Finance

1. 1
‫ﻤﺩﺍﺨﻠﺔ‬‫ﺒﻌﻨﻭﺍﻥ‬:
‫ﺃﺩﺍﺀ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﻤﺴﺅﻭﻝﺔ‬‫ﺍﺠﺘﻤﺎﻋﻴﺎ‬‫ﻭ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴ‬‫ﻼﻤﻴﺔ‬
‫ﺃ‬.‫ﺩ‬‫ﺒﺭﺍﻕ‬‫ﻤﺤﻤﺩ‬‫ﺃ‬.‫ﻗﻤﺎﻥ‬‫ﻤﺼﻁﻔﻰ‬
‫ﺍﻝﻤﺩﺭﺴﺔ‬‫ﺍﻝﻌﻠﻴﺎ‬‫ﻝﻠﺘﺠﺎﺭﺓ‬
‫ﺃ‬.‫ﻨﺸﻨﺵ‬‫ﻓﺘﻴﺤﺔ‬
‫ﺠﺎﻤﻌﺔ‬‫ﺍﻝﺠﺯﺍﺌﺭ‬3"‫ﺒﻭﺯﺭﻴﻌﺔ‬"
‫ﺍﻝﻤﻠﺘﻘﻰ‬‫ﺍﻝﺩﻭﻝﻲ‬‫ﺍﻷﻭل‬‫ﻝﻤﻌﻬﺩ‬‫ﺍﻝﻌﻠﻭﻡ‬‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬‫ﻭ‬‫ﺍﻝﺘﺠﺎﺭﻴﺔ‬‫ﻭﻋﻠﻭﻡ‬‫ﺍﻝﺘﺴﻴﻴﺭ‬
‫ﺍﻝﻤﺭﻜﺯ‬‫ﺍﻝﺠﺎﻤﻌﻲ‬‫ﺒﻐﺭﺩﺍﻴﺔ‬
‫ﺒﻌﻨﻭﺍﻥ‬:
‫ﺍﻻﻗﺘﺼﺎﺩ‬،‫ﺍﻹﺴﻼﻤﻲ‬‫ﺍﻝﻭﺍﻗﻊ‬..‫ﻭﺭﻫﺎﻨﺎﺕ‬‫ﺍﻝﻤﺴﺘﻘﺒل‬

2. 2
‫ﺃﺩﺍﺀ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﻤﺴﺅﻭﻝﺔ‬‫ﺍﺠﺘﻤﺎﻋﻴﺎ‬‫ﻭ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴ‬‫ﻼﻤﻴﺔ‬
‫ﺍﻝﻤﻠﺨﺹ‬
‫ﺘﺒﺤﺙ‬‫ﻫﺫﻩ‬‫ﺍﻝﻭﺭﻗﺔ‬‫ﻤﻭﻀﻭﻉ‬‫ﻨﻤﻭ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﻭﺃﺩﺍﺌﻬﺎ‬‫ﻓﻲ‬‫ﺃﺴﻭﺍﻕ‬
‫ﺍﻷ‬‫ﻭﺭﺍﻕ‬،‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﻭﻗﺩ‬‫ﺸﻤﻠﺕ‬‫ﻫﺫﻩ‬‫ﺍﻝﺩﺭﺍﺴﺔ‬‫ﻤﻔﺎﻫﻴﻡ‬‫ﺤﻭل‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬
‫ﻭﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭﺍﺕ‬‫ﺍﻝﻤﺴﺅﻭﻝﺔ‬‫ﺍﺠﺘﻤﺎﻋﻴﺎ‬‫ﺃﻭ‬‫ﺍﻷﺨﻼﻗﻴﺔ‬‫ﻭ‬‫ﻤﺩﻯ‬‫ﻤﻭﺍﻓﻘﺘﻬﺎ‬‫ﻤﻊ‬‫ﺼﻨﺎﺩﻴﻕ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬،‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﻭﺩﻭﺭ‬‫ﻫﻴﺌﺎﺕ‬‫ﺍﻝﺭﻗﺎﺒﺔ‬‫ﺍﻝﺸﺭﻋﻴﺔ‬‫ﻓﻲ‬‫ﺍﻝﺭﻓﻊ‬‫ﻤﻥ‬‫ﺃﺩﺍﺀ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬
،‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﻭﺨﻠﺼﺕ‬‫ﺍﻝﺩﺭﺍﺴﺔ‬‫ﺇﻝﻰ‬‫ﺃﻥ‬‫ﻜل‬‫ﻤﻥ‬‫ﺍﻝﻨﻤﻭ‬‫ﺍﻝﻤﺘﺯﺍﻴﺩ‬‫ﻷﺼﻭل‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬
‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﻭﺃﺩﺍﺌﻬﺎ‬‫ﺍﻝﺠﻴﺩ‬‫ﻤﻘﺎﺭﻨﺔ‬‫ﻤﻊ‬‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬،‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬‫ﻭﺃﺩﺍﺌﻬﺎ‬‫ﺍﻝﻤﻘﺒﻭل‬‫ﺃﺜﻨﺎﺀ‬‫ﺍﻷﺯﻤﺎﺕ‬
‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﻭﺨﺎﺼﺔ‬‫ﺍﻷﺯﻤﺔ‬،‫ﺍﻷﺨﻴﺭﺓ‬‫ﻝﺩﻝﻴل‬‫ﺃﺨﺭ‬‫ﻴﻀﺎﻑ‬‫ﺇﻝﻰ‬‫ﻤﺎ‬‫ﺴﺒﻘﻪ‬‫ﻤﻥ‬،‫ﺍﻷﺩﻝﺔ‬‫ﺍﻝﺘﻲ‬‫ﺘﺩﻋﻭ‬‫ﺇﻝﻰ‬
‫ﺘﻜﻴﻴﻑ‬‫ﺍﻷﻨﻅﻤﺔ‬‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬‫ﻤﻊ‬‫ﺍﻝﺸﺭﻴﻌﺔ‬‫ﺍﻹ‬‫ﺴﻼﻤﻴﺔ‬.
‫ﺍﻝﻤﻘﺩﻤﺔ‬:
‫ﻝﻘﺩ‬‫ِﻑ‬‫ﺭ‬‫ﻋ‬‫ﺘﺎﺭﻴﺦ‬‫ﺍﻝﺘﻤﻭﻴل‬‫ﺘﻁﻭﺭﺍ‬‫ﻜﺒﻴﺭﺍ‬‫ﻓﻲ‬‫ﺍﻝﻘﺭﻥ‬‫ﺍﻝﻌﺸﺭﻴﻥ‬‫ﺨﺎﺼﺔ‬‫ﺍﻝﺘﻤﻭﻴل‬‫ﺍﻝﺠﻤﺎﻋﻲ‬
‫ﺃﻭ‬‫ﺼﻨﺎﺩﻴﻕ‬،‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﻫﺫﻩ‬‫ﺍﻝﺼﻨﺎﻋﺔ‬‫ﻜﺎﻨﺕ‬‫ﻭﻻ‬‫ﺘﺯﺍل‬‫ﻭﺍﺤﺩﺓ‬‫ﻤﻥ‬‫ﺍﻝﺘﻁﻭﺭﺍﺕ‬‫ﺍﻝﻜﺒﻴﺭﺓ‬‫ﺍﻝﺘﻲ‬
‫ﻅﻬﺭﺕ‬‫ﻓﻲ‬‫ﺘﺎﺭﻴﺦ‬‫ﺍﻷﺴﻭﺍﻕ‬،‫ﺍﻝﺘﻤﻭﻴﻠﻴﺔ‬‫ﻭﺸﻬﺩﺕ‬‫ﻫﺫﻩ‬‫ﺍﻝﺼﻨﺎﻋﺔ‬‫ﻨﻤﻭﺍ‬‫ﻜﺒﻴﺭﺍ‬‫ﻓﻲ‬‫ﺍﻝﻭﻻﻴﺎﺕ‬
‫ﺍﻝﻤﺘﺤﺩﺓ‬‫ﺍﻷﻤ‬‫ﺭﻴﻜﻴــﺔ‬)‫ﺍﺭﺘﻔﻌﺕ‬‫ﻤﻥ‬50‫ﻤﻠﻴﺎﺭ‬‫ﺩﻭﻻﺭ‬‫ﻓﻲ‬‫ﺃﻭﺍﺨﺭ‬‫ﺍﻝﺴﺘﻴﻨﻴﺎﺕ‬‫ﺇﻝﻰ‬10‫ﺘﺭﻴﻠﻴﻭﻥ‬
‫ﺩﻭﻻﺭ‬‫ﻓﻲ‬‫ﺃﻭﺍﺨﺭ‬2006(،‫ﻭﺩﻭل‬‫ﺃﺨﺭﻯ‬‫ﺒﻌﺩ‬‫ﺍﻝﺤﺭﺏ‬‫ﺍﻝﻌﺎﻝﻤﻴﺔ‬‫ﺍﻝﺜﺎﻨﻴﺔ‬،‫ﻋﺎﻝﻤﻴﺎ‬‫ﻭﺼﻠﺕ‬‫ﻓﻲ‬
‫ﻨﻬﺎﻴﺔ‬2006‫ﺇﻝﻰ‬21‫ﺘﺭﻴﻠﻴﻭﻥ‬‫ﺩﻭﻻﺭ‬.‫ﻭﻤﻥ‬‫ﺒﻴﻥ‬‫ﺍﻝﺘﻁﻭﺭﺍﺕ‬‫ﺍﻝﺘﻲ‬‫ﺸﻬﺩﺘﻬﺎ‬‫ﻫﺫﻩ‬،‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬
‫ﻅﻬﻭﺭ‬‫ﻤﺎ‬‫ﻴﺴﻤﻰ‬‫ﺒ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻷﺨﻼ‬‫ﻗﻴﺔ‬‫ﻭﺍﻝﻤﺴﺅﻭﻝﺔ‬،‫ﺍﺠﺘﻤﺎﻋﻴﺎ‬‫ﻭﺫﻝﻙ‬‫ﺒﺈﺩﺨﺎل‬
‫ﺍﻻﻋﺘﺒﺎﺭﺍﺕ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﻭﻏﻴﺭ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬،‫ﻜﻤﺭﺍﻋﺎﺓ‬‫ﺍﻵﺜﺎﺭ‬‫ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬‫ﻭﺍﻷﺨﻼﻗﻴﺔ‬‫ﻭﺍﻝﻤﺘﻌﻠﻘﺔ‬‫ﺒﺎﻝﻤﺤﻴﻁ‬
‫ﺍﻝﻨﺎﺘﺠﺔ‬‫ﻋﻥ‬،‫ﺍﻻﺴﺘﺜﻤﺎﺭﺍﺕ‬‫ﻓﻲ‬‫ﺍﺨﺘﻴﺎﺭ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭﺍﺕ‬‫ِﻨﺔ‬‫ﻭ‬‫ﺍﻝﻤﻜ‬‫ﻝﻬﺫﻩ‬‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬.
‫ﺒﺎﻹﻀﺎﻓﺔ‬‫ﺇﻝﻰ‬‫ﺫﻝﻙ‬،‫ﻓﻘﺩ‬‫ﻨﺸﻁﺕ‬‫ﻓﻲ‬‫ﺍﻵﻭﻨﺔ‬‫ﺍﻷﺨﻴﺭﺓ‬‫ﺤﺭﻜﺔ‬‫ﺍﻝﺘﻌﺎﻤل‬‫ﺒﺎﻷ‬‫ﺩﻭﺍﺕ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﺒﺴﺒﺏ‬‫ﺍﺭﺘﻔﺎﻉ‬‫ﺍﻷﻤﻭﺍل‬‫ﺍﻝﻤﺩﺍﺭﺓ‬‫ﺒﻁﺭﻴﻘﺔ‬،‫ﺇﺴﻼﻤﻴﺔ‬‫ﻭﺫﻝﻙ‬‫ﻤﻥ‬‫ﺨﻼل‬
‫ﺘﺄﺴﻴﺱ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﺴﺘﺜﻤﺎﺭ‬‫ﺸﺘﺭﻙ‬‫ﻤ‬‫ﺘﻌﻤل‬‫ﻭﻓﻕ‬‫ﺃﺤﻜﺎﻡ‬‫ﺍﻝﺸﺭﻴﻌﺔ‬،‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﻭﻝﻡ‬‫ﻴﻘﺘﺼﺭ‬‫ﻨﺸﺎﻁ‬

3. 3
‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﻓﻲ‬‫ﻫﺫﻩ‬‫ﺍﻷﺩﻭﺍﺕ‬‫ﻋﻠﻰ‬‫ﺍﻷﺴﻭﺍﻕ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﻓﻲ‬‫ﺍﻝﺩ‬‫ﻭل‬،‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﺇﺫ‬‫ﺃﻥ‬‫ﻫﻨﺎﻙ‬‫ﺘﻌﺎﻤﻼ‬
‫ﻭﺍﺴﻌﺎ‬‫ﺒﻬﺫﻩ‬‫ﺍﻷﺩﻭﺍﺕ‬‫ﻓﻲ‬‫ﺍﻷﺴﻭﺍﻕ‬‫ﻭﺍﻝﺒﻭﺭﺼﺎﺕ‬،‫ﺍﻝﻌﺎﻝﻤﻴﺔ‬‫ﺨﺎﺼﺔ‬‫ﺒﻌﺩ‬‫ﺃﻥ‬‫ﺘﻡ‬‫ﺍﺴﺘﺤﺩﺍﺙ‬‫ﻤﺅﺸﺭ‬
‫ﺩﺍﻭ‬‫ﺠﻭﻨﺯ‬‫ﻭﺍﻝﻔﺎﻴﻨﻨﺸﺎل‬‫ﺘﺎﻴﻤﺯ‬‫ﻝﻸﺴﻭﺍﻕ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﻓﻲ‬‫ﻋﺎﻡ‬1999،‫ﺍﻷﻤﺭ‬‫ﺍﻝﺫﻱ‬‫ﺃﺩﻯ‬
‫ﺇﻝﻰ‬‫ﺘﻭﺴﻴﻊ‬‫ﻭﺘﻨﻭﻴﻊ‬‫ﻨﻁﺎﻕ‬‫ﺍﻷﻨﺸﻁﺔ‬‫ﺍﻝﺘﻲ‬‫ﹸﻤﺎﺭﺴﻬﺎ‬‫ﺘ‬‫ﺍﻝﻤﺼﺎﺭﻑ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬.
‫ﺘﻌﺘﺒﺭ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﻤﻬﻤﺔ‬‫ﻝﻠﻤﺴﻠﻤﻴﻥ‬،‫ﺍﻝﻴﻭﻡ‬‫ﻓ‬‫ﻴﻤﻜﻥ‬‫ﻝﻬﺎ‬‫ﺃﻥ‬‫ﺘﻜﻭﻥ‬‫ﺃﺩﺍﺓ‬‫ﻭﻭﺴﻴﻠﺔ‬‫ﻝﺘﺤﻘﻴﻕ‬
‫ﺍﻝﺘﻜﺎﻓل‬‫ﺍﻻﻗﺘﺼﺎﺩﻱ‬‫ﺒﻴﻥ‬،‫ﺍﻝﻤﺴﻠﻤﻴﻥ‬‫ﻭﺫﻝﻙ‬‫ﺒﺘﺴﻬﻴل‬‫ﻨﻘل‬‫ﺍﻝﻤﺩﺨﺭﺍﺕ‬‫ﻤﻥ‬‫ﺩﻭل‬‫ﺍﻝﻔﺎﺌﺽ‬‫ﺇﻝﻰ‬‫ﺩﻭل‬
‫ﺍﻝﻌﺠﺯ‬‫ﻭﺃﻥ‬‫ﺘﻜﻭﻥ‬‫ﺒﺩﺍﻴﺔ‬‫ﺍﻝﻁﺭﻴﻕ‬‫ﻝﺘﻜﻴﻴﻑ‬‫ﺍﻝﺒﻨﻭﻙ‬‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬‫ﻤﻊ‬‫ﺍﻝﺸﺭﻴﻌﺔ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬.
‫ﻋﻨﺩ‬‫ﺇﻨﺸﺎﺀ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﻭ‬‫ﺼﻨﺎﺩ‬‫ﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﻤﺴﺅﻭﻝﺔ‬‫ﺍﺠﺘ‬‫ﻤﺎﻋﻴﺎ‬‫ﺘ‬‫ﺅﺨﺫ‬
‫ﺒﻌﻴﻥ‬‫ﺍﻻﻋﺘﺒﺎﺭ‬‫ﻤﺠﻤﻭﻋﺔ‬‫ﻤﻥ‬‫ﺍﻝﻤﻌﺎﻴﻴﺭ‬،‫ﻤﺜل‬‫ﺍﺘﺒﺎﻉ‬‫ﺍﻝﺸﺭﻴﻌﺔ‬‫ﻭ‬‫ﺍﻝﻤﺴ‬‫ﺅﻭﻝﻴﺔ‬‫ﺘﺠﺎﻩ‬‫ﻋﻭﺍﻤل‬‫ﻤﺘﻌﻠﻘﺔ‬
‫ﺒﺎﻝﻤﺤﻴﻁ‬‫ﻭﻋﻭﺍﻤل‬‫ﺃﺨﻼﻗﻴﺔ‬‫ﻭﻋﻭﺍﻤل‬،‫ﺍﺠﺘﻤﺎﻋﻴﺔ‬‫ﺒﺎﻹﻀﺎﻓﺔ‬‫ﺇﻝﻰ‬‫ﻋﻭﺍﻤل‬‫ﻤﺘﻌﻠﻘﺔ‬‫ﺒﺄﺩﺍﺀ‬‫ﺍﻝﻤﺅ‬‫ﺴﺴﺎﺕ‬
،‫ﻭﺤﻭﻜﻤﺘﻬﺎ‬‫ﻤﻤﺎ‬‫ﻴ‬‫ﺅﺩﻱ‬‫ﺇﻝﻰ‬‫ﺘﺤﺴﻴﻥ‬‫ﺃﺩﺍﺀ‬‫ﻫﺫﻩ‬‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬.‫ﻝﻜﻥ‬‫ﻨﻘﺹ‬‫ﺍﻝﺘﻨﻭﻴﻊ‬‫ﺍﻝﻨﺎ‬‫ﺠ‬‫ﻡ‬‫ﻋﻥ‬‫ﺭﻓﺽ‬
‫ﻤﺠﻤﻭﻋ‬‫ﺔ‬‫ﻜﺒﻴﺭﺓ‬‫ﻤﻥ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭﺍﺕ‬‫ﻭﺍﻝﻤﺅﺴﺴﺎﺕ‬‫ﺍﻝﺘﻲ‬‫ﺘﺨﺎﻝﻑ‬‫ﺍﻝﻤﻌﺎﻴﻴﺭ‬،‫ﺍﻝﺴﺎﺒﻘﺔ‬‫ﻴﺭﻓﻊ‬‫ﻤﻥ‬
‫ﻤﺴﺘﻭﻯ‬‫ﺍﻝﻤﺨﺎﻁﺭﺓ‬‫ﺍﻹﺠﻤﺎﻝﻴﺔ‬،‫ﻝﻠﺼﻨﺩﻭﻕ‬‫ﺍﻝﺘﻲ‬‫ﺒﺩﻭﺭﻫﺎ‬‫ﺘﺅﺩﻱ‬‫ﺇﻝﻰ‬‫ﺍﻨﺨﻔﺎﺽ‬‫ﻓﻲ‬‫ﻤﺴﺘﻭﻯ‬‫ﺃﺩﺍﺀ‬
‫ﻫﺫﻩ‬‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬.
‫ﻭﻤﻨﻪ‬‫ﻓﺄﻥ‬‫ﺇﺸﻜﺎﻝﻴﺔ‬‫ﻫﺫﻩ‬‫ﺍﻝﻤﺩﺍﺨﻠﺔ‬‫ﺘﺘﻤﺜل‬‫ﻓﻲ‬‫ﻤﺎ‬‫ﻤﺩﻯ‬‫ﻓﻌﺎﻝﻴﺔ‬‫ﺃﺩﺍﺀ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬
‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﻭ‬‫ﺍﻷﺨﻼﻗﻴﺔ‬‫ﻤﻘﺎﺭﻨﺔ‬‫ﺒﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﺘﻘﻠﻴﺩ‬‫ﻴﺔ‬‫ﻋﻠﻰ‬‫ﻤﺴﺘﻭﻯ‬‫ﺃﺴﻭﺍﻕ‬‫ﺍﻷﻭﺭﺍﻕ‬
‫ﺍﻝﻤﺎﻝﻴﺔ؟‬
‫ﻭﺘﻌﺎﻝﺞ‬‫ﻫﺫﻩ‬‫ﺍﻝﻭﺭﻗﺔ‬‫ﺜﻼﺙ‬‫ﻨﻘﺎﻁ‬،‫ﺃﺴﺎﺴﻴﺔ‬‫ﺒﺩﺍﻴﺔ‬‫ﺒﻤﻔﺎﻫﻴﻡ‬‫ﺤﻭل‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬
‫ﻭﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﻤﺴﺅﻭﻝﺔ‬،‫ﺍﺠﺘﻤﺎﻋﻴﺎ‬‫ﺜﻡ‬‫ﺇﻝﻰ‬‫ﺩﺭﺍﺴﺔ‬‫ﻋﺎﻤﺔ‬‫ﻝﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬
‫ﻭﻫﻴﺌﺎﺕ‬‫ﺍﻝﺭﻗﺎﺒﺔ‬،‫ﺍﻝﺸﺭﻋﻴﺔ‬‫ﻭﻓﻲ‬‫ﺍﻷﺨﻴﺭ‬‫ﺩﺭﺍﺴﺔ‬‫ﻨﻤﻭ‬‫ﻭﺘﻁﻭﺭ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬
‫ﻭﻨﺘﺎﺌﺞ‬‫ﺩﺭﺍﺴﺎﺕ‬‫ﺤﻭل‬‫ﺃﺩﺍﺀ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﻤﺴﺅﻭﻝﺔ‬
‫ﺍﺠﺘﻤﺎﻋﻴﺎ‬‫ﻤﻘﺎﺭﻨﺔ‬‫ﺒﺄﺩﺍﺀ‬‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬.
‫ﺃﻭﻻ‬:‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﻤﺴﺅﻭﻝﺔ‬‫ﺍﺠﺘﻤﺎﻋﻴﺎ‬

4. 4
‫ﻴﺸﻤل‬‫ﻫﺫﻩ‬‫ﺍﻝﻤﺤﻭﺭ‬‫ﻤﻔﺎﻫﻴﻡ‬‫ﻋﺎﻤﺔ‬‫ﺤﻭل‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍ‬‫ﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬‫ﻭﺼﻨﺎﺩﻴﻕ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﻤﺴﺅﻭﻝﺔ‬‫ﺍﺠﺘﻤﺎﻋﻴﺎ‬‫ﺒﺎﻹﻀﺎﻓﺔ‬‫ﺇﻝﻰ‬‫ﻭﻜﺎﻻﺕ‬‫ﺍﻝﺘﻨﻘﻴﻁ‬‫ﺍﻝﻤﺠﺘﻤﻌﻲ‬.
1.‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬
‫ﺇﺤﺩﻯ‬‫ﺍﻝﻘﻭﺍﻋﺩ‬‫ﺍﻷﺴﺎﺴﻴﺔ‬‫ﻓﻲ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺃﻥ‬‫ﻻ‬‫ﺘﻀﻊ‬‫ﻜل‬‫ﺃﻤﻭﺍﻝﻙ‬‫ﻓﻲ‬‫ﺍﺴﺘﺜﻤﺎﺭ‬،‫ﻭﺍﺤﺩ‬
‫ﺤﻴﺙ‬‫ﻴﺴﺘﻁﻴﻊ‬‫ﺍﻝﻤﺴﺘﺜﻤﺭ‬‫ﺃﻥ‬‫ﻴﺨﻔﺽ‬‫ﻤﻥ‬‫ﺩﺭﺠﺔ‬‫ﺍﻝﻤﺨﺎﻁﺭﺓ‬‫ﻋﻨﺩ‬‫ﺘﻨﻭﻴﻊ‬،‫ﺍﺴﺘﺜﻤﺎﺭﺍﺘﻪ‬‫ﻭﻤﻨﻪ‬
‫ﻅ‬‫ﻬﺭﺕ‬‫ﻓﻜﺭﺓ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬.1
‫ﻭﻴﻤﻜﻥ‬‫ﻋﺭﺽ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﻓﻲ‬‫ﺍﻝﻨﻘﺎﻁ‬‫ﺍﻻﺘﻴﺔ‬:
1.1.‫ﻨﺸﺄﺓ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬
‫ﺘﻌﺘﺒﺭ‬‫ﺍﻝﺒﺩﺍﻴﺔ‬‫ﺍﻝﺤﻘﻴﻘ‬‫ﻴ‬‫ﺔ‬‫ﻝﻠﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬‫ﺒﺎﻝﻤﻔﻬﻭﻡ‬‫ﺍﻝﻘﺎﺌﻡ‬‫ﺤﺎﻝﻴﺎ‬‫ﻓﻲ‬‫ﺍﻝﻭﻻﻴﺎﺕ‬
‫ﺍﻝﻤﺘﺤﺩﺓ‬‫ﺍﻷﻤﺭﻴﻜﻴﺔ‬‫ﻋﺎﻡ‬1924،‫ﺃﻴﻥ‬‫ﻗﺎﻡ‬‫ﺃﺴﺎﺘﺫﺓ‬‫ﻤﻥ‬‫ﺠﺎﻤﻌﺔ‬‫ﻫﺎﺭﻓﺎﺭﺩ‬‫ﺍﻷﻤﺭﻴﻜﻴﺔ‬‫ﺒﺈﻨﺸﺎﺀ‬‫ﺃﻭل‬
‫ﺼﻨ‬‫ﺩﻭﻕ‬‫ﺍﺴﺘﺜﻤﺎﺭﻱ‬‫ﻓﻲ‬‫ﺒﻭﺴﻁﻥ‬‫ﺒﺄﺼﻭل‬‫ﻝﻡ‬‫ﺘﺘﺠﺎﻭﺯ‬392‫ﺃﻝﻑ‬‫ﺩﻭﻻﺭ‬‫ﺃﻤﺭﻴﻜﻲ‬‫ﻴﻤﺘﻠﻜﻬﺎ‬200
‫ﻤﺴﺎﻫﻡ‬‫ﻓﻲ‬‫ﺫﻝﻙ‬،‫ﺍﻝﻭﻗﺕ‬‫ﺜﻡ‬‫ﺍﺯﺩﻫﺭﺕ‬‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬‫ﻭﻨﻤﺕ‬‫ﺒﺸﻜل‬‫ﻜﺒﻴﺭ‬‫ﻋﻘﺏ‬‫ﺍﻝﺤﺭﺏ‬
‫ﺍﻝﻌﺎﻝﻤﻴﺔ‬،‫ﺍﻝﺜﺎﻨﻴﺔ‬‫ﺤﻴﺙ‬‫ﺒﻠﻎ‬‫ﻋﺩﺩﻫﺎ‬352‫ﺼﻨﺩﻭﻕ‬‫ﻋﺎﻡ‬1947‫ﺒﺄﺼﻭل‬‫ﺼﺎﻓﻴﺔ‬‫ﺒﻠﻐﺕ‬4
‫ﻤﻠﻴﺎﺭﺍﺕ‬‫ﺍﻝﺩﻭﻻﺭﺍﺕ‬.2
‫ﻭﻤﻥ‬‫ﺍﻷﺴﺒﺎﺏ‬‫ﺍﻝﺘﻲ‬‫ﺃﺩ‬‫ﺕ‬‫ﺇﻝﻰ‬‫ﻨﻤﻭ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬:
-‫ﺘﺭﺍﺠﻊ‬‫ﺩﻭﺭ‬‫ﺍﻝﻤﺼﺎﺭﻑ‬‫ﻓﻲ‬‫ﺴﻭﻕ‬‫ﺍﻹﻗﺭﺍﺽ‬.
-‫ﺍﻨﺨﻔﺎﺽ‬‫ﺴﻌﺭ‬‫ﺍﻝﻔﺎﺌﺩﺓ‬‫ﻤﻤﺎ‬‫ﺃﺩﻯ‬‫ﺇﻝﻰ‬‫ﺘﺭﺍﺠﻊ‬‫ﺍﻝﻭﺩﺍﺌﻊ‬.
-‫ﺍﻫﺘﻤﺎﻡ‬‫ﺍﻝﻤﺼﺎﺭﻑ‬‫ﺒﻬﺫﻩ‬‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬‫ﻨﺘﻴﺠﺔ‬‫ﻋﻭﺍﺌﺩ‬‫ﺍﻝﺨﺩﻤﺎﺕ‬‫ﺍﻝﻤﻘﺩﻤﺔ‬‫ﻝﻬﺫﻩ‬‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬.
-‫ﺯﻴﺎﺩﺓ‬‫ﺍﻝﻁﻠﺏ‬‫ﻋﻠﻰ‬‫ﻫﺫﻩ‬‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬‫ﻤﻥ‬‫ﻗﺒل‬‫ﺍﻷﻓﺭﺍﺩ‬.
1.2.‫ﻤﻔﻬﻭﻡ‬‫ﺼﻨﺎﺩ‬‫ﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬
‫ﺘﺨﺘﻠﻑ‬‫ﻤﻔﺎﻫﻴﻡ‬‫ﺍﻝﺼﻨﺩﻭﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭﻱ‬‫ﺤﺴﺏ‬‫ﺍﻝﺠﻬﺔ‬‫ﺍ‬‫ﻝﻤﺼﺩﺭﺓ‬‫ﻝﻪ‬‫ﻭﺤﺴﺏ‬‫ﺍﻝﻬﺩﻑ‬‫ﻤﻥ‬
‫ﺇﻨﺸﺎﺌ‬،‫ﻪ‬‫ﻭﻤﻨﻪ‬‫ﻑ‬‫ﺭ‬‫ﻴﻌ‬‫ﺼﻨﺩﻭﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺒﺄﻨﻪ‬"‫ﻭﻋﺎﺀ‬‫ﻤﺎﻝﻲ‬‫ﻝﺘﺠﻤﻴﻊ‬‫ﻤﺩﺨﺭﺍﺕ‬‫ﺍﻷﻓﺭﺍﺩ‬
‫ﻭﺍﺴﺘﺜﻤﺎﺭﻫﺎ‬‫ﻓﻲ‬‫ﺍﻷﻭﺭﺍﻕ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﻤﻥ‬‫ﺨﻼل‬‫ﺠﻬﺔ‬‫ﺫﺍﺕ‬‫ﺨﺒﺭﺓ‬‫ﻓﻲ‬‫ﺇ‬‫ﺩﺍﺭﺓ‬‫ﻤﺤﺎﻓﻅ‬‫ﺍﻷﻭﺭﺍﻕ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬
1 Yasuyuki Fuchita, Robert e. Litan, Pooling Money: The Future of Mutual Funds, brookings
institution press, 2008, P :2.
2 Matthew P. Fin, Rise of mutual funds : an insider’s view, Published by Oxford University
Press, Inc, 2008,P:29.

5. 5
‫ﻭﻓﻘﺎ‬‫ﻝﺭﻏﺒﺎﺕ‬‫ﺍﻝﻤﺴﺘﺜ‬‫ﻤﺭﻴﻥ‬‫ﻭﺩﺭﺠﺔ‬‫ﺘﻘﺒﻠﻬﻡ‬،‫ﻝﻠﻤﺨﺎﻁﺭ‬‫ﻭﺇﻨﻤﺎ‬‫ﻴﻌﻭﺩ‬‫ﺒﺎﻝﻔﺎﺌﺩﺓ‬‫ﻋﻠﻰ‬‫ﺍﻝﺒﻨﻙ‬‫ﺍﻝﺫﻱ‬
‫ﻴﺅﺴﺱ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺃﻭ‬،‫ﺍﻝﺸﺭﻜﺎﺕ‬‫ﻭﺫﻝﻙ‬‫ﻤﻥ‬‫ﺃﺠل‬‫ﺘﻘﻠﻴل‬‫ﻤﺨﺎﻁﺭ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﻭﺯﻴﺎﺩﺓ‬
‫ﺍﻝﻔﺎﺌﺩﺓ‬"1
.‫ﻜﻤﺎ‬‫ﺘﻌﺭﻑ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬"‫ﺒﺄﻨﻬﺎ‬‫ﻤﺅﺴﺴﺎﺕ‬‫ﻤﺎﻝﻴﺔ‬‫ﺘﻘﻭﻡ‬‫ﺒﺎﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﺠﻤﺎﻋﻲ‬
‫ﻝﻸﻭﺭﺍﻕ‬،‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﻋﻥ‬‫ﻁﺭﻴﻕ‬‫ﺘﺠﻤﻴﻊ‬‫ﺍﻝﻤﺩﺨﺭ‬‫ﺍﺕ‬‫ﻤﻥ‬‫ﻋﺩﺩ‬‫ﻜﺒﻴﺭ‬‫ﻤﻥ‬،‫ﺍﻝﻤﺴﺘﺜﻤﺭﻴﻥ‬‫ﺒﻤﻭﺠﺏ‬
‫ﺼﻜﻭﻙ‬‫ﺃﻭ‬‫ﻭﺜﺎﺌﻕ‬‫ﺍﺴﺘﺜﻤﺎﺭﻴﺔ‬‫ﻤﻭﺤﺩﺓ‬‫ﺍﻝﻘﻴﻤﺔ‬‫ﺜﻡ‬‫ﺘﻌﻬﺩ‬‫ﺒﻬﺎ‬‫ﺇﻝﻰ‬‫ﺠﻬﺔ‬‫ﺃﺨﺭﻯ‬‫ﺘﺴﻤﻰ‬‫ﻤﺩﻴﺭ‬
،‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﻻﺴﺘﺜﻤﺎﺭ‬‫ﻫﺫﻩ‬‫ﺍﻝﻤﺩﺨﺭﺍﺕ‬‫ﻓﻲ‬‫ﺍﻷﻭﺭﺍﻕ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﻝﺼﺎﻝﺢ‬‫ﺍﻝﻤﺩﺨﺭﻴﻥ‬‫ﻭﺍﻝﻤﺴﺘﺜﻤﺭﻴﻥ‬
‫ﻤﻌﺎ‬"2
.
‫إذا‬ ‫ا‬‫ا‬ ‫د‬ ‫ا‬ ‫ر‬ ‫س‬ ‫أ‬ ‫ن‬ ‫آ‬ ‫ي‬ ‫ا‬ ‫ا‬ ‫أن‬‫ر‬
‫ا‬ ‫ف‬ ‫ا‬ ‫ذج‬ ‫ا‬ ‫ي‬ ‫ا‬ ‫ا‬ ‫ه‬ ، ‫ه‬ ‫و‬ ‫ره‬ ‫وا‬
‫ر‬ ‫ا‬ ‫م‬ ‫ا‬ ‫ي‬ ‫ا‬.
3.1.‫ﻤﺯﺍﻴﺎ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬
‫ﺘﺘﻠﺨﺹ‬‫ﻤﺯﺍﻴﺎ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﻓﻲ‬‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬‫ﻓﻲ‬‫ﺍﻷﺘﻲ‬:3
-‫ﺘﻨﺸﻴﻁ‬‫ﺤﺭﻜﺔ‬‫ﺃﺴﻭﺍﻕ‬‫ﺭﺃﺱ‬‫ﺍﻝﻤﺎل‬‫ﻭﺫﻝﻙ‬‫ﻋﻥ‬‫ﻁﺭﻴﻕ‬‫ﺘﺸﺠﻴﻊ‬‫ﺍﻝﻤﺴﺘ‬‫ﺜﻤﺭﻴﻥ‬‫ﻗﻠﻴﻠﻲ‬‫ﺍﻝﺨﺒﺭﺓ‬
‫ﻭﺍﻝﻤﻌﺭﻓﺔ‬‫ﺒﺈﻴﺩﺍﻉ‬‫ﻤﺩﺨﺭﺍﺘﻬﻡ‬‫ﻓﻲ‬‫ﺸﺭﻜﺎﺕ‬،‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﻭﺘﺤﻘﻴﻕ‬‫ﻤﺴﺘﻭﻯ‬‫ﺃ‬‫ﻋﻠ‬‫ﻰ‬‫ﻤﻥ‬‫ﺍﻝﻌﺎﺌﺩ‬.
-‫ﺍﻝﺘﻨﻭﻉ‬‫ﺍﻝﻜﻑﺀ‬‫ﻝﻤﻜﻭﻨﺎﺕ‬‫ﺍﻝﺼﻨﺩﻭﻕ‬‫ﺒﻁﺭﻴﻘﺔ‬‫ﺘﺴﻬﻡ‬‫ﻓﻲ‬‫ﺘﺨﻔﻴﺽ‬‫ﺍﻝﻤﺨﺎﻁﺭ‬‫ﺇﻝﻰ‬‫ﺃﺩﻨﻰ‬‫ﺤﺩ‬
‫ﻤﻤﻜﻥ‬‫ﻋﻥ‬‫ﻁﺭﻴﻕ‬‫ﺘﻨﻭﻴﻊ‬‫ﺍﻝﺘﺸﻜﻴﻠﺔ‬‫ﺍﻝﺘﻲ‬‫ﻴﺘﻜﻭﻥ‬‫ﻤﻨﻬﺎ‬‫ﺼﻨﺩﻭﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬.
-‫ﺘﻭﻓﻴﺭ‬‫ﻗﺩﺭ‬‫ﻤﻥ‬‫ﺍﻝﻤﺭﻭﻨﺔ‬‫ﻝﻠﻤﺴﺘﺜﻤﺭﻴﻥ‬‫ﻓﻲ‬‫ﺤﺭﻴﺔ‬‫ﺘﺤﻭﻴل‬‫ﺍﺴﺘﺜﻤﺎﺭﺍﺘﻬﻡ‬‫ﻤﻥ‬‫ﺼﻨﺩﻭﻕ‬‫ﻵ‬،‫ﺨﺭ‬
‫ﻭﺫﻝﻙ‬‫ﻤﻘﺎﺒل‬‫ﺭﺴﻭﻡ‬،‫ﻀﺌﻴﻠﺔ‬‫ﻭﻜﺫﻝﻙ‬‫ﻴﻤﻜﻥ‬‫ﻝﺸﺭﻜﺎﺕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺃ‬‫ﻥ‬‫ﺘﺴﺘﺭﺩ‬‫ﺃﺴﻬﻤﻬﺎ‬‫ﺇﺫﺍ‬‫ﻤﺎ‬
‫ﺭﻏﺏ‬‫ﺍﻝﻤﺴﺘﺜﻤﺭ‬‫ﻓﻲ‬‫ﺍﻝﺘﺨﻠ‬‫ﺹ‬‫ﻤﻨﻬﺎ‬‫ﻜﻠﻴﺎ‬‫ﺃﻭ‬‫ﺠﺯﺌﻴﺎ‬.
-‫ﺍﻻﺴﺘﻔﺎﺩﺓ‬‫ﻤﻥ‬‫ﺨﺒﺭﺍﺕ‬‫ﺍﻹﺩﺍﺭﺓ‬،‫ﺍﻝﻤﺤﺘﺭﻓﺔ‬‫ﻷﻨﻪ‬‫ﻤﻥ‬‫ﺍﻝﺼﻌﺏ‬‫ﻋﻠﻰ‬‫ﺍﻷﻓﺭﺍﺩ‬‫ﺍﻝﻘﻴﺎﻡ‬‫ﺒﺸﺭﺍﺀ‬
‫ﺍﻷﺴﻬﻡ‬‫ﻤﻥ‬‫ﺍﻝﺴﻭﻕ‬‫ﺍﻝﻤﻨﻅﻤ‬‫ﺔ‬‫ﻭﻏﻴﺭ‬‫ﺍﻝﻤﻨﻅﻤﺔ‬‫ﻭﺍﺘﺨﺎﺫ‬‫ﺍﻝﻘﺭﺍﺭ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭﻱ‬‫ﻭﻤﺭﺍﻗﺒﺔ‬‫ﺤﺭﻜﺔ‬
1
-‫ﻋﺼﺎﻡ‬‫ﺃﺒﻭ‬،‫ﺍﻝﻨﺼﺭ‬‫ﻨﻤﻭﺫﺝ‬‫ﻤﺤﺎﺴﺒﻲ‬‫ﻤﻘﺘﺭﺡ‬‫ﻝﻘﻴﺎﺱ‬‫ﻭﺘﻭﺯﻴﻊ‬‫ﻋﻭﺍﺌﺩ‬‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬،‫ﺃﺒﺤﺎﺙ‬‫ﻨﺩﻭﺓ‬‫ﺼ‬‫ﻨﺎﺩﻴﻕ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﻓﻲ‬‫ﻤﺼﺭ‬‫ﺍﻝﻭﺍﻗﻊ‬،‫ﻭﺍﻝﻤﺴﺘﻘﺒل‬،‫ﻤﺼﺭ‬‫ﺍﻝﺠﺯﺀ‬،‫ﺍﻷﻭل‬‫ﺹ‬‫ﺹ‬:74-75
2
-‫ﻨﺯﻴﻪ‬‫ﻋﺒﺩ‬‫ﺍﻝﻤﻘﺼﻭﺩ‬،‫ﻤﺒﺭﻭﻙ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺒﻴﻥ‬‫ﺍﻻﻗﺘﺼﺎﺩ‬‫ﺍﻹﺴﻼﻤﻲ‬‫ﻭﺍﻻﻗﺘﺼﺎﺩ‬،‫ﺍﻝﻭﻀﻌﻲ‬‫ﺩﺍﺭ‬‫ﺍﻝﻔﻜﺭ‬،‫ﺍﻝﺠﺎﻤﻌﻲ‬
،‫ﺍﻹﺴﻜﻨﺩﺭﻴﺔ‬2006،‫ﺹ‬89.
3
‫ر‬‫أ‬،‫دة‬‫د‬‫ر‬ ‫ا‬‫ودوره‬‫ة‬‫ا‬‫و‬‫ا‬، ‫د‬ ‫ا‬
‫وة‬ ‫ا‬‫ا‬‫و‬ ‫ا‬‫ل‬‫ت‬ ‫ا‬‫ا‬‫ا‬‫ع‬ ‫ا‬‫ا‬‫ق‬ ‫وأ‬،2006،، ‫ا‬.

6. 6
‫ﺍﻷﺴﻌﺎﺭ‬‫ﻓﻲ‬،‫ﺍﻝﺴﻭﻕ‬‫ﻭﻤﺘﺎﺒﻌﺔ‬‫ﺒﺎﺴﺘﻤﺭﺍﺭ‬‫ﻝﻤﺴﺘﻭﻯ‬‫ﻤﺨﺎﻁﺭﺓ‬،‫ﺍﻝﻤﺤﻔﻅﺔ‬‫ﻓﻲ‬‫ﺤﻴﻥ‬‫ﺃﻨﻬﺎ‬‫ﻤﻬﻤﺔ‬
‫ﺴﻬﻠﺔ‬‫ﻋﻠﻰ‬‫ﺍﻝﺨﺒﺭﺍﺀ‬‫ﺍﻝﻤﺤﺘﺭﻓﻴﻥ‬‫ﺒﺎﻝﺼﻨﺩﻭﻕ‬.
2.‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﻤﺴﺅﻭﻝﺔ‬‫ﺍﺠﺘﻤﺎﻋﻴﺎ‬)‫ﺍﻷﺨﻼﻗﻴﺔ‬(
‫ﻤﻥ‬‫ﺒﻴﻥ‬‫ﺃﻨﻭﺍﻉ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻷﻜﺜﺭ‬‫ﺩﺭﺍﺴﺔ‬‫ﻓ‬‫ﻲ‬‫ﺍﻵﻭﻨﺔ‬‫ﺍﻷﺨﻴﺭﺓ‬‫ﻓﻲ‬‫ﺍﻝﺒﻠﺩﺍﻥ‬‫ﺍﻝﻤﺘﻁﻭﺭﺓ‬
‫ﻫﻲ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﻤﺴﺅﻭﻝﺔ‬‫ﺍﺠﺘﻤﺎﻋﻴﺎ‬‫ﺃﻭ‬،‫ﺍﻷﺨﻼﻗﻴﺔ‬‫ﺤﻴﺙ‬‫ﻴﻤﻜﻥ‬‫ﺘﻘﺩﻴﻡ‬‫ﺼﻨﺎﺩﻴﻕ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﻤﺴﺅﻭﻝﺔ‬‫ﺍﺠﺘﻤﺎﻋﻴﺎ‬‫ﻤﻥ‬‫ﺨﻼل‬‫ﺍﻝﻨﻘﺎﻁ‬‫ﺍﻵﺘﻴﺔ‬:
1.2‫ﻨﺸﺄﺓ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﻤﺴﺅﻭﻝﺔ‬‫ﺍﺠﺘﻤﺎﻋﻴﺎ‬
‫ﺇﺤﺩﻯ‬‫ﺍﻝﺘﻁﻭﺭﺍﺕ‬‫ﺍﻝﺠﺩﻴﺩﺓ‬‫ﻓﻲ‬‫ﺍﻝﺼﻨﺎﻋﺔ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﻫﻲ‬‫ﺍﺭﺘﻔﺎ‬‫ﻉ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭﺍﺕ‬‫ﺫﺍﺕ‬
‫ﺍﻝﻤﺴﺅﻭﻝﻴﺔ‬‫ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬‫ﺃ‬‫ﻭ‬،‫ﺍﻷﺨﻼﻗﻴﺔ‬‫ﻭ‬‫ﺘﺭﺠﻊ‬‫ﺃﺼﻭل‬‫ﺍﻻﺴﺘﺜﻤﺎﺭﺍﺕ‬‫ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬‫ﺇﻝﻰ‬‫ﻤﺌﺎﺕ‬
‫ﺍﻝﺴﻨﻭﺍﺕ‬،‫ﺍﻝﺴﺎﺒﻘﺔ‬‫ﺇﻻ‬‫ﺃﻥ‬‫ﺍﻝﺠﺫﻭﺭ‬‫ﺍﻝﺤﺩﻴﺜﺔ‬‫ﻝﻼﺴﺘﺜﻤﺎﺭ‬‫ﺍﻻﺠﺘﻤﺎﻋﻲ‬‫ﺘﻌﻭﺩ‬‫ﺇﻝﻰ‬‫ﺍﻝﻤﻨﺎﺥ‬‫ﺍﻝﺴﻴﺎﺴﻲ‬
‫ﻝﺴﻨﻭﺍﺕ‬‫ﺍﻝﺴﺘﻴﻨ‬‫ﻴ‬‫ﺎﺕ‬‫ﻤﻥ‬‫ﺍﻝﻘﺭﻥ‬،‫ﺍﻝﻤﺎﻀﻲ‬‫ﻭﺫﻝﻙ‬‫ﻤﻊ‬‫ﻅﻬﻭﺭ‬‫ﻋﺩﺓ‬‫ﻗﻀﺎﻴﺎ‬‫ﻤﺜل‬‫ﺍﻝﺒﻴﺌﺔ‬‫ﻭﺍﻝﺤﻘﻭﻕ‬
‫ﺍ‬‫ﻝﻤﺩﻨﻴﺔ‬‫ﻭ‬‫ﺍﻝﻁﺎﻗﺔ‬،‫ﺍﻝﻨﻭﻭﻴﺔ‬‫ﺍﻝﺘﻲ‬‫ﺯﺍﺩﺕ‬‫ﻤﻥ‬‫ﺍﻝﻭﻋﻲ‬‫ﺍﻻﺠﺘﻤﺎﻋﻲ‬‫ﻝﻠﻤﺴﺘﺜﻤﺭﻴﻥ‬.‫ﻭﻓﻘﺎ‬‫ﻝﺫﻝﻙ‬،‫ﺒﺩﺃﺕ‬
‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺒﻨﻴﺔ‬‫ﻭﺍﻀﺤﺔ‬‫ﺒﺘﻠﺒﻴﺔ‬‫ﻤﻁﻠﺏ‬‫ﺩﻤﺞ‬‫ﺍﻝﻤﻌﺎﻴﻴﺭ‬‫ﺍﻷﺨﻼﻗﻴﺔ‬‫ﻭﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬‫ﻓﻲ‬
‫ﻋﻤﻠﻴﺔ‬،‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﻭﺃﺩﻯ‬‫ﺫﻝﻙ‬‫ﺇﻝﻰ‬‫ﺯﻴﺎﺩﺓ‬‫ﻜﺒﻴﺭﺓ‬‫ﻓﻲ‬‫ﺃﺼﻭل‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﻤﺩﺍﺭﺓ‬‫ﺒﺸﻜل‬
‫ﺃﺨﻼﻗﻲ‬.1
‫ﻤﻥ‬‫ﺃﻫﻡ‬‫ﺍﻝﺒﻭﺍﻋﺙ‬‫ﻋﻠﻰ‬‫ﻅﻬﻭﺭ‬‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬‫ﺫﺍﺕ‬‫ﺍﻝﻤﺴﺅﻭﻝﻴﺔ‬،‫ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬‫ﻤﻥ‬
،‫ﺠﻬﺔ‬‫ﻫﻭ‬‫ﺘﺤﻘﻴﻕ‬‫ﺭﻏﺒﺎﺕ‬‫ﻭﺘﻔﻀﻴﻼﺕ‬‫ﺍﻝﻤﺴﺘﺜﻤﺭﻴﻥ‬‫ﺍﻝﺘﻲ‬‫ﻻ‬‫ﺘﺘﺤﻘﻕ‬‫ﺒﺼﻔﺔ‬‫ﻤﺒﺎﺸﺭﺓ‬‫ﻓﻲ‬
‫ﺍﻷﺴﻭﺍﻕ‬،‫ﻭﻤﻥ‬‫ﺃﻫﻡ‬‫ﺘﻠﻙ‬‫ﺍﻝﺘﻔﻀﻴﻼﺕ‬‫ﻤﺎ‬‫ﻴﺴﻤﻰ‬‫ﺒﺎﻷﻭﻝﻭﻴﺎﺕ‬،‫ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬‫ﺇﺫ‬‫ﺇﻥ‬‫ﹰ‬‫ﺍ‬‫ﻜﺜﻴﺭ‬‫ﻤﻥ‬
‫ﺍﻝﻤﺴﺘﺜﻤﺭﻴﻥ‬‫ﻴﻁﻤﺢ‬‫ﻝ‬‫ﺘﺤﻘﻴﻕ‬،‫ﺃﺭﺒﺎﺡ‬‫ﺇﻻ‬‫ﺃﻨﻪ‬‫ﻴﺭﻏ‬‫ﺏ‬‫ﺃﻥ‬‫ﻴﻜﻭﻥ‬‫ﺫﻝﻙ‬‫ﹰ‬‫ﺍ‬‫ﻤﻘﻴﺩ‬‫ﺒﺘﺤﻘﻴﻕ‬‫ﺃﻏﺭﺍﺽ‬‫ﺩﻴﻨﻴﺔ‬
‫ﺃﻭ‬‫ﺍﺠﺘﻤﺎﻋﻴﺔ‬‫ﺃﻭ‬‫ﺴﻴﺎﺴﻴﺔ‬.2
‫ﻭﻤﻥ‬‫ﺠﻬﺔ‬،‫ﺃﺨﺭﻯ‬‫ﻫﻭ‬‫ﺒﻠﻭﻍ‬‫ﻨﺘﻴﺠﺔ‬‫ﺃﻜﺜﺭ‬‫ﻗﺒﻭﻻ‬‫ﻤﻥ‬‫ﺍﻝﻨﺎﺤﻴﺔ‬
1
Rob Bauer, Kees Koedijk , Rogér Otten, International evidence on ethical mutual fund
performance and investment style, Journal of Banking & Finance 29 (2005) 1751–1767.
2
،‫ي‬ ‫ا‬‫ر‬ ‫ا‬ ‫د‬ ‫ا‬‫ة‬ ‫ا‬ ‫ا‬ ‫ت‬ ‫ا‬ ‫وة‬ ‫ور‬ ، ‫ا‬،5-8‫ي‬
1998، ‫ء‬ ‫ا‬ ‫ار‬ ‫ا‬ ،‫م‬‫ب‬ ‫ا‬

7. 7
،‫ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬‫ﺒﺩﻭﻥ‬‫ﺇﺤﺩﺍﺙ‬‫ﺍﺨﺘﻼﻻﺕ‬‫ﺍﻗﺘﺼﺎﺩﻴﺔ‬‫ﻜﻠﻴﺔ‬‫ﻭﺒﻴﺌﻴﺔ‬‫ﻁﻭﻴﻠﺔ‬،‫ﺍﻷﺠل‬‫ﺃﻭ‬‫ﺘﺤﻁﻴﻡ‬
‫ﺍﻻﻨﺴﺠﺎﻡ‬‫ﺍﻝﻌﺎﺌﻠﻲ‬‫ﻭﺍﻻﺠﺘﻤﺎﻋﻲ‬‫ﺃﻭ‬‫ﺍﻝﻨﺴﻴﺞ‬‫ﺍﻷﺨﻼﻗﻲ‬‫ﻝﻠﻤﺠﺘﻤﻊ‬.1
2.2‫ﻤﻔﻬﻭﻡ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﻤﺴﺅ‬‫ﻭ‬‫ﻝﺔ‬‫ﺍﺠﺘﻤﺎﻋﻴﺎ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻷﺨﻼﻗﻲ‬‫ﺃﻭ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭﺍﺕ‬‫ﺍﻝﻤﺴﺅﻭﻝﺔ‬،‫ﺍﺠﺘﻤﺎﻋﻴﺎ‬‫ﻭﻫﻭ‬" :‫ﻤﺼﻁﻠﺢ‬‫ﻋﺎﻡ‬
‫ﻝﻼﺴﺘﺜﻤﺎﺭﺍﺕ‬‫ﻭﺍﺴﺘﺭﺍﺘﻴﺠﻴﺎﺕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭﺍﺕ‬‫ﺍﻝﺘﻲ‬‫ﺘﺄﺨﺫ‬‫ﺒﻌﻴﻥ‬‫ﺍﻻﻋﺘﺒﺎﺭ‬‫ﺍﻝﻤﺤﺎﻭﻝﺔ‬‫ﻝﺨﻠﻕ‬‫ﺍﻝﺘﻐﻴﻴﺭ‬
‫ﺍﻻﺠﺘﻤﺎﻋﻲ‬،‫ﺍﻻﻴﺠﺎﺒﻲ‬‫ﻭﺘﻘﻠﻴل‬‫ﺍﻝﻀﺭﺭ‬‫ﺍﻝﺒﻴﺌﻲ‬‫ﻭﺩﻤﺞ‬‫ﺍﻻﻋﺘﻘﺎﺩﺍﺕ‬‫ﺍﻝﺩﻴﻨﻴﺔ‬‫ﺃﻭ‬‫ﺍﻷ‬،‫ﺨﻼﻗﻴﺔ‬‫ﻭﺒﺴﺒﺏ‬
،‫ﺍﻝﻌﻭﻝﻤﺔ‬‫ﻴﺩﺭﻙ‬‫ﺍﻝﻤﺸﺎﺭﻜﻭﻥ‬‫ﻓﻲ‬‫ﺴﻭﻕ‬‫ﺍﻷﻭﺭﺍﻕ‬،‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﺒﺎﻥ‬‫ﻗﺭﺍﺭﺍﺕ‬‫ﺍﺴﺘﺜﻤﺎﺭﺍﺘﻬﻡ‬‫ﻝﻬﺎ‬‫ﻨﺘﺎﺌﺞ‬
‫ﺤﻭل‬،‫ﺍﻝﻌﺎﻝﻡ‬‫ﻭﻤﻥ‬‫ﺍﻝﺼﻌﺏ‬‫ﺍﺘﺨﺎﺫ‬‫ﻗﺭﺍﺭ‬‫ﺍﺴﺘﺜﻤﺎﺭﻱ‬‫ﺒﺩﻭﻥ‬‫ﺍﻤﺘﻼﻙ‬‫ﺒﻌﺽ‬‫ﺍﻝﺘﺄﺜﻴﺭ‬‫ﻋﻠﻰ‬‫ﺍﻝﺒﻴﺌﺔ‬
‫ﻭﺍﻝﺘﻨﻤﻴﺔ‬،‫ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬‫ﻤﻤﺎ‬‫ﻴﺩﻋﻭ‬‫ﺇﻝﻰ‬‫ﺍﻝﻤﻭﺍﺯﻨﺔ‬‫ﺒﻴﻥ‬‫ﺘﺤﻘﻴﻕ‬‫ﻋﺎﺌﺩﺍﺕ‬‫ﻤﺎﻝﻴﺔ‬‫ﺍﻴﺠﺎﺒﻴﺔ‬‫ﻭﻤﺴﺘﻭﻴﺎﺕ‬
‫ﻤﻨﺨﻔﻀﺔ‬‫ﻤﻥ‬‫ﺍﻷﻀﺭﺍﺭ‬‫ﺍﻝﺒﻴﺌﻴﺔ‬‫ﻭﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬".2
‫ﻭﺤﺴﺏ‬‫ﻤﻨﺘﺩﻯ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻻﺠﺘﻤﺎﻋﻲ‬*
،‫ﻓﺎﻥ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﻤﺴﺅﻭل‬‫ﺍﺠﺘﻤﺎﻋﻴﺎ‬‫ﻫﻭ‬:
"‫ﻋﻤﻠﻴﺔ‬‫ﺍﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﺘﻲ‬‫ﺘﻌﺘﺒﺭ‬‫ﺍﻝﻨﺘﺎﺌﺞ‬‫ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬‫ﻭﺍﻝﺒﻴﺌﻴﺔ‬،‫ﻝﻼﺴﺘﺜﻤﺎﺭﺍﺕ‬‫ﺍﻴﺠﺎﺒﻴﺔ‬‫ﻜﺎﻨﺕ‬‫ﺃﻡ‬
،‫ﺴﻠﺒﻴﺔ‬‫ﻀﻤﻥ‬‫ﺍﻝﺘﺤﻠﻴل‬‫ﺍﻝﻤﺎﻝﻲ‬‫ﺍﻝﺼﺎﺭﻡ‬".3
‫ﻭﻤﻨﻪ‬‫ﻓﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﻤ‬‫ﺴﺅﻭﻝﺔ‬‫ﺍﺠﺘﻤﺎﻋﻴﺎ‬‫ﻋﺒﺎﺭﺓ‬‫ﻋﻥ‬‫ﻤﺤﺎﻓﻅ‬‫ﺃﻭﺭﺍﻕ‬‫ﻤﺎﻝﻴﺔ‬‫ﺘﺴﺘﺜﻤﺭ‬
‫ﻓﻲ‬‫ﺍﻷﻭﺭﺍﻕ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﻝﻤﺅﺴﺴﺎﺕ‬‫ﺍﻝﺘﻲ‬‫ﺘﺤﻘﻕ‬‫ﺍﻝﺸﺭﻭﻁ‬‫ﺍﻝﺴﺎﺒﻘﺔ‬.
3.2‫ﻭﻜﺎﻻﺕ‬‫ﺍﻝﺘﻨﻘﻴﻁ‬‫ﺍﻝﻤﺠﺘﻤﻌﻲ‬
‫ﻝﻘﺩ‬‫ﻁﻭﺭﺕ‬‫ﻜﺒﺭﻯ‬‫ﻭﻜﺎﻻﺕ‬‫ﺍﻝﺘﻨﻘﻴﻁ‬،‫ﺍﻝﻤﺎﻝﻲ‬‫ﻤﺜل‬Standard & Poor’s
‫ﻭ‬Moody’s،‫ﻨﻭﻉ‬‫ﺠﺩﻴﺩ‬‫ﻤﻥ‬‫ﺍﻝﻭﻜﺎﻻﺕ‬‫ﻤﻭﺠﻬﺔ‬‫ﻹﻋﻼﻡ‬‫ﺍﻝﻤﺴﺘﺜﻤﺭﻴﻥ‬‫ﺒﻤﺩﻯ‬‫ﺍﻝﺘﺯﺍﻡ‬‫ﺍﻝﻤﺅ‬‫ﺴﺴﺎﺕ‬
‫ﺒﺎﻝﻤﺴﺅﻭﻝﻴﺔ‬،‫ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬‫ﺤﻴﺙ‬‫ﻨﺸﺄﺕ‬‫ﻫﺫﻩ‬‫ﺍﻝﻭﻜﺎﻻﺕ‬‫ﻓﻲ‬‫ﻨﻬﺎﻴﺔ‬،‫ﺍﻝﺘﺴﻌﻴﻨﺎﺕ‬‫ﻭ‬‫ﺘﻘﻴﻡ‬‫ﻫﺫﻩ‬
‫ﺍﻝﻭﻜﺎﻻﺕ‬‫ﺍﻻﻝﺘﺯﺍﻤﺎﺕ‬‫ﻭﺍﻝﺴﻴﺎﺴﺎﺕ‬‫ﺍﻝﻤﺘﺒﻌﺔ‬‫ﻭ‬‫ﺃ‬‫ﺩﺍﺀ‬‫ﺍﻝﻤﺅﺴﺴﺔ‬‫ﻓﻲ‬‫ﺍﻝﻤﻴﺎﺩﻴﻥ‬‫ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬‫ﻭﺍﻝﺒﻴﺌﻴﺔ‬
‫ﻭﺍﻝﺤﻭﻜﻤﺔ‬‫ﺍﻝﻤﺭﺘﺒﻁﺔ‬‫ﺒﺄﻨﺸﻁﺔ‬‫ﺍﻝﻤﺅﺴﺴﺔ‬.‫ﻭﺫﻝﻙ‬‫ﺒﺘﺼﻨﻴﻑ‬‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬‫ﺒﺩﺭﺠﺎﺕ‬‫ﻤﺨﺘﻠﻔﺔ‬‫ﺤﺴﺏ‬
1
‫ا‬،‫إ‬ ‫ر‬ ‫د‬ ‫ا‬،‫ا‬، ‫ا‬:‫ر‬
،‫ي‬ ‫ا‬2005‫ص‬ ، ‫ر‬ ، ‫د‬ ، ‫ا‬ ‫دار‬ ،:89.
2
Hung-Gay Fung, Sheryl A. Law and Jot Yau, Socially Responsible Investment in a Global
Environment, 2010, Edward Elgar Publishing, Inc., USA.p:4
*
‫ى‬‫ر‬ ‫ا‬‫ا‬‫ه‬‫أ‬، ‫ر‬‫وج‬‫م‬‫ر‬ ‫و‬‫و‬‫ر‬ ‫ا‬‫ول‬ ‫ا‬
‫ا‬(Www.Socialinvest.Org)
3
Hung-Gay Fung, Op-cit, 2010, p:4.

8. 8
‫ﻤﻌﻁﻴﺎﺕ‬‫ﺍﻗﺘﺼﺎﺩﻴﺔ‬‫ﻜ‬‫ﻠﻴﺔ‬‫ﻤﻥ‬،‫ﺠﻬﺔ‬‫ﻭﺇﺭﺴﺎل‬‫ﻗﺎﺌﻤﺔ‬‫ﺃﺴﺌﻠﺔ‬‫ﺇﻝﻰ‬‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬‫ﻤﻥ‬‫ﺠﻬﺔ‬،‫ﺃﺨﺭﻯ‬
‫ﻭﺍﺴﺘﺨﺩﺍﻡ‬‫ﻫﺫﻩ‬‫ﺍﻝﻤﻌﻠﻭﻤﺎﺕ‬‫ﻓﻲ‬‫ﺘﻨﻘﻴﻁ‬‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬‫ﺤﺴﺏ‬‫ﺍﻝﻤﻌﺎﻴﻴﺭ‬‫ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬‫ﻭﺍﻷﺨﻼﻗﻴﺔ‬.1
‫ﺜﺎﻨﻴﺎ‬:‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﻭﻫﻴﺌﺎﺕ‬‫ﺍﻝﺭﻗﺎﺒﺔ‬‫ﺍﻝﺸﺭﻋﻴﺔ‬
‫ﻤﻊ‬‫ﺇﻨﺸﺎﺀ‬‫ﺍﻝﺒﻨﻭﻙ‬،‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﺒﺩﺃ‬‫ﺍﻝﺘﻔﻜﻴﺭ‬‫ﻓﻲ‬‫ﺇﻨﺸﺎﺀ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬،‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﺤﻴﺙ‬
‫ﺘﻡ‬‫ﺇﻨﺸﺎﺀ‬‫ﺍﻝﻌﺩﻴﺩ‬‫ﻤﻨﻬﺎ‬‫ﻓﻲ‬‫ﺍﻝﺩﻭل‬‫ﺍﻝﻌﺭﺒﻴﺔ‬‫ﻭﻏﻴﺭﻫﺎ‬،‫ﻝﺘﻌﻤل‬‫ﻋﻠﻰ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﻭﻓﻕ‬‫ﺍﻝﺸﺭﻴﻌﺔ‬
‫ﺍﻹﺴﻼﻤﻴﺔ‬،‫ﻭﻤﻤﺎ‬‫ﺴﺎﻋﺩ‬‫ﻋﻠﻰ‬‫ﺇﻨﺸﺎﺀ‬‫ﻫﺫﻩ‬،‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬‫ﺍﺴﺘﺤﺩﺍﺙ‬‫ﺍﻝﻌﺩﻴﺩ‬‫ﻤﻥ‬‫ﺍﻷﺩﻭﺍﺕ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬‫ﻭﻗﻴﺎﻡ‬‫ﺒﻌﺽ‬‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﺒﺩﺭﺍﺴﺔ‬‫ﺍﻝﻀﻭﺍﺒﻁ‬‫ﺍﻝﺸﺭﻋﻴﺔ‬‫ﻝﻼﺴﺘﺜﻤﺎﺭ‬
‫ﻓﻲ‬‫ﺃﻭﺭﺍﻕ‬‫ﻤﺎﻝﻴﺔ‬‫ﻝﺸﺭﻜﺎﺕ‬‫ﻗﺎﺌﻤﺔ‬.2
‫ﻭﻴﻌﺭﺽ‬‫ﻫﺫﺍ‬‫ﺍﻝﻤﺤﻭﺭ‬‫ﻤﻔﺎﻫﻴﻡ‬‫ﺨﺎﺼﺔ‬‫ﺒﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬
‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﻭﻫﻴﺌﺎﺕ‬‫ﺍﻝﺭﻗﺎﺒﺔ‬‫ﺍﻝﺸﺭﻋﻴﺔ‬
1.‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬
‫ﻴﻤﻜﻥ‬‫ﻋﺭﺽ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﻤﻥ‬‫ﺨﻼل‬:
1.1‫ﻤﻔﻬﻭﻡ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬
‫ﺘﻌﺘﺒﺭ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬"‫ﺃﺤﺩ‬‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬‫ﺍﻝﻤ‬‫ﺎﻝﻴﺔ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﺍﻝﺘﻲ‬‫ﺘﺘﻭﻝﻰ‬
‫ﺘﺠﻤﻴﻊ‬‫ﺃﻤﻭﺍل‬‫ﺍﻝﻤﺴﺘﺜﻤﺭﻴﻥ‬‫ﻓﻲ‬‫ﺼﻭﺭﺓ‬‫ﻭﺤﺩﺍﺕ‬‫ﺃﻭ‬‫ﺼﻜﻭﻙ‬،‫ﺍﺴﺘﺜﻤﺎﺭﻴﺔ‬‫ﻭﻴﻌﻬﺩ‬‫ﺒﺈﺩﺍﺭﺘﻬﺎ‬‫ﺇﻝﻰ‬
‫ﺠﻬﺔ‬‫ﻤﻥ‬‫ﺃﻫل‬‫ﺍﻝﺨﺒﺭﺓ‬،‫ﻭﺍﻻﺨﺘﺼﺎﺹ‬‫ﻝﺘﻭﻅﻴﻔﻬﺎ‬‫ﹰ‬‫ﺎ‬‫ﻭﻓﻘ‬‫ﻝﺼﻴﻎ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬،‫ﺍﻝﻤﻨﺎﺴﺒﺔ‬
‫ﻋﻠﻰ‬‫ﺃﻥ‬‫ﻴﺘﻡ‬‫ﺘﻭﺯﻴﻊ‬‫ﺼﺎﻓﻰ‬‫ﺍﻝﻌﺎﺌﺩ‬‫ﻓﻴﻤﺎ‬‫ﺒﻴﻨﻬﻡ‬‫ﺤﺴﺏ‬‫ﺍﻹﻨ‬،‫ﻔﺎﻕ‬‫ﻭﻴﺤﻜﻡ‬‫ﻜﺎﻓﺔ‬‫ﻤﻌﺎﻤﻼﺘﻬﺎ‬‫ﺃﺤ‬‫ﻜﺎﻡ‬
‫ﻭﻤﺒﺎﺩﺉ‬‫ﺍﻝﺸﺭﻴﻌﺔ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﻭﺍﻝﻘﻭﺍﻨﻴﻥ‬‫ﻭﺍﻝﻘﺭﺍﺭﺍﺕ‬‫ﻭﺍﻝﺘﻌﻠﻴﻤﺎﺕ‬‫ﺍﻝﺤﻜﻭﻤﻴﺔ‬‫ﻭﺍﻝﻠﻭﺍﺌﺢ‬‫ﻭﺍﻝﻨﻅﻡ‬
‫ﺍﻝﺩﺍﺨﻠﻴﺔ‬".3
2.1‫ﺨﺼﺎﺌﺹ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬
1
Quels sont les principaux acteurs de l’Investissement Socialement Responsable (ISR),
www.LaFinancePourTous.com 08-12-2010
2
‫م‬ ‫ه‬،‫د‬‫ر‬ ‫ا‬‫ا‬،‫م‬‫إ‬‫ا‬‫ا‬،‫ول‬ ‫ا‬‫ل‬‫ر‬ ‫ا‬‫وا‬
‫ق‬‫ا‬‫ت‬ ‫وا‬،‫ة‬ ‫ا‬‫ا‬‫رة‬ ‫ا‬‫ا‬‫ا‬‫ة‬ ‫ا‬8-92005،‫ص‬:17.
3
‫م‬ ‫ه‬،، ‫ا‬2005،‫ص‬:19.

9. 9
‫ﺘﺘﺴﻡ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﺒﺫﺍﺘﻴﺔ‬‫ﺘﻤﻴﺯﻫﺎ‬‫ﻋﻥ‬‫ﻏﻴﺭﻫﺎ‬‫ﻤﻥ‬‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬
‫ﻤﻥ‬‫ﺤﻴﺙ‬‫ﻁﺒﻴﻌﺔ‬‫ﺍﻝﻌﻼﻗﺔ‬‫ﺒﻴﻨﻬﺎ‬‫ﻭﺒﻴﻥ‬‫ﺃﺼﺤ‬‫ﺎﺏ‬‫ﺍﻝﻭﺤﺩﺍ‬‫ﺕ‬)‫ﺍﻝﺼﻜﻭﻙ‬(‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬،‫ﻭﻜﺫﻝﻙ‬‫ﻤﻥ‬
‫ﺤﻴﺙ‬‫ﻁﺒﻴﻌﺔ‬‫ﺃﺩﻭﺍﺕ‬‫ﺘﺠﻤﻴﻊ‬‫ﺍﻝﻤﺩﺨﺭﺍﺕ‬،‫ﻭﻤﻥ‬‫ﺤﻴﺙ‬‫ﺼﻴﻎ‬‫ﺘﻭﻅﻴﻑ‬‫ﺍﻷﻤـﻭﺍل‬،‫ﹰ‬‫ﺎ‬‫ﻭﺃﻴﻀ‬‫ﻤﻥ‬
‫ﺤﻴﺙ‬‫ﻁﺒﻴﻌﺔ‬‫ﺍﻝﻌﻼﻗﺔ‬‫ﺍﻝﺘﻲ‬‫ﺘﻨﺸﺄ‬‫ﺒﻴﻥ‬‫ﺃﺼﺤﺎﺏ‬‫ﺍﻝﻭﺤﺩﺍﺕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬‫ﻭﺒﻴﻥ‬‫ﺇﺩﺍﺭﺓ‬‫ﺘﻠﻙ‬‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬
‫ﻭﺒﻴﻥ‬‫ﺍﻝﻤﺅﺴﺴﺎﺕ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﺍﻝﺘﻲ‬‫ﺘﺘﺒﻌﻬ‬‫ﺎ‬‫ﺃﺤﻴﺎﻨﺎ‬.‫ﻭﻜﺫﻝﻙ‬‫ﻤﻥ‬‫ﺤﻴﺙ‬‫ﺍﻝﺘﺯﺍﻤﻬﺎ‬‫ﺒﺄﺤﻜﺎﻡ‬‫ﻭﻤﺒﺎﺩﺉ‬
‫ﺍﻝﺸﺭﻴﻌﺔ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﻓﻲ‬‫ﻤﻌﺎﻤﻼﺘﻬﺎ‬‫ﻭﺍﺘﺴﺎﻉ‬‫ﻤﺴ‬‫ﺅ‬‫ﻭﻝﻴﺔ‬‫ﺍﻝﻘﺎﺌﻤﻴﻥ‬‫ﻋﻠﻰ‬‫ﺃﻤﺭﻫﺎ‬‫ﻝﺘﺸﻤل‬‫ﺍﻝﻤﺴ‬‫ﺅ‬‫ﻭﻝﻴﺔ‬
‫ﺃﻤﺎﻡ‬‫ﺍﻝﻤﺠﺘﻤﻊ‬‫ﻭﺃﻤﺎﻡ‬‫ﺍﻷﻤﺔ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﻭﺃﻤﺎﻡ‬‫ﺍﷲ‬‫ﻋﺯ‬‫ﻭﺠل‬.1
‫ﻭﺘﻤﺜل‬‫ﻫﺫﻩ‬‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬‫ﺃﺤﺩ‬‫ﺃﻫﻡ‬‫ﺍﻝﻭﺴﺎﺌل‬‫ﻝﺩﺨﻭل‬‫ﺍﻝﺒﻨﻭﻙ‬‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬‫ﻓﻲ‬‫ﺴﻭﻕ‬‫ﺍﻝﺨﺩﻤﺎﺕ‬
‫ﺍﻝﻤﺼﺭﻓﻴﺔ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﺩﻭﻥ‬‫ﺍﻝﺤﺎﺠﺔ‬‫ﺇﻝﻰ‬‫ﺘﻐﻴﺭ‬‫ﻫ‬‫ﻴﻜﻠﻬﺎ‬‫ﺍﻹﺩﺍﺭﻱ‬‫ﺃﻭ‬‫ﻨﻅﺎﻡ‬‫ﻋﻤﻠﻬﺎ‬‫ﻭﺘﺭﺨ‬،‫ﻴﺼﻬﺎ‬
‫ﻝﺫﻝﻙ‬‫ﺃﻨﺸﺄﺕ‬‫ﺍﻝﻌﺩﻴﺩ‬‫ﻤﻥ‬‫ﺍﻝﺒﻨﻭﻙ‬‫ﺍﻝﺭﺒﻭﻴﺔ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﺴﺘﺜﻤﺎﺭﻴﺔ‬‫ﺘﺘﻤﺎﺸﻰ‬‫ﻤﻊ‬‫ﺍﻝﺸﺭﻴﻌﺔ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬.
‫ﺘﻌﺘﺒﺭ‬‫ﺍﻝﻤﻘﺎﺭﺒﺔ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﻓﻲ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭﺍﺕ‬‫ﻭﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﻤﺘﻭﺍﻓﻘﺔ‬‫ﻭﺍﻝﻤﺴﺅﻭﻝﻴﺔ‬
‫ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬‫ﻝﻼﺴﺘﺜﻤﺎﺭﺍﺕ‬.‫ﻭﺯﻴﺎﺩﺓ‬،‫ﻋﻨﻬﺎ‬‫ﻓﻬﻲ‬‫ﻗﺎﺌﻤﺔ‬‫ﺒﺂﻝﻴﺎﺕ‬‫ﺍﻝﺒﻨ‬‫ﻭﻙ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﺃ‬‫ﻱ‬‫ﺒﺩﻭﻥ‬
‫ﻤﺩﺍﺨﻴل‬‫ﺭﺒﻭ‬‫ﻴﺔ‬‫ﻭﻏﻴﺭﻫﺎ‬‫ﻤﻥ‬‫ﺍﻝﻤﺤﺭﻤﺎﺕ‬.2
3.1‫ﺃﻨﻭﺍﻉ‬‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬
‫ﺘ‬‫ﻭﺠﺩ‬‫ﻋﺩﺓ‬‫ﺃﻨﻭﺍﻉ‬‫ﻝﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﺃﻫﻤﻬﺎ‬:3
1.3.1‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻷﺴﻬﻡ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬
‫ﻅﻬﺭﺕ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﺒﺎﻷﺴﻬﻡ‬‫ﺍﺴﺘﺠﺎﺒﺔ‬‫ﻝﺭﻏﺒﺎﺕ‬‫ﺫﻭﻱ‬‫ﺍﻻﻝﺘﺯﺍﻡ‬‫ﻤﻥ‬
‫ﺍﻝﻤﺴﻠﻤﻴﻥ‬‫ﺍﻝﺫﻱ‬‫ﻴﺤﺭﺼﻭﻥ‬‫ﻋﻠﻰ‬‫ﺍﻝﻤﺒﺎﺡ‬‫ﻤﻥ‬،‫ﺍﻝﺩﺨل‬‫ﻴﻘﻭﻡ‬‫ﻋﻤل‬‫ﺍﻝﺼﻨﺩﻭﻕ‬‫ﻋﻠﻰ‬‫ﻤﺒ‬‫ﺎﺩﺉ‬‫ﺃﺴﺎﺴﻴﺔ‬:
‫ـ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﻓﻲ‬‫ﺃﺴﻬﻡ‬‫ﺍﻝﺸﺭﻜﺎﺕ‬‫ﺍﻝﺘﻲ‬‫ﻴﻜﻭﻥ‬‫ﻨﺸﺎﻁﻬﺎ‬،‫ﻤﺒﺎﺤﺎ‬‫ﻝﺘﺤﻘﻕ‬‫ﺃﺭﺒﺎﺤﺎ‬‫ﻤﻥ‬‫ﺯﻴﺎﺩﺓ‬‫ﺃﺴﻌﺎﺭ‬‫ﺃﺴﻬﻡ‬
‫ﻫﺫﻩ‬،‫ﺍﻝﺸﺭﻜﺎﺕ‬‫ﺇﻻ‬‫ﺃﻥ‬‫ﺍﻝﻔﻘﻬﺎﺀ‬‫ﺍﺨﺘﻠﻔﻭﺍ‬‫ﻓﻲ‬‫ﺍﻝﺸﺭﻜﺎﺕ‬‫ﺍﻝﺘﻲ‬‫ﺃﺼل‬‫ﻋﻤﻠﻬﺎ‬،‫ﻤﺒﺎﺡ‬‫ﻭﻝﻜﻨﻬﺎ‬‫ﺘﻤﺎﺭﺱ‬‫ﺒﻌﺽ‬
‫ﺍﻷﻋﻤﺎل‬‫ﺍﻝﻤﺤﺭﻤﺔ‬‫ﻜﺄﻥ‬‫ﺘ‬‫ﻘﺘﺭﺽ‬،‫ﺒﻔﺎﺌﺩﺓ‬‫ﺃﻭ‬‫ﺘﻭﺩﻉ‬‫ﺃﻤﻭﺍﻝﻬﺎ‬‫ﺒﻔﺎﺌﺩﺓ‬.‫ﺤﻴﺙ‬‫ﺭﺃﻯ‬‫ﺍﻝﺒﻌﺽ‬‫ﻋﺩﻡ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬
1
،‫ح‬‫ا‬‫ا‬‫وا‬‫د‬‫ر‬ ‫ا‬‫ا‬،‫د‬ ‫ا‬
، ‫ا‬‫د‬ ‫ا‬245،، ‫زه‬ ‫ا‬،2009،‫ص‬:5.
2
Mohamed Nacer THBET, Fonds D’investissement Socialement Responsables, colloque
international, Avril 2010, Ecole superieure de commerce d’alger.
3
‫ي‬ ‫ا‬،،1998‫ص‬ ‫ص‬ ،:15‫ـ‬17/.،‫وك‬ ‫د‬ ‫ا‬‫د‬ ‫ا‬ ‫ر‬ ‫ا‬ ‫د‬
‫ا‬ ‫د‬ ‫وا‬ ‫ا‬، ‫ا‬ ‫ا‬ ‫دار‬ ،‫ا‬، ‫و‬ ‫ا‬2006‫ص‬ ‫ص‬ ، ،:107‫ـ‬111/.Mohamed
Nacer THBET, Op-cit, 2010, pp:12-14/، ، ‫م‬ ‫ه‬2005‫ص‬ ‫ص‬ ،19-20.

10. 10
‫ﻓﻲ‬،‫ﺃﺴﻬﻤﻬﺎ‬‫ﻭﺍﻝﺭﺃﻱ‬‫ﺍﻝﺜﺎﻨﻲ‬‫ﻴﺭﻯ‬‫ﺇﻤﻜﺎﻨﻴﺔ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﻓﻲ‬،‫ﺃﺴﻬﻤﻬﺎ‬‫ﻭﻋﻠﻰ‬‫ﻤﺩﻴﺭ‬‫ﺍﻝﺼﻨﺩﻭﻕ‬‫ﺃﻥ‬‫ﻴﺤﺴﺏ‬
‫ﺍﻝﺩﺨل‬‫ﺍﻝﻨ‬‫ﺎﺘ‬‫ﺞ‬‫ﻋﻥ‬‫ﺃﻋﻤﺎل‬،‫ﻤﺤﺭﻤﺔ‬‫ﻭﻴﺴﺘﺒﻌﺩﻩ‬‫ﻤﻥ‬‫ﺍﻝﺩﺨل‬‫ﺍﻝﺫﻱ‬‫ﻴﺤﺼل‬‫ﻋﻠﻴﻪ‬‫ﺍﻝﻤﺴﺘﺜﻤﺭ‬‫ﻓﻲ‬‫ﺍﻝﺼﻨﺩﻭﻕ‬،
‫ﻭﻤﺨﺎﻁﺭ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﻓﻲ‬‫ﻫﺫﻩ‬‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬‫ﻋﺎﻝﻴﺔ‬.
‫ـ‬‫ﺃﻥ‬‫ﻻ‬‫ﻴﻤﺎﺭﺱ‬‫ﺍﻝﻤﺩﻴﺭ‬‫ﻓﻲ‬‫ﺍﻝﺼﻨﺩﻭﻕ‬‫ﻋﻤﻠﻴﺎﺕ‬‫ﻏﻴﺭ‬‫ﺠﺎﺌﺯﺓ‬‫ﻤﺜل‬‫ﺍﻝﺒﻴﻊ‬‫ﺍﻝﻘﺼﻴﺭ‬‫ﻝﻸﺴﻬﻡ‬‫ﺃﻭ‬
‫ﺍﻝﺨﻴﺎﺭﺍﺕ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﺃﻭ‬‫ﺍﻷﺴﻬﻡ‬‫ﺍﻝﻤﻤﺘﺎﺯﺓ‬.
2.3.1‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻝﺴﻠﻊ‬
‫ﻴﻌﺘﺒﺭ‬‫ﻨﺸﺎﻁ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻝﺴﻠﻊ‬‫ﺍﻷﺴﺎﺴ‬‫ﻲ‬‫ﺸﺭﺍﺀ‬‫ﺍﻝﺴﻠﻊ‬‫ﺒﺎﻝﻨﻘﺩ‬‫ﺜﻡ‬‫ﺒﻴﻌﻬﺎ‬‫ﺒﺎﻷﺠل‬،‫ﺘﺘﺠﻪ‬‫ﻫﺫﻩ‬
‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬‫ﺒﺼﻔﺔ‬‫ﺃﺴﺎﺴﻴﺔ‬‫ﺇﻝﻰ‬‫ﺃﺴﻭﺍﻕ‬‫ﺍﻝﺴﻠﻊ‬،‫ﺍﻝﺩﻭﻝﻴﺔ‬‫ﻭﻝﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻ‬‫ﺴﺘﺜﻤﺎﺭ‬‫ﻓﻲ‬‫ﺍﻝﺴﻠﻊ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬
‫ﻀﻭﺍﺒﻁ‬‫ﻤﻨﻬﺎ‬‫ﺃﻨﻬﺎ‬‫ﺘﻘﺘﺼﺭ‬‫ﻋﻠﻰ‬‫ﺍﻝﺴﻠﻊ‬‫ﺍﻝﻤﺒﺎﺤﺔ‬‫ﻭﺘﻠﻙ‬‫ﺍﻝﺘﻲ‬‫ﻴﺠﻭﺯ‬‫ﺸﺭﺍﺀ‬‫ﻫﺎ‬‫ﺒﺎﻝﻨﻘﺩ‬‫ﻭﺒﻴﻌﻬﺎ‬،‫ﺒﺎﻷﺠل‬
‫ﻓﻴﺴﺘﺜﻨﻰ‬‫ﻤﻥ‬‫ﺍﻝﺴﻠﻊ‬‫ﺍﻝﺫﻫﺏ‬‫ﻭﺍﻝﻔﻀﺔ‬.‫ﻭﻴﻤﻜﻥ‬‫ﺃﻥ‬‫ﺘﻌﻤل‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻝﺴﻠﻊ‬‫ﺒﺼﻴﻐﺔ‬‫ﺍﻝﺒﻴﻊ‬‫ﺍﻵﺠل‬‫ﺃﻭ‬
‫ﺍﻝﻤﺭﺍﺒﺤﺔ‬‫ﺃﻭ‬‫ﺍﻝﺴﻠﻡ‬‫ﻭﻜل‬‫ﻫﺫﻩ‬‫ﺍﻝ‬‫ﺼﻴﻎ‬‫ﻗﺎﺒﻠﺔ‬‫ﻝ‬‫ﻠﺘﻁﺒﻴﻕ‬‫ﻓﻲ‬‫ﺃﺴﻭﺍﻕ‬‫ﺍﻝﺴﻠﻊ‬‫ﺍﻝﺩﻭﻝﻴﺔ‬،‫ﻭﻝﺼﻨﺎﺩﻴﻕ‬‫ﺍﻝﺴﻠﻊ‬
‫ﻨﻭﻋﺎﻥ‬:
1.2.3.1‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻝﻤﺭﺍﺒﺤﺔ‬
‫ﺘﻘﻭﻡ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻝﻤﺭﺍﺒﺤﺔ‬‫ﻋﻠﻰ‬‫ﺍﻝﺘﻤﻭﻴل‬‫ﺒﺎﻷﺠل‬‫ﺒﻁﺭﻴﻕ‬‫ﺍﻝﻤﺭﺍﺒﺤﺔ‬‫ﻭﺒﺨﺎﺼﺔ‬‫ﻓﻲ‬‫ﺃﺴﻭﺍﻕ‬
‫ﺍﻝﺴﻠﻊ‬‫ﺍﻝﺩﻭﻝﻴﺔ‬.‫ﻓﻴﻘﻭﻡ‬‫ﺍﻝﺼﻨﺩﻭﻕ‬‫ﺒﺸﺭﺍﺀ‬‫ﻜﻤﻴﺔ‬‫ﻤﻥ‬‫ﺴﻠﻌﺔ‬‫ﺍﻝﺤﺩﻴﺩ‬‫ﹰ‬‫ﻼ‬‫ﻤﺜ‬،‫ﺒﺎﻝﻨﻘﺩ‬‫ﺜﻡ‬‫ﺒﻴﻌﻬﺎ‬‫ﺇﻝﻰ‬‫ﻁﺭﻑ‬
‫ﺜﺎﻝﺙ‬)‫ﻏﻴﺭ‬‫ﻤﻥ‬‫ﺍﺸﺘﺭﺍﻫﺎ‬‫ﻤﻨﻪ‬(‫ﺒﺎﻷﺠل‬.‫ﻭﻴﻜﻭﻥ‬‫ﺍﻷﺠل‬‫ﹰ‬‫ﺍ‬‫ﻗﺼﻴﺭ‬‫ﻓﻲ‬‫ﺍﻝﻐﺎﻝﺏ‬‫ﻴﺘﺭﺍﻭﺡ‬‫ﺒﻴﻥ‬‫ﺸﻬﺭ‬
‫ﻭﺴﺘﺔ‬‫ﺃﺸﻬﺭ‬.‫ﻭﻴﺴﺘﻔﻴﺩ‬‫ﻤﻥ‬‫ﻋﻤﻠﻴﺎﺕ‬‫ﺍﻝﺘﻤﻭﻴل‬‫ﺍﻝﺸﺭﻜﺎﺕ‬‫ﺍﻝﻤﺘﻌﺎﻤﻠﺔ‬‫ﻓﻲ‬‫ﺃﺴﻭﺍﻕ‬‫ﺍﻝﺴﻠﻊ‬‫ﻝﺘﻤﻭﻴل‬
،‫ﺍﻝﻤﺨﺯﻭﻥ‬‫ﻭﻤﺼﺎﻓﻲ‬‫ﺍﻝﺒﺘﺭﻭل‬‫ﻝﺘﻤﻭﻴل‬‫ﺤﺼﻭﻝﻬﺎ‬‫ﻋﻠﻰ‬‫ﺍﻝﺨﺎﻡ‬‫ﻭﺸﺭﻜ‬‫ﺎﺕ‬‫ﺍﻝﻤﻭﺍﺩ‬‫ﺍﻷﻭﻝﻴﺔ‬‫ﻜﺎﻝﺴﻜﺭ‬
‫ﻭﻨﺤﻭﻩ‬.
2.2.3.1‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻝﺴﻠﻡ‬
‫ﺍﻝﺴﻠﻡ‬‫ﺒﻴﻊ‬‫ﻴﺅﺠل‬‫ﻓ‬‫ﻴﻪ‬‫ﻗﺒﺽ‬‫ﺍﻝﻤﺒﻴﻊ‬‫ﻭﻴﻌﺠل‬‫ﻓﻴﻪ‬‫ﻗﺒﺽ‬،‫ﺍﻝﺜﻤﻥ‬‫ﻭﻴﻤﻜﻥ‬‫ﺘﻭﻝﻴﺩ‬‫ﺍﻝﺭﺒﺢ‬‫ﻤﻥ‬‫ﺒﻴﻭﻉ‬
‫ﺍﻝﺴﻠﻡ‬‫ﻓﻲ‬‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬‫ﻋﻥ‬‫ﻁﺭﻴﻕ‬‫ﺍﻝﺩﺨﻭل‬‫ﻓﻲ‬‫ﻋﻘﺩ‬‫ﺴﻠﻡ‬‫ﻤﺤﻠﻪ‬‫ﺒﻀﺎﻋﺔ‬‫ﻤﻭﺼﻭﻓﺔ‬‫ﻓﻲ‬
‫ﺍﻝﺫﻤﺔ‬‫ﻜﺎﻝﻘﻤﺢ‬‫ﺃﻭ‬‫ﺍﻝﺸﻌﻴﺭ‬‫ﺃﻭ‬‫ﺍﻝﺯﻴﻭﺕ‬…‫،ﺍ‬‫ﻝﺦ‬.
3.3.1‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻝﺘﺄﺠﻴﺭ‬

11. 11
‫ﻴﻌﺘﻤﺩ‬‫ﻋﻤل‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻝﺘﺄﺠﻴﺭ‬‫ﻋﻠﻰ‬‫ﺍﻤﺘﻼﻙ‬‫ﺍﻝﺼﻨﺩﻭﻕ‬‫ﻝﻸﺼﻭل‬‫ﺍﻝﻤﺅﺠ‬‫ﺭﺓ‬‫ﻤﺜل‬‫ﺍﻝﻤﻌﺩﺍﺕ‬
‫ﻭﺍﻝﺴﻴﺎﺭﺍﺕ‬‫ﻭﺍﻝﻁﺎﺌﺭﺍﺕ‬‫ﻭﺃﺤﻴﺎﻨﺎ‬‫ﺍﻝﻌﻘﺎﺭ‬.‫ﻭﺘﻭﻝﺩ‬‫ﺍﻝﺩﺨل‬‫ﻤﻥ‬‫ﺍﻹﻴﺭﺍﺩﺍﺕ‬‫ﺍﻻﻴ‬‫ﺠﺎﺭﻴﺔ‬،‫ﻭﺘﺨﺘﻠﻑ‬
‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬‫ﺒﺎﺨﺘﻼﻑ‬‫ﻋﻘﻭﺩ‬‫ﺍﻹﻴﺠﺎﺭ‬‫ﻷﺼﻭل‬،‫ﺍﻝﺼﻨﺩﻭﻕ‬‫ﻓﺒﻌﻀﻬﺎ‬‫ﻴﻘﻭﻡ‬‫ﻋﻠﻰ‬‫ﻋﻘﺩ‬‫ﺍﻹﻴﺠﺎﺭ‬‫ﺍﻝﻤﻌﺘﺎﺩ‬.
‫ﻭﻫﻨﺎ‬‫ﻴﺘﺤﻤل‬‫ﺍﻝﺼﻨﺩﻭﻕ‬‫ﻤﺨﺎﻁﺭﺓ‬‫ﺜﻤﻥ‬‫ﺍﻷﺼﻭل‬‫ﻋﻨﺩ‬‫ﺍﻨﺘﻬﺎﺀ‬،‫ﺍﻝﻌﻘﻭﺩ‬‫ﻭﺭﺒﻤﺎ‬‫ﻜﺎﻥ‬‫ﻋﻠﻰ‬‫ﺼﻔﺔ‬
‫ﺍﻹﻴﺠﺎﺭ‬‫ﺍﻝﻤﻨﺘﻬﻲ‬‫ﺒﺎﻝﺘﻤﻠﻴﻙ‬‫ﻭﻓﻲ‬‫ﻫﺫﻩ‬‫ﺍﻝﺤﺎﻝﺔ‬‫ﺘﻐﻁﻲ‬‫ﺍﻹﻴﺭﺍﺩﺍﺕ‬‫ﻗﻴﻤﺔ‬‫ﺍﻷﺼل‬‫ﻜﺎﻤﻼ‬.
2.‫ﻫﻴﺌﺎﺕ‬‫ﺍﻝﺭﻗﺎﺒﺔ‬‫ﺍﻝﺸﺭﻋﻴﺔ‬‫ﻋﻠﻰ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬
‫ﻫﻨﺎﻙ‬‫ﻀﺭﻭﺭﺓ‬‫ﺤﺘﻤﻴﺔ‬‫ﻝﺨﻀﻭﻉ‬‫ﻤﻌﺎﻤﻼﺕ‬‫ﻭﺃﻋﻤﺎل‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬
‫ﻝﻠﺭﻗﺎﺒﺔ‬‫ﺍﻝﺸﺭﻋﻴﺔ‬‫ﻭﺍﻝﻤﺎﻝﻴﺔ‬،‫ﺭﻗﺎﺒﺔ‬‫ﺸﺭﻋﻴﺔ‬‫ﺤﻴﺙ‬"‫ﻴﺠﺏ‬‫ﻋﻠﻰ‬‫ﺍﻹﺩﺍﺭﺓ‬‫ﺍﻝﻌﻠﻴﺎ‬‫ﻝﺒﺭﻨﺎﻤﺞ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬
‫ﺍﻝﺠﻤﺎﻋﻲ‬‫ﺍﻹﺴﻼﻤﻲ‬‫ﺍﻝﺘﺄﻜﺩ‬‫ﻤﻥ‬‫ﻭﻀﻊ‬‫ﻨﻅﻡ‬‫ﻭﺁﻝﻴﺎﺕ‬‫ﻤﻨﺎﺴﺒﺔ‬‫ﻭﻓﻌﺎﻝﺔ‬‫ﻝﻠﻤﺘﺎﺒﻌﺔ‬‫ﺍﻝﺴﺎﺒﻘﺔ‬‫ﻭﺍﻝﻼﺤﻘﺔ‬
‫ﻝﻼﻝﺘﺯﺍﻡ‬‫ﺒﺄﺤﻜﺎﻡ‬‫ﺍﻝﺸﺭﻴﻌﺔ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﻭﻤﺒﺎﺩﺌﻬﺎ‬"1
،‫ﻭﺭﻗﺎﺒﺔ‬‫ﻤﺎﻝﻴﺔ‬"‫ﺘﻭﺠﺏ‬‫ﺃﻥ‬‫ﻴﻜﻭﻥ‬‫ﻋﻠﻰ‬‫ﻋﻤﻠﻴﺎﺕ‬
‫ﺍﻝﺼﻨﺩﻭﻕ‬‫ﺭﻗﺎﺒﺔ‬‫ﻓﻌﺎﻝﺔ‬‫ﻤﺘﻌﺩﺩﺓ‬‫ﺍﻝﻤﻘﺎﺼﺩ‬‫ﻭﺍﻝﺠﻭﺍﻨﺏ‬‫ﻝﻼﻁﻤﺌﻨﺎﻥ‬‫ﻋﻠﻰ‬‫ﺍﻝﻤﺤﺎﻓﻅﺔ‬‫ﻋﻠﻰ‬‫ﺍﻷﻤﻭﺍل‬
‫ﻭﺘﻨﻤﻴﺘﻬﺎ‬‫ﻭﺘﺤﺩﻴﺩ‬‫ﺍﻝﺤﻘﻭﻕ‬،‫ﺒﺎﻝﻌﺩل‬‫ﻭ‬‫ﺩﻝﻴل‬‫ﺫﻝﻙ‬‫ﻤﻥ‬‫ﺍﻝﻜﺘﺎﺏ‬‫ﻗﻭل‬‫ﺍﷲ‬‫ﺘﻌﺎﻝﻰ‬:)‫ﹸﺏ‬‫ﺘ‬‫ﹾ‬‫ﻜ‬‫ﻴ‬‫ﹾ‬‫ﻝ‬‫ﻭ‬‫ﻡ‬‫ﹸ‬‫ﻜ‬‫ﹶ‬‫ﻨ‬‫ﻴ‬‫ﺒ‬
‫ﺏ‬ِ‫ﺘ‬‫ﹶﺎ‬‫ﻜ‬ِ‫ل‬‫ﺩ‬‫ﻌ‬‫ﹾ‬‫ﻝ‬‫ِﺎ‬‫ﺒ‬(]‫ﺍﻝﺒﻘﺭﺓ‬:282[."2
‫ﻭﻤﻨﻪ‬‫ﻓﻤﻔﻬﻭﻡ‬‫ﺍﻝﺭﻗﺎﺒﺔ‬‫ﺍﻝﺸﺭﻋﻴﺔ‬‫ﻋﻠﻰ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬
‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﻭﻤﺠﺎﻻﺘﻬﺎ‬‫ﻜﺎﻵﺘﻲ‬:
1.2‫ﻤﻔﻬﻭﻡ‬‫ﺍﻝﺭﻗﺎﺒﺔ‬‫ﺍﻝﺸﺭﻋﻴﺔ‬‫ﻋﻠﻰ‬‫ﺼﻨﺎ‬‫ﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬
‫ﺘﺘﻤﺜل‬‫ﺍﻝﺭﻗﺎﺒﺔ‬‫ﺍﻝﺸﺭﻋﻴﺔ‬‫ﻋﻠﻰ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﻓﻲ‬:"‫ﻤﺘﺎﺒﻌﺔ‬‫ﻭﻤﺭﺍﺠﻌﺔ‬
‫ﻭﻓﺤﺹ‬‫ﻭﺘﻘﻭﻴﻡ‬‫ﻜﺎﻓﺔ‬‫ﺍﻝﻤﻌﺎﻤﻼﺕ‬‫ﻭﺍﻝﺘﺼﺭﻓﺎﺕ‬‫ﻭﺍﻷﻋﻤﺎل‬‫ﺍﻝﺘﻲ‬‫ﺘﻘﻭﻡ‬‫ﺒﻬﺎ‬‫ﺘﻠﻙ‬‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬
‫ﻝﻼﻁﻤﺌﻨﺎﻥ‬‫ﻤﻥ‬‫ﺃﻨﻬﺎ‬‫ﺘﺘﻡ‬‫ﹰ‬‫ﺎ‬‫ﻭﻓﻘ‬‫ﻷﺤﻜ‬‫ﺎ‬‫ﻡ‬‫ﻭﻤﺒﺎﺩﺉ‬‫ﺍﻝﺸﺭﻴﻌﺔ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﻭﻜﺫﻝﻙ‬‫ﹰ‬‫ﺎ‬‫ﻁﺒﻘ‬‫ﻝﻠﻔﺘﺎﻭﻯ‬
‫ﻭﺍﻝﻘﺭﺍ‬‫ﺭﺍﺕ‬‫ﻭﺍﻝﺘﻭﺼﻴﺎﺕ‬‫ﺍﻝﻤﻌﺎﺼﺭﺓ‬‫ﺍﻝﺼﺎﺩﺭﺓ‬‫ﻋﻥ‬‫ﻤﺠﺎﻤﻊ‬‫ﺍﻝﻔﻘﻪ‬‫ﻭﻫﻴﺌﺎﺕ‬‫ﻭﻤﺠﺎﻝﺱ‬‫ﺍﻝﻔﺘﻭﻯ‬،
‫ﻭﺒﻴﺎﻥ‬،‫ﺍﻝﻤﺨﺎﻝﻔﺎﺕ‬‫ﻭﺘﺤﻠﻴل‬‫ﺃﺴﺒﺎﺒﻬﺎ‬،‫ﺜﻡ‬‫ﺘﻘﺩﻴﻡ‬‫ﺍﻝﻤﻌﺎﻝﺠﺎﺕ‬‫ﺍﻝﺸﺭﻋﻴﺔ‬‫ﻝﻬﺎ‬‫ﻤﻘﺭﻭﻨﺔ‬‫ﺒﺎﻝﺘﻭﺼﻴﺎﺕ‬
1
‫أ‬ ‫ا‬3،‫دئ‬ ‫ا‬‫د‬ ‫ر‬ ‫ا‬‫ا‬‫ا‬‫ر‬ ‫ا‬‫ا‬، ‫ا‬‫ت‬ ‫ا‬‫ا‬، ‫ا‬
2009،(org.ifsb.www)‫ا‬ ‫ه‬‫ا‬‫ه‬، ‫دو‬‫و‬‫ت‬ ‫ا‬
‫ا‬‫ا‬.
2
،،2009،‫ص‬:11.

12. 12
‫ﻭﺍﻹﺭﺸﺎﺩﺍﺕ‬‫ﺍﻝﻼﺯﻤﺔ‬‫ﻝﺘﻁﻭﻴﺭ‬‫ﺍﻝﻀﺒﻁ‬‫ﺍﻝﺸﺭﻋﻲ‬‫ﺇﻝﻰ‬‫ﺍﻷﻓﻀل‬"1
.‫ﻭﺫﻝﻙ‬‫ﺒﺘﻘﺩﻴﻡ‬‫ﺘﻘﺎﺭﻴﺭ‬‫ﺩﻭﺭﻴﺔ‬
‫ﺘﺜﺒﺕ‬‫ﻤﺎ‬‫ﺇﺫﺍ‬‫ﻜﺎﻨﺕ‬‫ﺇﺩﺍﺭﺓ‬‫ﺍﻝﺼﻨﺩﻭ‬‫ﻕ‬‫ﻗﺩ‬‫ﺍﻝﺘﺯﻤﺕ‬‫ﻓﻲ‬‫ﻤﻌﺎﻤﻼ‬‫ﺘ‬‫ﻬﺎ‬‫ﺒﺄﺤﻜﺎﻡ‬‫ﻭﻤﺒﺎﺩﺉ‬‫ﺍﻝﺸﺭﻴﻌﺔ‬
‫ﺍﻹﺴﻼﻤﻴﺔ‬.
2.2‫ﻤﺠﺎﻻﺕ‬‫ﺍﻝﺭﻗﺎﺒﺔ‬‫ﺍﻝﺸﺭﻋﻴﺔ‬‫ﻋﻠﻰ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬
‫ﺘﺨﻀﻊ‬‫ﻜﺎﻓﺔ‬‫ﻤﻌﺎﻤﻼﺕ‬‫ﻭﻋﻤﻠﻴﺎﺕ‬‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬‫ﻝﻠﺭﻗﺎﺒﺔ‬‫ﺍﻝﺸﺭﻋﻴﺔ‬‫ﻭﺍﻝﺘﻲ‬‫ﺘﺘﻤﺜل‬‫ﻓﻲ‬‫ﺍﻵﺘﻲ‬:2
‫ـ‬‫ﺍﻝﺭﻗﺎﺒﺔ‬‫ﺍﻝﺸﺭﻋﻴﺔ‬‫ﻋﻠﻰ‬‫ﻋﻤﻠﻴﺎﺕ‬‫ﺇﺼﺩﺍﺭ‬‫ﺍﻝﻭﺤﺩﺍﺕ‬)‫ﺍﻝﺼﻜﻭﻙ‬(‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴ‬‫ﺔ‬‫ﻭﺍﻝﺘﺄﻜﺩ‬‫ﻤﻥ‬
‫ﺍﺴﺘﻴﻔﺎﺀ‬‫ﺸﺭﻭﻁ‬‫ﻋﻘﺩ‬‫ﺍﻝﻤﻀﺎﺭﺒﺔ‬‫ﻤﻥ‬‫ﺍﻝﻨﺎﺤﻴﺔ‬‫ﺍﻝﺸﺭﻋﻴﺔ‬‫ﻭﺃﻨﻬﺎ‬‫ﻻ‬‫ﺘﺘﻀﻤﻥ‬‫ﺃﻱ‬‫ﺒﻨﻭﺩ‬‫ﻏﻴﺭ‬‫ﺠﺎﺌﺯﺓ‬
‫ﺸﺭﻋﺎ‬،‫ﻭﻴﺠﺏ‬‫ﻋﻠﻰ‬‫ﻫﻴﺌﺔ‬‫ﺍﻝﺭﻗﺎﺒﺔ‬‫ﺍﻝﻘﻴﺎﻡ‬‫ﺒﺎﻝﻌﻤﻠﻴﺔ‬‫ﻗﺒل‬‫ﺍﻹﺼﺩﺍﺭ‬‫ﻝﻤﺭﺍﺠﻌﺔ‬‫ﺸﺭﻭﻁﻪ‬.
‫ـ‬‫ﺍﻝﺘﺩﻗﻴﻕ‬‫ﺍﻝﺸﺭﻋﻲ‬‫ﻋﻠﻰ‬‫ﻋﻤﻠﻴﺎﺕ‬‫ﺸﺭﺍﺀ‬‫ﺍﻷﻭﺭﺍﻕ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﻭﺘﻜﻭﻴﻥ‬‫ﻤﺤﻔﻅﺘﻬﺎ‬‫ﻭﺍﻝﺘﺄﻜﺩ‬‫ﻤﻥ‬‫ﺃﻨﻬﺎ‬
‫ﻻ‬‫ﺘﺘﻀﻤﻥ‬‫ﺃﻱ‬‫ﺃ‬‫ﻭﺭﺍﻕ‬‫ﻤﺤﺭﻤﺔ‬‫ﺸﺭﻋﺎ‬،‫ﻭﻜﺫﻝﻙ‬‫ﻋﻤﻠﻴﺎﺕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﻓﻲ‬‫ﻤﺸﺭﻭﻋﺎﺕ‬‫ﺍﺴﺘﺜﻤﺎﺭﻴﺔ‬
‫ﻤﺒﺎﺸﺭﺓ‬‫ﻭﺍﻝﺘﺄﻜﺩ‬‫ﻤﻥ‬‫ﺃﻨﻬﺎ‬‫ﺘﺘﻡ‬‫ﹰ‬‫ﺎ‬‫ﻭﻓﻘ‬‫ﻝﺼﻴﻎ‬‫ﻭﻤﻌﺎﻴﻴﺭ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻲ‬.
‫ـ‬‫ﺍﻝﺘﺩﻗﻴﻕ‬‫ﺍﻝﺸﺭﻋﻲ‬‫ﻋﻠﻰ‬‫ﻋﻤﻠﻴﺎﺕ‬‫ﺍﻝﺘﻘﻭﻴﻡ‬‫ﺍﻝﺩﻭﺭﻱ‬‫ﻝﻘﻴﻤﺔ‬‫ﺍﻝﻭﺤﺩﺍﺕ‬،‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬‫ﻭﺍﻻﻁﻤﺌﻨﺎﻥ‬
‫ﻤﻥ‬‫ﺃﻨﻪ‬‫ﻗﺩ‬‫ﺍﺘﺒﻌﺕ‬‫ﺍﻷﺴﺱ‬‫ﻭﺍﻝﻤﻌﺎﻴﻴﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﻭﻻﺴﻴ‬‫ﻤﺎ‬‫ﺍﻝﺼﺎﺩﺭﺓ‬‫ﻋﻥ‬‫ﻫﻴﺌﺔ‬‫ﺍﻝﻤﺤﺎﺴﺒﺔ‬
‫ﻭﺍﻝﻤﺭﺍﺠﻌﺔ‬‫ﻝﻠﻤﺅﺴﺴﺎﺕ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬.
‫ـ‬‫ﺍﻝﺘﺩﻗﻴﻕ‬‫ﺍﻝﺸﺭﻋﻲ‬‫ﻋﻠﻰ‬‫ﻋﻤﻠﻴﺎﺕ‬‫ﺍﺴﺘﺒﺩﺍل‬‫ﺍﻝﻭﺤﺩﺍﺕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬‫ﻭﺍﻻﻁﻤﺌﻨﺎﻥ‬‫ﻤﻥ‬‫ﺃﻨﻬﺎ‬‫ﻗﺩ‬
‫ﺘﻤﺕ‬‫ﹰ‬‫ﺎ‬‫ﻭﻓﻘ‬‫ﻝﻠﻤﻌﺎﻴﻴﺭ‬‫ﺍﻝﺸﺭﻋﻴﺔ‬‫ﺍﻝﺼﺎﺩﺭﺓ‬‫ﻋﻥ‬‫ﺍﻝﻬﻴﺌﺔ‬.
‫ـ‬‫ﺍﻝﺘﺩﻗﻴﻕ‬‫ﺍﻝﺸﺭﻋﻲ‬‫ﻋﻠﻰ‬‫ﻋﻤﻠﻴﺎﺕ‬‫ﺘﺤﺩﻴﺩ‬‫ﻭﻗﻴﺎﺱ‬‫ﺃﺭﺒﺎﺡ‬/‫ﺨﺴﺎﺌﺭ‬‫ﻨﺸﺎﻁ‬‫ﺍﻝﺼﻨ‬‫ﺩﻭﻕ‬‫ﻭﺍﻝﺘﺄﻜﺩ‬
‫ﻤﻥ‬‫ﺃﻥ‬‫ﺍﻝﺘﻭﺯﻴﻊ‬‫ﻗﺩ‬‫ﺘﻡ‬‫ﹰ‬‫ﺎ‬‫ﻭﻓﻘ‬‫ﻝﺸﺭﻭﻁ‬‫ﻋﻘﻭﺩ‬‫ﺍﻝﻤﻀﺎﺭﺒﺔ‬‫ﻭﺍﻝﻭﻜﺎﻝﺔ‬.
‫ـ‬‫ﺍﻝﺘﺄﻜﺩ‬‫ﻤﻥ‬‫ﺸﺭﻋﻴﺔ‬‫ﺍﻹﻴﺭﺍﺩﺍﺕ‬‫ﻭﺍﻝﺘﺄﻜﺩ‬‫ﻤﻥ‬‫ﺃﻨﻬﺎ‬‫ﻻ‬‫ﺘﺘﻀﻤﻥ‬‫ﺃﻱ‬‫ﻜﺴﺏ‬‫ﺤﺭﺍﻡ‬‫ﺃﻭ‬،‫ﺨﺒﻴﺙ‬‫ﻭﺇﻥ‬
‫ﻭﺠﺩ‬‫ﻓﻘﺩ‬‫ﺏ‬‫ﱢ‬‫ﻨ‬‫ﺠ‬‫ﻓﻲ‬‫ﺤﺴﺎﺏ‬‫ﻤﺴﺘﻘل‬‫ﹰ‬‫ﺍ‬‫ﺘﻤﻬﻴﺩ‬‫ﻝﻠﺘﺨﻠﺹ‬‫ﻤﻨﻪ‬‫ﻓﻲ‬‫ﻭﺠﻭﻩ‬‫ﺍﻝﺨﻴﺭ‬‫ﺤﺴﺏ‬‫ﺍﻝﻔﺘﺎﻭﻯ‬
‫ﺍﻝﺸﺭﻋﻴﺔ‬‫ﺍﻝﺼﺎﺩﺭﺓ‬‫ﻓﻲ‬‫ﻫﺫﺍ‬‫ﺍﻝﺸﺄﻥ‬.
‫ـ‬‫ﺍﻝﺘﺄﻜﺩ‬‫ﻤﻥ‬‫ﺸﺭﻋﻴﺔ‬،‫ﺍﻝﻨﻔﻘﺎﺕ‬‫ﻭﺍﻝﺘﺄﻜﺩ‬‫ﻤﻥ‬‫ﺃﻨﻬﺎ‬‫ﻻ‬‫ﺘﺘﻀﻤﻥ‬‫ﺒﻨﻭﺩ‬‫ﺇﺴﺭﺍﻑ‬‫ﺃﻭ‬‫ﺘﺒﺫﻴﺭ‬‫ﺃﻭ‬‫ﺘﺭﻑ‬
‫ﺃﻭ‬‫ﺒﻨﻭﺩ‬‫ﻻ‬‫ﺘﺨﺹ‬‫ﻨﺸﺎﻁ‬‫ﺍﻝﺼﻨﺩﻭﻕ‬.
1
، ‫ا‬‫ص‬:19.
2
، ‫ا‬‫ص‬:20.

13. 13
‫ﺜﺎﻝﺜﺎ‬:‫ﺘﻁﻭﺭ‬‫ﻭ‬‫ﺃﺩﺍﺀ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻ‬‫ﺴﺘﺜﻤﺎﺭﻴﺔ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬
‫ﻫﻨﺎﻙ‬‫ﻋﺩﺓ‬‫ﺩﺭﺍﺴﺎﺕ‬‫ﺃﺠﺭﻴﺕ‬‫ﻝﻔﺤﺹ‬‫ﺃﺩﺍﺀ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬‫ﻭﺼﻨﺎﺩﻴﻕ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻷﺨﻼﻗﻴﺔ‬‫ﻭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﺒﺎﺴﺘ‬‫ﻌﻤﺎل‬‫ﻤﺨﺘﻠﻑ‬‫ﻤﻘﺎﻴﻴﺱ‬‫ﻭﻤﺅﺸﺭﺍﺕ‬‫ﺍﻷﺩﺍﺀ‬‫ﻝﻠﻤﺤﺎﻓﻅ‬
،‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﻭﻴﻌﺘﺒﺭ‬‫ﻫﺫﺍ‬‫ﺍﻝﻤﺤﻭﺭ‬‫ﻨﻅﺭﺓ‬‫ﺸﺎﻤﻠﺔ‬‫ﻝﻜل‬‫ﻤﻥ‬‫ﺁﻝﻴﺎﺕ‬‫ﻗﻴﺎﺱ‬‫ﺍﻷﺩﺍﺀ‬‫ﻭﻨﺘﺎﺌﺞ‬‫ﺩﺭﺍﺴﺎﺕ‬
‫ﻤﻘﺎﺭﻨﺔ‬‫ﺍﻷﺩﺍﺀ‬‫ﺒﻴﻥ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﻭﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬‫ﻭﻨﻤﻭ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬
‫ﺍﻹﺴﻼﻤﻴﺔ‬.
1.‫ﺁﻝﻴﺎﺕ‬‫ﻗﻴﺎﺱ‬‫ﺃﺩﺍﺀ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﻫﻨﺎﻙ‬‫ﻋﺩﺓ‬‫ﺁﻝﻴﺎ‬‫ﺕ‬‫ﻭﻤﺅﺸﺭﺍﺕ‬‫ﻝﻘﻴﺎﺱ‬‫ﺃﺩﺍﺀ‬
‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬،‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬‫ﻤﻨﻬﺎ‬‫ﺍﻝﻤﻘﺎﻴﻴﺱ‬‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬‫ﺍﻝﺘﻲ‬‫ﺘﻌﺘﻤﺩ‬‫ﻋﻠﻰ‬‫ﻤﻘﺎﺭﻨﺔ‬‫ﺃﺩﺍﺀ‬‫ﺍﻝﺼﻨﺩﻭﻕ‬
‫ﻤﻊ‬‫ﺃﺩﺍﺀ‬‫ﻤﺤﻔﻅﺔ‬،‫ﺍﻝﺴﻭﻕ‬‫ﻭﺃﺸﻬﺭﻫﺎ‬:1
‫ـ‬‫ﻤﺅﺸﺭ‬‫ﺠﻨﺴﻥ‬Jensen‫ﺍﻝﺫﻱ‬‫ﻴﻌﺘﻤﺩ‬‫ﻋﻠﻰ‬‫ﻤﻘﺎﺭﻨﺔ‬‫ﻋﺎﺌﺩ‬‫ﺍﻝﺼﻨﺩﻭﻕ‬‫ﻤﻊ‬‫ﻋﺎﺌﺩ‬‫ﻤﺤﻔﻅﺔ‬
‫ﺍﻝﺴﻭﻕ‬.
‫ـ‬‫ﻭ‬‫ﻤﺅﺸﺭ‬‫ﺸﺎﺭﺏ‬Sharpe‫ﻭﻴﻤﺜل‬‫ﻨﺴﺒﺔ‬‫ﺍﻝﻤﻜﺎﻓﺄﺓ‬‫ﺇﻝﻰ‬‫ﺍﻝﺘﻘﻠﺏ‬‫ﻭﻴﻘﺼﺩ‬‫ﺒﺎﻝﻤﻜﺎﻓﺄﺓ‬‫ﺍﻝﻔﺭﻕ‬‫ﻤﺎﺒﻴﻥ‬
‫ﻋﺎﺌﺩ‬‫ﺍﻝﻤﺤﻔﻅﺔ‬‫ﻭﺍﻝﻌﺎﺌﺩ‬‫ﺍﻝﺨﺎﻝﻲ‬‫ﻤﻥ‬،‫ﺍﻝﻤﺨﺎﻁﺭﺓ‬‫ﻤﻨﺴﻭﺒﺔ‬‫ﺇﻝﻰ‬‫ﺍﻝﺘﻘﻠﺏ‬‫ﻝﻌﻭﺍﺌﺩ‬‫ﺃﺼﻭل‬‫ﺍﻝﻤﺤﻔﻅﺔ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬‫ﺃﻱ‬‫ﺍﻻﻨﺤﺭﺍﻑ‬‫ﺍﻝﻤﻌﻴﺎﺭﻱ‬‫ﻝﻌﻭﺍﺌﺩ‬‫ﺃﺼﻭل‬‫ﺍﻝﻤﺤﻔﻅﺔ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬.
‫ـ‬‫ﻭﻤﺅﺸﺭ‬‫ﺘﺭﻴﻨﻭﺭ‬Treynor،‫ﺍﻝﺫﻱ‬‫ﻴﻌﺘﻤﺩ‬‫ﻋﻠﻰ‬‫ﺇﻤﻜﺎﻨﻴﺔ‬‫ﺍﻝﺴﻴﻁﺭﺓ‬‫ﻋﻠﻰ‬‫ﺍﻝﻤﺨﺎﻁﺭ‬‫ﻏﻴﺭ‬
‫ﺍﻝﻤﻨﺘ‬‫ﻅﻤﺔ‬‫ﺒﻭﺍﺴﻁﺔ‬‫ﺍﻝﺘﻨﻭﻴﻊ‬‫ﺍﻝﺠﻴﺩ‬.
‫ﻭﺍﻝﻤﻘﺎﻴﻴﺱ‬‫ﺍﻝﺒﺩﻴﻠﺔ‬‫ﻝﺫﻝﻙ‬‫ﻫﻲ‬‫ﺍﻝﻤﻘﺎﻴﻴﺱ‬‫ﺍﻝﺘﻲ‬‫ﺘﻌﺘﻤﺩ‬‫ﻋﻠﻰ‬‫ﺘﻘﺩﻴﺭ‬‫ﻨﻤﺎﺫﺝ‬‫ﺒﻤﺘﻐﻴﺭﺍﺕ‬‫ﻤﺘﻌﺩﺩﺓ‬
‫ﻤﻔﺴﺭﺓ‬‫ﻝﺨﺼﻭﺼﻴﺔ‬‫ﻜﻔﺎﺀﺓ‬‫ﺃﺩﺍﺀ‬‫ﻤﺩﻴﺭ‬،‫ﺍﻝﺼﻨﺩﻭﻕ‬‫ﻤﺜل‬‫ﻨﻤﻭﺫﺝ‬‫ﻤﺘﻌﺩﺩ‬‫ﺍﻝﻌﻭﺍﻤل‬.
2.‫ﺍﻝﺩﺭﺍﺴﺎﺕ‬‫ﺍﻝﺘﺠﺭﻴﺒﻴﺔ‬‫ﻷﺩﺍﺀ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬
‫ﺃﺠﺭﻴﺕ‬‫ﻋﺩﺓ‬‫ﺩﺭﺍﺴﺎﺕ‬‫ﺘﺠﺭﻴﺒﻴﺔ‬‫ﻝﻘﻴﺎﺱ‬‫ﺃﺩﺍﺀ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬‫ﻭﺼﻨﺎﺩﻴﻕ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﻤﺴﺅﻭﻝﺔ‬‫ﺍﺠﺘﻤﺎﻋﻴﺎ‬‫ﻭﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﻭﺩﺭﺍﺴﺎﺕ‬‫ﻝﻤﻘﺎﺭﻨﺔ‬‫ﺍﻷﺩﺍﺀ‬‫ﺒﻴﻨﻬﺎ‬
‫ﻤﻨﻬﺎ‬:1
1
‫ا‬:,France,Economica,fonds d’investissementMesure de performance des,Pascal GRANDIN
1998./، ‫ا‬ ‫ح‬ ‫زي‬‫ا‬ ‫ر‬ ‫ا‬ ‫ا‬ ‫إدارة‬،‫ن‬ ، ‫ه‬ ‫ا‬ ‫دار‬ ،2008‫ص‬ ‫ص‬ ،:225‫ـ‬230.

14. 14
‫ـ‬‫ﺩﺭﺍﺴﺔ‬‫ﻝ‬‫ﻘﻠﺩﺭﻴﺭ‬Goldreyer‫ﻭﺁﺨﺭﻭﻥ‬‫ﺴﻨﺔ‬1999‫ﻭﻫﻲ‬‫ﺩﺭﺍﺴﺔ‬‫ﻋﺎﻝﻤﻴﺔ‬‫ﻝﻤﻌﻁﻴﺎﺕ‬
‫ﺸﻬﺭﻴﺔ‬‫ﻝﺼﻨﺎﺩﻴﻕ‬‫ﺍﺴﺘﺜﻤﺎﺭ‬‫ﺘﻘﻠﻴﺩﻴﺔ‬‫ﻭﺼﻨﺎﺩﻴﻕ‬‫ﺍﺴﺘﺜﻤﺎﺭ‬‫ﻤﺴﺅﻭﻝﺔ‬‫ﺍﺠﺘﻤﺎ‬،‫ﻋﻴﺎ‬‫ﻭﺃﻅﻬﺭﺕ‬‫ﻫﺫﻩ‬
‫ﺍﻝﺩﺭﺍﺴﺔ‬‫ﺃﻥ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬‫ﺫﺍﺕ‬‫ﺃﺩﺍﺀ‬‫ﺃ‬‫ﻜﺒﺭ‬‫ﻤﻥ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﺴﺘﺜﻤﺎﺭ‬‫ﻤﺴﺅﻭﻝﺔ‬
‫ﺍﺠﺘﻤﺎﻋﻴﺎ‬‫ﻓﻲ‬‫ﻤﻌﻅﻡ‬‫ﺍﻝﻅﺭﻭﻑ‬.
‫ـ‬‫ﺩﺭﺍﺴﺔ‬‫ل‬‫ﻜﺒﻴﺭ‬‫ﻭﺠﻴﺭﺍﺭﺩ‬Girard‫ﻭ‬Kabir‫ﺴﻨﺔ‬2005‫ﻝﺒﻴﺎﻨﺎﺕ‬‫ﺸﻬﺭﻴﺔ‬‫ﻋﻠﻰ‬‫ﻤﺅﺸﺭ‬
‫ﺩﺍﻭ‬‫ﺠﻭﻨﺯ‬‫ﺍﻹﺴﻼﻤﻲ‬‫ﻭﻤﺅﺸﺭﺍﺕ‬‫ﻏﻴﺭ‬‫ﺇﺴﻼﻤﻴﺔ‬‫ﺍﺒﺘﺩﺍﺀ‬‫ﻤﻥ‬‫ﺠﺎﻨﻔﻲ‬1996‫ﺇﻝﻰ‬‫ﻏﺎ‬‫ﻴﺔ‬‫ﻨﻭﻓﻤﺒﺭ‬
2005،‫ﺃﻅﻬﺭﺕ‬‫ﻫﺫﻩ‬‫ﺍﻝﺩﺭﺍﺴﺔ‬‫ﺍﻨﻪ‬‫ﻻ‬‫ﻴﻭﺠﺩ‬‫ﻓﺭﻕ‬‫ﻓﻲ‬‫ﺍﻷﺩﺍﺀ‬‫ﺒﻴﻥ‬‫ﺍﻝﻤﺅﺸﺭﺍﺕ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﻭﻏﻴﺭ‬
‫ﺍﻹﺴﻼﻤﻴﺔ‬.
‫ـ‬‫ﻓﻲ‬2007‫ﻗﺎﻡ‬‫ﻓﻴﻜﻴﺭﻴﺎﺝ‬Fikriyah‫ﻭﺁﺨﺭﻭﻥ‬‫ﺒﺩﺭﺍﺴﺔ‬‫ﺸﻬﺭﻴﺔ‬‫ﻓﻲ‬‫ﻤﺎﻝﻴﺯﻴﺎ‬‫ﻤﻥ‬1992‫ﺇﻝﻰ‬
2001،‫ﻭﺃﻅﻬﺭﺕ‬‫ﺃﻥ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﺃﺩﺕ‬‫ﺃﻓﻀل‬‫ﻤﻥ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬
‫ﺍﻝﺘﻘﻠﻴ‬‫ﺩﻴﺔ‬‫ﺃﺜﻨﺎﺀ‬‫ﻅﺭﻭﻑ‬‫ﺍﻗﺘﺼﺎﺩﻴﺔ‬‫ﻤﺘﻭﻗﻌﺔ‬‫ﺍﻻﻨﺨﻔﺎﺽ‬،‫ﺒﻴﻨﻤﺎ‬‫ﺃﻅﻬﺭﺕ‬‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬‫ﺃﺩﺍﺀ‬
‫ﺃﻓﻀل‬‫ﻤﻥ‬‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﺃﺜﻨﺎﺀ‬‫ﻅﺭﻭﻑ‬‫ﺍﻗﺘﺼﺎﺩﻴﺔ‬‫ﺼﻌﺒﺔ‬‫ﻭﻤﻔﺎﺠﺌﺔ‬.
3.‫ﻨﻤﻭ‬‫ﻭﺘﻁﻭﺭ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬
‫ﺘﻁﻭﺭ‬‫ﻋﺩﺩ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﻓﻲ‬‫ﺃﻨﺤﺎﺀ‬‫ﺍﻝﻌﺎﻝﻡ‬‫ﺒﺸﻜل‬،‫ﻤﻠﺤﻭﻅ‬‫ﺤﻴﺙ‬‫ﻝﻡ‬
‫ﺘﺘﺠﺎﻭﺯ‬300‫ﺼﻨﺩﻭﻕ‬‫ﺇﺴﻼﻤﻲ‬‫ﺴﻨﺔ‬2004،‫ﻭﻭﺼل‬‫ﻋﺩﺩﻫﺎ‬‫ﺇﻝﻰ‬‫ﺃﻜﺜﺭ‬‫ﻤﻥ‬750‫ﺼﻨﺩﻭﻕ‬‫ﻓﻲ‬
‫ﺍﻝﺭﺒﻊ‬‫ﺍﻷﻭل‬‫ﻤﻥ‬‫ﺴﻨﺔ‬2010،2
‫ﻭﺫﻝﻙ‬‫ﺒﺯﻴﺎﺩﺓ‬‫ﻤﺴﺘﻤﺭﺓ‬.‫ﻭﻭﺼل‬‫ﺤﺠﻡ‬‫ﺍﻷﺼﻭل‬‫ﺍﻝﻤﺩﺍﺭﺓ‬‫ﻓﻲ‬
‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﺇﻝﻰ‬52,3‫ﺒﻠﻴﻭﻥ‬‫ﺩﻭﻻﺭ‬‫ﻓﻲ‬‫ﺒﺩﺍﻴﺔ‬2010‫ﺒﻌﺩﻤﺎ‬‫ﻜﺎﻥ‬29,2
‫ﺒﻠﻴﻭﻥ‬‫ﺩﻭﻻﺭ‬‫ﻓﻲ‬‫ﻨﻬﺎﻴﺔ‬2004).‫ﺍﻨﻅﺭ‬‫ﺍﻝﺸﻜل‬‫ﺭﻗﻡ‬:1.(
The:Islamic mutual fundsThe performance of,Ishaq Bhatti.M&Fadillah Mansor1
,2009,Melbourne University,l Banking and Finance Conferenceth Annua14The,Malaysian Case
pp: 15-17
2
Ernst & Young, Islamic Funds & Investments Report 2010, 6th Annual World Islamic
Funds & Capital Markets Conference, ( www.EY.com)
‫ا‬‫ر‬1:‫ر‬‫ل‬ ‫أ‬‫د‬‫ر‬ ‫ا‬‫ا‬

15. 15
‫ر‬ ‫ا‬:Ernst & Young, Islamic Funds & Investments Report 2010, Op_cit, p 7
‫ﺃﺜﺭﺕ‬‫ﺍﻷﺯﻤﺔ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬‫ﺍﻝﻌﺎﻝﻤﻴﺔ‬2007‫ـ‬2008‫ﺴﻠﺒﺎ‬‫ﻋﻠﻰ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬،‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬‫ﻤﻤﺎ‬
‫ﺃﺩﻯ‬‫ﺇﻝﻰ‬‫ﺍﻨﺨﻔﺎﺽ‬‫ﺃﺼﻭﻝﻬﺎ‬‫ﺍﻝﻤﺩﺍﺭﺓ‬‫ﻤﻥ‬26,1‫ﺘﺭﻴﻠﻴﻭﻥ‬‫ﺩﻭﻻﺭ‬‫ﺴﻨﺔ‬2007‫ﺇﻝﻰ‬19‫ﺘﺭﻴﻠﻴﻭﻥ‬
‫ﺩﻭﻻﺭ‬‫ﻨﻬﺎﻴﺔ‬‫ﺴﻨﺔ‬2008،‫ﻭﻤﻊ‬‫ﺫﻝﻙ‬‫ﻓﺎﻥ‬‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﺍﺴﺘﻤﺭﺕ‬‫ﻓﻲ‬
‫ﺍﻻﺭﺘﻔﺎﻉ‬‫ﺤﺘﻰ‬‫ﺃﺜﻨﺎﺀ‬‫ﺍﻷﺯﻤﺔ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬.)‫ﺍﻨﻅﺭ‬‫ﺍﻝﺸﻜل‬‫ﺭﻗﻡ‬:1‫ﻭ‬2.(
‫ر‬ ‫ا‬:6:p,.cit.Op,2010Investments Report&Islamic Funds,Young&Ernst
‫ﺨﺎﺘﻤﺔ‬
‫ا‬‫ر‬2:‫ر‬‫ل‬ ‫أ‬‫د‬‫ر‬ ‫ا‬‫ا‬
‫ا‬‫ن‬‫ر‬ ‫دو‬

16. 16
‫ﺃﺴﻭ‬ ‫ﺘﻨﺸﻴﻁ‬ ‫ﻓﻲ‬ ‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬ ‫ﺼﻨﺎﺩﻴﻕ‬ ‫ﻤﺯﺍﻴﺎ‬ ‫ﺘﺘﻤﺜل‬‫ﻁﺭﻴﻕ‬ ‫ﻋﻥ‬ ‫ﻭﺫﻝﻙ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻷﻭﺭﺍﻕ‬ ‫ﺍﻕ‬
‫ﻓﻲ‬ ‫ﺍﻝﻤﺭﻭﻨﺔ‬ ‫ﻤﻥ‬ ‫ﻗﺩﺭ‬ ‫ﻭﺘﻭﻓﻴﺭ‬ ‫ﺍﻝﻜﻑﺀ‬ ‫ﻭﺍﻝﺘﻨﻭﻴﻊ‬ ‫ﺍﻝﻤﺤﺘﺭﻓﺔ‬ ‫ﺍﻹﺩﺍﺭﺓ‬ ‫ﻝﻭﺠﻭﺩ‬ ‫ﺍﻝﻤﺴﺘﺜﻤﺭﻴﻥ‬ ‫ﺘﺸﺠﻴﻊ‬
‫ﻝﻬﺎ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻷﻨﺸﻁﺔ‬ ‫ﺘﻤﻭﻴل‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺴﺘﺜﻤﺭﻴﻥ‬ ‫ﺭﻏﺒﺎﺕ‬ ‫ﺇﻝﻰ‬ ‫ﺒﺎﻹﻀﺎﻓﺔ‬ ،‫ﺍﺴﺘﺜﻤﺎﺭﺍﺘﻬﻡ‬ ‫ﺘﺤﻭﻴل‬ ‫ﺤﺭﻴﺔ‬
‫ﺍﻝﺼﻨﺎﺩﻴ‬ ‫ﻓﻲ‬ ‫ﺒﺎﻻﺴﺘﺜﻤﺎﺭ‬ ‫ﻭﺫﻝﻙ‬ ،‫ﻭﺍﻋﺘﻘﺎﺩﺍﺘﻬﻡ‬ ‫ﺍﻝﻤﺠﺘﻤﻊ‬ ‫ﻋﻠﻰ‬ ‫ﺇﻴﺠﺎﺒﻴﺔ‬ ‫ﺁﺜﺎﺭ‬‫ﺍﻝﻤﺴﺅﻭﻝﺔ‬ ‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬ ‫ﻕ‬
‫ﺍﻷﺨﻼﻗﻲ‬ ‫ﺍﻝﺘﻭﺠﻪ‬ ‫ﻭﺫﺍﺕ‬ ‫ﺍﺠﺘﻤﺎﻋﻴﺎ‬.
‫ﺍﻻﺠﺘﻤﺎﻋﻴﺔ‬ ‫ﺍﻝﻤﺴﺅﻭﻝﻴﺔ‬ ‫ﺒﻴﻥ‬ ‫ﺘﺠﻤﻊ‬ ‫ﺍﻝﺘﻲ‬ ،‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬ ‫ﺼﻨﺎﺩﻴﻕ‬ ‫ﻭﺘﻌﺘﺒﺭ‬
‫ﺍﻝﺘﻁﻭﺭﺍﺕ‬ ‫ﺒﻴﻥ‬ ‫ﻤﻥ‬ ،‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺸﺭﻴﻌﺔ‬ ‫ﻤﻊ‬ ‫ﻭﺘﺘﻭﺍﻓﻕ‬ ‫ﺍﻷﺨﻼﻗﻴﺔ‬ ‫ﻭﺍﻝﻤﺴﺅﻭﻝﻴﺔ‬ ‫ﻝﻼﺴﺘﺜﻤﺎﺭﺍﺕ‬
‫ﺍﺴﺘﺜ‬ ‫ﺇﺫ‬ ،‫ﺍﻷﺨﻴﺭﺓ‬ ‫ﺍﻵﻭﻨﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﺼﻨﺎﻋﺔ‬ ‫ﺸﻬﺩﺘﻬﺎ‬ ‫ﺍﻝﺘﻲ‬‫ﺃﻤﻭﺍل‬ ‫ﻭﺍﺴﺘﻘﻁﺎﺏ‬ ‫ﺍﻝﻨﻤﻭ‬ ‫ﻓﻲ‬ ‫ﻤﺭﺕ‬
‫ﺃﺜﻨﺎﺀ‬ ‫ﻭﺼﻤﺩﺕ‬ ،‫ﺍﻝﻤﺴﻠﻤﻴﻥ‬ ‫ﻭﻏﻴﺭ‬ ‫ﺍﻝﻤﺴﻠﻤﻴﻥ‬ ‫ﺒﻼﺩ‬ ‫ﻓﻲ‬ ‫ﻭﺍﻨﺘﺸﺭﺕ‬ ‫ﺍﻝﻤﺴﻠﻤﻴﻥ‬ ‫ﻭﻏﻴﺭ‬ ‫ﺍﻝﻤﺴﻠﻤﻴﻥ‬
‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬ ‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬ ‫ﻋﻜﺱ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻷﺯﻤﺔ‬.
‫ﻤﻥ‬ ‫ﺒﻜﺜﻴﺭ‬ ‫ﺃﻗل‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬ ‫ﺼﻨﺎﺩﻴﻕ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺩﺍﺭﺓ‬ ‫ﺍﻷﻤﻭﺍل‬ ‫ﺤﺠﻡ‬ ‫ﻓﺎﻥ‬ ،‫ﺫﻝﻙ‬ ‫ﻤﻊ‬
‫ﺤﻴﺙ‬ ،‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬ ‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬ ‫ﻓﻲ‬ ‫ﺍﻝﻤﺩﺍﺭﺓ‬ ‫ﺘﻠﻙ‬‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﻤﻨﺘﺠﺎﺕ‬ ‫ﺒﺘﺴﻭﻴﻕ‬ ‫ﺍﻝﺩﺭﺍﺴﺔ‬ ‫ﻫﺫﻩ‬ ‫ﺘﻭﺼﻲ‬
‫ﺍﻝﻤﺴﻠﻤﻴﻥ‬ ‫ﺃﻤﻭﺍل‬ ‫ﻻﺴﺘﻘﻁﺎﺏ‬ ‫ﺨﺎﺼﺔ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬ ‫ﺼﻨﺎﺩﻴﻕ‬ ‫ﻭﻤﻨﺘﺠﺎﺕ‬ ،‫ﻋﺎﻤﺔ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬
‫ﺃﻭﻝﻰ‬ ‫ﺒﺩﺭﺠﺔ‬.
‫ﻤﻘﺎﺭﻨﺔ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬ ‫ﻝﺼﻨﺎﺩﻴﻕ‬ ‫ﺠﻴﺩ‬ ‫ﺃﺩﺍﺀ‬ ‫ﻫﻨﺎﻙ‬ ‫ﺃﻥ‬ ‫ﺍﻝﺘﻁﺒﻴﻘﻴﺔ‬ ‫ﺍﻝﺩﺭﺍﺴﺎﺕ‬ ‫ﺃﺜﺒﺕ‬
‫ﺍﻝ‬ ‫ﺍﻝﺘﻨﻭﻴﻊ‬ ‫ﻗﻠﺔ‬ ‫ﺭﻏﻡ‬ ‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬ ‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬ ‫ﺒﺼﻨﺎﺩﻴﻕ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭﺍﺕ‬ ‫ﻤﻥ‬ ‫ﺃﻨﻭﺍﻉ‬ ‫ﻋﺩﺓ‬ ‫ﺭﻓﺽ‬ ‫ﻋﻥ‬ ‫ﻨﺎﺘﺞ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬ ‫ﺼﻨﺎﺩﻴﻕ‬ ‫ﻋﻜﺱ‬ ‫ﺍﻷﺯﻤﺎﺕ‬ ‫ﺃﺜﻨﺎﺀ‬ ‫ﺍﻝﺤﺴﻥ‬ ‫ﺍﻷﺩﺍﺀ‬ ‫ﺇﻝﻰ‬ ‫ﺒﺎﻹﻀﺎﻓﺔ‬ ،‫ﻝﻠﺸﺭﻴﻌﺔ‬ ‫ﺍﻝﻤﺨﺎﻝﻔﺔ‬
‫ﺃﺜﺎﺭ‬ ‫ﻤﻥ‬ ‫ﻝﻠﺤﺩ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬ ‫ﺼﻨﺎﺩﻴﻕ‬ ‫ﺒﺎﻋﺘﻤﺎﺩ‬ ‫ﺍﻝﻭﺭﻗﺔ‬ ‫ﻫﺫﻩ‬ ‫ﺘﻭﺼﻲ‬ ‫ﺤﻴﺙ‬ ،‫ﺍﻝﺘﻘﻠﻴﺩﻴﺔ‬
‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻷﺯﻤﺎﺕ‬.

17. 17
‫ا‬ ‫ا‬
‫ا‬
1‫ـ‬‫ﺤﺴ‬،‫ﺸﺤﺎﺘﺔ‬ ‫ﺤﺴﻴﻥ‬ ‫ﻴﻥ‬‫ﺼﻨﺎﺩﻴﻕ‬ ‫ﻋﻠﻰ‬ ‫ﻭﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﺸﺭﻋﻴﺔ‬ ‫ﺍﻝﺭﻗﺎﺒﺔ‬ ‫ﻝﺘﻔﻌﻴل‬ ‫ﻤﻘﺘﺭﺡ‬ ‫ﻤﻨﻬﺞ‬
،‫ﺍﻹﺴﻼﻤﻲ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻤﺠﻠﺔ‬ ،‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬‫ﺍﻝﻌﺩﺩ‬245،‫ﻤﺼﺭ‬ ،‫ﺍﻷﺯﻫﺭ‬ ‫ﺠﺎﻤﻌﺔ‬ ،
2009.
2،‫ﺍﻝﻘﺭﻱ‬ ‫ﻋﻠﻲ‬ ‫ﻤﺤﻤﺩ‬ ‫ـ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬ ‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬‫ﺍﻝﺘﻁﺒﻴﻘﺎﺕ‬ ‫ﻝﻨﺩﻭﺓ‬ ‫ﻤﻘﺩﻤﺔ‬ ‫ﻭﺭﻗﺔ‬ ،
، ‫ﺍﻝﻤﻌﺎﺼﺭﺓ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬5-8‫ﻤﺎ‬‫ﻱ‬1998، ‫ﺍﻝﺒﻴﻀﺎﺀ‬ ‫ﺍﻝﺩﺍﺭ‬ ،‫ﻡ‬‫ﺍﻝﻤﻐﺭﺏ‬.
3،‫ﺸﺎﺒﺭﺍ‬ ‫ﻋﻤﺭ‬ ‫ﻤﺤﻤﺩ‬ ‫ـ‬‫ﺇﺴﻼﻤﻲ‬ ‫ﻤﻨﻅﻭﺭ‬ ‫ﻤﻥ‬ ‫ﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﻋﻠﻡ‬ ‫ﻤﺴﺘﻘﺒل‬‫ﺘﺭﺠﻤﺔ‬ ،‫ﺍﻝﺜﺎﻨﻴﺔ‬ ‫ﺍﻝﻁﺒﻌﺔ‬ ،
:،‫ﺍﻝﻤﺼﺭﻱ‬ ‫ﻴﻭﻨﺱ‬ ‫ﺭﻓﻴﻕ‬2005‫ﺴﻭﺭﻴﺎ‬ ،‫ﺩﻤﺸﻕ‬ ،‫ﺍﻝﻔﻜﺭ‬ ‫ﺩﺍﺭ‬ ،.
4،‫ﺤﻤﻭﺩﺓ‬ ‫ﺃﺤﻤﺩ‬ ‫ﻤﺨﺘﺎﺭ‬ ‫ـ‬‫ﻗﺎﻋﺩﺓ‬ ‫ﺘﻭﺴﻴﻊ‬ ‫ﺒﺭﻨﺎﻤﺞ‬ ‫ﺘﻔﻌﻴل‬ ‫ﻓﻲ‬ ‫ﻭﺩﻭﺭﻫﺎ‬ ‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬ ‫ﺼﻨﺎﺩﻴﻕ‬
‫ﺍﻷﻨﺸﻁﺔ‬ ‫ﻭﺘﻨﻤﻴﺔ‬ ‫ﺍﻝﻤﻠﻜﻴﺔ‬،‫ﺍﻻﻗﺘﺼﺎﺩﻴﺔ‬‫ﺘﻭﺍﺠﻪ‬ ‫ﺍﻝﺘﻲ‬ ‫ﺍﻝﺘﺤﺩﻴﺎﺕ‬ ‫ﺤﻭل‬ ‫ﺍﻷﻭﻝﻰ‬ ‫ﺍﻝﻭﻁﻨﻴﺔ‬ ‫ﺍﻝﻨﺩﻭﺓ‬
،‫ﺘﻁﻭﻴﺭﻩ‬ ‫ﻭﺃﻓﺎﻕ‬ ‫ﺍﻝﻤﺼﺭﻓﻲ‬ ‫ﺍﻝﻘﻁﺎﻉ‬2006‫ﻝﻴﺒﻴﺎ‬ ،‫ﻁﺭﺍﺒﻠﺱ‬ ،.
5-،‫ـﺭﻭﻙ‬‫ﻤﺒـ‬ ‫ـﺼﻭﺩ‬‫ﺍﻝﻤﻘـ‬ ‫ـﺩ‬‫ﻋﺒـ‬ ‫ـﻪ‬‫ﻨﺯﻴـ‬‫ـﺼﺎﺩ‬‫ﺍﻻﻗﺘـ‬ ‫ـﻴﻥ‬‫ﺒـ‬ ‫ـﺘﺜﻤﺎﺭ‬‫ﺍﻻﺴـ‬ ‫ـﻨﺎﺩﻴﻕ‬‫ﺼـ‬
‫ﺍﻝﻭﻀﻌﻲ‬ ‫ﻭﺍﻻﻗﺘﺼﺎﺩ‬ ‫ﺍﻹﺴﻼﻤﻲ‬،‫ﺍﻹﺴﻜﻨﺩﺭﻴﺔ‬ ،‫ﺍﻝﺠﺎﻤﻌﻲ‬ ‫ﺍﻝﻔﻜﺭ‬ ‫ﺩﺍﺭ‬ ،2006.

18. 18
6،‫ﺠﺒﺭ‬ ‫ﻫﺸﺎﻡ‬ ‫ـ‬‫ﺍﻻﺴ‬ ‫ﺼﻨﺎﺩﻴﻕ‬‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺘﺜﻤﺎﺭ‬‫ﺍﻷﻭل،ﺤﻭل‬ ‫ﺍﻝﻌﻠﻤﻲ‬ ‫ﺍﻝﻤﺅﺘﻤﺭ‬ ‫ﺇﻝﻰ‬ ‫ﻤﻘﺩﻡ‬ ‫ﺒﺤﺙ‬ ،
‫ﺒﻜﻠﻴﺔ‬ ‫ﺍﻝﻤﻨﻌﻘﺩ‬ ،‫ﺍﻝﻤﻌﺎﺼﺭﺓ‬ ‫ﻭﺍﻝﺘﺤﺩﻴﺎﺕ‬ ‫ﺍﻝﺘﻨﻤﻴﺔ‬ ‫ﺁﻓﺎﻕ‬ ‫ﺒﻴﻥ‬ ‫ﻓﻠﺴﻁﻴﻥ‬ ‫ﻓﻲ‬ ‫ﻭﺍﻝﺘﻤﻭﻴل‬ ‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬
‫ﻤﻥ‬ ‫ﺍﻝﻔﺘﺭﺓ‬ ‫ﻓﻲ‬ ‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﺠﺎﻤﻌﺔ‬ ‫ﻓﻲ‬ ‫ﺍﻝﺘﺠﺎﺭﺓ‬8-9‫ﻤﺎﻴﻭ‬2005.
7،‫ﺍﻝﻨﺼﺭ‬ ‫ﺃﺒﻭ‬ ‫ﻋﺼﺎﻡ‬ ‫ـ‬‫ﺍﻝﺼﻨﺎﺩﻴﻕ‬ ‫ﻋﻭﺍﺌﺩ‬ ‫ﻭﺘﻭﺯﻴﻊ‬ ‫ﻝﻘﻴﺎﺱ‬ ‫ﻤﻘﺘﺭﺡ‬ ‫ﻤﺤﺎﺴﺒﻲ‬ ‫ﻨﻤﻭﺫﺝ‬
‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬‫ﺍﻝﺠﺯﺀ‬ ،‫ﻤﺼﺭ‬ ،‫ﻭﺍﻝﻤﺴﺘﻘﺒل‬ ‫ﺍﻝﻭﺍﻗﻊ‬ ‫ﻤﺼﺭ‬ ‫ﻓﻲ‬ ‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬ ‫ﺼﻨﺎﺩﻴﻕ‬ ‫ﻨﺩﻭﺓ‬ ‫ﺃﺒﺤﺎﺙ‬ ،
‫ﺍﻷﻭل‬.
8،‫ﺍﻝﻤﻭﻤﻨﻲ‬ ‫ﻓﻼﺡ‬ ‫ﻏﺎﺯﻱ‬ ‫ـ‬،‫ﺍﻝﺤﺩﻴﺜﺔ‬ ‫ﺍﻻﺴﺘﺜﻤﺎﺭﻴﺔ‬ ‫ﺍﻝﻤﺤﺎﻓﻅ‬ ‫ﺇﺩﺍﺭﺓ‬،‫ﻋﻤﺎﻥ‬ ،‫ﺍﻝﻤﻨﺎﻫﺞ‬ ‫ﺩﺍﺭ‬
2008.
9،‫ﺍﻹﺴﻼﻤﻴﺔ‬ ‫ﺍﻝﻤﺎﻝﻴﺔ‬ ‫ﺍﻝﺨﺩﻤﺎﺕ‬ ‫ﻤﺠﻠﺱ‬ ‫ـ‬‫ﺍﻻﺴﺘﺜﻤﺎﺭ‬ ‫ﺒﺭﺍﻤﺞ‬ ‫ﻝﻀﻭﺍﺒﻁ‬ ‫ﺍﻹﺭﺸﺎﺩﻴﺔ‬ ‫ﺍﻝﻤﺒﺎﺩﺉ‬
‫ﺍﻹﺴ‬ ‫ﺍﻝﺠﻤﺎﻋﻲ‬‫ﻼﻤﻲ‬‫ﺠﺎﻨﻔﻲ‬ ،2009،(www.ifsb.org).
‫ا‬
1- Ernst & Young, Islamic Funds & Investments Report 2010.
2- Fadillah Mansor & M. Ishaq Bhatti, The performance of Islamic mutual
funds: The Malaysian Case, The 14th Annual Banking and Finance
Conference,Melbourne University, 2009.
3- Hung-Gay Fung, Sheryl A. Law and Jot Yau, Socially Responsible
Investment in a Global Environment, 2010, Edward Elgar Publishing, Inc.,
USA.
4- Matthew P. Fin, Rise of mutual funds : an insider’s view, Published by
Oxford University Press, Inc, 2008.
5- Mohamed Nacer THBET, Fonds D’investissement Socialement
Responsables, colloque international, Avril 2010, Ecole superieure de commerce
d’alger
6- Pascal GRANDIN, Mesure de performance des fonds d’investissement,
Economica, France, 1998.

19. 19
7- Rob Bauer, Kees Koedijk , Rogér Otten, International evidence on ethical
mutual fund performance and investment style, Journal of Banking & Finance
29 (2005).
8- Yasuyuki Fuchita, Robert e. Litan, Pooling Money: The Future of Mutual
Funds, brookings institution press, 2008.
9- (Www.Socialinvest.Org)
10- (www.LaFinancePourTous.com)