ﺇﻥ‬
‫ﺍﻝﻤﻘﺎﻤﺭﺓ‬ ‫ﻤﻥ‬ ‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻝﺘﻤﻜﻴﻥ‬
‫ﻝﻴﺒﻥ‬ ‫ﺴﺘﻴﻔﻥ‬
‫ﻤﻭﻀﻭﻉ‬ ‫ﻗﺩﺭ‬ ،‫ﻤﺤﺩﻭﺩﺓ‬ ‫ﻓﻴﻪ‬ ‫ﺍﻝﻤﻌﺭﻓﺔ‬ ‫ﹰ‬‫ﺎ‬‫ﻤﻭﻀﻭﻋ‬ ‫ﺃﺭ‬ ‫ﻝﻡ‬
‫ﺍﻝﻤﺸ‬‫ﺘﻘﺎﺕ‬
Alfred Steinherr‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺸﺘﻘﺎﺕ‬=‫ﺍﻝﻤﻔﺘﺭﺱ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﻭﺤﺵ‬
Warren Buffett‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺸﺘﻘﺎﺕ‬=‫ﺍﻝﺸﺎﻤل‬ ‫ﻝﻠﺩﻤﺎﺭ‬ ‫ﻤﺎﻝﻴﺔ‬ ‫ﺃﺴﻠﺤﺔ‬
‫ﺃﺼﺒﺢ‬ ،‫ﻭﺍﻝﻌﺸﺭﻴﻥ‬ ‫ﺍﻝﺤﺎﺩﻱ‬ ‫ﺍﻝﻘﺭﻥ‬ ‫ﻤﻁﻠﻊ‬ ‫ﻤﻊ‬ ‫ﻭﻫﻜﺫﺍ‬‫ﺍﻝﻤﺠﺎل‬،‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﻭﻫﻲ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻷﻫﻡ‬ ‫ﹰ‬‫ﺎ‬‫ﻤﻔﺘﻭﺤ‬
‫ﻭ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻷﺩﻭﺍﺕ‬ ‫ﺒﺄﺨﻁﺭ‬ ‫ﻝﺘﻐﺎﻤﺭ‬،‫ﺍﻝﻤﺸﺘﻘﺎﺕ‬ ‫ﻫﻲ‬‫ﻭ‬‫ﺍﻝﻌﻘﺎﺭ‬ ‫ﻭﻫﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻷﺼﻭل‬ ‫ﺃﻫﻡ‬ ‫ﻓﻲ‬‫ﺃﻫﻡ‬ ‫ﺃﺤﺩ‬ ‫ﻜﺎﻥ‬ ‫ﺍﻝﺫﻱ‬ ‫ﺍﻷﻤﺭ‬ ‫؛‬
‫ﺍﻝﺭﺍﻫﻨﺔ‬ ‫ﺍﻷﺯﻤﺔ‬ ‫ﺃﺴﺒﺎﺏ‬.
4-‫ﺁﺜﺎﺭ‬‫ﻤﺤﺎﻜﺎﺓ‬‫ﺍﻝﻤﻨﺘﺠﺎﺕ‬‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬:‫ﺇﻥ‬‫ﺍﻝﻤﻨﻬﺞ‬ ‫ﻫﺫﺍ‬‫ﻗﺎﺌﻡ‬‫ﻋﻠﻰ‬‫ﺍﻝﻤﺤﺎﻜﺎﺓ‬‫ﻭﺍﻝﺘﻘﻠﻴﺩ‬‫ﻝﻠﻤﻨﺘﺠﺎﺕ‬،‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬
‫ﻜﺎﻥ‬ ‫ﻭﺇﺫﺍ‬‫ﺃﺒﺭﺯ‬ ‫ﻤﻥ‬‫ﻤﺯﺍﻴﺎﻩ‬‫ﺍﻝﺴﻬﻭﻝﺔ‬‫ﻭﺍﻝﺴﺭﻋﺔ‬‫ﻓﻲ‬‫ﺘﻁﻭﻴﺭ‬‫ﺍﻝ‬‫ﺤﻴﺙ‬ ‫ﻤﻨﺘﺠﺎﺕ؛‬‫ﻻ‬‫ﻴﺘﻁﻠﺏ‬‫ﺍﻝﻜﺜﻴﺭ‬‫ﻤﻥ‬‫ﺍﻝﺠﻬﺩ‬‫ﻭﺍﻝﻭﻗﺕ‬‫ﻓﻲ‬
‫ﺍﻝﺒﺤﺙ‬‫ﻭﺍﻝﺘﻁﻭﻴﺭ؛‬‫ﺒل‬‫ﺩ‬‫ﺭ‬‫ﻤﺠ‬‫ﻤﺘﺎﺒﻌﺔ‬‫ﺍﻝﻤﻨﺘﺠﺎﺕ‬‫ﺍﻝﺭﺍﺌﺠﺔ‬‫ﻓﻲ‬‫ﺍﻝﺴﻭﻕ‬‫ﻭﺘﻘﻠﻴﺩﻫﺎ‬‫ﻤﻥ‬‫ﺨﻼل‬‫ﺘﻭﺴﻴﻁ‬‫ﻜﺜﻴﺭﺓ‬ ‫ﺴﻠﺒﻴﺎﺘﻪ‬ ‫ﻓﺈﻥ‬ ‫ﺍﻝﺴﻠﻊ؛‬
‫ﻤﻨﻬﺎ‬:9
-‫ﺍﻝﻀﻭﺍﺒﻁ‬ ‫ﺘﺼﺒﺢ‬‫ﺍﻝﺸﺭﻋﻴﺔ‬‫ﺩ‬‫ﺭ‬‫ﻤﺠ‬‫ﻗﻴﻭﺩ‬‫ﺸﻜﻠﻴﺔ‬‫ﻻ‬‫ﺤﻘﻴﻘﺔ‬‫ﻝﻬﺎ‬‫ﻭﻻ‬‫ﻗﻴﻤﺔ‬‫ﺍﻗﺘﺼﺎﺩﻴﺔ‬‫ﻤﻥ‬،‫ﻭﺭﺍﺌﻬﺎ‬‫ﻭﻫﺫﺍ‬‫ﻤﺎ‬‫ﻀﻌﻑ‬‫ﻴ‬
‫ﻗ‬‫ﻨﺎﻋﺔ‬‫ﺍﻝﻌﻤﻼﺀ‬‫ﺒﺎﻝﻤﻨﺘﺠﺎﺕ‬،‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﻤﺤل‬ ‫ﻭﻴﺠﻌﻠﻬﺎ‬‫ﺸﻙ‬‫ﻭﺭﻴﺒﺔ؛‬‫ﺍﻝﻀﻭﺍﺒﻁ‬ ‫ﺘﻠﻙ‬ ‫ﺴﺘﺼﺒﺢ‬ ‫ﺒل‬‫ﹰ‬‫ﺎ‬‫ﻋﺒﺌ‬
‫ﹰ‬‫ﺎ‬‫ﻭﻋﺎﺌﻘ‬‫ﺃﻤﺎﻡ‬،‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬‫ﺇﺫ‬‫ﻫﻲ‬‫ﻻ‬‫ﱢﻕ‬‫ﻘ‬‫ﹸﺤ‬‫ﺘ‬‫ﻱ‬‫ﺃ‬‫ﻗﻴﻤﺔ‬‫ﻤﻀﺎﻓﺔ؛‬‫ﺒل‬‫ﺩ‬‫ﺭ‬‫ﻤﺠ‬‫ﺘﻜﻠﻔﺔ‬‫ﺇﻀﺎﻓﻴﺔ‬.‫ﻭﻤﻥ‬‫ﺍﻝﻁﺒﻴﻌﻲ‬‫ﻓﻲ‬
‫ﻫﺫﻩ‬‫ﺍﻝﺤﺎﻝﺔ‬‫ﺃﻥ‬‫ل‬‫ﻤ‬‫ﹸﺤ‬‫ﺘ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺒﻨﻭﻙ‬‫ﻫﺫﻩ‬‫ﺍﻝﺘﻜﻠﻔﺔ‬‫ﻋﻠﻰ‬،‫ﺍﻝﻌﻤﻴل‬‫ﻝﺘﻜﻭﻥ‬‫ﺍﻝﻤﻨﺘﺠﺎﺕ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﱠﺩﺓ‬‫ﻠ‬‫ﺍﻝﻤﻘ‬
‫ﻓﻲ‬‫ﺍﻝﻨﻬﺎﻴﺔ‬‫ﺃﻜﺜﺭ‬‫ﻜﻠﻔﺔ‬‫ﻤﻥ‬‫ﺍﻝﻤﻨﺘﺠﺎﺕ‬،‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬‫ﻤﻊ‬‫ﺃﻨﻬﺎ‬‫ﱢﻕ‬‫ﻘ‬‫ﹸﺤ‬‫ﺘ‬‫ﺍﻝﻨﺘﻴﺠﺔ‬‫ﻨﻔﺴﻬﺎ؛‬
-‫ﻜﺎﻨﺕ‬ ‫ﻝﻤﺎ‬‫ﺍﻝﻤﻨﺘﺠﺎﺕ‬‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬‫ﺘﻨﺎﺴﺏ‬‫ﺍﻝﺼﻨﺎﻋﺔ‬‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﻭﺘﺤﺎﻭل‬‫ﻤﻌﺎﻝﺠﺔ‬‫ﻤﺸﻜﻼﺘﻬﺎ‬‫ﻭﺃﺯﻤﺎﺘﻬﺎ؛‬‫ﻓﺈﻥ‬
‫ﻤﺤﺎﻜﺎﺓ‬‫ﻫﺫﻩ‬‫ﺍﻝﻤﻨﺘﺠﺎﺕ‬‫ﺘﺴﺘﻠﺯﻡ‬‫ﺍﻝﺘﻌﺭﺽ‬‫ﻝﻠﻤﺸﻜﻼ‬،‫ﻨﻔﺴﻬﺎ‬ ‫ﺕ‬‫ﻭﻫﺫﺍ‬‫ﺒﺩﻭﺭﻩ‬‫ﻴﺴﺘﻠﺯﻡ‬‫ﻤﺤﺎﻜﺎﺓ‬‫ﺍﻝﻤﺯﻴﺩ‬‫ﻤﻥ‬‫ﺍﻝﻤﻨﺘﺠﺎﺕ‬
‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬‫ﺒﺤﻴﺙ‬‫ﺘﺼﺒﺢ‬‫ﺍﻝﺼﻨﺎﻋﺔ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﻓﻲ‬‫ﺍﻝﻨﻬﺎﻴﺔ‬‫ﺘﻌﺎﻨﻲ‬‫ﻤﻥ‬‫ﺫﺍﺕ‬‫ﺍﻝﻤﺸﻜﻼﺕ‬‫ﻭﺍﻷﺯﻤﺎﺕ‬‫ﺍﻝﺘﻲ‬‫ﺘﻌﺎﻨﻲ‬
‫ﻤﻨﻬﺎ‬‫ﺍﻝﺼﻨﺎﻋﺔ‬‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ؛‬
-‫ﺍﻝﻤﻨﺘﺞ‬‫ﻫﻭ‬ ‫ﺍﻝﺘﻘﻠﻴﺩﻱ‬‫ﺠﺯﺀ‬‫ﻤﻥ‬‫ﻤﻨﻅﻭﻤﺔ‬‫ﻤﺘﻜﺎﻤﻠﺔ‬‫ﻤﻥ‬‫ﺍﻷﺩﻭﺍﺕ‬‫ﻭﺍﻝﻤﻨﺘﺠﺎﺕ‬‫ﺍﻝﻘﺎﺌﻤﺔ‬‫ﻋﻠﻰ‬‫ﻓﻠﺴﻔﺔ‬‫ﻭﺭﺅﻴﺔ‬،‫ﺩﺓ‬‫ﺩ‬‫ﻤﺤ‬
‫ﻭﻤﺤﺎﻭﻝﺔ‬‫ﺘﻘﻠﻴﺩ‬‫ﺠﻭﻫﺭ‬‫ﻫﺫﻩ‬‫ﺍﻝﻤﻨﻅﻭﻤﺔ‬،‫ﻭﺃﺴﺎﺴﻬﺎ‬‫ﻴﻘﻭﺩ‬‫ﺍﻝﺼﻨﺎﻋﺔ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﻝﻤﺤﺎﻜﺎﺓ‬‫ﺴﺎﺌﺭ‬‫ﺃﺩﻭﺍﺕ‬
‫ﺍﻝﻤﻨﻅﻭﻤﺔ‬،‫ﻭﻋﻨﺎﺼﺭﻫﺎ‬‫ﻭﻫﻭ‬‫ﻤﺎ‬‫ﺩﺓ‬‫ﺩ‬‫ﻤﻬ‬ ‫ﻴﺠﻌﻠﻬﺎ‬‫ﺒﺄﻥ‬‫ﺘﻔﻘﺩ‬‫ﻭﻀﻭﺍﺒﻁﻬﺎ‬ ‫ﺨﺼﻭﺼﻴﺘﻬﺎ‬‫ﻭﺘﺼﺒﺢ‬‫ﺘﺎﺒﻌﺔ‬‫ﻝﻶﻝﻴﺎﺕ‬
‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﻝﻠﺼﻨﺎﻋﺔ‬‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬.‫ﻭﺒﺫﻝﻙ‬‫ﻓﺈﻥ‬‫ﻜل‬‫ﺍﻝﻤﺸﻜﻼﺕ‬‫ﺍﻝﺘﻲ‬ ‫ﻭﺍﻷﺯﻤﺎﺕ‬‫ﺘﻌﺎﻨﻲ‬‫ﻤﻨﻬﺎ‬‫ﺍﻝﺼﻨﺎﻋﺔ‬‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬‫ﺴﺘﻨﺘﻘل‬
‫ﺒﺩﻭﺭﻫﺎ‬‫ﺇﻝﻰ‬‫ﺍﻝﺼﻨﺎﻋﺔ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬.‫ﹰ‬‫ﻻ‬‫ﻭﺒﺩ‬‫ﻤﻥ‬‫ﺃﻥ‬‫ﻴﻜﻭﻥ‬‫ﺍﻝﺘﻤﻭﻴل‬‫ﺍﻹﺴﻼﻤﻲ‬‫ﻫﻭ‬ّ‫ل‬‫ﺍﻝﺤ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﻝﻸﺯﻤﺎﺕ‬‫ﺍﻝﺘﻲ‬
‫ﻴﻌﺎﻨﻲ‬‫ﻤﻨﻬﺎ‬‫ﺍﻝﻌﺎﻝﻡ‬،‫ﺍﻝﻴﻭﻡ‬‫ﻴﺼﺒﺢ‬ ‫ﺴﻭﻑ‬‫ﻤﺠﺭﺩ‬‫ﺼﺩﻯ‬‫ﻭﺍﻨﻌﻜﺎﺱ‬‫ﻝﻬﺫﻩ‬‫ﺍﻷﺯﻤﺎﺕ‬!
-‫ﻻ‬‫ﻴﻌﻨﻲ‬‫ﻤﺎ‬‫ﺴﺒﻕ‬‫ﺃﻥ‬‫ﺠﻤﻴﻊ‬‫ﺍﻝﻤﻨﺘﺠﺎﺕ‬‫ﺍﻝﺘﻲ‬‫ﻤﻬﺎ‬‫ﺩ‬‫ﹸﻘ‬‫ﺘ‬‫ﺍﻝﺼﻨﺎﻋﺔ‬‫ﺍﻝﻤﺎﻝ‬‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬ ‫ﻴﺔ‬‫ﻏﻴﺭ‬‫ﻤﻨﺎﺴﺒﺔ‬‫ﻝﻠﺘﻤﻭﻴل‬‫ﺍﻹﺴﻼﻤﻲ؛‬
‫ﻭﻝﻜﻥ‬‫ﺍﻝﺘﻤﻴﻴﺯ‬ ‫ﻴﻨﺒﻐﻲ‬‫ﺒﻴﻥ‬‫ﺍﻗﺘﺒﺎﺱ‬‫ﻤﺎ‬‫ﻴﺘﻼﺀﻡ‬‫ﻤﻊ‬‫ﻓﻠﺴﻔﺔ‬‫ﺍﻝﺘﻤﻭﻴل‬‫ﺍﻹﺴﻼﻤﻲ‬،‫ﻭﻤﺒﺎﺩﺌﻪ‬‫ﻭﻤﺤﺎﻜﺎﺓ‬‫ﺍﻷﺴﺎﺱ‬‫ﺍﻝﺫﻱ‬‫ﺘﻘﻭﻡ‬
‫ﻋﻠﻴﻪ‬‫ﺍﻝﻤﻨﻅﻭﻤﺔ‬‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬.

7. 7
‫ﻝﻨﺎ‬ ‫ﱠﻀﺢ‬‫ﹼ‬‫ﺘ‬‫ﺘ‬ ‫ﺴﺒﻕ؛‬ ‫ﻤﺎ‬ ‫ﻋﻠﻰ‬ ‫ﺀ‬‫ﺒﻨﺎ‬‫ﺍﻝﻘﺎﺌﻤﺔ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﻨﺘﺠﺎﺕ‬ ‫ﺘﻘﻭﻴﻡ‬ ‫ﺃﻫﻤﻴﺔ‬‫ﺒل‬‫ﻗ‬ ‫ﻤﻥ‬‫ﻤﺅﺴ‬‫ﻤﺎﻝﻴﺔ‬ ‫ﺴﺎﺕ‬
‫ﺍﻝﺘﺎﻝﻴﺔ‬ ‫ﻝﻼﻋﺘﺒﺎﺭﺍﺕ‬ ‫ﻭﺫﻝﻙ‬ ‫ﻭﺍﻝﻤﻭﻀﻭﻋﻴﺔ؛‬ ‫ﺍﻝﺸﺭﻋﻴﺔ‬ ‫ﺍﻝﻤﻌﺎﻴﻴﺭ‬ ‫ﺇﻁﺎﺭ‬ ‫ﻓﻲ‬ ‫ﺍﻻﺌﺘﻤﺎﻨﻲ‬ ‫ﺍﻝﺘﺼﻨﻴﻑ‬ ‫ﻋﻤﻠﻴﺔ‬ ‫ﻓﻲ‬ ‫ﺼﺔ‬‫ﺼ‬‫ﻤﺘﺨ‬:
-‫ﺍﻝﻤﺴﺘﺜﻤﺭﻴﻥ‬ ‫ﺤﻤﺎﻴﺔ‬ ‫ﺃﺠل‬ ‫ﻤﻥ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﻨﺘﺠﺎﺕ‬ ‫ﺘﺼﻨﻴﻑ‬‫ﻭﺤ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻤﺎﻴﺔ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬
‫ﹸ‬‫ﺘ‬ ‫ﺭﺩﻴﺌﺔ‬ ‫ﺒﻤﻨﺘﺠﺎﺕ‬ ‫ﻤﻨﺎﻓﺴﺘﻬﺎ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻤﻨﻀﺒﻁﺔ‬‫ﺴ‬‫ﻲﺀ‬‫ﺍﻝﺼﻴﺭﻓﺔ‬ ‫ﺇﻝﻰ‬‫ﺍﻹﺴ‬‫ﻼﻤﻴﺔ‬‫؛‬
-‫ﺘﺤﻘﻴ‬ ‫ﻤﺩﻯ‬ ‫ﻤﻌﺭﻓﺔ‬‫ﺘﻠﻙ‬ ‫ﻕ‬‫ﺍﻝﻤﻨﺘﺠﺎﺕ‬‫ﻭ‬ ،‫ﺍﻝﺘﻨﻤﻭﻴﺔ‬ ‫ﻝﻸﻭﻝﻭﻴﺎﺕ‬‫ﻤﺩﻯ‬‫ﺘﻠﺒﻴ‬‫ﺘﻬﺎ‬‫ﻻﺤﺘﻴﺎﺠﺎﺕ‬‫ﺍﻝﻤﺘﻌﺎﻤﻠﻴﻥ؛‬
-‫ﻤﻌﺭﻓﺔ‬‫ﺒﺎﻝﺴﻭﻕ‬ ‫ﺍﻝﻤﻨﺘﺠﺎﺕ‬ ‫ﺘﻠﻙ‬ ‫ﺘﻁﺒﻴﻕ‬ ‫ﺴﻼﻤﺔ‬ ‫ﻤﺩﻯ‬‫ﺍﻝﻤﺼﺭﻓﻴ‬‫ﺔ‬‫ﻴ‬‫ﺘﻤ‬ ‫ﻭﻤﺩﻯ‬ ،‫ﺯ‬‫ﻫﺎ‬‫ﺍﻝﻤﻨﺘﺠﺎﺕ‬ ‫ﻋﻥ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﺍﻝﺘﻘﻠﻴﺩﻴ‬‫ﺔ‬.
‫ﹰ‬‫ﺎ‬‫ﺜﺎﻨﻴ‬:‫ﺍﻝﺘﻤﻭ‬ ‫ﺃﺴﺎﻝﻴﺏ‬ ‫ﺩ‬‫ﺩ‬‫ﻭﺘﻌ‬ ‫ﺍﻝﺼﻴﻎ‬ ‫ﺒﺘﻨﻭﻉ‬ ‫ﺍﻝﻤﺭﺘﺒﻁﺔ‬ ‫ﺍﻝﺘﻤﻭﻴﻠﻴﺔ‬ ‫ﺍﻝﻜﻔﺎﺀﺓ‬‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﻴل‬
1-‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻭﺃﺴﺎﻝﻴﺏ‬ ‫ﺒﺼﻴﻎ‬ ‫ﺍﻝﺘﻌﺭﻴﻑ‬:‫ﻴﻘﻭﻡ‬‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬‫ﻋﻠﻰ‬‫ﺼﻴﻎ‬‫ﺃﻫﻤﻬﺎ‬ ‫ﻤﺘﻨﻭﻋﺔ‬10
:
-‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺃﺴﻠﻭﺏ‬‫ﺍﻝﺘﺸﺎﺭﻜﻲ‬:‫ﺍﻝﻤﺸﺎﺭﻜﺔ‬ ‫ﻴﺸﻤل‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻤﻥ‬ ‫ﻨﻭﻉ‬ ‫ﻫﻭ‬‫ﻭ‬‫ﺍﻝﻤﻀﺎﺭﺒﺔ‬:
•‫ﺍﻝﻤﻀﺎﺭﺒﺔ‬:‫ﻋﻘﻭﺩ‬ ‫ﻤﻥ‬ ‫ﻋﻘﺩ‬ ‫ﻫﻲ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﻨﺘﺎﺝ‬ ‫ﻋﻨﺼﺭﻱ‬ ‫ﺒﻴﻥ‬ ‫ﻭﺍﻝﺘﺄﻝﻴﻑ‬ ‫ﺍﻝﻤﺯﺝ‬ ‫ﺒﻤﻭﺠﺒﻬﺎ‬ ‫ﻴﺘﻡ‬‫ﺍﻝﻌﻤل‬
‫ﺍ‬ ‫ﻭﺭﺃﺱ‬‫ﻝﻤﺎل‬‫ﹸ‬‫ﺘ‬ ‫ﺍﺴﺘﺜﻤﺎﺭﻴﺔ‬ ‫ﻋﻤﻠﻴﺔ‬ ‫ﻓﻲ‬‫ﹼ‬‫ﻘ‬‫ﺤ‬‫ﺍﻝﻤﻀﺎﺭﺒﻴﻥ‬ ‫ﻭﺍﻝﻌﻤﺎل‬ ‫ﺍﻝﻤﻼﻙ‬ ‫ﻤﺼﻠﺤﺔ‬ ‫ﻓﻴﻬﺎ‬ ‫ﻕ‬‫؛‬‫ﹼ‬‫ﺘ‬‫ﻭﺘ‬‫ﺨﺫ‬
‫ﺃﻨﻭﺍﻉ‬ ‫ﻋﺩﺓ‬ ‫ﺍﻝﻤﻀﺎﺭﺒﺔ‬‫ﻤﻨ‬‫ﻬﺎ‬:‫ﻤﻀﺎﺭﺒﺔ‬،‫ﻤﻁﻠﻘﺔ‬‫ﻤﻀﺎﺭﺒﺔ‬،‫ﺩﺓ‬‫ﻴ‬‫ﻤﻘ‬‫ﻤﻀﺎﺭﺒﺔ‬،‫ﻤﺅﻗﺘﺔ‬‫ﻤﻀﺎﺭﺒﺔ‬،‫ﻤﺴﺘﻤﺭﺓ‬
‫ﻤﻀﺎﺭﺒﺔ‬،‫ﺜﻨﺎﺌﻴﺔ‬‫ﻤﻀﺎﺭﺒﺔ‬‫ﻤﺭﻜﺒﺔ؛‬
•‫ﺍﻝﻤﺸﺎﺭﻜﺔ‬:‫ﻋﻘﻭﺩ‬ ‫ﻤﻥ‬ ‫ﻋﻘﺩ‬ ‫ﻫﻲ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺒﻤﻭﺠﺒ‬ ‫ﻴﺘﻡ‬‫ﻬﺎ‬‫ﺍﻻﺸﺘﺭﺍﻙ‬‫ﺍﻷﻤﻭﺍل‬ ‫ﻓﻲ‬‫ﻻﺴﺘﺜﻤﺎﺭﻫﺎ‬‫ﻓﻲ‬ ‫ﻭﺘﻘﻠﻴﺒﻬﺎ‬
‫ﺍﻝﻨﺸﺎﻁﺎﺕ‬‫ﺍﻝﻤﺨﺘﻠﻔﺔ‬‫؛‬‫ﻴ‬ ‫ﺒﺤﻴﺙ‬‫ﺍﻝﻤﺎل‬ ‫ﺭﺃﺱ‬ ‫ﻓﻲ‬ ‫ﺒﺤﺼﺔ‬ ‫ﻁﺭﻑ‬ ‫ﻜل‬ ‫ﺴﻬﻡ‬‫؛‬‫ﻭﺠﻭﺩ‬ ‫ﺘﻘﺘﻀﻲ‬ ‫ﻭﺍﻝﻤﺸﺎﺭﻜﺔ‬
‫ﹰ‬‫ﺎ‬‫ﻤﻌ‬ ‫ﻭﺍﻝﺠﻬﺩ‬ ‫ﺍﻝﻤﺎل‬ ‫ﻴﻤﻠﻙ‬ ‫ﻭﻁﺭﻑ‬ ‫ﺍﻝﻤﺎل‬ ‫ﻴﻤﻠﻙ‬ ‫ﻁﺭﻑ‬‫ﻡ‬‫ﺜ‬ ‫ﻭﻤﻥ‬ ‫؛‬‫ﻤ‬‫ﻴﺘﺤ‬‫ﹰ‬‫ﺍ‬‫ﺠﺯﺀ‬ ‫ل‬‫ﻋﻠﻰ‬ ‫ﺍﻝﺨﺴﺎﺭﺓ‬ ‫ﻤﻥ‬‫ﻗﺩﺭ‬
‫ﺍﺴﺘﺜﻤﺎﺭ‬‫ﻩ‬‫ﻤﻥ‬‫ﻤ‬‫ﺍﻝﺨﺎﺹ‬ ‫ﺎﻝﻪ‬،‫ﺍﻝﻤﺴﺘﺨﺩﻡ‬ ‫ﺍﻝﺘﻘﺴﻴﻡ‬ ‫ﺤﺴﺏ‬ ‫ﺍﻝﻤﺸﺎﺭﻜﺔ‬ ‫ﻭﺘﺘﻨﻭﻉ‬:‫ﺍﻝﻤﺸﺎﺭﻜﺔ‬،‫ﺍﻝﺠﺎﺭﻴﺔ‬
‫ﺍﻝﻤﺸﺎﺭﻜﺔ‬،‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬‫ﺍﻝﻤﺸﺎﺭﻜﺔ‬،‫ﺍﻝﻤﺴﺘﻤﺭﺓ‬‫ﺍﻝﻤﺸﺎﺭﻜﺔ‬،‫ﺍﻝﻤﻨﺘﻬﻴﺔ‬‫ﺍﻝﻤﺸﺎﺭﻜﺔ‬،‫ﺍﻝﺜﺎﺒﺘﺔ‬‫ﺍﻝﻤﺸﺎﺭﻜﺔ‬
،‫ﺍﻝﻤﺘﻨﺎﻗﺼﺔ‬‫ﻓﻲ‬ ‫ﺍﻝﻤﺸﺎﺭﻜﺔ‬،‫ﺍﻻﺴﺘﻴﺭﺍﺩ‬‫ﺍﻝ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺸﺎﺭﻜﺔ‬‫ﺘ‬‫ﺼﺩﻴﺭ‬...
-‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺃﺴﻠﻭﺏ‬‫ﺍﻝﺘﺠﺎﺭﻱ‬:‫ﻤ‬‫ﺍﻝ‬ ‫ﺒﻴﻊ‬ ‫ﻴﺸﻤل‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻤﻥ‬ ‫ﻨﻭﻉ‬ ‫ﻫﻭ‬‫ﺭﺍﺒﺤﺔ‬‫ﻭ‬‫ﺴ‬‫ﺍﻝ‬ ‫ﺒﻴﻊ‬‫ﹶ‬‫ﻠ‬‫ﻡ‬:
•‫ﺒﻴﻊ‬‫ﻤ‬‫ﺍﻝ‬‫ﺭﺍﺒﺤﺔ‬:‫ﻋﻘﻭ‬ ‫ﻤﻥ‬ ‫ﻋﻘﺩ‬ ‫ﻫﻲ‬‫ﺩ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺒﺼﻭﺭﺘﻬﺎ‬ ‫ﻓﻬﻲ‬ ،‫ﺒﺎﻝﺒﻴﻊ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺒﻤﻭﺠﺒﻬﺎ‬ ‫ﻴﺘﻡ‬ ،‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬
‫ﺍﻝﺒﺴﻴﻁﺔ‬‫ﻋﻤﻠﻴﺔ‬‫ﺍﻝﺭﺒﺢ‬ ‫ﺯﻴﺎﺩﺓ‬ ‫ﻤﻊ‬ ‫ﺍﻷﻭل‬ ‫ﺍﻝﺜﻤﻥ‬ ‫ﺒﻤﺜل‬ ‫ﺒﻴﻊ‬‫؛‬‫ﺭﺒﺢ‬ ‫ﺯﻴﺎﺩﺓ‬ ‫ﻤﻊ‬ ‫ﺍﻝﺘﻜﻠﻔﺔ‬ ‫ﺒﺜﻤﻥ‬ ‫ﺍﻝﺴﻠﻌﺔ‬ ‫ﺒﻴﻊ‬ ‫ﺃﻱ‬
‫ﻭﺍﻝﻤﺸﺘﺭﻱ‬ ‫ﺍﻝﺒﺎﺌﻊ‬ ‫ﺒﻴﻥ‬ ‫ﻋﻠﻴﻪ‬ ‫ﻤﺘﻔﻕ‬‫؛‬
•‫ﺒﻴﻊ‬‫ﺴ‬‫ﺍﻝ‬‫ﹶ‬‫ﻠ‬‫ﻡ‬:‫ﻋﻘﻭﺩ‬ ‫ﻤﻥ‬ ‫ﻋﻘﺩ‬ ‫ﻫﻭ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﺘ‬ ‫ﺼﻴﻎ‬ ‫ﻤﻥ‬ ‫ﻭﺼﻴﻐﺔ‬‫ﻤ‬‫ﺒﻤﻭﺠﺒﻬﺎ‬ ‫ﻴﺘﻡ‬ ‫ﻭﻴل‬‫ﺒﺎﻝﺸﺭﺍﺀ‬ ‫ﺍﻝﺘﻤﻭﻴل‬
‫ﺍﻝﺘﻤﻭﻴ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺤﺼﻭل‬ ‫ﻤﻥ‬ ‫ﺍﻝﺒﺎﺌﻊ‬ ‫ﻝﺘﻤﻜﻴﻥ‬ ،‫ﺍﻝﻤﺴﺒﻕ‬‫ل‬‫ﺒﻌﺎﺠل‬ ‫ﺁﺠل‬ ‫ﺒﻴﻊ‬ ‫ﻓﻬﻭ‬ ،‫ﺍﻝﻼﺯﻡ‬‫؛‬‫ﺍﻝﺴﻠﻌﺔ‬ ‫ﻫﻭ‬ ‫ﻓﺎﻵﺠل‬
‫ﺩ‬‫ﻤﺤ‬ ‫ﺃﺠل‬ ‫ﺒﻌﺩ‬ ‫ﺒﺘﺴﻠﻴﻤﻬﺎ‬ ‫ﺍﻝﺒﺎﺌﻊ‬ ‫ﻴﺘﻌﻬﺩ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﺒﺎﻋﺔ‬‫ﻴ‬ ‫ﺍﻝﺫﻱ‬ ‫ﺍﻝﺜﻤﻥ‬ ‫ﻫﻭ‬ ‫ﻭﺍﻝﻌﺎﺠل‬ ،‫ﺩ‬‫ﺩ‬‫ﺍﻝﻤﺸﺘﺭﻱ‬ ‫ﻓﻌﻪ‬‫؛‬
-‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺃﺴﻠﻭﺏ‬‫ﻭﺍﻝﺘﺄﺠﻴﺭﻱ‬ ‫ﺍﻝﺘﻘﺎﻭﻝﻲ‬:‫ﻴﺸﻤل‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻤﻥ‬ ‫ﻨﻭﻉ‬ ‫ﻫﻭ‬‫ﺍﻻﺴﺘﺼﻨ‬‫ﻭﺍﻝﺘﺄﺠﻴﺭ‬ ‫ﺎﻉ‬:
•‫ﺍﻻﺴﺘﺼﻨﺎﻉ‬:‫ﻋﻘﻭﺩ‬ ‫ﻤﻥ‬ ‫ﻋﻘﺩ‬ ‫ﻫﻭ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﺘ‬ ‫ﺼﻴﻎ‬ ‫ﻤﻥ‬ ‫ﻭﺼﻴﻐﺔ‬‫ﻤ‬‫ﺒﻤﻭﺠﺒﻬﺎ‬ ‫ﻴﺘﻡ‬ ‫ﻭﻴل‬‫ﺍﻝﺴﻠﻊ‬ ‫ﺼﻨﻊ‬
‫ﻋﻨﺩ‬ ‫ﺴﻭﺍﺀ‬ ‫ﹰ‬‫ﺎ‬‫ﻨ‬‫ﻴ‬‫ﻤﻌ‬ ‫ﹰ‬‫ﺎ‬‫ﻤﺒﻠﻐ‬ ‫ﺍﻝﻤﺴﺘﺼﻨﻊ‬ ‫ﻴﺩﻓﻊ‬ ‫ﺃﻥ‬ ‫ﺃﺴﺎﺱ‬ ‫ﻋﻠﻰ‬ ،‫ﺍﻝﺼﺎﻨﻊ‬ ‫ﻋﻨﺩ‬ ‫ﻤﻥ‬ ‫ﺒﻤﻭﺍﺩ‬ ،‫ﻤﻌﻠﻭﻤﺔ‬ ‫ﺒﺄﻭﺼﺎﻑ‬
،‫ﺒﻴﻨﻬﻤﺎ‬ ‫ﻋﻠﻴﻪ‬ ‫ﺍﻝﻤﺘﻔﻕ‬ ‫ﻝﻠﻌﻤل‬ ‫ﺍﻝﺼﺎﻨﻊ‬ ‫ﺃﺩﺍﺀ‬ ‫ﺃﺜﻨﺎﺀ‬ ‫ﻤﺘﻔﺎﻭﺘﺔ‬ ‫ﻓﺘﺭﺍﺕ‬ ‫ﺨﻼل‬ ‫ﺃﻭ‬ ‫ﺍﻝﻌﻘﺩ‬ ‫ﺒﺩﺍﻴﺔ‬‫ﹰ‬‫ﺎ‬‫ﺤﺴﺒ‬ ‫ﻭﺫﻝﻙ‬
‫ﺍﻝﻌﻘﺩ؛‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﻭﺠﻭﺩ‬ ‫ﻝﻼﺘﻔﺎﻕ‬
•‫ﺍ‬‫ﻝﺘﺄﺠﻴﺭ‬:‫ﻭ‬‫ﻓﺎﻝﻤﻤ‬ ،‫ﺍﻝﻤﻨﻔﻌﺔ‬ ‫ﺒﻴﻊ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺘﺄﺠﻴﺭ‬ ‫ﻴﺭﺘﻜﺯ‬‫ﺩ‬‫ﻭﺍﻝﻤﻌ‬ ‫ﺍﻷﺼﻭل‬ ‫ﺒﺸﺭﺍﺀ‬ ‫ﻴﻘﻭﻡ‬ ‫ل‬‫ﻭﺍﻷﺠﻬﺯﺓ‬ ‫ﺍﺕ‬
‫ﺩ‬‫ﻤﺤ‬ ‫ﻝﻤﺩﺓ‬ ‫ﺍﻝﻤﺴﺘﺄﺠﺭ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻤﻁﻠﻭﺒﺔ‬‫ﻤﻘﺎﺒل‬ ‫ﺩﺓ‬‫ﺇﻴﺠﺎﺭ‬‫ﱠ‬‫ﺘ‬‫ﻭﻴ‬ ،‫ﺩﻭﺭﻱ‬‫ﻤﻨﻬﺎ‬ ‫ﺃﻨﻭﺍﻉ‬ ‫ﻋﺩﺓ‬ ‫ﺍﻷﺴﻠﻭﺏ‬ ‫ﻫﺫﺍ‬ ‫ﺨﺫ‬:
‫ﻭﺍﻝﺘﺄﺠﻴﺭ‬ ‫ﺍﻝﺒﺎﺌﻊ‬ ‫ﻤﻥ‬ ‫ﺍﻝﺸﺭﺍﺀ‬،‫ﻝﻪ‬‫ﺍﻝﺘﺄﺠﻴﺭ‬‫ﺍﻝﻤﺒﺎ‬،‫ﺸﺭ‬‫ﺍﻝﻤﻨﺘﻬﻲ‬ ‫ﺍﻹﻴﺠﺎﺭ‬‫ﺒﺎﻝﺘﻤﻠﻴﻙ‬.
-‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺃﺴﻠﻭﺏ‬‫ﺍﻝﺯﺭﺍﻋﻲ‬:‫ﺼﻴﻎ‬ ‫ﻴﺸﻤل‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻤﻥ‬ ‫ﻨﻭﻉ‬ ‫ﻫﻭ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﺯﺭﺍﻋﻴﺔ‬‫ﻭﻤﻨﻬﺎ‬:
•‫ﺍﻝﻤﺯﺍﺭﻋﺔ‬:‫ﺩ‬‫ﺍﻝﻤﺤ‬ ‫ﻭﺍﻝﺒﺫﺭ‬ ‫ﺍﻷﺭﺽ‬ ‫ﻋﻨﺼﺭ‬ ‫ﺘﻘﺩﻴﻡ‬ ‫ﻫﻲ‬‫ﻝﻤﺎﻝﻙ‬ ‫ﺩﺓ‬‫ﻥ‬‫ﻴ‬‫ﻤﻌ‬‫ﻋﺎﻤل‬ ‫ﺇﻝﻰ‬)‫ﺍﻝﻤﺯﺍﺭﻉ‬(‫ﻝﻴﻘﻭﻡ‬
‫ﻭﺍﻹﻨﺘﺎﺝ‬ ‫ﺒﺎﻝﻌﻤل‬،‫ﺍﻷﺭﺽ‬ ‫ﻤﻥ‬ ‫ﻴﺨﺭﺝ‬ ‫ﻤﻤﺎ‬ ‫ﻨﺼﻴﺏ‬ ‫ﻤﻘﺎﺒل‬)‫ﺍﻹﻨﺘﺎﺝ‬(‫ﻨﺴﺒﺔ‬ ‫ﻭﻓﻕ‬‫ﻤﻨﻬﻤﺎ‬ ‫ﻝﻜل‬‫؛‬
•‫ﺍﻝﻤﺴﺎﻗﺎﺓ‬:‫ﺍﻝﻨﺒﺎﺘﻴﺔ‬ ‫ﺍﻝﺜﺭﻭﺓ‬ ‫ﺘﻘﺩﻴﻡ‬ ‫ﻫﻲ‬)‫ﺍﻝﻤﺜﻤﺭﺓ‬ ‫ﻭﺍﻷﺸﺠﺎﺭ‬ ‫ﺍﻝﺯﺭﻉ‬(‫ﺩ‬‫ﺍﻝﻤﺤ‬‫ﻴ‬‫ﻤﻌ‬ ‫ﻝﻤﺎﻝﻙ‬ ‫ﺩﺓ‬‫ﻋﺎﻤل‬ ‫ﺇﻝﻰ‬ ‫ﻥ‬
‫ﻭﺘﻨﻤﻴﺘﻬﺎ‬ ‫ﺒﺎﺴﺘﻐﻼﻝﻬﺎ‬ ‫ﻝﻴﻘﻭﻡ‬)‫ﻭﺍﻝﺭﻋﺎﻴﺔ‬ ‫ﺍﻝﺴﻘﻲ‬ ‫ﺃﻭ‬ ‫ﺍﻝﺭﻱ‬(‫ﺯ‬‫ﻴﻭ‬ ‫ﺃﻥ‬ ‫ﺃﺴﺎﺱ‬ ‫ﻋﻠﻰ‬‫ﺒﻴﻨﻬﻤﺎ‬ ‫ﺍﻝﺜﻤﺎﺭ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻨﺎﺘﺞ‬ ‫ﻉ‬
‫ﻨﺴﺒ‬ ‫ﺒﺤﺼﺔ‬‫ﻴ‬‫ﻤﺘﻔﻕ‬ ‫ﺔ‬‫ﻋﻠﻴﻬﺎ؛‬
•‫ﺍﻝﻤﻐﺎﺭﺴﺔ‬:‫ﻝ‬ ‫ﺩﺓ‬‫ﺩ‬‫ﺍﻝﻤﺤ‬ ‫ﺍﻷﺭﺽ‬ ‫ﺘﻘﺩﻴﻡ‬ ‫ﻫﻲ‬‫ﻨﺔ‬‫ﻴ‬‫ﻤﻌ‬ ‫ﺒﺄﺸﺠﺎﺭ‬ ‫ﺒﻐﺭﺴﻬﺎ‬ ‫ﻝﻴﻘﻭﻡ‬ ‫ﹴ‬‫ﻥ‬‫ﺜﺎ‬ ‫ﻁﺭﻑ‬ ‫ﺇﻝﻰ‬ ‫ﻥ‬‫ﻴ‬‫ﻤﻌ‬ ‫ﻤﺎﻝﻙ‬
‫ﺒﻴﻨﻬﻤﺎ‬ ‫ﻭﺍﻹﻨﺘﺎﺝ‬ ‫ﺍﻝﺸﺠﺭ‬ ‫ﻭﻴﻜﻭﻥ‬ ،‫ﺒﻴﻨﻬﻤﺎ‬ ‫ﺍﻝﻤﺒﺭﻡ‬ ‫ﺍﻻﺘﻔﺎﻕ‬ ‫ﺤﺴﺏ‬.

8. 8
-‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺃﺴﻠﻭﺏ‬‫ﻭﺍﻝﺘﻀﺎﻤﻨﻲ‬ ‫ﺍﻝﺘﻜﺎﻓﻠﻲ‬:‫ﻴﺸﻤل‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻤﻥ‬ ‫ﻨﻭﻉ‬ ‫ﻫﻭ‬:
•‫ﺍﻝﺘﻤﻭﻴل‬‫ﺍﻝﻭﻗﻔﻲ‬ ‫ﺍﻝﺘﻜﺎﻓﻠﻲ‬:‫ﺘﻜﺎﻓﻠﻴﺔ‬ ‫ﻤﻭﺍﺭﺩ‬ ‫ﺇﻝﻰ‬ ‫ﺍﻝﺨﺎﺼﺔ‬ ‫ﻭﺍﻝﺜﺭﻭﺍﺕ‬ ‫ﺍﻝﻤﺩﺍﺨﻴل‬ ‫ﻤﻥ‬ ‫ﻝﺠﺯﺀ‬ ‫ﺘﺤﻭﻴل‬ ‫ﻫﻭ‬
‫ﺩﺍﺌﻤ‬‫ﺍﻝﻤﺴﺘﻔﻴﺩﺓ؛‬ ‫ﺩﺓ‬‫ﺩ‬‫ﺍﻝﻤﺘﻌ‬ ‫ﺍﻝﻔﺌﺎﺕ‬ ‫ﺍﺤﺘﻴﺎﺠﺎﺕ‬ ‫ﻝﺘﻠﺒﻴﺔ‬ ‫ﻭﻋﻭﺍﺌﺩ‬ ‫ﻭﺨﺩﻤﺎﺕ‬ ‫ﺴﻠﻊ‬ ‫ﻤﻥ‬ ‫ﻤﻨﺎﻓﻌﻬﺎ‬ ‫ﺹ‬‫ﺼ‬‫ﹸﺨ‬‫ﺘ‬ ‫ﺔ‬
•‫ﺍﻝﺘﻤﻭﻴل‬‫ﺍﻝﺯﻜﻭﻱ‬ ‫ﺍﻝﺘﻀﺎﻤﻨﻲ‬:‫ﺍﻝﺴﻠﻊ‬ ‫ﻝﺘﺄﻤﻴﻥ‬ ‫ﺍﻝﺘﻀﺎﻤﻨﻴﺔ‬ ‫ﺍﻝﺯﻜﻭﻴﺔ‬ ‫ﻝﻠﻤﻭﺍﺭﺩ‬ ‫ﺍﻹﺠﺒﺎﺭﻴﺔ‬ ‫ﺍﻝﺘﻌﺒﺌﺔ‬ ‫ﻫﻭ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬ ‫ﺍﻝﺤﺭﻜﻴﺔ‬ ‫ﻭﺘﻨﺸﻴﻁ‬ ‫ﺍﻝﺩﺨل‬ ‫ﻭﻤﺤﺩﻭﺩﻱ‬ ‫ﻝﻠﻔﻘﺭﺍﺀ‬ ‫ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬ ‫ﻭﺍﻝﺭﻋﺎﻴﺔ‬ ‫ﺍﻷﺴﺎﺴﻴﺔ‬ ‫ﻭﺍﻝﺨﺩﻤﺎﺕ‬.
‫ﻝﻤﺨﺘﻠﻑ‬ ‫ﺍﻝﺘﻤﻭﻴﻠﻴﺔ‬ ‫ﺍﻻﺤﺘﻴﺎﺠﺎﺕ‬ ‫ﺘﻐﻁﻴﺔ‬ ‫ﺇﻝﻰ‬ ‫ﻴﺅﺩﻱ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺃﺴﺎﻝﻴﺏ‬ ‫ﻓﻲ‬ ‫ﺩ‬‫ﺩ‬‫ﻭﺍﻝﺘﻌ‬ ‫ﺍﻝﺼﻴﻐﻲ‬ ‫ﻉ‬‫ﻭ‬‫ﺍﻝﺘﻨ‬ ‫ﻫﺫﺍ‬ ‫ﺇﻥ‬
‫ﻨﺸﺎﻁﻬﺎ‬ ‫ﻭﻤﺠﺎل‬ ‫ﻭﺤﺠﻤﻬﺎ‬ ‫ﻁﺒﻴﻌﺘﻬﺎ‬ ‫ﻤﻊ‬ ‫ﻴﺘﻨﺎﺴﺏ‬ ‫ﺒﻤﺎ‬ ،‫ﺍﻝﻌﺠﺯ‬ ‫ﻤﺅﺴﺴﺎﺕ‬.‫ﻨﻭﺠﺯ‬ ‫ﻴﻠﻲ‬ ‫ﻭﻓﻴﻤﺎ‬‫ﺼﻴﻎ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﻭﺃﺴﺎﻝﻴﺏ‬
‫ﺒﻬﺎ‬ ‫ﺍﻝﻤﺭﺘﺒﻁﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬‫ﺍﻝﺘﺨﻁﻴﻁﻲ‬ ‫ﺍﻝﺸﻜل‬ ‫ﻫﺫﺍ‬ ‫ﻓﻲ‬:
‫ﺸﻜل‬1:‫ﺼﻴﻎ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﻭ‬‫ﺒﻬﺎ‬ ‫ﺍﻝﻤﺭﺘﺒﻁﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺃﺴﺎﻝﻴﺏ‬
2-‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻷﺴﺎﻝﻴﺏ‬ ‫ﺍﻝﺘﻤﻭﻴﻠﻴﺔ‬ ‫ﺍﻝﻜﻔﺎﺀﺓ‬ ‫ﺨﺼﺎﺌﺹ‬:‫ﻴ‬‫ﺘﺘﻤ‬‫ﺯ‬‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺼﻴﻎ‬‫ﺘﺠﻌﻠﻬﺎ‬ ‫ﺒﺨﺼﺎﺌﺹ‬
‫ﺍﻷﺴﺎﻝﻴﺏ‬ ‫ﻋﻥ‬ ‫ﺘﺨﺘﻠﻑ‬‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬‫ﹸ‬‫ﻨ‬ ،‫ﺍﻝﺘﺎﻝﻴﺔ‬ ‫ﺍﻝﻨﻘﺎﻁ‬ ‫ﻓﻲ‬ ‫ﺒﺭﺯﻫﺎ‬:11
-‫ﺍﻷﻭﻝﻰ‬ ‫ﺍﻝﺨﺎﺼﻴﺔ‬:‫ﻭ‬‫ﺍﻝﻤﻤ‬ ‫ﺭﺒﺢ‬ ‫ﺍﺭﺘﺒﺎﻁ‬‫ﺠﻤﻴﻊ‬ ‫ﻓﻲ‬ ‫ل‬‫ﺼﻴﻎ‬‫ﺍﻝﺘﻤﻭﻴل‬‫ﺍﻹﺴﻼﻤﻲ‬،‫ﺒﺎﻝﻤﻠﻜﻴﺔ‬‫ﻓﺎﺴﺘﺤﻘﺎﻗ‬‫ﻪ‬‫ﺒﺴﺒﺏ‬ ‫ﻝﻸﺭﺒﺎﺡ‬
‫ﺍﻝﺼﻴ‬ ‫ﻋﻜﺱ‬ ‫ﻭﻫﺫﺍ‬ ،‫ﺍﻝﻤﻠﻙ‬ ‫ﻫﻭ‬ ‫ﻭﺸﺭﻋﻲ‬ ‫ﻤﻭﻀﻭﻋﻲ‬‫ﻎ‬‫ﻋﻠﻰ‬ ‫ﺘﻘﻭﻡ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﺭﺒﻭﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴﻠﻴﺔ‬ ‫ﻭﺍﻷﺴﺎﻝﻴﺏ‬‫ﺍﻻﺴﺘﻐﻼل؛‬
-‫ﺍﻝﺨﺎﺼﻴﺔ‬‫ﺍﻝﺜﺎﻨﻴﺔ‬:‫ﺍﻝﻌﻤﻠﻴﺔ‬ ‫ﺃﻁﺭﺍﻑ‬ ‫ﺒﻴﻥ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺍﻨﺴﻴﺎﺏ‬ ‫ﺍﺭﺘﺒﺎﻁ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬‫ﻭﺘﺩﻓﻕ‬ ‫ﻤﻠﻜﻴﺎﺕ‬ ‫ﺒﺎﻨﺘﻘﺎل‬‫ﻤ‬ ‫ﺘﻴﺎﺭ‬‫ﻥ‬
‫ﱢ‬‫ﻠ‬‫ﻴﻘ‬ ‫ﺍﻷﺴﻠﻭﺏ‬ ‫ﻭﻫﺫﺍ‬ ،‫ﺍﻝﺴﻠﻊ‬‫ﺍﻝﻁﺭ‬ ‫ﻤﻥ‬ ‫ل‬‫ﻕ‬‫ﺍﻝﺭﺒﻭﻴﺔ‬‫ﹸ‬‫ﺘ‬ ‫ﺍﻝﺘﻲ‬‫ﻭ‬‫ﺤ‬‫ل‬‫ﺍﻻﻗﺘﺼﺎﺩ‬‫ﺭﻤﺯﻱ‬ ‫ﺍﻗﺘﺼﺎﺩ‬ ‫ﺇﻝﻰ‬‫؛‬‫ﻋﻤﻠﻴﺔ‬ ‫ﻜل‬ ‫ﺒﺤﻴﺙ‬
‫ﻭﺍﻝﻨﻘﺩﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﺩﻭﺭﺍﺕ‬ ‫ﻋﺸﺭﺍﺕ‬ ‫ﻭﺍﻨﺴﻴﺎﺏ‬ ‫ﺍﻨﺘﻘﺎل‬ ‫ﺘﺘﻁﻠﺏ‬ ‫ﺍﻝﺨﺩﻤﺎﺕ‬ ‫ﺃﻭ‬ ‫ﺍﻝﺴﻠﻊ‬ ‫ﺃﻭ‬ ‫ﻝﻠﻤﻠﻜﻴﺔ‬ ‫ﺍﻨﺘﻘﺎل‬.
‫ﻭ‬‫ﻴﻌﻨﻲ‬‫ﺍﻻﻗﺘﺼﺎﺩ‬‫ﻭﺘﺩﻓﻘﺎﺕ‬ ‫ﺍﻝﻔﺎﺌﺩﺓ‬ ‫ﺃﺴﻌﺎﺭ‬ ‫ﺘﻘﻠﺒﺎﺕ‬ ‫ﺫﻝﻙ‬ ‫ﻓﻲ‬ ‫ﺒﻤﺎ‬ ‫ﺍﻷﻤﻭﺍل‬ ‫ﺭﺅﻭﺱ‬ ‫ﺤﺭﻜﺔ‬ ‫ﺍﻝﺭﻤﺯﻱ‬‫ﺍﻻﺌﺘﻤﺎﻥ‬‫ﺒﻴﻨﻤﺎ‬ ،
‫ﻴﻌﻨﻲ‬‫ﺍﻻﻗﺘﺼﺎﺩ‬‫ﺍﻝﺤﻘ‬‫ﻭﺍﻝﺨﺩﻤﺎﺕ‬ ‫ﺍﻝﺴﻠﻊ‬ ‫ﺤﺭﻜﺔ‬ ‫ﻴﻘﻲ‬،‫ﻭﻤﻊ‬‫ﺍﻨﺘﺸﺎﺭ‬‫ﻴ‬ ‫ﻝﻡ‬ ‫ﺍﻝﺭﺒﻭﻴﺔ‬ ‫ﺍﻷﺴﺎﻝﻴﺏ‬‫ﻌ‬‫ﺩ‬‫ﺍﻻﻗﺘﺼﺎﺩ‬‫ﻝﻠﺴﻠﻊ‬ ‫ﺍﻝﺤﻘﻴﻘﻲ‬
‫ﻭﺍﻝﺨﺩﻤﺎﺕ‬‫ﻭﺍﻻﻗﺘﺼﺎﺩ‬‫ﻝﻠﻤﺎل‬ ‫ﺍﻝﺭﻤﺯﻱ‬‫ﻭﺍﻻﺌﺘﻤﺎﻥ‬‫ﹰ‬‫ﺎ‬‫ﻤﺭﺘﺒﻁ‬‫ﹰ‬‫ﺎ‬‫ﺍﺭﺘﺒﺎﻁ‬ ‫ﺒﺎﻵﺨﺭ‬ ‫ﺃﺤﺩﻫﻤﺎ‬‫ﹰ‬‫ﺎ‬‫ﻋﻀﻭﻴ‬‫ﺒﻭﺼﻑ‬‫ﺍﻻﻗﺘﺼﺎﺩ‬‫ﺍﻝﺭﻤﺯﻱ‬
‫ﹰ‬‫ﺍ‬‫ﺘﻌﺒﻴﺭ‬‫ﻋﻥ‬ ‫ﺒﺎﻝﻀﺭﻭﺭﺓ‬‫ﺍﻻﻗﺘﺼﺎﺩ‬‫ﺍﻻ‬ ‫ﺘﻠﻙ‬ ‫ﺃﻥ‬ ‫ﻋﻠﻰ‬ ‫ﻴﺩل‬ ‫ﻭﻫﺫﺍ‬ ،‫ﺍﻝﺤﻘﻴﻘﻲ‬‫ﺘ‬ ‫ﻗﺘﺼﺎﺩﺍﺕ‬‫ﺍﻷﺤﻴﺎﻥ‬ ‫ﻤﻌﻅﻡ‬ ‫ﻓﻲ‬ ‫ﺍﻷﺭﺒﺎﺡ‬ ‫ﻓﻴﻬﺎ‬ ‫ﺭﺘﺒﻁ‬
‫ﺍﺴﺘﺜﻤﺎﺭﻫﺎ‬ ‫ﻋﻤﻠﻴﺎﺕ‬ ‫ﻋﻥ‬ ‫ﺍﻝﻨﻅﺭ‬ ‫ﺒﻐﺽ‬ ‫ﺍﻷﻤﻭﺍل‬ ‫ﻭﺍﻨﺘﻘﺎل‬ ‫ﺒﺘﻘﻠﻴﺏ‬‫؛‬‫ﺒﻌﻤﻠﻴﺎﺕ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺍﻨﺘﻘﺎل‬ ‫ﻴﺭﺘﺒﻁ‬ ‫ﺒﻴﻨﻤﺎ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﹰ‬‫ﺎ‬‫ﺍﺭﺘﺒﺎﻁ‬
‫ﹰ‬‫ﺍ‬‫ﻜﺒﻴﺭ‬‫ﱢ‬‫ﻠ‬‫ﻴﻘ‬ ‫ﻭﻫﺫﺍ‬ ،‫ﺍﻝﻤﺸﺎﺭﻜﺔ‬ ‫ﻨﻅﺎﻡ‬ ‫ﻅل‬ ‫ﻓﻲ‬‫ﺍﻨﺘﺸﺎﺭ‬ ‫ﻋﻥ‬ ‫ﺍﻝﻤﺘﺭﺘﺒﺔ‬ ‫ﺍﻝﺘﻜﺎﻝﻴﻑ‬ ‫ﻤﻥ‬ ‫ل‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﹰ‬‫ﻻ‬‫ﺒﺩ‬ ‫ﺍﻝﺭﻤﺯﻱ‬‫ﻤﻥ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬
‫ﺍﻝﺤﻘﻴﻘﻲ‬.
‫ﺒﺩﺭﺠﺔ‬ ‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺍﻨﺘﺸﺭ‬ ‫ﻭﻝﻘﺩ‬‫ﺠﻌﻠﺕ‬‫ﻤﻨﻪ‬‫ﻝ‬ ‫ﹰ‬‫ﻼ‬‫ﺒﺩﻴ‬‫ﺍﻝﺘﻘﻠﻴﺩ‬ ‫ﻠﺘﻤﻭﻴل‬‫ﻝﻜﻥ‬ ‫ﻱ؛‬‫ﻓﻲ‬ ‫ﻝﻠﺭﺒﺢ‬ ‫ﺘﻬﺩﻑ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﺩﻴﻭﻥ‬
‫ﺍﻝﺘﻤﻭﻴل‬‫ﻭﺨﺩﻤﺎﺕ‬ ‫ﻭﻤﻨﺎﻓﻊ‬ ‫ﺴﻠﻊ‬ ‫ﻤﻥ‬ ،‫ﺤﻘﻴﻘﻲ‬ ‫ﻨﺸﺎﻁ‬ ‫ﻤﻘﺎﺒل‬ ‫ﺇﻻ‬ ‫ﺘﻨﺸﺄ‬ ‫ﻻ‬ ‫ﺍﻹﺴﻼﻤﻲ‬.‫ﺍﻝﺭﺒﻭﻴﺔ‬ ‫ﺍﻝﻔﺎﺌﺩﺓ‬ ‫ﻜﺎﻨﺕ‬ ‫ﺎ‬‫ﻤ‬‫ﻭﻝ‬‫ﺠﻭﻫﺭﻫ‬ ‫ﻓﻲ‬‫ﺎ‬

9. 9
‫ﺤﻘﻴﻘﻲ‬ ‫ﻤﻘﺎﺒل‬ ‫ﺩﻭﻥ‬ ‫ﺍﻝﺫﻤﺔ‬ ‫ﻓﻲ‬ ‫ﻴﻥ‬‫ﺩ‬‫ﺍﺴﺘﺒﺩﺍﻝﻬﺎ‬ ‫ﻓﺈﻥ‬ ‫؛‬‫ﺒ‬‫ﻌﻘﻭ‬‫ﺴ‬‫ﻭﺍﻝ‬ ‫ﺍﻵﺠل‬ ‫ﻜﺎﻝﺒﻴﻊ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺩ‬‫ﱢ‬‫ﻘ‬‫ﻴﺤ‬ ،‫ﻠﻡ‬‫ﻫﺩﻓﻴﻥ‬ ‫ﻕ‬‫ﻫﻤﺎ‬:
-‫ﺘﺤﺠﻴﻡ‬‫ﻭ‬‫ﻨﻤ‬ ‫ﻭﻤﻨﻊ‬ ‫ﺍﻝﻤﺩﻴﻭﻨﻴﺔ‬‫ﻀﻭﺍﺒﻁ‬ ‫ﺩﻭﻥ‬ ‫ﻫﺎ‬‫؛‬
-‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺘﻭﺠﻴﻪ‬‫ﻝ‬‫ﻭﺘﻌﺯﻴﺯ‬ ‫ﺍﻝﻤﻀﺎﻓﺔ‬ ‫ﺍﻝﻘﻴﻤﺔ‬ ‫ﺘﻭﻝﻴﺩ‬‫ﺍﻝ‬‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﻨﻤﻭ‬‫؛‬‫ﻤﻥ‬ ‫ﻝﻠﺘﻤﻭﻴل‬ ‫ﻋﺎﺌﺩ‬ ‫ﺒﺘﺤﻘﻴﻕ‬ ‫ﻴﺴﻤﺢ‬ ‫ﻤﺎ‬ ‫ﻭﻫﺫﺍ‬
‫ﻬ‬‫ﺃﺴ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﻀﺎﻓﺔ‬ ‫ﺍﻝﻘﻴﻤﺔ‬ ‫ﺨﻼل‬‫ﺇﻴﺠﺎﺩﻫﺎ‬ ‫ﻓﻲ‬ ‫ﻡ‬.
‫ﻤﺎ‬ ‫ﻭﻫﺫﺍ‬‫ﻥ‬‫ﻴ‬‫ﺒ‬‫ﻴ‬‫ﺒﻴﻥ‬ ‫ﺍﻝﻔﺭﻕ‬‫ﻜﻔﺎﺀﺓ‬‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬‫ﺍﻝﺫﻱ‬‫ﻴﺴﺘﺤﻕ‬‫ﺍﻝﻤﺸﺎﺭﻜﺔ؛‬ ‫ﻋﻭﺍﺌﺩ‬‫ﻷﻨﻪ‬‫ﺇﻁﺎﺭ‬ ‫ﻓﻲ‬ ‫ﻴﺘﻡ‬‫ﺤﺭﻜﻴﺔ‬
‫ﺍﻗﺘﺼﺎﺩﻴﺔ‬‫ﺤﻘﻴﻘﻴﺔ‬.‫ﺍﻝﺘﻘﻠﻴﺩﻱ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺒﻴﻨﻤﺎ‬‫ﺍﻷﺤﻴﺎﻥ‬ ‫ﻤﻌﻅﻡ‬ ‫ﻓﻲ‬ ‫ﻴﺭﺘﺒﻁ‬ ‫ﻻ‬‫ﺒ‬‫ﺎﻝﻨﺸﺎﻁ‬‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬‫ﺁﻝﻴﺔ‬ ‫ﺘﻭﺠﺩ‬ ‫ﻭﻻ‬ ،‫ﺍﻝﺤﻘﻴﻘﻲ‬
‫ﺘﻀﻤﻥ‬‫ﺍﻻﺭﺘﺒﺎﻁ‬‫ﻓﻭﺍﺌﺩﻫ‬ ‫ﻭﺘﻀﺨﻡ‬ ‫ﺍﻝﻤﺩﻴﻭﻨﻴﺔ‬ ‫ﺘﻔﺎﻗﻡ‬ ‫ﺇﻝﻰ‬ ‫ﻴﺅﺩﻱ‬ ‫ﻤﺎ‬ ‫ﻭﻫﻭ‬ ،‫ﺒﻴﻨﻬﻤﺎ‬‫ﱠ‬‫ﻝ‬‫ﻭ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﻀﺎﻓﺔ‬ ‫ﺍﻝﻘﻴﻤﺔ‬ ‫ﻝﺘﺘﺠﺎﻭﺯ‬ ‫ﺎ‬‫ﺃﺼل‬ ‫ﺩﻫﺎ‬
‫ﻤﻀﺎﻋﻔﺔ‬ ‫ﺒﺄﻀﻌﺎﻑ‬ ‫ﺍﻝﺘﻤﻭﻴل‬.
3-‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻭﺃﺴﺎﻝﻴﺏ‬ ‫ﻝﺼﻴﻎ‬ ‫ﺍﻝﻤﻭﻀﻭﻋﻴﺔ‬ ‫ﻭﺍﻝﻤﺅﺸﺭﺍﺕ‬ ‫ﺍﻝﻤﻌﺎﻴﻴﺭ‬:‫ﻫﻨﺎﻙ‬‫ﻤﻌﺎﻴﻴﺭ‬ ‫ﺨﻤﺴﺔ‬‫ﻭﻤﺅﺸﺭﺍﺕ‬
‫ﹸ‬‫ﺘ‬ ‫ﻤﻭﻀﻭﻋﻴﺔ‬‫ﻴ‬‫ﺒ‬‫ﻥ‬‫ﻴﻠﻲ‬ ‫ﻓﻴﻤﺎ‬ ‫ﻨﺴﺘﻌﺭﻀﻬﺎ‬ ،‫ﻭﻤﻨﺘﺠﺎﺘﻬﺎ‬ ‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻭﺃﺴﺎﻝﻴﺏ‬ ‫ﺼﻴﻎ‬ ‫ﺴﻼﻤﺔ‬ ‫ﻤﺩﻯ‬:
-‫ﻤﻌﻴﺎﺭ‬‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺍﺭﺘﺒﺎﻁ‬‫ﺍﻝﺤﻘﻴﻘﻲ‬ ‫ﺒﺎﻻﻗﺘﺼﺎﺩ‬:‫ﺃ‬ ‫ﺍﻝﻤﻌﻴﺎﺭ‬ ‫ﻫﺫﺍ‬ ‫ﱢﺩ‬‫ﻜ‬‫ﺅ‬‫ﻴ‬‫ﺍﻝﻁﺒﻴﻌﻴﺔ‬ ‫ﺍﻝﻨﺘﻴﺠﺔ‬ ‫ﻥ‬‫ﺍﻝﻤﺴﺒﻘﺔ‬ ‫ﺍﻝﻔﻭﺍﺌﺩ‬ ‫ﻵﻝﻴﺔ‬‫ﻫﻲ‬
‫ﺃﻥ‬‫ﺤﺴﺎﺒﻴﺔ‬ ‫ﺒﻤﺘﺘﺎﻝﻴﺔ‬ ‫ﺍﻝﺤﻘﻴﻘﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻴﻨﻤﻭ‬ ‫ﺒﻴﻨﻤﺎ‬ ‫ﻫﻨﺩﺴﻴﺔ‬ ‫ﺒﻤﺘﺘﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻴﻨﻤﻭ‬‫ﺇﻝﻰ‬ ‫ﻴﺅﺩﻱ‬ ‫ﻤﺎ‬ ‫ﻭﻫﻭ‬ ،
‫ﻭﺍﻝﺘﻘﻠﺒﺎﺕ‬ ‫ﺍﻷﺯﻤﺎﺕ‬ ‫ﺤﺩﻭﺙ‬‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬‫ﺍﻝﺩﻭﺭﻴﺔ‬‫ﺍﻹﻓ‬ ‫ﺃﻭ‬ ‫ﺍﻻﻨﻬﻴﺎﺭ‬ ‫ﺨﻼل‬ ‫ﻤﻥ‬ ‫ﺴﻭﺍﺀ‬‫ﻼﺱ‬.‫ﻭ‬‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬
‫ﻴ‬‫ﻤﻘ‬‫ﹰ‬‫ﺎ‬‫ﺩﺍﺌﻤ‬ ‫ﺩ‬‫ﺍﻝﺤﻘﻴﻘﻲ؛‬ ‫ﺒﺎﻻﻗﺘﺼﺎﺩ‬ ‫ﺍﻝﻤﺭﺘﺒﻁﺔ‬ ‫ﺍﻝﻤﺸﺎﺭﻜﺔ‬ ‫ﺒﻤﻌﺩﻻﺕ‬‫ﺍﻝﺤﻘﻴﻘﻴﺔ‬ ‫ﺍﻝﺜﺭﻭﺓ‬ ‫ﺇﻝﻰ‬ ‫ﺍﻝﺩﻴﻭﻥ‬ ‫ﻨﺴﺒﺔ‬ ‫ﻓﺈﻥ‬ ‫ﻭﻝﺫﻝﻙ‬
‫ﺘﻜﻭﻥ‬‫ﺍﻝﺜﺭﻭﺓ‬ ‫ﺃﻀﻌﺎﻑ‬ ‫ﺘﺼﺒﺢ‬ ‫ﺃﻥ‬ ‫ﻴﻤﻜﻥ‬ ‫ﻭﻻ‬ ‫ﻤﺤﺩﻭﺩﺓ‬‫ﺍﻝﻨﻤﻭ‬ ‫ﺘﻀﻤﻥ‬ ‫ﺍﻝﻤﺘﻨﻭﻋﺔ‬ ‫ﺍﻝﻤﺸﺎﺭﻜﺎﺕ‬ ‫ﺼﻴﻎ‬ ‫ﻓﺈﻥ‬ ‫ﻭﺒﺫﻝﻙ‬ ‫؛‬
‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﺒﻴﻥ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﺍﻝﺘﻭﺍﺯﻥ‬ ‫ﻝﻬﺭﻡ‬ ‫ﺍﻝﻤﺴﺘﺩﺍﻡ‬‫ﻓﻲ‬ ‫ﻥ‬‫ﻴ‬‫ﻤﺒ‬ ‫ﻫﻭ‬ ‫ﻜﻤﺎ‬ ،‫ﻭﺍﻝﻨﻘﺩﻱ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﻭﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﺍﻝﺤﻘﻴﻘﻲ‬
‫ﺍﻝﺘﺎﻝﻲ‬ ‫ﺍﻝﺸﻜل‬:
‫ﺸﻜل‬2:‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺁﻝﻴﺎﺕ‬ ‫ﻅل‬ ‫ﻓﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﺍﻝﺘﻭﺍﺯﻥ‬ ‫ﻫﺭﻡ‬
،‫ﻝﻠﻤﺩﻴﻭﻨﻴﺎﺕ‬ ‫ﺍﻝﻤﺘﻭﺍﻝﻲ‬ ‫ﺍﻝﺘﻔﺎﻗﻡ‬ ‫ﻝﺼﺎﻝﺢ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﺍﻝﺘﻭﺍﺯﻥ‬ ‫ﻫﺭﻡ‬ ‫ﺍﺨﺘﻼل‬ ‫ﺇﻝﻰ‬ ‫ﺍﻝﻤﺴﺒﻘﺔ‬ ‫ﺍﻝﻔﻭﺍﺌﺩ‬ ‫ﺁﻝﻴﺎﺕ‬ ‫ﺘﺅﺩﻱ‬ ‫ﺒﻴﻨﻤﺎ‬
‫ﹰ‬‫ﺎ‬‫ﻤﻘﻠﻭﺒ‬ ‫ﺍﻝﻬﺭﻡ‬ ‫ﻓﻴﺼﺒﺢ‬‫ﺍﻹﺤﺼﺎﺀﺍﺕ‬ ‫ﺘﺸﻴﺭ‬ ‫ﺤﻴﺙ‬ ‫ﺍﻝﺤﻘﻴﻘﻲ؛‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﺍﻝﻨﻤﻭ‬ ‫ﺼﺎﻝﺢ‬ ‫ﻏﻴﺭ‬ ‫ﻓﻲ‬‫ﺤﺠﻡ‬ ‫ﺇﺠﻤﺎﻝﻲ‬ ‫ﺃﻥ‬ ‫ﺇﻝﻰ‬
‫ﺤﻭﺍﻝﻲ‬ ‫ﺍﻝﻌﺎﻝﻡ‬ ‫ﻤﺴﺘﻭﻯ‬ ‫ﻋﻠﻰ‬ ‫ﺒﻠﻎ‬ ‫ﺍﻝﺤﻘﻴﻘﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬50.000‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﺤﺠﻡ‬ ‫ﺇﺠﻤﺎﻝﻲ‬ ‫ﺒﻠﻎ‬ ‫ﺤﻴﻥ‬ ‫ﻓﻲ‬ ،‫ﺩﻭﻻﺭ‬ ‫ﻤﻠﻴﺎﺭ‬
‫ﺤﻭﺍﻝﻲ‬ ‫ﻭﺍﻝﻨﻘﺩﻱ‬500.000‫ﺩﻭﻻﺭ‬ ‫ﻤﻠﻴﺎﺭ‬!‫ﺍﻝﺘﺎﻝﻲ‬ ‫ﺍﻝﺸﻜل‬ ‫ﻓﻲ‬ ‫ﺫﻝﻙ‬ ‫ﺢ‬‫ﻀ‬‫ُﻭ‬‫ﹸ‬‫ﻨ‬‫ﻭ‬:
‫ﺸﻜل‬3:‫ﺍﻝﻬﺭﻡ‬‫ﺍﻝﺘﻘﻠﻴﺩﻱ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺁﻝﻴﺎﺕ‬ ‫ﻅل‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﻘﻠﻭﺏ‬
‫ﺍﳌﺎﻟـﻲ‬ ‫ﺍﻻﻗﺘﺼـﺎﺩ‬‫ﺍﳌﺎﻟـﻲ‬ ‫ﺍﻻﻗﺘﺼـﺎﺩ‬‫ﺍﳌﺎﻟـﻲ‬ ‫ﺍﻻﻗﺘﺼـﺎﺩ‬‫ﺍﳌﺎﻟـﻲ‬ ‫ﺍﻻﻗﺘﺼـﺎﺩ‬‫ﻭﺍﻟﻨﻘﺪﻱ‬‫ﻭﺍﻟﻨﻘﺪﻱ‬‫ﻭﺍﻟﻨﻘﺪﻱ‬‫ﻭﺍﻟﻨﻘﺪﻱ‬
‫ﺴ‬ ،‫ﺃﺴﻬﻡ‬،‫ﻤﺸﺘﻘﺎﺕ‬ ،‫ﻨﺩﺍﺕ‬
‫ﻤﺼﺭﻓﻴﺔ‬ ‫ﻨﻘﻭﺩ‬ ،‫ﺴﺎﺌﻠﺔ‬ ‫ﻨﻘﻭﺩ‬‫ﺍﻻﺌﺘﻤﺎﻥ‬ ‫ﺒﻁﺎﻗﺎﺕ‬ ،...
‫ﺍﻝﺤﻘﻴﻘـﻲ‬ ‫ﺍﻻﻗﺘﺼـﺎﺩ‬
‫ﺳﻠﻊ‬
90%
10%
‫ﺍﳊﻘﻴﻘـﻲ‬ ‫ﺍﻻﻗﺘﺼـﺎﺩ‬‫ﺍﳊﻘﻴﻘـﻲ‬ ‫ﺍﻻﻗﺘﺼـﺎﺩ‬‫ﺍﳊﻘﻴﻘـﻲ‬ ‫ﺍﻻﻗﺘﺼـﺎﺩ‬‫ﺍﳊﻘﻴﻘـﻲ‬ ‫ﺍﻻﻗﺘﺼـﺎﺩ‬
‫ﺍﻻﻗﺘﺼﺎﺩ‬
‫ﺍﻝﻤﺎﻝﻲ‬

10. 10
‫ﺤﺠﻡ‬ ‫ﺃﻥ‬ ‫ﺇﻝﻰ‬ ‫ﻝﻠﻬﺭﻡ‬ ‫ﺍﻝﻤﻌﻜﻭﺱ‬ ‫ﺍﻝﻭﻀﻊ‬ ‫ﺸﻴﺭ‬‫ﻴ‬‫ﻭ‬‫ﻨﺸﺄﺕ‬ ‫ﺍﻝﺫﻱ‬ ‫ﺍﻝﺤﻘﻴﻘﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﺤﺠﻡ‬ ‫ﻴﺘﺠﺎﻭﺯ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﺼﻔﻘﺎﺕ‬
‫ﺇﻨﺘﺎﺝ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺘﻤﺜل‬ ‫ﺍﻝﺤﻘﻴﻘﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻤﺴﺎﺤﺔ‬ ‫ﻋﻠﻰ‬ ‫ﺘﻘﻭﻡ‬ ‫ﻗﺎﻋﺩﺘﻪ‬ ‫ﺃﻥ‬ ‫ﺍﻝﻤﻘﻠﻭﺏ‬ ‫ﺍﻝﻬﺭﻡ‬ ‫ﻤﻼﺤﻅﺔ‬ ‫ﻤﻥ‬ ‫ﹼﻀﺢ‬‫ﺘ‬‫ﻴ‬ ‫ﺤﻴﺙ‬ ‫ﻋﻠﻴﻪ؛‬
،‫ﻭﺍﻝﺨﺩﻤﺎﺕ‬ ‫ﺍﻝﺴﻠﻊ‬‫ﺍﻝﻨﺸﺎﻁ‬ ‫ﻫﺫﺍ‬ ‫ﻋﻥ‬ ‫ﺭ‬‫ﺒ‬‫ﹸﻌ‬‫ﺘ‬ ‫ﻤﺎﻝﻴﺔ‬ ‫ﺘﻌﺎﻤﻼﺕ‬ ‫ﺍﻝﻨﺸﺎﻁ‬ ‫ﻫﺫﺍ‬ ‫ﻴﺭﺍﻓﻕ‬ ‫ﺃﻥ‬ ‫ﺍﻝﻁﺒﻴﻌﻲ‬ ‫ﻭﻤﻥ‬.‫ﻫﺫﻩ‬ ‫ﺘﺒﺩﺃ‬ ‫ﻋﻨﺩﻤﺎ‬ ‫ﻭﻝﻜﻥ‬
‫ﺍﻝﺘﺒﺎﺩل‬ ‫ﻴﺘﻡ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻘﻴﻤﺔ‬ ‫ﺭ‬‫ﺒ‬‫ﹸﻌ‬‫ﺘ‬ ‫ﻭﻝﻥ‬ ‫ﺍﻝﺤﻘﻴﻘﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﺤﺠﻡ‬ ‫ﺒﺘﺠﺎﻭﺯ‬ ‫ﺴﻴﺒﺩﺃ‬ ‫ﺤﺠﻤﻬﺎ‬ ‫ﻓﺈﻥ‬ ‫ﻤﻨﻔﻠﺘﺔ؛‬ ‫ﺒﻭﺘﻴﺭﺓ‬ ‫ﺒﺎﻝﺘﺤﺭﻙ‬ ‫ﺍﻝﺘﻌﺎﻤﻼﺕ‬
‫ﻝﻠﺼﻔﻘﺔ‬ ‫ﺍﻝﺤﻘﻴﻘﻴﺔ‬ ‫ﺍﻝﻘﻴﻤﺔ‬ ‫ﻋﻥ‬ ‫ﺒﻬﺎ‬!‫ﺴ‬ ‫ﺍﻝﻬﺭﻡ‬ ‫ﺩﺍﺨل‬ ‫ﻭﻓﻲ‬ ‫ﻫﻨﺎ‬ ‫ﻤﻥ‬‫ﻅﻬﻭﺭ‬ ‫ﺍﺤﺘﻤﺎﻻﺕ‬ ‫ﺘﺒﺩﺃ‬‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﻔﻘﺎﻋﺔ‬Bubble.
‫ﺍﻝﺘﺎﻝﻲ‬ ‫ﺍﻝﻨﺤﻭ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﻘﻠﻭﺏ‬ ‫ﺍﻝﻬﺭﻡ‬ ‫ﺼﻭﺭﺓ‬ ‫ﺘﺼﻤﻴﻡ‬ ‫ﻭﻴﻤﻜﻥ‬:
‫ﺍﻝﻤﺼﺩﺭ‬:‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﺩﺍﺌﺭﺓ‬ ،‫ﺍﻝﻌﺭﺍﻗﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﻭﺯﺍﺭﺓ‬،
‫ﺍﻝﻌﺭﺍﻗﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺃﺜﺭﻫﺎ‬ ‫ﺍﻝﻌﺎﻝﻤﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻷﺯﻤﺔ‬،2009‫ﺹ‬ ،:11.
‫ﺒﺤﻴﺙ‬:
-‫ﺍﻝﻘﺎﻋﺩﺓ‬‫ﱢل‬‫ﺜ‬‫ﺘﻤ‬‫ﺍﻝﺤﻘﻴﻘﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬‫؛‬
-‫ﱢ‬‫ﺜ‬‫ﻴﻤ‬ ‫ﺍﻝﻬﺭﻡ‬‫ﻭﻫﻭ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﺘﻌﺎﻤﻼﺕ‬ ‫ل‬‫ﺃﻜ‬‫ﻗﺎﻡ‬ ‫ﺍﻝﺫﻱ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﺤﺠﻡ‬ ‫ﻤﻥ‬ ‫ﺒﺭ‬‫ﻋﻠﻴﻪ؛‬
-‫ﺍﻝﻬﺭﻡ‬ ‫ﺩﺍﺨل‬ ‫ﺍﻝﻤﺴﺘﻁﻴل‬‫ﻴﺸﻤل‬‫ﻴ‬‫ﻤﺜﻠﺜ‬‫ﻥ‬:
•‫ﺍﻝﻤﺜﻠﺙ‬)1(:‫ﺴ‬‫ﻴﺘﻭ‬‫ﹰ‬‫ﺍ‬‫ﺼﻌﻭﺩ‬ ‫ﻊ‬‫ﻭﻫﻭ‬‫ﱢ‬‫ﺜ‬‫ﻴﻤ‬‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﻔﻘﺎﻋﺔ‬ ‫ﻅﻬﻭﺭ‬ ‫ﺍﺤﺘﻤﺎﻻﺕ‬ ‫ﺘﺯﺍﻴﺩ‬ ‫ل‬‫ﻜ‬‫ﺴ‬‫ﺘﻭ‬ ‫ﻠﻤﺎ‬‫ﺤﺠﻡ‬ ‫ﻊ‬
‫ﺍﻝﻬﺭﻡ‬‫؛‬‫ﺃ‬ ‫ﺘﻜﻭﻥ‬ ‫ﺍﻝﺼﻔﻘﺎﺕ‬ ‫ﻗﻴﻤﺔ‬ ‫ﺇﻥ‬ ‫ﺤﻴﺙ‬‫ﺴﺘﺴﺘﻤﺭ‬ ‫ﻭﻫﻨﺎ‬ ،‫ﱢﻠﻬﺎ‬‫ﺜ‬‫ﹸﻤ‬‫ﺘ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻷﺼﻭل‬ ‫ﻗﻴﻤﺔ‬ ‫ﻋﻥ‬ ‫ﻴﻤﻜﻥ‬ ‫ﻤﺎ‬ ‫ﺒﻌﺩ‬
‫ﺍﻨﻔﺠﺎﺭﻫﺎ‬ ‫ﺇﻝﻰ‬ ‫ﻴﺅﺩﻱ‬ ‫ﺍﻝﺫﻱ‬ ‫ﺩ‬‫ﺍﻝﺤ‬ ‫ﺇﻝﻰ‬ ‫ﺘﺼل‬ ‫ﺃﻥ‬ ‫ﺇﻝﻰ‬ ‫ﻊ‬‫ﺴ‬‫ﺒﺎﻝﺘﻭ‬ ‫ﺍﻝﻔﻘﺎﻋﺔ‬.‫ﺍﻝﻬﺭﻡ؛‬ ‫ﺃﻋﻠﻰ‬ ‫ﻓﻲ‬ ‫ﻜﺎﻨﺕ‬ ‫ﻭﻜﻠﻤﺎ‬
‫ﹰ؛‬‫ﺍ‬‫ﺘﺄﺜﻴﺭ‬ ‫ﺃﻜﺜﺭ‬ ‫ﺍﻨﻔﺠﺎﺭﻫﺎ‬ ‫ﻜﺎﻥ‬
•‫ﺍﻝﻤﺜﻠﺙ‬)2(:‫ﱢ‬‫ﺜ‬‫ﻴﻤ‬ ‫ﻭﻫﻭ‬ ‫ﹰ‬‫ﺍ‬‫ﺼﻌﻭﺩ‬ ‫ﻴﻀﻴﻕ‬‫ﺍﻝﺘﺼﺤﻴﺢ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻗﺩﺭﺓ‬ ‫ل‬‫؛‬‫ﺇﺫ‬‫ﺫﻝﻙ‬ ‫ﻴﻜﻭﻥ‬‫ﺃﺴﻬل‬‫ﻋﻨﺩ‬
‫ﺍﻝ‬‫ﻗﺭﻴﺒ‬ ‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻝﺘﻌﺎﻤل‬ ‫ﺤﺠﻡ‬ ‫ﻴﻜﻭﻥ‬ ‫ﻋﻨﺩﻤﺎ‬ ‫ﻘﺎﻋﺩﺓ‬‫ﹰ‬‫ﺎ‬‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﺤﺠﻡ‬ ‫ﻤﻥ‬‫ﺍﻝﺤﻘﻴﻘﻲ‬،‫ﺘﻘل‬ ‫ﺒﻴﻨﻤﺎ‬‫ﻜ‬‫ﺍﺭﺘﻔﻌﺕ‬ ‫ﻠﻤﺎ‬
‫ﺍﻝﻬﺭﻡ‬ ‫ﻝﻘﻤﺔ‬‫ﺘ‬ ‫ﺤﻴﺙ‬ ‫؛‬‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻋﻥ‬ ‫ﺍﺒﺘﻌﺩﻨﺎ‬ ‫ﻜﻠﻤﺎ‬ ‫ﺍﻝﻔﻘﺎﻋﺔ‬ ‫ﺍﻨﻔﺠﺎﺭ‬ ‫ﺁﺜﺎﺭ‬ ‫ﻤﻌﺎﻝﺠﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺫﺍﺘﻴﺔ‬ ‫ﺍﻝﻘﺩﺭﺓ‬ ‫ﺘﻨﺎﻗﺹ‬
‫ﺍﻝﺤﻘﻴﻘﻲ‬.
‫ﺍﻻﻗﺘﺼـﺎﺩ‬‫ﺍﻻﻗﺘﺼـﺎﺩ‬‫ﺍﻻﻗﺘﺼـﺎﺩ‬‫ﺍﻻﻗﺘﺼـﺎﺩ‬‫ﺍﳊﻘﻴ‬‫ﺍﳊﻘﻴ‬‫ﺍﳊﻘﻴ‬‫ﺍﳊﻘﻴ‬‫ﻘـﻲ‬‫ﻘـﻲ‬‫ﻘـﻲ‬‫ﻘـﻲ‬
‫ﺘﺯﺍﻴﺩ‬‫ﺍﺤﺘﻤﺎل‬
‫ﻅﻬﻭﺭ‬‫ﺍﻝﻔﻘﺎﻋﺔ‬
‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬
)1(
‫ﻀﻌﻑ‬‫ﻗﺩﺭﺓ‬
‫ﺍﻝﺘﺼﺤﻴﺢ‬
‫ﺍﻝﺘﻠﻘﺎﺌﻲ‬
‫ﻝﻼﻗﺘﺼﺎﺩ‬
)2(
‫ﺸﻜل‬4:‫ﺍﻝﺘﻘﻠﻴﺩﻱ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺁﻝﻴﺎﺕ‬ ‫ﻅل‬ ‫ﻓﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﻔﻘﺎﻋﺔ‬

11. 11
-‫ﻤﻌﻴﺎﺭ‬‫ﺍﻝﺤﻘﻴﻘﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬ ‫ﺒﺎﻝﺤﺭﻜﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺍﺭﺘﺒﺎﻁ‬:‫ﱢ‬‫ﻜ‬‫ﻴﺅ‬‫ﺩ‬‫ﺍﻝﻤ‬ ‫ﻫﺫﺍ‬‫ﻌﻴﺎﺭ‬‫ﹰ‬‫ﺎ‬‫ﺘﺎﺒﻌ‬ ‫ﻴﻜﻭﻥ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺃﻥ‬‫ﻝﻠﺤﺭﻜﻴﺔ‬
‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬‫ﺍﻝﻌﻜﺱ‬ ‫ﻭﻝﻴﺱ‬‫ﺇﻥ‬ ‫ﺤﻴﺙ‬ ‫؛‬‫ﻝﺘﺤﻘﻴﻕ‬ ‫ﻭﺴﻴﻠﺔ‬ ‫ﻓﻬﻭ‬ ‫ﻭﺼﻴﻐﺘﻪ‬ ‫ﺸﻜﻠﻪ‬ ‫ﻜﺎﻥ‬ ‫ﹰ‬‫ﺎ‬‫ﺃﻴ‬ ‫ﺍﻝﺘﻤﻭﻴل‬‫ﺍﻝﺘﺠﺎﺭﻴﺔ؛‬ ‫ﺍﻝﺤﺭﻜﻴﺔ‬‫ﻭﻤﻥ‬
‫ﻡ‬‫ﺜ‬‫ﻋﻨﻬ‬ ‫ﺘﻨﺘﺞ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﻤﻨﺎﻓﻊ‬‫ﺎ‬‫ﻜﺎﻥ‬ ‫ﺴﻭﺍﺀ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻭﻋﺎﺌﺩ‬ ،‫ﺭﺒﺢ‬ ‫ﻤﻌﺩل‬‫ﻫﺎﻤﺵ‬ ‫ﺃﻭ‬‫ﺍﻝﺭﺒﺢ‬‫ﺠ‬‫ﺍﻝﻤﺅ‬ ‫ﺍﻝﺒﻴﻊ‬ ‫ﻓﻲ‬‫ﻴﻤﻜﻥ‬ ‫ﻻ‬ ‫ل‬
‫ﺍﻝﺘﺒﺎﺩ‬ ‫ﺨﻼل‬ ‫ﻤﻥ‬ ‫ﺇﻻ‬ ‫ﺴﺩﺍﺩﻩ‬‫ﻭﺍﻝﺨﺩﻤﺎﺕ‬ ‫ﻝﻠﺴﻠﻊ‬ ‫ﺍﻝﺤﻘﻴﻘﻲ‬ ‫ل‬.‫ﻓﺭﻕ‬ ‫ﻭﻫﻨﺎﻙ‬‫ﺍﻝﺒﻴﻊ‬ ‫ﻓﻲ‬ ‫ﺍﻷﺠل‬ ‫ﻤﻘﺎﺒل‬ ‫ﺍﻝﺯﻴﺎﺩﺓ‬ ‫ﺒﻴﻥ‬
‫ﻭ‬‫ﺍﻝﺯﻴﺎﺩﺓ‬‫ﺍﻝﻘﺭﺽ‬ ‫ﻓﻲ‬‫ﺤﻴﺙ‬ ‫؛‬‫ﻷﻨﻬﺎ‬ ‫ﻤﺸﺭﻭﻋﺔ‬ ‫ﺍﻷﻭﻝﻰ‬ ‫ﺇﻥ‬‫ﻭﺍﻝﺨﺩﻤﺎﺕ‬ ‫ﺍﻝﺴﻠﻊ‬ ‫ﻓﻲ‬ ‫ﻭﺍﻝﻤﺘﺎﺠﺭﺓ‬ ‫ﺒﺎﻝﺒﻴﻭﻉ‬ ‫ﻤﺭﺘﺒﻁﺔ‬
‫ﺍﻝﺤﻘﻴﻘﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﻝﻠﻨﺸﺎﻁ‬ ‫ﻜﻤﺨﺭﺠﺎﺕ‬.
‫ﺒﺎﻝﺤﺭﻜﻴ‬ ‫ﻴﺭﺘﺒﻁ‬ ‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻓﻲ‬ ‫ﻓﺎﻝﺘﻤﻭﻴل‬‫ﺔ‬‫ﺍﻝ‬ ‫ﺒﺘﺒﺎﺩل‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬‫ﺍﻷﻭﻝﻭﻴﺎﺕ‬ ‫ﺩﺍﺌﺭﺓ‬ ‫ﻓﻲ‬ ‫ﻭﺍﻝﺨﺩﻤﺎﺕ‬ ‫ﺴﻠﻊ‬
‫ﺍﻝﻭﻀﻊ‬ ‫ﻫﻭ‬ ‫ﻜﻤﺎ‬ ‫ﺍﻝﺤﻘﻴﻘﻲ‬ ‫ﱡﻙ‬‫ﻠ‬‫ﺒﺎﻝﺘﻤ‬ ‫ﻴﺭﺘﺒﻁ‬ ‫ﻻ‬ ‫ﺍﻝﺫﻱ‬ ‫ﻭﺍﻵﺠل‬ ‫ﺍﻝﺼﻭﺭﻱ‬ ‫ﺍﻝﺘﺠﺎﺭﻱ‬ ‫ﻝﻠﻨﺸﺎﻁ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺨﻼﻑ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﻤﺠﺘﻤﻌﻴﺔ؛‬
‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻷﺯﻤﺔ‬ ‫ﺤﺩﻭﺙ‬ ‫ﺇﻝﻰ‬ ‫ﺃﺩﺕ‬ ‫ﻭﺍﻝﺘﻲ‬ ،‫ﺒﻬﺎ‬ ‫ﺍﻝﻤﺭﺘﺒﻁﺔ‬ ‫ﻭﺍﻝﺘﻭﺭﻴﻘﺎﺕ‬ ‫ﻭﺍﻝﻤﺸﺘﻘﺎﺕ‬ ‫ﺍﻵﺠﻠﺔ‬ ‫ﻭﻋﻘﻭﺩﻫﺎ‬ ‫ﺍﻝﺤﺩﻴﺜﺔ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﺍﺕ‬ ‫ﻓﻲ‬
‫ﺍﻝﺤﺎﻝﻴﺔ‬.
‫ﻴ‬‫ﻭﻨﺒ‬‫ﺍﻝﻌﺎﻝﻤﻲ‬ ‫ﺍﻻﺌﺘﻤﺎﻥ‬ ‫ﺃﺯﻤﺔ‬ ‫ﻓﻲ‬ ‫ﹰ‬‫ﺎ‬‫ﺴﺒﺒ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺸﺘﻘﺎﺕ‬ ‫ﻜﺎﻨﺕ‬ ‫ﻜﻴﻑ‬ ‫ﺘﺨﻁﻴﻁﻲ‬ ‫ﺸﻜل‬ ‫ﻓﻲ‬ ‫ﻥ‬.
‫ﺸﻜل‬5:‫ﺍﻝﺭﺍﻫﻨﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻷﺯﻤﺔ‬ ‫ﺇﺤﺩﺍﺙ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺸﺘﻘﺎﺕ‬ ‫ﺩﻭﺭ‬
-‫ﺍﻝﻤﺼﺎﻝﺢ‬ ‫ﻤﻌﻴﺎﺭ‬‫ﺍﻝﺤﻘﻴﻘﻴﺔ‬:‫ﺍﻝﺤﻘﻴﻘﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬ ‫ﺍﻝﻨﺸﺎﻁ‬ ‫ﺒﺤﺭﻜﻴﺔ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺤﺭﻜﻴﺔ‬ ‫ﺍﺭﺘﺒﺎﻁ‬ ‫ﺍﻝﻤﻌﻴﺎﺭ‬ ‫ﻫﺫﺍ‬ ‫ﻴﺘﻁﻠﺏ‬
‫ﻓﻲ‬‫ﻓﺎﻝﺤﺎﺠﻴﺎﺕ‬ ‫ﺍﻝﻀﺭﻭﺭﻴﺎﺕ‬ ‫ﻤﻥ‬ ‫ﹰ‬‫ﺍ‬‫ﺒﺩﺀ‬ ‫ﺍﻝﻤﺼﻠﺤﺔ‬ ‫ﺘﺤﻘﻴﻕ‬ ‫ﺘﻀﻤﻥ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﻤﺠﺘﻤﻌﻴﺔ‬ ‫ﺍﻷﻭﻝﻭﻴﺎﺕ‬ ‫ﺩﺍﺌﺭﺓ‬
‫ﺘﺭﺘﻴﺏ‬ ‫ﻫﺭﻡ‬ ‫ﻴﻜﻭﻥ‬ ‫ﻭﻗﺩ‬ ،‫ﺒﺎﻷﻭﻝﻭﻴﺎﺕ‬ ‫ﻴﺭﺘﺒﻁ‬ ‫ﻻ‬ ‫ﺍﻝﻭﻀﻌﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﺃﻥ‬ ‫ﺤﻴﻥ‬ ‫ﻓﻲ‬ ،‫ﻓﺎﻝﺘﺤﺴﻴﻨﻴﺎﺕ‬
‫ﺍﻝﻤ‬ ‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬ ‫ﻊ‬‫ﺴ‬‫ﺘﺘﻭ‬ ‫ﻻ‬ ‫ﻫﺎﻤﺔ‬ ‫ﻤﺠﺎﻻﺕ‬ ‫ﻫﻨﺎﻙ‬ ‫ﺒﺤﻴﺙ‬ ‫ﹰ؛‬‫ﺎ‬‫ﻤﻀﻁﺭﺒ‬ ‫ﺃﻭ‬ ‫ﹰ‬‫ﺎ‬‫ﻤﻘﻠﻭﺒ‬ ‫ﺍﻷﻭﻝﻭﻴﺎﺕ‬‫ﻓﻲ‬ ‫ﻭﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺼﺭﻓﻴﺔ‬
‫ﺍﻝﻤﺎﻝﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻭﻨﻤﻭ‬ ‫ﺍﻝﻤﺩﻴﻭﻨﻴﺔ‬ ‫ﺘﻁﻭﺭ‬ ‫ﻓﻲ‬ ‫ﹸﺴﻬﻡ‬‫ﺘ‬ ‫ﻤﻀﺎﺭﺒﻴﺔ‬ ‫ﺃﻭ‬ ‫ﻜﻤﺎﻝﻴﺔ‬ ‫ﺘﺭﻓﻴﺔ‬ ‫ﻨﺸﺎﻁﺎﺕ‬ ‫ل‬‫ﻭ‬‫ﹸﻤ‬‫ﺘ‬ ‫ﺒﻴﻨﻤﺎ‬ ‫ﺘﻤﻭﻴﻠﻬﺎ؛‬
‫ﺍﻝﻤﻀﺎﺭﺒﻲ‬.
‫ﺘﺄﻤﻴﻥ‬
‫ﺍﻝﻘﺭﺽ‬ ‫ﺼﺎﺤﺏ‬ ‫ﻝﻐﻴﺭ‬
‫ﻋﻠﻰ‬ ‫ﺍﻝﺒﻨﻭﻙ‬ ‫ﺘﺸﺠﻴﻊ‬
‫ﻭﺘﻭﺭﻴﻕ‬ ،‫ﺍﻹﻗﺭﺍﺽ‬
‫ﺍﻝﻘﺭﻭﺽ‬
‫ﺍﺭﺘﻔﺎﻉ‬،‫ﺍﻝﻌﻘﺎﺭ‬ ‫ﺃﺴﻌﺎﺭ‬
‫ﻤﻤﺎ‬‫ﻋﻠﻰ‬ ‫ﻴﺸﺠﻊ‬
‫ﺍﻝﻘﺭﻭﺽ‬ ‫ﻋﻠﻰ‬ ‫ﺍﻝﺘﺄﻤﻴﻥ‬
‫ﻻﻨﺨﻔﺎﺽ‬
‫ﺘﻀﺎﻋﻑ‬
‫ﺍﻝﻔﻘﺎﻋﺔ‬ ‫ﺤﺠـﻡ‬
‫ﺍﻝﻌﻘﺎﺭﻴﺔ‬
‫ﺍ‬ ‫ﺸﺭﻜﺎﺕ‬‫ﺍﻝﺘﺤﻭﻁ‬ ‫ﻭﺼﻨﺎﺩﻴﻕ‬ ‫ﻝﺘﺄﻤﻴﻥ‬ ‫ﺍﻝﻤﺎﻝﻴـﺔ‬ ‫ﺍﻝﻤﺸﺘﻘـﺎﺕ‬
‫ﺤﺠﻡ‬ ‫ﺘﻀﺎﻋﻑ‬
‫ﺇﻝﻰ‬ ‫ﺍﻝﻤﺸﺘﻘﺎﺕ‬600
‫ﺩﻭﻻﺭ‬ ‫ﻤﻠﻴﺎﺭ‬ ‫ﺃﻝﻑ‬
‫ﺇﻤﻜﺎﻨﻴﺔ‬
‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺒﻴﻊ‬
‫ﻵﺨﺭﻴﻥ‬
‫ﺍﻝﻤﺨﺎﻁﺭ‬ ‫ﺍﻨﺨﻔﺎﺽ‬
‫ﺃﺴﻌﺎﺭ‬ ‫ﺍﺭﺘﻔﺎﻉ‬ ‫ﺒﺴﺒﺏ‬
‫ﺍﻝﻌﻘﺎﺭ‬
‫ﺍﻝﻨﻘﺩﻴﺔ‬ ‫ﺍﻝﺭﺴﻭﻡ‬
‫ﺘﺤﺼل‬ ‫ﺍﻝﺘﻲ‬
‫ﻋﻠﻴﻬﺎ‬
‫ﰲ‬ ‫ﺍﳌﺸﺘﻘﺎﺕ‬ ‫ﺇﺳﻬﺎﻡ‬‫ﺍﻟﻔﻘﺎﻋﺔ‬
‫ﺍﻟﺘﺄﻣﲔ‬ ‫ﺪﺭﻱ‬
ْ
‫ﻣﺼ‬ ‫ﻣﺼﺎﱀ‬

12. 12
‫ﺸﻜل‬6:‫ﺃﻨﻭﺍﻉ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﻝﻠﻤﺼﻠﺤﺔ‬ ‫ﱢﻘﺔ‬‫ﻘ‬‫ﺍﻝﻤﺤ‬‫ﺒﺎﻷﻭﻝﻭﻴﺎﺕ‬ ‫ﺍﻝﻤﺘﻌﻠﻘﺔ‬
-‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬ ‫ﺍﻝﻌﻤﻠﻴﺎﺕ‬ ‫ﻨﺘﺎﺌﺞ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺸﺎﺭﻜﺔ‬ ‫ﻤﻌﻴﺎﺭ‬:‫ﻴﻘﺘﻀﻲ‬‫ﺍﻝﻤﻌﻴﺎﺭ‬ ‫ﻫﺫﺍ‬‫ﻝﻠﻌﻤﻠﻴﺔ‬ ‫ﺍﻝﻤﺨﺘﻠﻔﺔ‬ ‫ﺍﻷﻁﺭﺍﻑ‬ ‫ﺘﺸﺎﺭﻙ‬
‫ﺍﻝﻭﻀﻊ‬ ‫ﻫﻭ‬ ‫ﻜﻤﺎ‬ ‫ﻴﻭﺠﺩ‬ ‫ﻓﻼ‬ ،‫ﺍﻝﺤﻘﻴﻘﻴﺔ‬ ‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬ ‫ﺍﻝﻨﺸﺎﻁﺎﺕ‬ ‫ﻓﻲ‬ ‫ﻭﺘﻭﻅﻴﻔﻬﺎ‬ ‫ﺍﻷﻤﻭﺍل‬ ‫ﺘﻘﻠﻴﺏ‬ ‫ﻨﺘﺎﺌﺞ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺘﻤﻭﻴﻠﻴﺔ‬
‫ﺍﻷﻁﺭﺍﻑ‬ ‫ﺩ‬‫ﹸﻌ‬‫ﺘ‬ ‫ﻡ‬‫ﺜ‬ ‫ﻭﻤﻥ‬ ‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ؛‬ ‫ﺍﻝﻌﻤﻠﻴﺔ‬ ‫ﻨﺘﺎﺌﺞ‬ ‫ﻋﻥ‬ ‫ﺍﻝﻨﻅﺭ‬ ‫ﺽ‬‫ﺒﻐ‬ ‫ﹰ‬‫ﺎ‬‫ﺩﺍﺌﻤ‬ ‫ﻴﺭﺒﺢ‬ ‫ﻥ‬‫ﻤ‬ ‫ﺍﻝﺘﻘﻠﻴﺩﻱ‬ ‫ﺍﻝﺘﻤﻭﻴل‬ ‫ﻓﻲ‬
‫ﻓﺘ‬ ‫ﻤﺼﻠﺤﺔ؛‬ ‫ﺫﺍﺕ‬ ‫ﻜﻠﻬﺎ‬ ‫ﺍﻝﻤﺸﺎﺭﻜﺔ‬‫ﻐﺎﺭﻡ؛‬‫ﻤ‬‫ﺍﻝ‬ ‫ل‬‫ﻤ‬‫ﺘﺤ‬ ‫ﻓﻲ‬ ‫ﻭﺘﺘﻜﺎﻓل‬ ‫ﺍﻷﺭﺒﺎﺡ‬ ‫ﻓﻲ‬ ‫ﺸﺎﺭﻙ‬
-‫ﻤﻌﻴﺎﺭ‬‫ﻭ‬ ‫ﺍﻝﻭﻀﻭﺡ‬‫ﺍﻝﺸﻔﺎﻓﻴﺔ‬:‫ﱢ‬‫ﻜ‬‫ﻴﺅ‬‫ﺩ‬‫ﺍﻝﻤﻌﻴﺎﺭ‬ ‫ﻫﺫﺍ‬‫ﺍﻝﺸﻔﺎﻓﻴﺔ‬ ‫ﺃﻫﻤﻴﺔ‬‫ﻭﺍﻝﻭﻀﻭﺡ‬‫ﹸ‬‫ﺘ‬ ‫ﺍﻝﺘﻲ‬‫ﺩ‬‫ﺤ‬‫ﺍﻝﺘﻌﺎﻗﺩ‬ ‫ﻤﻥ‬ ‫ﺍﻝﻬﺩﻑ‬ ‫ﺩ‬
‫ﻤﻨﻪ‬ ‫ﻭﺍﻝﻤﻘﺼﻭﺩ‬،‫ﻭ‬ ‫ﺍﻝﻭﻀﻭﺡ‬ ‫ﺍﻷﻤﻭﺍل‬ ‫ﻓﻲ‬ ‫ﻓﺎﻷﺼل‬‫ﺸﺭﻋﻲ‬ ‫ﻤﻘﺼﺩ‬ ‫ﺍﻝﺸﻔﺎﻓﻴﺔ‬‫ﺒﻴﻨﻤﺎ‬‫ﻫﺫﺍ‬ ‫ﺘﻨﺎﻓﻲ‬ ‫ﺍﻝﺭﺒﻭﻴﺔ‬ ‫ﺍﻝﺤﻴل‬
‫ﺍﻝﻤﻘﺼﺩ‬‫؛‬‫ﺍﻝﻨﻬﺎ‬ ‫ﻓﻲ‬ ‫ﺘﻬﺩﻑ‬ ‫ﻷﻨﻬﺎ‬‫ﺭ‬‫ﺼ‬ ‫ﻭﻝﻭ‬ ،‫ﺍﻝﺫﻤﺔ‬ ‫ﻓﻲ‬ ‫ﻤﻨﻪ‬ ‫ﺒﺄﻜﺜﺭ‬ ‫ﺤﺎﻀﺭ‬ ‫ﻨﻘﺩ‬ ‫ﺇﻝﻰ‬ ‫ﻴﺔ‬‫ﻝﻜﺎﻨﺕ‬ ‫ﺒﺫﻝﻙ‬ ‫ﺍﻝﻌﻘﻭﺩ‬ ‫ﺤﺕ‬
‫ﺒﺎﻁﻠﺔ‬‫ﺇ‬ ‫ﻜﻤﺎ‬ ،‫ﺍﻝﺸﻔﺎﻓﻴﺔ‬ ‫ﺘﻐﻴﻴﺏ‬ ‫ﺇﻝﻰ‬ ‫ﺘﻠﺠﺄ‬ ‫ﺍﻝﺤﻴل‬ ‫ﻤﻌﻅﻡ‬ ‫ﻥ‬‫ﻭﺍﻝﻭﻀﻭﺡ‬‫ﱡ‬‫ﻨ‬‫ﺘﺠ‬ ‫ﺍﻝﻌﻘﻭﺩ‬ ‫ﻓﻲ‬‫ﹰ‬‫ﺎ‬‫ﺒ‬‫ﺍﻝﻨﺘﻴﺠﺔ‬ ‫ﻝﻬﺫﻩ‬.
‫ﻤﺜل‬ ‫ﺍﻝﻌﺎﻝﻤﻴﺔ‬ ‫ﺍﻝﺘﺼﻨﻴﻑ‬ ‫ﻤﺅﺴﺴﺎﺕ‬ ‫ﻓﺈﻥ‬ ‫ﺍﻝﺤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻷﺯﻤﺔ‬ ‫ﻅل‬ ‫ﻭﻓﻲ‬:SSP،FITICH،MOODY‫ﺍﻝﺘﻲ‬ ،
‫ﻝﻠﻤﺅﺴﺴﺎﺕ‬ ‫ﺃﻋﻁﺕ‬‫ﹰ‬‫ﺎ‬‫ﻋﺎﻝﻴ‬ ‫ﹰ‬‫ﺎ‬‫ﺍﺴﺘﺜﻤﺎﺭﻴ‬ ‫ﹰ‬‫ﺎ‬‫ﺘﺼﻨﻴﻔ‬ ‫ﺍﻝﻌﻘﺎﺭﻴﺔ‬ ‫ﺒﺎﻝﺭﻫﻭﻨﺎﺕ‬ ‫ﺍﻝﻤﺭﺘﺒﻁﺔ‬(AAA)‫ﺒﺨﺼﻭﺹ‬ ‫ﻜﺒﻴﺭ‬ ‫ﻨﻘﺩ‬ ّ‫ل‬‫ﻤﺤ‬ ‫ﺃﺼﺒﺤﺕ‬
‫ﻋﻨﻬﺎ‬ ‫ﺍﻝﺼﺎﺩﺭﺓ‬ ‫ﺍﻝﺘﺼﻨﻴﻔﺎﺕ‬ ‫ﻤﺼﺩﺍﻗﻴﺔ‬!
‫ﺇﻥ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﻨﺘﺠﺎﺕ‬‫ﻻ‬ ‫ﺍﻝﺘﻲ‬‫ﺘ‬‫ﺘﻭ‬‫ﺍ‬‫ﺍﻝﻤﻌﺎﻴﻴﺭ‬ ‫ﻫﺫﻩ‬ ‫ﻓﻴﻬﺎ‬ ‫ﻓﺭ‬‫ﺍﻝﺘﻤﻭﻴﻠﻴﺔ‬ ‫ﻜﻔﺎﺀﺘﻬﺎ‬ ‫ﺒﻤﺤﺩﻭﺩﻴﺔ‬ ‫ﺯ‬‫ﻴ‬‫ﺘﺘﻤ‬‫ﻀ‬‫ﻭﻴﻭ‬ ،‫ﺍﻝﺸﻜل‬ ‫ﺢ‬
‫ﻝﻔﺤﺹ‬ ‫ﺍﻝﻼﺯﻤﺔ‬ ‫ﺍﻝﺨﻁﻭﺍﺕ‬ ‫ﺍﻝﺘﺎﻝﻲ‬‫ﺍﻝﺼﻴﻎ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﻭﺍﻝﻤﻨﺘﺠﺎﺕ‬.
‫ﺸﻜل‬7:‫ﻭﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﻭﺍﻝﻤﻨﺘﺠﺎﺕ‬ ‫ﺍﻝﺼﻴﻎ‬ ‫ﺒﻴﻥ‬ ‫ﻝﻠﺘﻤﻴﻴﺯ‬ ‫ﺍﻝﻤﻭﻀﻭﻋﻴﺔ‬ ‫ﺍﻝﻤﻌﺎﻴﻴﺭ‬
‫ﺍﻝﻤﻨﺘﺞ‬‫ﺍﻝﻤﺎﻝﻲ‬
‫ﻤﻨﺘﺞ‬‫ﺘﻘﻠﻴﺩﻱ‬‫ﻤﻨﺘﺞ‬‫ﺇﺴﻼﻤﻲ‬
‫ﻫل‬
‫ﺘﺘﻭﺍﻓﺭ‬
‫ﺍﻝﺸﻔﺎﻓﻴﺔ‬
‫ﻭﺍﻝﻭﻀﻭﺡ‬‫؟‬
‫ﻫل‬
‫ﻨﻤﻭ‬‫ﺍﻝﺩﻴﻭﻥ‬
‫ﻤﺭﺘﺒﻁ‬‫ﺒﻨﻤﻭ‬
‫ﺍﻝﺜﺭﻭﺓ؟‬
‫ﻫل‬
‫ﺍﻝﺘﻤﻭﻴل‬
‫ﺘﺎﺒﻊ‬‫ﻝﻠﺤﺭﻜﻴﺔ‬
‫ﺍﻝﺤﻘﻴﻘﻴﺔ‬ ‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬‫؟‬
‫ﻫل‬
‫ﺍﻝﻤﺼﻠﺤﺔ‬
‫ﻤﻌﺘﺒﺭﺓ‬‫ﺩﺍﺌﺭﺓ‬ ‫ﻓﻲ‬
‫ﺍﻷﻭﻝﻭﻴﺎﺕ‬‫؟‬
‫ﻻ‬ ‫ﻻ‬ ‫ﻻ‬ ‫ﻻ‬
‫ﻨﻌﻡ‬‫ﻨﻌﻡ‬‫ﻨﻌﻡ‬ ‫ﻨﻌﻡ‬
‫ﻫل‬
‫ﺍﻝﻘﻴﻤﺔ‬‫ﺍﻝﻤﻀﺎﻓﺔ‬
‫ﻝﻠﺘﺒﺎﺩل‬
‫ﻤﻭﺠﺒﺔ؟‬
‫ﻻ‬
‫ﻨﻌﻡ‬