Islamic Banking, Islamic Banking,

TakafulTakaful and Al and Al RahnuRahnu

LCA4562LCA4562

DR. ZULKIFLI HASANDR. ZULKIFLI HASAN

ContentsContents

�� TakafulTakaful modelmodel

�� MudharabahMudharabah: :

�� WakalahWakalah

�� WaqfWaqf

�� hybridhybrid

TakafulTakaful model model

�� MudharabahMudharabah: was developed in : was developed in malaysiamalaysia

�� WakalahWakalah: was developed in the gulf: was developed in the gulf

�� WaqfWaqf : was developed in south : was developed in south africaafrica

�� Hybrid Hybrid

MudharabahMudharabah ModelModel

�� TO as the entrepreneur will accept payment of the TO as the entrepreneur will accept payment of the
installments or contributions called installments or contributions called rara’’sulsul mal,mal,
from investors or provides of capital or fund, from investors or provides of capital or fund,
popularly known as popularly known as takafultakaful participants acting as participants acting as
sahibsahib--ulul mal.mal. the the takafultakaful operators as the operators as the
entrepreneur will accept payment of the entrepreneur will accept payment of the
installments or contributions called installments or contributions called rara’’sulsul mal,mal,
from investors or provides of capital or fund, from investors or provides of capital or fund,
popularly known as popularly known as takafultakaful participants acting as participants acting as
sahibsahib--ulul mal.mal.

�� income to the operator as income to the operator as mudharibmudharib is calculated is calculated
at the end of the contract under the at the end of the contract under the alal--
mudharabahmudharabah model model

�� (Mr. Ahmad) buys Fire (Mr. Ahmad) buys Fire TakafulTakaful Policy. He pays Policy. He pays
the contribution for RM 1000 for a year. the contribution for RM 1000 for a year. TakafulTakaful
Operator invests the contribution paid by Mr. Operator invests the contribution paid by Mr.
Ahmad in the investment company (Ahmad in the investment company (HalalHalal
Investment Counter) according to principle of AlInvestment Counter) according to principle of Al--
MudharabahMudharabah. . TakafulTakaful Operator get 10 % profit.Operator get 10 % profit.

�� So at the end the So at the end the TakafulTakaful Operator will get RM Operator will get RM
1100 (Principle + Profit).1100 (Principle + Profit).

�� Then the amount of RM 1100 (In the General Then the amount of RM 1100 (In the General
TakafulTakaful Fund) will be deducted for allowed cost Fund) will be deducted for allowed cost
such as such as RetakafulRetakaful, Claims, and Reserves., Claims, and Reserves.

�� If there is a surplus (Profit) after deduction for If there is a surplus (Profit) after deduction for
allowed cost, then the sharing of surplus will be allowed cost, then the sharing of surplus will be
distributed to both distributed to both TakafulTakaful Operator and Operator and
Participant 60%: 40% respectively (Based on the Participant 60%: 40% respectively (Based on the
agreement in the contract). agreement in the contract).

Company’s Admin

& Manag. Expenses

Profit Attributed

To Shareholders

PA

PSA

FTF

Investment Profit

PA

PSA

Participant

Company

Takaful Contract

based on Mudarabah

Payment  to

The Family from

PA & PSA

Mudarabah Model

Family Takaful

Share of
Profit on
S.H. capital

Share of
Profit for
Mudarib

Cost of Re-takaful
And Other Direct
Business Expenses

Cont..Cont..

�� In Family In Family TakafulTakaful each each TakafulTakaful installment is installment is
divided and credited into two separate divided and credited into two separate
Accounts namely, the Participants' Accounts namely, the Participants'
Account(PAAccount(PA) and the Participants) and the Participants’’ Special Special
Account(PSAAccount(PSA).  A substantial proportion of the ).  A substantial proportion of the
installments is credited into the PA solely for installments is credited into the PA solely for
the purpose of savings and investment.the purpose of savings and investment.

�� The balance of the installments is credited The balance of the installments is credited
into the PSA as `into the PSA as `tabarrutabarru' for ' for takafultakaful operator operator
to pay the to pay the TakafulTakaful benefits to the benefits to the heir(sheir(s) of ) of
any participant who may die before the any participant who may die before the
maturity of the contract.maturity of the contract.

MudarabahMudarabah Model: General Model: General TakafulTakaful

Takaful
Operator

Participant

Takaful
Contract
On Mudaraba
Basis

4
con
tri
but
ion

G
T
F

Invest
ment

Profit

G
T
F

Operational

Cost Of

Takaful

Sur

plus

Share of Surplus for
The Participants

40%

60%

Share of profit

On S.H. Capital

Share of Surplus

For the Operator

Administration
& Management
Expanses

Profit for

Shareholders

ShariahShariah Concerns regarding Concerns regarding MudarabaMudaraba ModelModel

�� MudarabaMudaraba is a commercial contract, hence not suitable for is a commercial contract, hence not suitable for

a donation (a donation (TabarruTabarru) based scheme.) based scheme.

�� Donation given by the participants can not become capital Donation given by the participants can not become capital

for for MudarabaMudaraba at the same time.at the same time.

�� Distribution of surplus among the participants in Distribution of surplus among the participants in

proportion of their contributions is like a conditional proportion of their contributions is like a conditional

gift(Hibagift(Hiba bisbis--SawabSawab) which is not allowed. ) which is not allowed.

�� Sharing of surplus in case of General Sharing of surplus in case of General Takaful(insteadTakaful(instead of of

profit) makes the contract essentially the same as profit) makes the contract essentially the same as

conventional insurance contract.conventional insurance contract.

�� Provision of Provision of QardQard HasanHasan from the Shareholders fund in from the Shareholders fund in

case of deficit is not correct as case of deficit is not correct as MudaribMudarib is not a guarantor. is not a guarantor.

WakalahWakalah ModelModel

�� a contract of agency in which a person a contract of agency in which a person
delegates his business to another and delegates his business to another and
substitutes the other in his place. The substitutes the other in his place. The
person delegated called person delegated called wakilwakil (agent) whose (agent) whose
fundamental obligation is to provide his skill fundamental obligation is to provide his skill
towards the betterment of assigned job. towards the betterment of assigned job.
Thus, both the principal and the agent Thus, both the principal and the agent
equally bound by each other under contract equally bound by each other under contract
of alof al--wakalahwakalah..

�� the practice of the althe practice of the al--wakalahwakalah allow the allow the
operator to charge fees as income upfront or operator to charge fees as income upfront or
at the point the contract is incepted.at the point the contract is incepted.

WakalahWakalah ModelModel

�� Consists of contribution (Consists of contribution (IIshtirakshtirak) by ) by
Participants (Participants (mushtarikmushtarik) that includes ) that includes
payments of fees and charges and a portion payments of fees and charges and a portion
for donation (for donation (tabarrutabarru) to a community ) to a community
takafultakaful fund. All risks are borne by the fund. All risks are borne by the
takafultakaful fund and the annual operating fund and the annual operating
results (Surplus/Loss) belong solely to the results (Surplus/Loss) belong solely to the
Participants. The Participants. The takafultakaful operator (operator (wakeelwakeel) )
does not share directly in the risk, deficit or does not share directly in the risk, deficit or
surplus. surplus.

WakalahWakalah ModelModel

�� Participants agree to pay specified direct expenses Participants agree to pay specified direct expenses
and to pay the and to pay the takafultakaful operator a set fee (operator a set fee (wakalawakala
fees) to manage the operations on their behalf, fees) to manage the operations on their behalf,
which may include a performance fee as incentive which may include a performance fee as incentive
that is charged to the surplus, if any. that is charged to the surplus, if any.

�� If the If the takafultakaful Operator is to generate a profit from Operator is to generate a profit from
its efforts, it must manage the operations its efforts, it must manage the operations
(including salaries, overhead, selling commissions, (including salaries, overhead, selling commissions,
sales and marketing expenses, etc.) entirely within sales and marketing expenses, etc.) entirely within
the disclosed the disclosed wakalawakala fees. fees.

�� TheThe alal--wakalawakala model can be viewed as transparent model can be viewed as transparent
as fees are clearly related to operator's operational as fees are clearly related to operator's operational
costs.costs.

Company’s Admin

& Manag. Expenses

Profit Attributed

To Shareholders

PSA

PA

FTF

Investment Profit

PSA

PA

Participant

Company

Takaful Contract

based on Wakalah

Payment  to

The Family from

PA & PSA

Wakalah Model

Family Takaful

Share of
Profit on
S.H. capital

Share of
Profit for
Mudarib

Cost of Re-takaful
And Other Direct
Business Expenses

Wakalah Fee

25 to 35 %

65 to
75%

WakalahWakalah Model Model General General TakafulTakaful

ShariahShariah Concerns regarding Concerns regarding WakalahWakalah ModelModel

�� WakalahWakalah model is free from many objections raised model is free from many objections raised

against against MudarabaMudaraba model but some model but some shariahshariah concerns are concerns are

still there which are as follows:still there which are as follows:

�� Distribution of surplus among the participants in Distribution of surplus among the participants in

proportion of their contributions is like a conditional proportion of their contributions is like a conditional

gift (gift (HibaHiba bisbis--SawabSawab) which is not allowed. ) which is not allowed.

�� Provision of Provision of QardQard HasanHasan from the Share holders fund from the Share holders fund

in case of deficit is not correct as in case of deficit is not correct as WakilWakil is not a is not a

guarantor. guarantor.

WaqfWaqf modelmodel

�� A A WaqfWaqf Fund would basically be a separate Fund would basically be a separate

legal entity to which the Shareholders would legal entity to which the Shareholders would

initially make a donation to establish the initially make a donation to establish the

WaqfWaqf Fund.Fund.

�� The donation can be of any reasonable The donation can be of any reasonable

amount (amount (ShariahShariah Board may specify such an Board may specify such an

amount).amount).

�� The objectives of the The objectives of the WaqfWaqf fund would be to fund would be to

provide relief to participants against defined provide relief to participants against defined

losses as per the rules of the losses as per the rules of the WaqfWaqf fund.fund.

WaqfWaqf modelmodel

�� The relationship of the participants and of the The relationship of the participants and of the

operator is directly with the operator is directly with the WaqfWaqf fund. The fund. The

Operator is the Operator is the WakilWakil of the of the WaqfWaqf Fund and the Fund and the

participants pay one sided donation to the participants pay one sided donation to the

WAQF fund (not conditional) which also WAQF fund (not conditional) which also

eliminates the issue of eliminates the issue of GhararGharar. .

�� The WAQF fund rules may define the sharing of The WAQF fund rules may define the sharing of

surplus and other rules under which it would surplus and other rules under which it would

operate but there is no obligation to distribute operate but there is no obligation to distribute

surplus. Further the surplus. Further the QardQard would be given by the would be given by the

shareholders to the WAQF entity and not to shareholders to the WAQF entity and not to

individuals as in the typical individuals as in the typical WakalahWakalah model.model.

WaqfWaqf modelmodel

Thank YouThank You

Zulkifli Bin Zulkifli Bin HasanHasan

Faculty of Faculty of SyariahSyariah & Law& Law

EE--mail: mail: zulkiflih@admin.kuim.edu.myzulkiflih@admin.kuim.edu.my

EE--mail: mail: zul361977@yahoo.comzul361977@yahoo.com..

Tel. No: 06Tel. No: 06--79884557988455

Mobile: 0163379776Mobile: 0163379776


Zsx~g1Z
Æ¬ZpÐ¦ÅZÌ

Zi

�/Zy2+g@

áW

Z1qgÐ

pZvZ°9.è WEZ°°

Zsx~g1ZÆ¬ZpÐ¦ÅZÌ
|]Z1CÙk,{ñägzZW$HāZrVägÎwZvÃtëƒñ‹āÔLLg1ZÆ,{÷XZy~ƒ�ÐÁF,

)òÔZ0âz( zZkÆ',Z',ìāWŠòZK„âVÐ÷áŠ~™})ªZKâVÆ‚Bë_~™}(X

CÙz{âŠ~ÃZ+{c*œ�ßZŠZxÐqÝHYñ‰ŠðāÔgØ]ÔZ(gZ]»ßZEw@*ā**Y,̂ÃZ+{ g1Z:
qÝƒÔ̂g]~ŠðāŠ„Ô¢!*i~ÔŠzuzVÅœÐZCâw¯¢8z){Xg1ZÎZz‡]Zq-±‡âãag~Å̂
Z(g™©8ì‰ā<»Âx�ÎŠZzg†ÅãCŠzV6,Z2ZgìÔc*Zq-Z,{»½~™́ÆÂx~T~™́
ÅZKÃð7:ƒXZ-™́c*gzBÂz{ì�ZLZ0+gZKŠgpŠg‚rƒZzgQZkÅãCŠ6,»gz!*gZzĝg]ƒXZ#g¶c*
gzBZ+q0YñTÅ̂g]ÅYñÔ†Z#gzBÎŠ6,ŒÛnŠc*YñÂZŠJgŠ¶zZÑHznÆpyÄ6,µ

ìXZzgZkz‰ÜZ#Z-™́ÃW`ÀÅgZò»½~™́Ðps™Šc*YñZzgt!*iZg~ÌÑÂß^âgZzgÌ”h+
ƒYCìX™́âgLZzgŠv̂gCr-VÃ(,~eÑÅÔkg~ZzgÈg~Ð`c*Y@*ìTÆfg=úZxÅŠzª�ß^à
YCìZzgŠ*½Æe]iDg-VÆÙA~¬YCìXZzg-VçÑ{ŠzzZã5VÔÍZzgZ%ZYÆŠgxy„ƒ
Y@*ìXŠzª�QÜsZ%ZYÆŠgxy~„W:~ä̃gSìZzgœg}ÍÔz{ÍF,+ƒDYD÷XZzg

tZ%ZYQàÃgh™ÔZL±54hé EGZzgGÃgh™pÃ]~Y™'YD÷@*āX»pyZrVäa‚ìZyÅZÙò
»gzZ×V¿uZāÂtôpg{ÃX

²:WiZŠZ:ZzgpŠUĝg]Ãg1ZÆfg=…rî**¯™çÙÃZ+}qÝGYgì÷XZkŠzg~g1ZÆ
fg=µâqZK̈y6,Zq-5‡.ÞÐ]Ýò**iw™Š~ˆìX

ZÔ[
G#$ZzgZyÅHÔZq-0*Îã›yZ:ìÔEc*guÆgZuC»î‹ÆZq-gLÐpzg]N

*u~gT¸XZsx~g1ZÅ̃ÆÆZz6,Zq-½k,GgÆẐrVäZCyÖ@Šc*ÔJÐ1ƒZÓxŒÛn[
Šc*ZzgZq-gN*‚Z:e-Z0*g¹™Zñ6,á™Zk~vƒ‰Xz{ZÏ~gT÷Ô:Hzn÷Zzg:„g1ZÆÐ

~öƒñ÷Zzgpl÷X;VZ%**gZnÂJìXøg~Š¬ìāZv̂gZ°°ZyÅZkÂ/ÃJw™BZzgZ7
çs™Š,XZzgTZZy»ZrVäbCÙ{HìZkÅ$+zª�Z7ZK?«™,XW}XtÂẐyÆ**x™[

ìX

·¬KÔ̂ãW7´ÆZq-,÷XZkÂ^ÆzŠ{Ã7,"ÆẐrVäZKâ™~ÐZjYŠc*ÔZC
yÖ@Šc*ZzgZ(ZrVäÜsZLW\Ãg1ZÅÒÐ�]Š¶ÆnHXZvg[™*̂gZ°°ÐtZiìāz{

ZyÅÂ/ÃÌJw™BZ7çs™Š,ZzgTZZyZzgZ‹y»ZrVäbCÙ{HìZk»4+,«™,XW}X
tÂẐyÆ**x™[ìX

ëƒ�ßvZKi0+7V~kH{™D÷1Z#ëZLkH{6,**ŠxƒVÔZvÆZ©xÅ§szZ:<YNZzg
ZykHƒVÆŠz!*g{Zg‚[ÐÂ/™BZzgn6,e^YNÂZyÆnZvÅ§sÐç°»z°{ìX¹Ðßv
Z,Ì÷MVäg1ZÅ̃Æ6,½k,,[1ZÌJ-:Âg1ZÐÂ/Åì:ZvÅ§szZ:ßL÷‰G#$

Zzg·¬KäHìÔtÂẐ,ßÍVÆn„–ŠHìZzgZkZyÆ‚B–ŠHìāz{Ì¤ÏÆ‚BZkX

6,̈g™,ÐZzgIZkÆā¹Šk,ƒYñÔ9gZ56,zZ:WYNÐXZ¶KYZvX

z„�
7ÂXXXXXXXXXXXXXXZi�/Zy2+g@XXXXXXXXXXXXXXXXXXXX™X

ŠâpXXXXXXXXXXXXXXXZi�ZÖ��[XXXXXXXXXXXXXXXXXXXXX™X

āXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX™X

!*[ZzwXXXXXXXXXXXXXXXg1ZÅ°pXXXXXXXXXXXXXXXXXXXXX™X

g1ZÅZZDwXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX™X

ßñV6,'×h+zŸs#XXXXXXXXXXXXXXXXXXXXXXXXXXXXXX™X

g¶ÅZŠZ5XXXXXXXXXXXXXXXXXX™X iZ&åG0 Ãp ŒÛnÅZŠZ5Æz‰Ü¼
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX™X ? H%zzÎŠg1Zì

ëg1ZÐqÝƒäzZàg¶»H™,?XXXXXXXXXXXXXXXXXXXXX™X

g1ZZzgÃt¢zg]XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX™X

!*[ŠzìXXXXXXXXXXXXXXg1ZÅ̃ÆXZëì?XXXXXXXXXXXXXXXX™X

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX™X zk @Zá Wy�~

!*[ÎìXXXXXXXXXXXXXXŠ*ñZsxX¬ÝZsxÆnœ„tXXXXXXXXX™X

Z§gXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX™X

eXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX™X

7Â
ZkÂ»̂ÄZyìLLZsx~g1ZÆ¬ZpÐ¦ÅZÌóóZzgtÂ^j„ÆnìXtÂẐLñçqÅ

ZÌ6,„FFìX~äqw„~Zq-ZzgÂ[åÅìäÄZyìLLŒÛZyz<L~g1ZÅ̃ÆóóXtÂ[�

kd$Z¶KYZv÷áùƒÏZk*y6,§qÝ,ÅqïƒÏX

tÂẐ»g~™gs§m,Å§sÐàŸzZà«Â[ì�øg}Z*ŠHxñÑ**eZË·aZ°9.è WEZ»g~

)4791X4191(g¶ZvÅc*Š~‡ìHŠHìX~¹‚g}Zx[ÅæŠ»Z‹Zs™**eLƒVXê7gÆZûŒÔ
8[ÃÒZzg†Z°æÅ›Zzg5è»NyƒVXÅzzÐteƒeā~ZkÂaZzgZkÆŴäzZàÂ[

Ænï™eZzg’k,™eXEc*guÆ¹Ð›âVäZkÂaÆYLZzgj„Æn5Ÿ:Š]

Š,XZy~z{Ì÷áï÷MVäZCz‰ÜŠ}™ZkÂ[ÆzŠ{Ã7,JZzgZLËtgzVÐâZiZXZy~�
ZÖ��[ÔÌ÷�S~aZƒäzZáZq-Zsò¬Ý÷Ôl6~½qÝÅZzgZ[Ec*gu~}÷X

Rw ZrVä„ZigZ{ÁW$ZkÂ[»ŠâpÌ–ìX',ZŠgZyIZ−+ÔÒœjÔZ̧Zx�{Åøf$Æƒ†èZw

ÌZy~÷áï÷ÔZ̧Zx�{ÆZjyuÆ»[ZŠd$�Û;Š~äÌÂ[ÆàŸ~æŠÅXƒZÅ.¸ç~ÆñÔ
~æŠ™äÆn»gg�6,ÔZzg²ÃyŒÛ7»ÌMVä= Word Perfect Windows ',ŠZ“�Zzgå

ÛR,Zzg6,Ú½HX~Wë[Z−+¾Z−+»Ì]*ZgƒVMVäZkÆ,]ÃF,KMŠc*Zzg',ZŠg·c*g»MV

Æ¸ðO»Ì�ÖðÆŠzgZyZ•ð› Samatech Printer, New York äZkÂ[»uzgt¯c*X
Zzg.»bCÙ{™DgìXZv4:z¬\ZyÓx|Z]ÃZkŠ*~ZzgWy�]~ZyÅ»zØV»,«�ÛâNX
W}X

ZvV÷á:CðÅgZ{~øg~Zk**qÃÒÃÑsJq©Zzgøg~!VÃçs�ÛâŠ,XW}X

////ZZZZyyyy2222++++gggg@@@@

Šâp
�/Zy2+g@»tÂ^Ð�LLZsx~g1ZÆ¬ZpÐ¦ÅZÌóó6,ìÔGßÍVÃg1ZÔJÆo«~

g1ZÔ̂g]~g1ZÆfg=ŠðāÔg1Z&+g=<!*i~z){Æ!*g}~(,~Zë½Zzg@ZW$AÏXtÂ[ZyP—
gZizV6,ÐÌ6,Š{ZVCìTÆfg=̂gC°Š*Æz‚bÃŠðāZzg�Ûd$Æfg=‡1™C÷X

øg}�Z#tŠ3D÷āt-ãÂx�W`‚g~Š*ÅçÙu¤/ñV6,Yc*ƒZì¾§bZK̈ãŠzª�Zzg
uâñÃ‡1~™ÆZK̈+MÃZCÝx¯©8ìA$tZ0+Zi{ƒ@*ìāZv¬\ä�™r#ÃXŠzggkó{Š}g¿ìX
ZyÓxç5]~ZyÅÃ»°Z0+gJ-ŠNgìXtÂ^GZyßÍVÆn¹ZëìXÃg1ZÆ!*g}~c*Â

¥â]÷„7c*Z•ðÁZzg**³÷XZzg{mîgÐtāg1Zä¾§bWiZŠ̂gCŠ*Ã',!*Š™ÆZK̈+MÃZq-5
nÅÝò~«1ìX

Zz6,tzZã™Šc*ìāZ#›ZLŠ+~Ð¼{6,¿™@*ìZzg¼ÃghŠêìÂ ÆÃ 'ä›âV

z{Š7VÆx.V»DgƒY@*ìXZzgW`f!çÑ{Ã̧Ò™g;ìā›âVÃZ,„§i¿6,eZwŠ}Xt
|ìāf!çÑ{ZK̈+MÅF,¹ÆnÃ÷áV7ìÉz{ßv�Zkf!çÑ{Æ™@*ŠO@*÷ZyÅZ•ð
ÃÒìāz{úZxÃZ0+ƒ}~gO){m™›âVÃ(ZzgQZ7Zq-Z,Z0+ñÃN~eZwŠ,�n„Zzg
',!*Š~ÅWy�~uƒX

g1ZÅZkç**u|ÃŠ*Æ‚tÑäÅ¢zg]¹²āÐCkÅYg„¶X=ZyìāZkÂÃ̂
7,"zZátYyBÐāZkÅ|HìX~(,~"ìÐ�/ZyÅg1ZÆZz6,-Â[»³gƒVÇX

ZvZkgLÐ1Z•ðZëÂÃ̂Jw™,ZzgZkÃÀ¬ÝZK̈yÆn**«¯Š,Zzgëƒ�ÃÜZoā6,
eZ−,Zzgg1ZÆkH{ÐXBXW}X

ZâxZÖ��[

eZ],IÔ›ÄZ3^

ÔEc*gu ZsîuÀWs**gBZ%M
Ñ8-WðCÔEc*gu Ú{Ô Ä{ Zâx!gCåEL

ā
ÞvÛ‚åæÞ’×oÂ×oF…‰çÖä]ÖÓ†mÜ

pZvZ°9.è WEZ°°

W`ßÍVÅZq-(,~ZÒe$Z#yc*Çh~y�h+Cìc*»ÒÅ:ZŠZ™CìÂÀâz{JÐg¶ZŠJggì
TÅzZ3ÅZŠZ5~ÎŠ÷áïƒ@*ìXz{ßv�™i+^»geZEw™D÷z{ÌZŠJgZzgÎŠ~C_ƒYD÷X

ZyßÍV~Ð¹(,~ZÒe$Z,ßÍVÅÌì�ZKg¶VÃôp™**eT÷ÔÂz{JY™Zy¦VÃË¡½hå
EH

e0*i^~gÄŠï÷c*1&+z){~ÎŠï÷XÐÎŠ6,o«qÝƒ@*ìXz{!*]�ZÒßv7Y…ÔZzgYy

Ì7Mh¸Z¤/ŒÛZyˆZzgÑWy�|]·~V»¼g:ƒ@*ÔāCÙŠiZ#z{g¶ZŠJgfe÷c*Qz{o«qÝ
™D÷�JZL¡½hå

EHe0*i^6,ZŠZ™D÷z{Zq-Z(kH{™D÷�i**™äÐic*Š{y�Z[ìXZkÆ´z{t
āZyÆ‚BŠðāƒg;ìZzgtÌātßvZq-Z,Âx»‚BŠ}gì÷�ß^R^ZzgŠðāŠ„~C_ìX

ZzgZy»‚BŠ}™ZkÂxÃ–gZŠ}gì÷XZ#z{ZŠJgg¶ÎŠ6,fe÷Âz{Zq-‡âãag~ÆÂx»‚BŠï÷
�Zy»ZzgŠvÓxµâqZK̈y»pyakg;ìX

ŒÛZyÎŠÃg1ZŒÛZgŠêì�āwZxìZzg—gÑZ™xõñ�ŠZ]~VätZ´yHāz{Óxßv�ZkÂx
~÷áïƒV)pZ{z{ÎŠ6,g¶Š¶zZáƒVÔc*hezZáÔc*Zk»ˆ[Â[gppzZáƒVc*QËÌÎŠ~AŠ+
~ÍZ{ƒV(Zq-Z,kH{Æ%>ƒgì÷TÆnZvZ7”h+±Z[Š}ÇXZ[Z,ßvpZ{z{·Š~ƒVc*
¾ZãÔyzƒVc*$+|Ôc*ËZzgè<ØÆczƒVÔtkH{ìZzgƒ�ÆnìXZzgz{ƒ�JwZ0*NÐXZzgtZkn
ƒÇā—g{?ZÔ;M|]·~VÃZv¬\äÓxŠ*ÆµâqZK̈yÆngÎwHgHìXg1ZÅZk̃Æ
»¬TŠgZ%ÃVÆnìZÚ„KVÆnÌìÉ‚g~ZK̈+MÆnìX

µâqZK̈yÆz{Óxßv�ŒÛZyÃFg÷1pŠ77,_Ô�7,|™ZÐZv»¬â+Ð¤/m,™D÷ÔZzgz{
ßv�ZÐZ©xZÞƒä»Z‹Zs™D÷1ZkÆ¬6,¿7™D‰āg1Z»¬ÔZLZk§i¿6,kH{»Zg‚[

™D÷ZzgZyÆ‚BñÐ÷YñÇX

hÂtìāŒÛZyäÂÜsg1ZÆZyZ©â]Å¤&Åì�ZkÐIZv4:z¬\ä|]ñ.m
Z?xÔ|]ŠZîŠmZ?xZzg|]}mZ?x6,**iw�Ûâð¶X

g1ZÕìZzg—gmZ?xäÕÃkH{ŒÛZgŠc*ìX²Ã]Æ£x6,—g0*u~VäZ#ZKZ#ÖÆn
āW\{?Z°Ë~VZvÆ8[ ÔZk|Æ!*z�Š gŠ™Š~ˆ Zk|Æ!*z�Š kHƒVÐç°ÅŠ¬ÅÂz{

¸X

|]†Zv0%ŠkägzZW$HāLLZvÆgÎwå²Ã]Ægzi÷áxÆz‰ÜZvÆWÐŠgpZ„�¦/Zgƒñ

āZ#ÖÃçs™Šc*YñÂW\Ãt�Z[5āLL~Zyƒ�Ãçs™[ƒVÎZñÕÆZknāT6,ÕƒÇ~
ZkÃªÝÆÜs7gZ$+!ŠzVÇóóXQ—gåäŠ¬ÅLLZ}Zv!Z¤/W\e÷Â¤xÃ¼A~ŠZ4™Š,ZzgªÝÃçs

™Š,)ªZkªÝÃ�Z#Ö·~å~ÐƒZzgç°»¤gƒ(Zk»�Z[Z7Zk÷áx75XQW\äZÏZiÃ
Šz!*g{ðÆz‰Ü'×Š2~ŠCÙZc*XQZyåÃZk»�Z[5ÂW\~V|Šñ)c*ZrVä¹āW\å—ZŠñ(X

|]Z1–ñZzg|]/ñäW\åÐŠgc*Ä�Ûâc*Zzg¹LLc*gÎwZvåøg}âV!*\W\6,ŒÛ!*yƒVXW\YVÚ

YèZ,z‰Ü~W\pÙ»ZÖg™D7ŠA‰XZvW\ÃZÏ§bªgÇXóóW\åäZg÷áŠ�Ûâc*ÔLLZ#Zv

ÆŠÔZ+äŠ¬āZvä÷~Š¬Jw™àìZzg÷~Z#ÖÃçs™Šc*ìÂZLu~Šðw½àZzgÌ;ñ

)òÔZ0âz( ÷~y�Z!ÔZk»tqwŠN™=çWˆXóó

Z¤/g1ZZâç**uqìÂQtZK̈y»�ÛnáCìāz{ZkÆ!*g}~7,ñZzg¥â]qÝ™}X1Zk

Æ!*z�ŠZK̈yäZkŸ~(,~Ã@*„ÅìXZzgZk6,eZŠtāXßÍVÅtf)ŠZg~¶āz{ßÍVÃŠ+2Nz{
ÌZkZ%~',~§b**»xgìZzgZk§såÂz7Š~Zzgz{Ì!*z�ŠZk|ÆāŒÛZyä',5ŠúòHāÂgZ]

ZzgZg~g1ZÆZ©â]Ã',~§bÂhZ%zhZŠHìX

Ìg1ZÅ̃ÆÐ**z�¸XZLOƒäÐ¼„I (Malcolm X) Z(Ckƒ@*ìā!5ÓÀê GZo
Z#ZyÆyÃZyßÍVän{™Šc*�tB¸)ZzgW`ÌB÷(āz{¼ZgÔ̧z{Zq-JÐyy�h+äÆn
ŒÛn»Zq-ç@{™ä„zZá¸Xt¸!5ÓÀê GZoÅÎZö§]~ïYñÏä**xì

!5ÓÀê GZoÅç{eZËe×iäpŠ= (Autobiography of Malcolm X  By by Alex Haley)

Cc*āZkç@{ÅŠÐ¬„z{O™Šñ‰¸XZ¤/!5ÓÀê GZoÃZväZzg/Š~ƒCZzgz{ZyßÍVÆ;ðV�

ZvÆZzgZyÆŠÔÔ̧O:™Šñ‰ƒDÂz{g1ZÅZpÐqÃY+ÆnZC7gZizgÎŠïÂz{GZk].h+nÅ

ÃZq-Z+¢[âgD�ZÆ',5991â~zZd~({ÃxZ�ÛZŠÆ�âgaÐ ( Neo- Slavery) Ýò
ic*Š{”h+ZzgZW,Z0ƒC�Z%OÎ‚Ì~ñ�Š±6,4Zzg(ÏzçÙ**Z»AVÆÜsHŠHåXz{Ó‘�W`

Š*ñZsx6,xZy÷ZrVäÌZ•ð"-Zzg"ŠgŠ~ÐZsxÃŠðāŠc*ìZzgg1Z~@ðŠïÐZ,ŠZ4
ƒ‰÷āF›̃Ấg1ZÅ$+zª�Z,Hznƒ‰÷āÍc*åÝò~«}‰÷X

ZÏg1ÅzzÐëZq-Z,Šzg~Ygì÷˜VZZyZzgZZyŠZg~(,~W‚ãÐ¸T$ƒYCìX—gÑ
™*JZW~VäZÏ6,îŠzgÅ§sZ÷ág{HåZ#W\åä�Ûâc*LLZq-WŠòÎñÇÂZZyZkÆŠwÐò
YñÇZzgÜsZq-Z(¶Ky!*¹g{YñÇ‰({Š™0îEXQWŠòÎñÇTÆŠzgZyZkÐZZyZzgÌÁƒYñÇZzg
z{Š™0îEZÚg{YñÇ‰āËÆczV6,Zq-Ïg~¤/}Âz;VZq-W¨7,Yñ�ƒ�ßÍVÃŠ3ðŠ}1Zk~Z0+g
¼:ƒXßvZK̂g]~'wƒf1½z�Æ‡.ÞZq-WŠòÌ÷áZ+„AÇXZzgQt¹YñÇā#V#VF

~Zq-(,ZZZ0+ZgWŠòìZzgQ¼²āˆt¹YñÇā#V¿÷WÔ3,x%gZzg¤!gWŠòì1ZÝ~ZkÆŠw

)gg~( ~gZðÆŠZäÆ',Z',ÌZZy7ƒÇXóó

¹ÐßvZk!*]ÐZ·t™,ÐāëW`ZÏŠzg~g{gì÷T»E+™{Zz6,Šg`”{ug$Igu

~ìXëZzgW\ŠzgîÐ*ggì÷XZ%OçÑ{~CÙZ!x5+k,ƒäzZàZÜ¹Šg6,Z%O(„�ŠZym
Q0÷Zzg-Vz{ÌZk!*]Å@*Z+™D÷āWy�~ŠzgWŠHìTÆˆ'{Ø„ìXW`ÅŠ*~g1ZÐic*Š{

ç**uZ+ZzgÃðq7Zzgtøg}Z0+gÅg„�ZZ0+Zg~ZzgCðÃ!~Ð»™g„ìXŠgZÝg1ZÅñ�ŠÏ„
Zk!*]ÅÍZ„ìTÅZ:q—gÑ™*ÃZÅ)åE"54è

EEGEgØZr=~Vä‡ÝÃŠ~TÐz{ŠYwÃTyÃX

W`µWŠxÃZk!*]Å¢zg]¬Ð}ic*Š{ìāz{@ZW$ÆnZyßÍVÅ§sg�q™}�¬ÝÌ÷
XÆ0*kz{0*u™sDÌìZzgz{ZkÃBÌ÷X)Š¶Z§gXâ^X1(Xtz„0*À{Dì�ZkÐI
ÂgZ]~|]ñ.mZ?xÃÔi1g~|]ŠZîŠmZ?xÃZzgZg~|]}mZ?xÃŠc*ŠH1&ZK̈yä
ZL¢Š~$+w1Zzg"g·ÐZy~’p™Š~X1z„DQ¦**zñÑ**Z£W·!{‹§ö

E
W~VÆZz6,**iwƒZZK

Z-qª�~ñ�ŠìZzgåå%’pÆôpgìÇXZ¶KYZvXøg}ZgnŠ*ÆZy!*¹ŠâV~t¢zg]ì
āZk@ZW$›ã6,«DÃŒYñÔZk6,ZZyÃ¢oHYñZzgZkh6,¿HYñ�ZÏg[»Ñ]Å§sÐWc*
ìTä¬ÌtD«HXZkŠzgî~ZZyÅ™«ÆnßÍVÃ',ŠZ“�»bCÙ{™äÅSÑ™*~V
äpŠ�ÛâðXg1ZZq-Z+-ã¤‰Üì�Z•ðn{ÁìZzgZZyÆ9}ZhZäZzgZkÅãCŠzVÃeJä»»x™
g„ìXZkŠx›âVÆnZkÐic*Š{ZëZzgÃð!*]7āz{g1ZÆÜse^YNZzgñz',ŠZ“�»bCÙ{

™,X

g1Z„z{zZufg=ìTÐZyfYÃT**YYìXÆ0*kDÌìZzgz{ZkD6,¤&Æ‚B¿Ì
™D÷X—gZ™xÑ',h~Vä�Ûâc*āZq-!*¿¬Ý)z{D�Zv4:z¬\ä**iwH(-y6,DÙZg"¿
¬>VÐic*Š{¸g~ìX6ā!*¿¬Ý¸|]/gèZvÅXÆn—g0*u~Vä�Ûâc*āLL/vuÆT
§s¸ì-yZkÅŠzu~‚~¸vY@*ìXóó

Z#J-µâqZK̈ãZyßÍVÅ§sg�q7™}ÏXÆ0*k:Üstāg1ZÅ̃Æ»DìÔÉz{
ZZ0+Zg~ÐßÍVÃŒÛZyzug$ÆZkDÅ½ÌŠï÷ÔZK̈+MZÏ§b{ÑgìÏZzgZkÐÌic*Š{)]Ô

6,.ãÔ$+Z*Zzgpygm,~»DgƒÏXª#ÖÅ¶KEV~Ð�¶K*V—g÷ágbZW~VäZLô!Ô¦**
|]v.fñÃCNZy~ÐtÌ¶āLL¼ßvƒf�÷~<LÆÜsáÐÔZyÅ‰!*'YãTã
ƒāp‰~ZvCk™zÐX~ä7YÔHQZkíÆÑ̂WñÇ?X�Ûâc*ā;VX3ÆŠgzZi}6,šä
zZáƒfZzg�ZyÅ!*]âyáÇz{Zk~Z7NŠ,ÐX~ä²nÅc*gÎwZv~VZyÆ¼Zz™sÒy

<X�Ûâc*āz{øg}‰„ƒfZzgøg~i!*y„1BÐX~ä7YÔQZ¤/~äz{iâ:0*1ÂW\åZkÆ
!*g}~=H¬Šï÷?X�Ûâc*ā›âVÅ)®)ZzgZyÆZâxÆ‚BgxX~ä²nÅÔZ¤/›âVÅÃð
)®):ƒðZzgZy»ÃðZâx:ƒZÂ?X�Ûâc*āQZyÓx)oVÐZµgxpZ{»Šg|#Åa�çã7,}ŒVJ-ā

)gg~z›( ZÏqª�~vg~ñ]WYñXóó

~ä&+Z]pŠZq-ŠxZVc*āÐZÏ§bÅZq-)®)~÷áïƒYîV�ÜÄ»Âx‡ì™äÅ
ÃÒ™g„ìXZk)®)~ËqÆnZ÷ÅZ¤®)Æn=³™äÅ¢zg]¶X~äZ(„Hì
Zzg=8+MìāZz6,ÒyÅƒðug$IguÅ_“~=Zq-Z÷Å@ZW$Æ�¿™äÅpÙqÝìX

9›ÅZkug$IguÆ_.Zk³Æˆ÷ZÔYqÅqª�~ñ]Wä»ç{ÌY@*g;XYeZÑ×
t¹LL�ÌZâxZzgZ÷)®)Å³Æ%%ŠHz{Yq Zî� Zî`ÆÜs äW`Ð,‚wIÜÄÆ{Ø6,

~%ŠHXóó

—gÑ',h~Vä[Z−Yw»E+™{Hìāz{ÑN*[Z#WñÇÂ¼AÅ§sYäzZágZ3ÃWvÐ
½ZƒZŠ3ñÇZzg3ÆgZ5ÃŠgc*ÆQ}0*ãÅ§bXZºnŠYw»ŠzgZ•ðŠðāZzg�Ûd$»ŠzgƒÇXZzgtŠzgZ(
ƒÇāZK̈yä|]WŠxðÆˆÐWy�z‰ÜJ-7Š¬ƒÇXW`g1ZÅgshZk!*]Å´#Öìāz{Wy�~z‰Ü

WŠHìXŠYwÔ{}Ô»z{ŠzgWŠHì�·Š-VÃxŠðāŠ}ÇZzgZ7»ïn„z',!*Š~J-àŠ}ÇXZkz‰Ü
åÐic*Š{Zk!*]Å¢zg]ìāCÙ›y%ŠZzgúg]TÃZLZZyÅsäe’ZkÆn¢zg~ìāz{
YqÅñ]%äÅOñ¯g~îg6,Z+)®)~÷áïƒYñ�ŠZgZ?xÆªxÆn»x™g„ìZzg�Zq-
Zâxc*Z÷Æ�^g„ìZzgTÅ³™ÆZkÆZ©â]ÅzÅYñX

ëäZy,]~tÃÒÅìāZyßÍVÃ¥â]Š,�g1Z~¥â]7gnpÔc*z{ßv�g1ZÆ!*g}

DqÝ7ìXZk~�¼Òy u}ÐÃ„ §qÝ ~ßZ:¬]gnp÷c*QZ,ßvXÃg1ZÆ!*g}~
HŠHìz{Üs¬gsì�Zk!*]Å§sŠú]Š}g„ìāÎeYñāZsx~g1ZÅ�̃ÆWðìz{¾
ŠgZëìX…Zyìā›yg1ZÆ!*g}~Zh§båDqÝ™,ÐZzgYYyÐZkÆÜse^

YNÐXøg~tŠ¬Ììāz{ßvXßÍVäê',CìZ[ZKi0+Ï6,Šz!*g{ÃeZBÐZzg�̀ZY]zÈ»
bCÙ{™,ÐÔŒÛ!**VŠ,ÐZzgŠg„�‚~áÐ@*āZLW\ÃZzgZLyzZßVÃZvÆ±Z[ÐXBXZk

Â[~ëäÃÒÅìā¬g1ZÅ°p7™,ZzgQzZã™,āÑ<~g1ZÅ̃ÆÅXZÌìXCÙ
z{¿�tŠúò™}āz{ZLè<Ø6,¿cZìpZ{z{|ðƒc*·Š~c*yzc*$+|ƒc*›yÔÃðÌƒZzgZkÂÃ̂7,|
™z{ƒ�¼Ç™á�Zy,]~Šg`÷Ôz{Zk!*]Ðù7rZnÇāz{Zk*yÆ!*g}~'×h+
¥â]qÝ™}Zzgg1Z~ZÏ™kH{»Zg‚[:™}XZsx~g1ZÅ̃ÆÆ*y»9DqÝ™äÆn
…ƒ�Ð¬Zk–~.Å§sg�q™**7,}Ç�Zvzu{ÑÑq-Å§sÐ**iwƒZZzgFœc*V¦/gäÆÌ̂

W`ZKZÝ^~7g}W[z@*[ÐCÙnÅ�gpÐZzgp=VÆ%ôpìXZ¤/ZvÃàgƒÂZq-×»x
ŒÛZyz<L~g1ZÅ̃ÆÆÄZyÐ’k,™jVXZ›:ÜstāŒÛZy~**iw”{g1ZÅWc*]Å=ôƒÏÉ
@*g]jZ!Y]ÐZzgzZu]ÐÌZy!*ÂVÅ¤&ÅYñÏXZzgZy&D+g÷ZŠZxÅzŸs#ƒÏX~Zv
nguz¬\lzûäg1ZÃZsòçÙç5]Ð́îg6,"Š4™ä»¬Šc*ìZzgZsxäT6,¿™ZÆŠ3c*
ìXZk*y»ŒÛZyÆjZßVÐ_·|ðZzg·Š~|Z]ÆnÌŠp»!*)̄ƒÇāz{ŠBāZyÅZgZzg
Âge$~ZvÆ¯xÃ¾§b*™Šc*ŠHìXŒÛZyÆẐk*yÆ_·Æn4+ZzgxjZ!<LgÎwWy�

~V~MìX

!*[Zzw

g1ZÅ°p
t!*](,~ZÌÅqïìāg1Zc*g!*c*ÎŠÆ0ŒÛZãZ©â]ÅZzA**iw”{Wc*]~„ZkÅå

°pCŠ~ˆXÎg>ZMguZ°zxÅWe$�93~Zg÷áŠƒZā:þLLZzgt�?ÎŠŠïƒ@*āz{ßÍVÆâw~÷áïƒ™
(,|YñÂz{ZvÆ4,Šq-(,k7ìÔZzg�i2>?ZvÅpÛŠ~qÝ™äÆZgZŠ}ÐŠïƒÔÂ�ÌZ(™D
÷z{÷�)ZLâwÃ(FkH(,Jfe÷XóóZkŒÛZãWe$ÅgzÐg!*»ÈtƒZ:LLŠzuzVÅŠzª�ÅãCŠ6,ZK
Šzª�~ZŸ†XóóªŠzu}ZÖp~ZeÈtƒZāZ¤/÷~Šzª�~g!*Æfg=ÐZŸ†ƒZÂZkÅzzÐ÷Z

Ìˆg]Æi%}~7WYÉtÂˆg]»Z«� 6, ÃG{ÔvgZc*ŠzuzVÆvyÆ',Z',ƒÇXZ(AŠ+Ëîg
ƒÇXZvnguz¬\äˆg]Ã'wZzgg!*ÃwZxŒÛZgŠc*ìXg!*~Zq-¿»ÃG{Šzu}Ævy»!*)̄ƒ@*ìX
Z#ā̂g]ÆnZsxÆZ©â]t÷āAŠ+~÷áïÓx0*gkVÃDƒZzgt»x!*bgŸq~ÐŒÛZg0*ñX

)ŒÛWyÔ92þþ:4(

ÎŠc*g1ZÅZk°pÃZÏŸ~**iwƒäzZàŠzu~We$~'×h+¾e$Š~ˆZzgZv¬\ä·Š-VÃZy

ÆÕZzg',',e$6,uiøÅXZyÆÕz®~~Zïg1Zc*ÎŠ»»gz!*g÷áïåXqÑèZyÅÑ<~zZãîg6,
g1ZÆAŠ+Å˜Æ¶XZv»¬å:LLþZzgÎŠ1™DÔ̧qÑèQ7ZkÐIHŠHåÔZzgßÍVÆâw**h
§jÐ3D¸XZzgZy~�ßv»�Û÷ÔZyÆnëäZq-ŠgŠ**u±Z[»g™g3ìXóó

4( # )Îg>ZûYÔWe$

ZyŒÛWãWc*]ÅgzÝ~øg}‚tg!*Åt°pWCì:LLwZxZzg!*ëfgZùÐŠzuzVÆâwÐZL
âw~ZŸ†™**óóXg1ZÆŸ~**iwƒäzZàŠ~Zzga¶Wc*]~Zv!*g~¬\g1ZÅZq-ZzĝÅ¶K0+„
™D÷T»ÈZk§bŒYYìā:LLgzBZkÑo6,ZŠJgŠbā¬ÐHg”{g¶ÆZŸ†Æ‚BzZ:

)ŒÛWyÔ972:2Zzg031:3( HYñXóó

Zk°pÅgzÐg1Zz{ZŸ†ì�¬Ðð™1YñXZv4:z¬\ZkZŸ†Ã)‡âãŒÛZgŠï÷�ā

ZŠJgŠñƒñZÝigÆ$+á~qÝHYñXZzgtZŸ†Šzu}ÆâwÃß§iÐZC¯heÆ',Z',ìXŠzg
YqÆ²[çÑ{~g1ZÅt̂»gz!*g~ZzgfZCAŠ+~¹¬x¶X

g1Z‰Zz‡]Zq-Z,ÂxÅ̂Z(g™©8ì&LL‡âãag~óóÈMh÷X)ŒÛWyÔ161:4(6,$h4è
EHE

(ª‡âãag~»ÂZEwH�āuâc*ŠZgZ:çÙÂx Legalised Theft -Eg¥Æ6,zWgl�eÃ´ä)
2(Xøg}4,Šq-Óx»ÓxuâtŠZgZ:çÙÂxß^R^6,FFìXt‡âãag~ # ~gZòåX)Š¶Z§gâ^

Wy�ƒC¾§bÐì?

ŒÛWyˆäg1ZÅZq-{mnÅ§sZ÷ág{HìäjZ!Zz6,Šc*Y[ìāTÅgzÐÎŠ6,g¶»AŠ+T
ë÷ZzgZk»ZŠJg Interest ~ZÝigpŠlŠ¬ÐHg”{lZgÆ_.(,k`Y@*ìTÃW`ÆŠzg~

Š~ƒðg¶Å¶c*ic*ŠCÐÃðm7ƒ@*ìXZzgZkÅ̃Æ—gÑ™*~V6,**iwƒäzZàWy�ÅŒÛWãWìV

~™Š~ˆ)ŒÛWy182:2Ô872:2(XZzg@Zá™Š~ˆāÎŠ6,ÅˆAŠ+Ð�g¶!*¹$ˆìZkÃghŠ,XZzgQ
t@ZáÌWˆāz{‡Ý�Zk¬6,¿cZƒfz{ÜsZkg¶Æ,Zgƒf�ZŠJgŠ~ƒðg¶Ð%ÎŠÆ$g„

872(XŠgZÝŒÛWyZ,ËAŠ+Ã�ÎŠÅãCŠ6,ƒÔ̂gCAŠ+Ð{g`ŒÛZgŠê # ƒX)ŒÛWyÔÎg{•>We$
ìXZ(ÎŠZŒÛWyÆ4,Šq-̂g]7ìXZv4:z¬\äˆg]ÃY,̂ZzgÎŠÃwZxIZc*ìXZknāÎŠ̂g]

7ìXÓx̂gCAŠ+Zq-ôpZzgWiZŠ̂gCâjw~ƒ**e’XZzgZ,WiZŠ»gz!*g~cY~Zßàîg6,o«»
ZkyƒÇÂvy»ZÈwÌƒÇXg1ZÅßg]~Z+ßg]qwÐ0»^™òYc*Y@*ìÔZzgZkÅzzÜstì
āç}ÃÁ™Šc*YñZzgvyÆÓx}.÷á]ÃïwŠc*YñZzg#™Šc*YñXtÂ**Z»°ƒðYèZ+»gz!*g~c:
ÂWiZŠZ:ƒÏZzg:„²:XZ¤/ç@{ÆZq-�Û&ÃÓxvyÐåDqÝƒYñÂŠzuZ�Û&Ñõ!ÓxvyZzg

Äg}Æç}Ã',ŠZ“�™}ÇXZk§bŠzª�!h4¨Õä
GGþ¬�Û&Å§svƒCgìÏXZzgŠzuZ�Û&ÜsvLÃ

',ŠZ“�™g;ƒÇXZzgvN*Ìz{�ZeZCÌƒÇZzgŠzu}�Û&»ÌƒÇXW`ÅçÙŠ*~t„ƒg;ìXZz[

�ÛZ÷~|ðl�aÅ“Æˆ7g}-g\äg!*ÆZßßV6,FFuÃJw™ÆZÐ¾e$Š~ìX

W`ËVZzgŠvZŠJgŠ¶zZáçÙZŠZgzVÆŠgxyÎŠÅÑb¶āÅ�ŠzhÐƒðìz{Zk!*]ÅÍZ„
7ìā̂gCâjw(,ZWiZŠZzg²:ìÉŠg|t™ZñÆZ‡ŒVÆŠgxygf$Å“ÆáZŠsì

XÓxJ¾'VÅW!*Š~ÐŠzgƒDYgì÷YèËVÃ¾'VÃZŠJgŠ¶ÐÃð¾n7XZ¤/t¾'VÆ‚B
ÎŠZ™,ÂZ7Äg{ÌJw™**7,}Ç1tßvÂvL»ÎŠZ7™DZÏnÂtßvZ#ZŠJgŠï÷ÂZk!*]Ã
ƒ�Ð¬D¯D÷āvyÅÃðßg]!*¹:gìX

Z#çÑ}»çÙÂxg1Z6,FFƒÇÂQçÑ}ÆÓxZ÷åZ÷„g345Áõ XG
EYXYèz{ZL»gz!*gÐ

Äg}ÆÓxŠPÆÃåîg6,»™Šï÷ZzgŠzuzVÆâwÐZKŠzª�~Î@*gZŸ†™DgT÷XZ[t
0*ÎVÅ$+zª�ZyÅiŠ~W™Óx»gz!*g~vy»1úpŠ risk free Šzu}ßvpZ{¾d$:ƒV1ZyZ÷zVÅ

ZL»0+ðV6,ZVfe÷Zzg-VZ÷zVÃZzgZ÷“W~æŠŠï÷XZzg¸ç}Ðôpuât»g~ŠgZÝ‡âãag~

ìXZzgZÏÅ$+zª�¾'VÅ®ZŠ~Î@*gZŸ†ƒ@*`Y@*ìZzgt¾d$gCgCZ#kÅu,0*g™D÷Zzg¾"$pŠ
Z•ðä~¬YCìXg‚ª�–[~VäZ#�Ûâc*ā�¾"$ÅZ•ðä~`YñZeZv6,ÐZZy»
ƒY@*ìÂZkZg÷áŠ»Èt„åXg!*ÆZk@*ä!*äÐ¶ƒñW`ÆçÙÂxäµâqZK̈yÆZq-¹

(,}¤/z{ÃxZ#k~2™Šc*ìXŠ*~ÑÅV™zhzVaW`Èu»Dg÷Zzgñ]Æ³÷YèZyÅ
Ó‘ZyŒÛ£Š¶zZàŠzu~qVÃZKZq-¹(,~g¶ÎŠÆ[ä~Š¶6,6g÷XÑÅV”VÃðÐ÷áx

±Å7QZknāZyŠz²ZîVÆzZ−+ .Zg~ J-œ'×Šzg~™ã7,CìXÄ„ÇîVZ,÷˜VZq-Ì
Z#kZzgÈuÆ;ðV6gƒ‰÷āZK±YVÐŸ�ÛzÙ™zZNXZkßg]qwÐÜs=ÆZ0+ñ„
**zZ�÷ZzgZyÃtÃ7Wg;ìāg1ZÆZk…rîäçÙÂxäŠ*Æ‚BHHìZzgH™@*Yg;ìX

ËÌ¡qçÙâjw~Šzª�7g}çÑ}~x¤/Šl~gSìX1Z#g1Z»Âx‡ìƒ
ÂŠzª�ÜsZ÷zVÆ¤/Š**ûìXW`ÅŠ*ZÏÆH~¤/ëgìZ#ātƒ�¼Zb�ZñF,0Ì÷Œz]Ôè{¤/Š~
ÔâgŠJhZzgŸŠÆXZzgZkÐÌ(,|™tātCVÅÝò»Ẁ¸iìXW`ÆŠ*Æ½âCÙ́‘ÅçÙßg]

qwZ+„ìXZzgZ,~Z#ZsxtWzZiQVñZzgßÍVÃZkçÙÝòÐï%Å!*]™}Âzc*ZÐ›âV

ÅãCŠ6,4»**xŠ}ŠîìXZzgŠBÂtÌ!*ÇzZãìāZ(YVƒ@*ìXZknāW`zc*XßÍVÆ
;ðV~ìtz„÷MVäg1Z»çÙÂxF,KMŠc*ìZzg7g~Š*ÃZk~«g3ìX÷áZ+ātgN*‚Â^
Z%O7,"zZßVÅ)Zzg›‡g~ÅÌXáW(W@ÅwŠ}ZzgZyÆZ0+g'×h+¥â]qÝ™äÅÎaZ
™Š}XW}X

Z¤/ë—gÑ™*~VÅZqŠg$Å§sg�q™,Â…¥xƒÇāg1ZÅ¹Ï9÷X~ÎŠ6,g¶
»AŠ+ÜsZq-nìX"—gÎwZ™x~Vä�Ûâc*ìāg!*Å,Õÿ÷Zzgz{ƒ�Åƒ�W`ÆçÙÂx
~ŠZ4ƒ_÷X

g1ZÅZZlx
Íā—g{?ZÔ;M~Vä,nÆg1Z»ØÂCc*1W\~VäZyÅZZlxÅ,7

CðX÷ágbZW~Väg1ZÅZyZZlx~ÐÜsPÅ¶K0+„™Š~ìXZkÐtÈZ~.HYYì
āŠ*~g1ZÅÜg9gZò÷ZzgtCÙŠzgÆfñZsx»�Û9ìāz{ZvÆZ©xZzZ%zâZ„ÅgzÝ~ZïY,̂{
BZzgg1ZÅZyÓxZlxÃ"Õ[™Š,X»—g~VäE+™{7H÷áZ+ZknāZyÆ0*uŠzg~ZyZlx»

Šg`fs~ë W)õ G0 ZÌ¼g7ƒZå1W`ÆŠzg~z{7g}W[z@*[ZzgizgzØgÐªCÙƒ̂÷ZzggzZ`0*ˆ÷X
g1ZÅZyZlx»Y,̂{B�÷ágb',h~V…C‰÷X

1Xß‡V)ZŠJgAŠ+(
¼»gz!*g~ç5]~—g0*u~VäZŠJgAŠ+ÃI™Šc*ZknāZy~g1ZÅŠ4Z0+Zi~ìX

|]Z‚)0ih+ñÐ®wìāÑZŠk~Vä�Ûâc*ìþ:þLLZŠJg~g1ZìXóóZÏ§bZq-Šzu~gzZe$~
Zk Š+ %z~ìā:LLZ¤/ZŠZ5;BÆ;BZÏz‰ÜƒÂZk~g1Z7ìXóó)gg~z›(VwÆîg6,Z(A

z‰ÜƒÇZ#tËYâgÆ$+áŠzu}YâgÅ�Ûz|#ƒX|]ª{0+[ñägzZe$Hā:LL—gmZ?xä
Z,YâgÃYâgÆ$+á�Ûz|#™äÐI™Šc*TÅZŠZ5¼²āˆÅYñXóó)F,è~Ô̈KðÔZ1ŠZîŠÔZ0âzÔ
ŠZgò(XZ,»gz!*gÆI™äÅZq-zzt™~WCìāZk~YâgÅñ]c*Fg~c*Z+„ÃðZzg**�ãqÆ
ƒä»ZÈw0*c*Y@*ìXZzgZ+ËqÆzZµƒäÐŠzâV»gz!*g~�ÛhVÆŠgxyZ%saZƒä»Zky

ñ�Šƒ@*ìXZŠJgÆÎŠ}ÃI™äÅZq-zztÌƒ$ËìāZ¤/Zq-�Û&',z‰ÜZŠZ5:™nÂŠzâV�ÛhVÆ
ŠgxyZ%sÌaZƒYìZzgç5]™Mh÷XÑHZ%M~ig¦i�VÆCÃxâ´ZyZ&++;g-VÃ

Latifundia heÅF,(Šï÷ZzgQZ#¾d$;g~ZŠZ5:™nÂZkÃj»x™ä6,6g™Šï÷X ™ ZŠJg
ªÑHZ%MÅig¦ußÍVÃZÏ6~M÷™6,zZym�JðˆX

ëäEc*gu~ZLeg‚!ªxÆŠzgZyƒ�Ð4+Òy�‹z{R,+§È"»å�Z�Û$©è GGEZ%OìZzgE
�̀ÏÅâgDã~åXZkä¹åā:þLLZŠJgÝòÅ§szZ3»ªŠxìXóó÷áZ+z‰ÜÆŠJg}~Ëz‰Ü
z{ZLÒyGƒñZk]ÃZkÂ^~7,|áZzgZkz‰ÜÃc*Š™}Z#ZkätZÖp¾¸XZkã~øg~

ßzZgVLZsx~WiZŠ~ÆÃtóÆ0åZzgT»ZW,tƒZāZkã{:ÆZq-ÎÐic*Š{%ŠzVZzgúgÂVä
ZsxJw™1XZÄA)åNvXÓx°=ÜsZv4:z¬\Æn÷X

g1Z»ÂxZŠJgÃJw™äZzgZkÃ–gäzZáZ�ÛZŠÃZipŠð™@*ìZzgZyÃ6,zZym�J@*ìXZkÅÃ@V

ÐZ,ßv‚tWD÷�c*ÂLLZiHznóóU*"$ƒVc*QLL',}HznóóÅ̂~‚tWNXtÂxZLYw

~ößÍVÃZk!*]6,6g™@*ìāz{uÂhÃÒ™ÆZCgkge¦JgOZzgZŠZœV',z‰Ü™Dg÷XZŠZ5:™
NhzZáHzçVÃ”h+wZŠ~YCìZzg-Vt¿Yg~z‚g~gLìXZ(¿TäÎŠ6,LZŠJg:1ƒZkÂx
Æ�ZeÃðgkge:ƒÂZkÃ‡uZzgZ•ðSQÃzVÐŠ¬Y@*ìX

ß‡V6,'×h+zŸs#

ß‡VZq-Z(»gz!*g~çnìT~ZŠZ5‡y�™Š~YCìªy�h+z�Ûz|#»ç@{ÂƒY@*ì1¦V

ÅZŠZ5Zq-{mæ]J-ÆngzuàYCìX1Zk~g1Z7ƒ@*ìX—gZŠkÑ',h~VäpŠZŠJg6,
áy�h+ZX)nŠ~ƒðug$ŠB(Xt¿g1Z7åXt!*]Z•ð¢zg~ìāëZk!*]ÃzŸs#Ð™BāW\

~V»t¿ªß‡VW`ÆŠzgÆZŠJgc*™i+^Æ̃z7åÉZkÐ¹ZåXZknāZky�h+
z�Ûz|#~qgzfsq,¹zZã÷

ZXZkçn~ZŠJgƒäÅzzÐ7Æic*Š{ƒYä»Ãðz7åXZzgQtā

[XZŠJg»tÎŠZËZ+qÆg‚gÄŠ¶ÅJ-$Æ‚B5ƒZåTÅ7ZŠJgÅg¶Æ',Z',¶XZ+
ZkÆŒÛnÅZŠZ5 ßg]~Z¤/ZŠJghezZaÅñ]zZµƒYCìÂz{Hzn7%}ÇZzgZkÅg‚g¿ƒðq

»fg=0Y5XZzgÎìtā

zzÐw~Ë×}ÅãCŠ0YñX)‰WxÅ̀» , `XTq»ÎŠZƒZìz{ÃðZ+q7ì
»gz!*gT~ZÌWx»g:ƒZƒX(

ZÏzzÐ—g0*u~VÆZkß‡V~Ãðg1Z7åXëZkug$Igu~ŠÙ÷ā—g~V
pŠg‚ÅãCŠ6,ZŠJg»»gz!*g™D÷XZxZÅ.3ðJÝ|]¬ÈñgzZe$™C÷ā—gg‚ª�–[~VäZq-
·Š~ÐáZŠJg1āZŠZ5ˆ~™8ZzgZkÆúnZKig{g‚gÄŠ~X)gg~z›(ZzgZrVätÌÒyHā
Z#W\»[~V»z™wƒZZkz‰ÜW\Åig{Zk·Š~Æ0*k03™qÆúng‚g¿ƒð¶X)™qziy»

)gg~( e:ì(

ZŠJgZ+qìTÐeg**e’XËÌ›yÃCÙZ,ZŠJgÐÈe’TÅZŠZ5ZkÆne:ƒ@*

z¢40î
GGGāqÑ]!*Ç'Ð!*CÙ:ƒYNXZzgZ¤/ZŠJgƒ„ŠHÂZkÅZŠZ5ÃpZ{(Z{N*Ü7e’XZ¤/ßg]Z+ƒā
ŒÛnŠZgŒÛnZŠZ:™YƒÂŒÛnŠ¶zZáÃe’ā�g¶ŒÛnŠZgÆ0*kƒz{ZkÐááZzg†g¶Ãçs

™Š}XZzgeƒÂŒÛnŠZgÃ'×h+úŠ}Š~YñXÂgZ]~ŒÛnÅzZ3Åæ],',kHg™Š~¶̂XÂgZ]~
ZkuÆHgƒäÆÌ̂W`Zk~Zq-ŠzCÙ}£gÅRöñ�ŠìXÂgZ]»Iìā:LLCÙ‚]‚wÂ̂

ÖgZŠc*™**XZzgÖgZŠ¶»§itƒāZ¤/ËäZL7,zÏÃŒÛnŠc*ƒÂz{ZÐghŠ}ZzgZL7,zÏÐc*¸ðÐ
1( # 51We$ # )Z]YÔ!*[ Zk»_c:™}Yè}.Zz0+Æ**xÐZkÖg}»Z´yƒZìXóó

LL6,Š+)ªz{�·Š~:ƒ(ÐÂZk»_c™Yì6,�¼¾Z¾} : ZzgZ¤/)·Š-VÆ‚BçnƒÂ
1(ZzgQ‚%ZYçÙÂxÆntÈ™ # 51We$ # !*[ , ¸ð6,W@*ƒÂZkÅ§sÐŠ„�',ŠZgƒY**óóX)Z]Y

gZ{ûZg™Š~ˆ:LLYè}.Zz0+¾Z}.Z6Zkä�Ðz°{Hì�Ã',•"�ÇZzgÂ¹Ï̧ñVÃŒÛnŠ}Ç6,�Ã
ZyÐŒÛn7¢87,}ÇZzgÂ¹Ï̧ñV6,xZã™}Ç6,z{�6,xZã7™ä0*EXóó

6( # 51We$ # )Z]YÔ!*[

ëtB÷āTËäÌÂgZ]~’pÅZzgtƒ�y�ZÃ]Zk~÷áï™Š~÷Zk»qòzæŠÇgG

-y%ŠzzƒÇXZk§bÆZÖp¢zg!*8zg-ãZ©â]„ƒMh÷XXÖgzjVätZÖp‘ZrVä
Zq-§s7g}µâqZK̈ãÃååÆn·Š-VÐÐ]™ä»$Šc*ÂŠzu~§s·Š-VÅn„z',!*Š~»

Å0*uz™sÑ<ÃZzg�h¦** mZ?x Õ@Ì1Šc*ìXW`¢zg]Zk!*]Åìā·Š~fY¦**|]Z',Z�
6,**iwƒZZkÅïÆfg=ÐzZ3e¯NXZyŠzâVZzßZ+x9zV6,�CðZvnguz mZ?x |]ñ.

¬\Å§sÐ**iwƒðZez�ŠW`7g~Š*~âÎZñŒÛWy�̂Û‡yqZzg¦**z"545é EEGE|]Z£½·@~V
Xì Åx]Zzg<L0{Æ´z{Zzg}7

XªZŠJgÅßg]~ZâÅ7~ZŸ† ZÉ4k0î E
G0 Zû 2Xg1Z

ªZOg @*í $gö
E

W |]Z‚)0ih+ñägzZáHā—g??xä�Ûâc*ā:LLAŠ+~Ãðg1Z7ÎZñ

ÆXóóg1ZÅt̂l~¹¬x¶XZeãCŠ~ZßwtåāZ¤/W\ÃZL¦VÅzßà»ZOg™**7,}ÂW+hìā
W\Ãic*Š{b�XHznZ¤/z‰ÜHg{J-ŒÛnZŠZ:™YåÂZkÅzZ3Åæ]~ZŸ†™Šc*Y@*ZzgZkÆ‚B„
Znf)zZZ#ZÑŠZg¶~¼ZŸ†™Šc*Y@*åX

Z¤/uâtz‰ÜÆ¦/gäÆ‚BpŠlŠ(,|YñÂZk»ÈtƒZāgzBäZipŠZzggzBaZ™1XZkÆ
nËœÅ¢zg]77,~XZk§bZknÆçÙÂx~Šzª�¤‰ÜÆU/UWYñÏZzgŠzª�ÅqS
‡ìƒYñÏX-VZK̈ãœZzg'×Šzg~Å7ÁƒC¬YñÏŒVJ-ā'×ŠzguâtŠZg»ÝxƒYñÇXW`»iâ:
ZÏâjwÅ?Ï™g;ìXÈuZzgZ#kuâtŠZgzVÃtñµ�ÛZë™}Ït¡'×ŠzgzV6,7g~”]ÐZLlÇh
Š}Zzg‰!*Š÷áƒVÆŠzg~Z%ZYZzgâZ1VÃ�‡âãZ(gZ]qÝ¸ZkÐ}ic*Š{ñÐZy6,¿ŠgWæƒÇZzg
ÈuZzgZ#kÐâg}ƒñßvÝòÅiîzV~Zk”]Ð�ŠñYNÐā6,Zäz!VÅ»Þg~Zzg

ÝòÆÂxÐÌic*Š{',ZqwƒYñÇXZy„qÑ]Æ7Ã—gZ™xÑ',h~Vä!Z:qŠ}Š~Zzg

�Ûâc*āZ#kZK̈yÆZZyÃ»™ŠêìẌg™,ÂW`ÆŠzg~ZŠJgÅzZ3Åßg]~ig~ZŸ†»Zßw7g}

‚%ZYçÙÂx6,Yc*ƒZìX

%ZÌ)o«6,ÎŠZŠ(
CÙz{»gz!*g~AŠ+�o«Š¶»fg=¶z{%ZÌÆK~W@*ìXW`7g~Š*~ZsòJZkÃÒ

~̂zs÷āg1ZÐË§b0ÄZ™òYNZzgZq-Z(Âxz�Š~WYñTÃz{),øpŠ%ZÌë÷Xz{t
™D÷ā!*iZgÐZq-q×y�h+fe÷ZzgQ!*iZgÐic*Š{7Hg™ÆZÐŠz!*g{ZŠJg~Ö@Šï÷XZé

ytìāZk7�Ûz|#6,aèŠzâV0*g‹V!*bîg6,gŸq÷ZzgZq-ç@{ƒŠHìZknt'wìX�Ûn

™,āJ00051gzB×~Zq-qy�h+}ZzgZÏz‰ÜZkÃ!*iZg~00052gzB~ŠeìÂ!*iZg~ðãYñ

YñÏXÃð™ŠZg¿Gg{DÙZgÅqÃæDÙZg~7y�h+}ÇX1Z#ÃðZkÎŠ}ÃZŠJgÆ$+á~áÔÂZk

ÅzzZkÆ´z{ZzgÃð7ƒÏābˆ~ZŠZƒfÔZknz‰Ü~ZŸ†ÅzzÐ¦V~ÌZŸ†ƒZXZ[Zk

ßg]~tƒZāz‰Ü¦/gäÆ‚B¦VäpŠZLnbaZ™nXZzgtZŸ†—g0*u~VÆŠzgÆ
ÐZµÃðZzgq7ƒÏXŠgZÝ�Ûâyt~-ZvmzÅÆgzÐt{Øg1ZìXz{›y�Zkß%ZÌ É4k0î E

G0 g1ZZ
Æ6~¤/ëg÷Z7ZvÐeg**e’ZzgÈá¸á›âVÃeZ{™äÐ!*iWY**e’X

3X8x~ÑK1à
Ë8x~¡¦§iÐ1àÎ™7~ZŸ†™Š¶Ãg1ZZºgë÷X|]†Zv0ú°ñÐgzZá

ìā—gÑZŠk~Vä�Ûâc*:LL
+Bø
E

ELI)ªz{¿�ZÐÆîg6,8òÆŠzgZy7(,JäÆn1àŠ}(

)gg~( g1Z~¤/ëgìXóó

ŠðāŠ„™**)g1ZZºg( 4X

¾gÅãCŠ6,!*iZgÅ†V6,p~aZ™**@*ā**Y,̂o«qÝHYñX|]¬m0âñ́ägzZe$Hā
ÃŠðāŠbg1ZìXóó)�( Zk —g0*u~Vä�Ûâc*ā:LLšË)Z(WŠòTÃ!*iZgÅ†VÐzZ/:ƒ(

|]Z1CÙk,{ñÐgzZe$ìā:LL—gg‚ª�–[~VZq-%ûZ**`ÆZq-eƒÆ0*kÐ*g}Zzg

ZÑÂ;ðV~&WˆXZrVäáÆâ´ÐZk&Æ!*g}~ e Z#W\~VäZCŠ„�IguZkeƒ~
Z§gHāùWˆ?Xâ´äCc*ā!*gl~1kÅzzÐXÂ—gmZ?xäZg÷áŠ�Ûâc*āÂäZ0+gzZááÃZz6,

)›( YV:™Šc*@*āßvŠNfeāt5ìXz{�»gz!*g~ŠðāŠ}z{í~Ð7ìXóó

|]zZ&Ïî I0ZÑr§ö
G

W�ÛâD÷ā~ägÎwZv~VÃ�ÛâDƒñ‹ā:LLZ¤/Ãð¿ËvyŠZgqÃ
)Z0âz( �ÛºZk6,Ò¬gT÷óóX óóc*LL Zk»ÚCñ%�Ûz|#™}Âz{ZvÅ**gZW~gLì

øg}‡g~ÃtZ0+Zi{ÌƒÇāW`ÅŠ*~Z-¦VÆ£«~{¦VÃgzZ`Š}Šc*ŠHìXZ-™́
~ŠgZÝ™́ÆZ0+g„Zm77æ{ƒCì‰āÎä»öXHW\ÆD~ìāŠ*ÅËÓ#ÖäLÎä
Å7~¶ÅƒXZ#ZÝ™́Ã{»½~™́~ps™Šc*Y@*ìÂQpZ{Z%OeZ°„YV:ƒz‰ÜÆ‚BZk

Å7~¶™Š~YCìXZk§b¾d$úZxÅŠzª�ß^àYCìXtg1ZìXŒÛWy0*uÅWc*]381:26Ô

™,X 5± 58~î E 58:11ÔZzg58:7

5Xfí{Z0+zi~

Z¤/Z»kc*ŠvâwÃZkìwÐfí{™1Yñā!*iZg~ZyZâYÅ¡¦ºƒYñX-VWiZŠˆg]Ã
ZKpZéÆ_.ñhŠc*Y@*ìX|]ÃñÐgzZe$ìāZrVä—gZŠk~VÃt�ÛâDƒñ‹ā:

)›( LLZ¤/Ãðâwfí{™á@*ā†V~ZŸ†ƒYñÔÂz{kH{ÇgìXóó

|]/ñÐ%z~ìāgÎwZ™x~Vä�Ûâc*:LLz{�âw&Æn!*iZg~ÑñZk6,ZvÅgØ**iw

)Z0âzÔŠZgò( ƒCìZzg�ZkÃÖá@*ā7m�|Yñz{²yìXóó

|]Z0/ñägÎwZv~VÃ�ÛâDƒñ‹:LLZ¤/Ãð¿½ZðZ»kÃe:ŠyÆngzuá@*ā
7ic*Š{ƒYñÔZkäZvÐsm™1ZzgZväZkÐŠ„�',ŠZg~™àXóófí{Z0+zi~Z,o«ÃÀŠî

ì�ā**Y,̂ìZkntÌg1ZìX

ZYg{ŠZg~ 6X

tZq-Z+qìTÆfg=Ð!*iZg»åNzwqÝ™1Y@*ìXZzgQ©ZK%èÐHg™ä»î
Z(gïY@*ìXZk§b!*iZgÅ7~Z@*gm�Jî»Z(gZYg{ŠZgÃƒ@*ìZzg!*iZgÅWiZŠZ:gzl»ƒYCìXZk

nt¿Ìfí{Z0+zi~Æi%{~„W@*ìXúZx»…ŠðāŠ„Æfg=Ðak1Y@*ìXZzgtg1ZìXZ¤/øg}

ZiàŠÔ-y%ŠzŠ»ÑÜsëÐøg~Šzª�Ãá¢8ƒ@*ÂZzg!*]¶X1ZkÅewÂZkÐÌic*Š{÷~ìX
z{ÂZYg{ŠZg~Æfg=¤‰Ü»”we{g;ìXZzgZ#t¤‰ÜZkÃïYñÏÂz{ZkÃZk§bZEw™}Çāz{±
ZK̈ãÃ’)Õä SZCÝx¯áZzg—gÑgØåÅZ#Ö%j)ÃZy„iîzV~«áX

ŒÛnÅy�h+z�Ûz|# 7X

tZq-Z+y�h+z�Ûz|#ìT~ËŒÛ¡ZgÆŒÛnÃZq-Š~0*gKy�h+gìZzgQtŒÛnWÐËZzg0*gKÃ
Ö@Šc*Y@*ìXZkÆ$+á~ŒÛnŠZgÃzZ3Åæ]~ZŸ†™Šc*Y@*ì1g¶~¼ZŸ†Æ‚BXZzg-VZŠJgŠ¶
Zzgy�h+äzZàŠzâV0*g‹VZkZŸ°g¶~zŠZgƒYC÷�z‰Ü~úŠ¶ÐqÝƒCìX

<!*i~ 8X

z{»gz!*gìT~Ãð¿Z**`Ôác*ÃðZzgqy�h+©8ìZzgZkÃZkZy6,ā¢„!*iZg~ZkÅ7 t

~ZŸ†ƒäzZÑìXZzgZ#7m�|YñÂ�Ûz|#™Æ"�Š̃zª�¾áXZÏ§b-VÌƒ@*ìāZ#7

¤/ä»Z0+Zi{ƒÂZL0*k�âwƒZkÃ¢~�Ûz|#™Šc*YñZzg7¤/D„Šz!*g{ZÐÁ76,y�h+1YñXZ(
o«¾**ßìYèZk~:ÂÃðÃÒÅˆìZzg:„Ëœ»ËwìÔÉtÂÜq�ZìX

z{ßv�<!*i~Æ$+Šc*-$ZzgÈg!*i~¤/÷z{Z0+gÅZ:¬]Æ.Þ1D6,ÍYs÷XZyÃZ0+gzã
v¥â]ïYC÷ākd$!*iZg~HƒäzZÑìZzgZkÆ_.¿™ÆeƒzVo«»ZmgÎfe÷XZzgQ

Zk~Z,„N}ÌZEwƒD÷XZzgŠðāŠ„ÅtzZgŠZ](,~W‚ãÐ™~ÌWYCìX<!*i~wZx

ìXt�}Å×Zq-4̂ìX<!*i~~:ÂÃðœìZzg:„aZzZg~ÃÒÅcZg~Xª]Å!*]tìā
W`ÆuâtŠZgZ:çÙÂx»‚J‚»gz!*gÜs<!*i~ÅãCŠ6,ìXZk»ÈtƒZāŠ*Åu»(,Zz

ic*Š{o«¾äÅÃÒ~Üs�}ÆŠZî6,ÎƒZìXZ\kÅ!*]tìāW`›yÌZk�ñÅÒ~2
÷X†5¨Æ*ÇgZJäZÏ�ñÅÒ~¤/ëgƒ™0*õZg[Z%OeZ°»vyZVc*X

6,FF<!*i~{µg!*ì v¥â]ÆZz zZ/ Z0+gzã
Z#ˆg]ZzgÅZ+ãCŠzV6,‡ìƒV˜V<!*izVZzgÎŠ~»gz!*g™äzZáâCÙ+Z0+gzãv¥â]

Æ.Þ1D6,i}Zzg1-V~pyÕÅœÐ»g”{âwÃZL-ãÈg~Zzg¶V$Æfg=<!*i~~Z{

BÂz{Šzª��YVÅœÐqÝƒð¶Zq-„Šy~Zê;ðV~vƒYCìX

9XhZ(g~

LLZ(Ìƒ@*ìā¢**»xƒYñX7Æ(,"»Zkyå1Z(ƒZ7X<!*iZ(L7eìÇā
Z+Ãðßg]aZƒT~Zk»…úYñXZ+Â~¤/ëgƒäÐXîÆnZq-5ßg]ïwàˆXZk

~<!*i�Z**`c*ác*ZzgÃðq¢8eLìÂZkÆâ´ÐthqÝ™©8ìāÎŠZÂ™©8ì17g~ZŠ5™äÅ
Oñ¼î:Š}Šc*Y@*ìZzgthá©8ìā¼ŠâVÆˆâwZVñÇZzg7g~7ZŠZ™Š}ÇXZ[Z¤/!*iZgÆ
¸îZkÅ%èÆ_.ƒñÂÎŠZ7gZ™áÇZzḡg~�Ûz|#™Æo«¾áÇXZzgZ¤/Z(:ƒZZzgvy»Z0+6ƒÂ
z{ZChZ(g~ZEw™DƒñÎŠZ»™Š}ÇZzg:âwZVñÇZzg:'×h+ZŠZ5™}ÇXZ+ßg]~ZkÃÜs

Zk©àg¶»vyƒÇ�Zkäî:ZŠZ™DƒñŠc*åX

Zq-WiZŠZzg²:̂g]~7~Z@*gm�JîZvnguz¬\Å%è6,«ƒ@*ìXZvg[™*ZkZ@*gm�Jî
Æfg=çÑ{~Šzª�ÃZq-;BÐŠzu};B~¤/ŠlŠêgLìXZz6,E+™{GƒñZ(gÃqÝ™ÆZK̈y

Zvg[Z+]Å%èÆÜs¸ìZkntwZxìX

01XgØ]Zzg$+ÄZã
g1Z‰Zz‡]gØ]Å^ÌZ(g™©8ì�Zk¾nÐŠ~YCìāË¿c*ZŠZg{ÅĝŠc*Vy�h+~

YÃXZq-¹(,}ZÅxÅVwáB)‰�kDÙZgZ%OeZ°»ZÅx(�%ÅŠzª�ÐâÑâwZq-ZsòoÔ

�Z%MâZiÌƒÔZq-¹(,}Zsò¬Åê LÃŠ¶»Z´y™}XZ¤/z{›Ze°ZkZÅxÃJw™áÂQz{ÂZko

Æik,ZW,WŠHZzgZk»ÝxƒŠHXZ[Zko~ZkoÆßÍVÃÓäÕzZëZŠÐ�]Š¶zZàÃðZ½¦ÃÒ

ZzgúZò’q-Z`Ïc*úZxÃZsòÑ<6,eJ%»Ãð»xƒÇÂz{Ze°Ó#ÖÆÜsZ+ËÃÒ~:záÇ
Zzg:„ÃðÒyŠ}ÇXZzgt§i¿„ÂŠÔÅììT»ZÖgz{ZyZÖp~',5™@*ìX

LLøg~»x!ZknÌW‚yƒ̂āëXßÍVÃZCëâZ¯**eT¸ÔëZyÆƒ�Ðˆk@*gÃCD
gìXªÑÓÔâwzigÅƒkÔ¢zg]ZzgW‚UV»:»ƒäzZÑŸz){XZzgQÜst„Pq,ZyÆŠârÃ

D`™ÆZyÆ_./Zzg¿ÃZk¿ÆjZ!™Šî÷TäZyÃy�h+ZìXóó

The Jewish »!*ãìZKÂ[ =+M ·Še$ ä� (Theodor Herzel) tZÖp¹egCÙiw

~·Š-VÆ§i¿Æ!*g}~‘÷X State

LLZ#ëezI÷Âë¬xZz!úZx0YD÷Zzgz‰ÜÅZz!0*gK»Zq-u¤/xgÁ0YD÷XZzgZ#

Jewish ëZMZgqÝ™D÷Âøg}‚Bøg~Šzª�Åx¤‰ÜÌZMZg~WCìXóó)fZ!
ZiIbZÑsxÃgz¹X,·'Ô™Zc7691( Conspiracy and the Muslim World

g1ZÅƒ�Ðç**ûHì?
aèZvg[Z+]äZLŒÛWyˆ~g1ZÅÜsZq-„n»ÒyHZknÑixìāz„nZLZ0+gZ+

÷‚â*VnƒñƒÏ�µâqZK̈yÃƒ�Ðic*Š{vyàäzZàƒÏXZzgg1ZÅz{nìÎŠ6,ZŠJgŠbXZzg
8©3©5é

G
GGGêg1ZÅņìTäW`ZK̈+MÃZLiCÙYF,+ãV~(,~¢ïÐ«g3ìXZzg÷áZ+ZkÅn{»gc*V

ZknÌZ•ð”h+Zkn÷āZK̈yäpŠZkÃ‡âãwŠ}g¿ìX

g1ZZzgWiZŠ̂gCr~

g1ZÅ°pÐtªCÙƒ@*ìāg1ZZyÓxç5]~ñ�Šì�WiZŠ̂gCr~ZzgZkÆZßßVÐ?Ø™
−Ôc*ZyÅÜszgi~™}Ôc*Zy~—haZ™äÅÃÒ™}XWiZŠZ:̂gCãCŠzVÐ?Ø™�AŠ+ƒÇ
ÑiâêZq-Z,gZ3Å§sáYñÇ�̂g]Zzg»gz!*g~ç5]Ãn{™ÆgÄŠ}ÇXZzgg1Z»t»gz!*gçÙ$+qàÔ
Z¡wZzgªÓ:ZëZŠ»gZ3ûZg™}Ç�¾"$ÔÈuZzgZ#kÐƒ@*ƒZÝòÅŠrJ-àŠ}ÇX

0øhÂtìāuâtŠZgZ:ÂxätÂCŠc*āgzÏZ·ZÅÂxÅ̂g]Zkn**»xƒ̂āZkÂx~̂g]

WiZŠãCŠzV6,Z2Zg7¶X1Z7tÃ7Wg;āW`»uâtŠZgZ:Âx&+Z]pŠWiZŠ̂gCâjwaZ™äZzgZÐ

~âúìXÉZkuâc*ŠZgZ:ÂxäagzVZzg'zVÆnZq-ôpZe{½™Šc*ì˜VÐÖ™z{Zq- ~ `ä
äZLegZó~÷á^u·Š~‚ƒ»gÆ™ŠZg _5½k2.ç

IGFG0
_5½k2.ç
IGFG Z+‡.ÞÐ]‡âãag~~'w÷T»¬gs

™,X 5± 58~î E (The Merchant of Venice) Æfg=Ð™Zc*ìX

ëäZLZk*y~W`Æg1ZÅãCŠ6,½zZáçÙÂxÆn¹„JZÖpZEwG÷X1ë
ÐāZvnguz¬\ZzgZkÆgÎw',h~VäZkÐÌic*Š{Ji!*yZEwÅìXZzg ŠB ŠNB kd$

ÆÆ ëäÂŠgZÝÜsz{i!*yZEwÅì�¦**|]}mZ?xäZEwÅ¶XLLZzgÁq[ä}.Z
«~ŠZ4ƒ™Zyƒ�ÃïwŠc*�«~y�h+z�Ûz|#™gìZ̧zgÜZ¯VÆ«Zzg½F,�ÛzØVÅaHVZ«�Š,

21 # We$  12 # ZzgZyÐ¹ÔLL–ìā÷ZyŠ¬»yBñÇ1?ZÐeZµ3ðJVÅÅ{¯DƒXóó)!-ö
GWÅZg!*[

Zzg31(X

Zq-WiZŠZzg²:̂gCr~ÆªxÆnqgzfsZñgZ•ðZë÷:

Xr~~g‚ðÅWiZŠ~
Xr~~£Å̈WiZŠ~
Xr~ÃtZ(gqÝƒāz{pŠ7Hg™}Zzg¬Ð7Hg™ä»gzZ`:ƒ
XAŠ+ÆnË{m™́c*»½~âIVÆZEwÅ0*È~:ƒ
X!*iZg~ËÌqÃ»g™Ær~~�Ûz|#™äÅWiZŠ~qÝƒ
X!*iZg~CÙqÃ�Ûz|#™äÅWiZŠ~ƒ
X!*iZg~ËÌqÃy�h+äÅWiZŠ~qÝƒ)Z%›âVÆik,ZOxr-V~wZxqzVÅ̂g]Zzg

y�h+z�Ûz|#6,0*È~ƒÏ(
XZC‚âŷg]!*iZgÅñ�Š{†VÆ£¨~lc*µ&ÅWiZŠ~ƒ
X!*iZg~ŠðāŠ„Zzg�ÛZeÅgzuåx»ZOxƒ
X!*iZgÃgh™ZzgZkÆ0ZßßVÆ',Üs)†ÎŠ6,y�h+z�Ûz|#(™äÅ0*È~
Xag~Zzg�Ûd$Å̂g]6,0*È~

ª GATT Zk|»Z0+Zi{™äÆnāW`ÅŠ*~WiZŠZ:Zzg²:̂gCr~»}Ãðz�Š7X
Æç@{»Y,̂{1Yñ�Š*Å̂g]`ä»Zq- General Agreement of on Trade and Tariff

ÎZŅ̃Zòç@{ìz{»½~™́â^ÆÎZŅ̃ZòÂxZzgÎŠ~îg~ÅãCŠzV6,gZòìXZq-WiZŠZ:Zzg²:
ˆgCr~»ªxZkz‰ÜJ-e„7Z#J-āg1ZÅCÙ̂Ðåîg6,+B©û

GEZzgZy6,0*È~»‡ây:ƒXZy̧Z2
ÅñÆ‚BšZqÐigzZg¿YñZzgZāZsÅßg]~JwZ»ps„ß»xÃgzuYìZzgZ(ÂxZzgDÜs

ZzgÜsZsxÆ0*k„ìX

g1ZÆ¬ZpÐ¦ÅZÌÆ!*g}~Z¤/!*ÇÒDÌƒÂt!*]¹zZãîgÐ‚tWCìā:LLZsx
~g1ZÅ̃ÆÆfg=Zq-WiZŠZzg²:̂gCâjwÃ:ÜstāaZHYñÉZkÃÎY%»ñ§Ì�ÛZëH
YñXóóZzgZÏÚø~W`ÅŠ*ÃZsxÆZ©â]wZÃÌŠ9e’Xag~ÅJF,+wZZzgZk6,Z•ðñÐ

¬ÈœiñÐ%z~ìāZ#Zq-ag—g !! cZg~„Zk�w•"Ðgz1»4+fg=ìXZxZÅ.3ðJÝ|]

d™r#Z}>zZÉ4hÍ-ê
G

GÆ‚tÑc*ŠHÂWLZÐ;B»UÅwZŠßZðX�ßvZkÆ‚BWñ¸ìÑāc*
gÎwZv~V…Zy7¶āW\ZkÃZâJwZŠ,ÐX—gÑ',h~VäZg÷áŠ�Ûâc*āZ¤/÷~eÃÒñZk

Å(ƒCÂÌ~¸wZŠêXZsx~ag~ÅwZ~;B»^Š¶»¿ZkŠgJwZìāag~Ãgz1ÅZkÐ
4wZƒ„7$ËXZzgZ¤/twZ¬xƒYñÂEc*guÆzZw7f$Æ¹ÐßÍVÆ;BÂ–"YNÐ1�ag~

z;Vƒg„ìz{¢zgguYñÏX)c*Šgìā�/Zy@Qkz‰ÜEc*gu~g;ö5+k,¸XáW(

=tZ0+6ìāf!uâc*ŠZgZ:çÑ{T”]ÐZsòÂxÆÜs1wg;ìZzgZkÅŠºV1äÅ
ÃÒ™g;ìZkÐtCkƒ@*ìāZ0+gZq-ps6,zgl0*g;ìāZ¤/Zsx»Âx°wZyÆg1ZÆZßßVÆZz6,
6,zZym�JñƒñçÙÂxÃPó™Š}ÇZzgagzVZzg'zV»tÂxTz‰Üi}1kƒÇÂZkÆnš}

ÆeƒÆ´z{ZzgÃð(7ƒÏX

øg}ZkÂ^ÆŴäzZÑ÷Z»xZ¶KYZvg1ZÅ¹ÏZlx6,Ð6,Š{ZVñÇ�āWiZŠZ:̂g]Æªx
~”h+g»z^÷Xg1ZÃ¾ßg]»gz!*gZzĝg]ÆnÒÆîg6,Ty1YñÇTäZq-±§iÐ
ˆg]ÆÓxæZzgÃZ+zVÃåîgÐn{z',!*Š™g3ìXg1ZÆZ0+g|ƒñv**]Zzg**Z»5V¹ic*Š{
ZzgZ•ðç**u÷XtçÑCuāZzg¸ðeg{Ã¾{z@*g™ÆW:ÅÐÂVÃ(,J™Z�ÛZ̧~ZzgŸŠÅgZ{ûZg
™@*ìXZzgZÏnŒÛWy�̂Û‡yqäZyÓxqzVÃ�ŒÛZgŠc*ìX

ŒÛnÅZŠZ5Æz‰Ü¼Ãpg¶ÅZŠZ5

ŒÛnŠZgZ#ŒÛnÅzZ3™g;ƒÂZÝg¶ÅZŠ5ÐZz6,¼Zzgg¶ZŠZ™YìXZzgtÃpg¶�Š~YñÏz{

gŸ»gZ:îg6,Š~Yñ:Zk»Ãð_cƒZzg:ZkÃZŠJgÐ5ä»ÑzqÐ„Ãðç@{ƒZzg:E+™{XZ+ßg]

~tÃpg¶g!*~÷áï7ƒÏXZkZŸ°ZŠZ5»o]…—gmZ?xÅug$ÐÌMìX|]Y',ñä
gzZW$Hā:LL~—g~VÆ0*kq¢ƒZÂZkz‰ÜW\~VKt~~=p�Ûâ¸XZrVä=Šz
g«úiZŠZ™ä»¬Šc*X~äZ(„HZzg}.#ÖZŠk~q¢ƒZÂW\~Vä=z{g¶ßN*ð�W\äŒÛn

à¶ZzgZk6,¼ZŸ†ÌHXóóé)gg~(¥xƒZāZÝg¶Ðic*Š{ÅZŠZ5Ãg1ZÐZÏz‰Ü̃tƒÏZ#tZŸ°
g¶ZŠJgŠ¶Æz‰Üç@{~÷áïƒYñX

H%zzÎŠg1Zì?
ÎŠ¾uÆĝ1ZƒY@*ì

Zv4:z¬\äÎg>•{We$872~ZyßÍVÃMVäÎŠ6,g¶Š}g¿¶æ[™Dƒñ¬Šc*āz{
ZkÐŠ„�',ŠZgƒYNXZ,ßv�Zk¬Ãâ3ZzgZL*¿̧6,Ñq{ƒVZzgç°â4ÂZväZ´yHāZ7

ÜsZkg¶ÃJw™ä»hì�ZÝig~Ð!*¹g{̂ƒXZvnguz¬\äZ(¼7¹āZÝigÆ‚BËn
»çz£ÌAÇXZkÐtØ¸ìāÎŠðhZƒc*ic*Š{)Zq-‚ƒc*æ‚(CÙqw~tZŸ†g1ZƒÇZzgtI
ìXZkÅVw!*ÇZ+ì‰āÑZ[ÅÔāZkÅlZgÁƒc*ic*Š{ÔZsx~tNqìXZk~¶ic*ŠCÅÃðÑo
7Zzgt®Ó45éGGêwZxìX

W`ÆŠzgÆ›yZy**x.ŠfYÅzzÐZq-&A.pî
E

~¤/ëg÷ÎZk!*]»ZŠgZu7ìā].h+J~
gZòo«g1ZìXqÑèXßÍVä—gZ™xÅCðƒð,»_·HìZyÆnt!*]gzigz×Å§bÈV

ìāg1ZÅH°pìXZyfYÃt!*]c*ŠgDbe’āZv¬\ä—gÑZ™x~VÃŒÛWy»åZzg;Š~¯™5
»ZŠZg{ZK:Š~ SAMA Ã7X (Saudi Arabian Monetary Agency) SAMA c* ZyfYÃ Z7 ìX

Ó#Ö»ðzwÐ¾c*ƒZigIŠ!f!¶V~g‚rì�ƒ�Æƒ�ZsxÆŠÔ÷Zzg·Š~,÷X

†Zv-ŠZ�ZKpzg]Zôm,~~ŒÛWy�̂Û‡yqÆF,ÀZzg=ôÆn¹�g÷Ô',u¬x
Zk!*]»Z´y™D÷āz{Š*z].h+fYÅg1ZÅ°pÐZ·t7™D÷XZrVä¹ā:LL~Âg1ZÅ�

°pJw™zóz{tƒÏāZ(**Y,̂o«�Y,̂Zzg'wqzVÅ̂g]ÔÎäZzge0+~ÆZz6,ZŠJgÔ3äÅWÅZâ
‰nxÔ�ÔLgZzg#z){)Zzgz{q,XÅ,pŠ—g0*u~Vä«Åì(Å̂g]Ð:ƒX~ZkÅ

 ïƒÔ1Zk~W`ÆŠzgÆJÆð™Š{çÙZŠJgª °pZk§b™zVÇT~Óx**Y,̂o«Z0+zi~÷á
3( # Ã÷áï7™zóXóó)Š¶Z§gÔâ^ Economic Credit

†Zv-ŠZ)ZvZy6,g3™}(Gi',Š„�t6,÷XŒÛWy0*uäg1ZÅZq-̂Ã**Y,̂o«Å̂
~zZãHì1g1ZÃ:ÂŒÛWyäZzg:„÷ágbZW~Vä)©àZŸ†Æîg6,Òy�Ûâc*XŠgZÝg1ZZyÓx
âŠ~ÃZ+zV6,”ì�ZŠJgŠñƒñZÝigÐZz6,ƒZzgZŠJgŠ¶zZÑHznÐ/zzŒÛnÆqÝ™}XJ

ÐZy»Ètƒ@*ìā¦VÅŠgz interest ËÅpÛŠ~qÝ™äÆnŒÛn7ŠïZzg:„o«Zzg
7~�¶zZµƒCìZkÐƒäzZávy»ZiZ!™,XÉJ{äêZLo«ÆnZ(™D÷XZzg
Qo«Ì÷xZ+yo«!ZÏntçÙZŠJgÔW`ÆŠzgÆJÅðÔGÎŠìXZkÐsÃāÑbÎŠ
Hìc*tātÎŠÅÃyÏnìXgÎw0*u~VÅtug$IguT~|]Z÷0âñ́ä—gÑZŠk~V
ÐÍ™�Ûâc*ā:LLZ¤/?äËÃŒÛnŠc*ZzgQz{»3äÅŠú]Š}Â?Jw#Ö™zYètg1ZìX;VZ¤/z{ZŠJg
Š¶ÐIÌ»š@*g;ƒÂQ3îXóóZzgZrVätÌ�Ûâc*ā:LLZ¤/?ËÃŒÛnŠzZzgQz{»ZKÎZg~6,ÎZg

)�( ƒäÅŠú]Š}Â#ÖJw™zYètg1ZìZÑtāz{ZkÐIÌ»è@*g;ƒXóó

|]Z÷0âñ́ÐtÌ%z~ìā—gZ™x~Vä�Ûâc*:LLZ¤/ÃðWŠòËÃZŠJgŠ}ÂQZkÐÃð
)gg~( jJw:™}XóóªZ#J-āg¶zZ:ZŠZ:ƒYñXˆ~z{jJw™YìX

|]Z1%æENŠ{0Z!ñ.ñÐ%z~ìZrVä¹ā:LL~æÜëg{Wc*Zzg|]†Zv0sxñÐ5)�

ZsxÑäÐ¬Zq-·Š~¬Ý¸(ZrVäíÐ¹ā?Zq-Z,o~gTƒ˜Vg1Z¹ic*Š{ìXZ¤/?
)gg~( ËÃŒÛnŠzZzgQz{»j~eg{Š}c*áŠ}c*gÏ„Š}ÂZkÃJw:™zYètg1ZìXóó

|]c!0Dñä�Ûâc*ā:LLgÎwZv~Vä�Ûâc*ZŠJgÅzzÐËn»ÃZ+{qÝ™**g1ZÅZ

)�( ©V~ÐZq-nìXóó

|]Z1q)ñägzZe$Hā:LLgÎwZv~Vä�Ûâc*ÔZ¤/ÃðZL¸ðÅ\gl™}ZzgQZkÐÃð
)Z1ŠZîŠÔµZ£( jJw™}Âz{g1ZÆ(,}ŠgzZizV~ÐZq-(,}ŠgzZi}ÐZ0+gŠZ4ƒŠHXóó

ZzgQqÑ]~'×h+y�Z!ZkÒyÐzZµƒðZ#Y!œîGZÑ×Ô‡CÙ{ÔÆgI»[�·†z{äZÞ,

œ~ÆZzZy�~-g\»Šzg{HZzgtÒyŠc*āZ7-g\~Zsx51›y75Z#ā̂~›yÂ¹A1
Zsx75X4-VìāZ7].h+-g\Å�°̧òZzgâŠ~çÑ]ÅãCŠzV~g¿ƒðÒCð)Zsx(äŠðā

~eZwŠc*XZ7÷áZ+Zk»Z0+Zi{„7ƒZā-g\ÆçÙÂxÃZzƒ�ÛZ÷Æˆ(,~"ŠgŠ~Ðps™Æ
Z,gc6,ñhŠc*ŠHì�CðÐÃÎVŠzgìXÅ´l�aä0*õÎ‚w-g\~g!*ÆÜs].z4Å¶ZzgWy�»g

4(·†z{Ãz{ # ÑŠ–Æ;ðVz{kB;ĝZzgg1Z-g\Æuâc*ŠZgZ:Âx»ãCŠ0ŠHX)Š¶Z§gÔâ^

c*g1Z~åZzg�-g8<ÆÂxÅãCŠzV~åXaèZyÃtÃ7Wc*ÂZrVä interest Z¡wÃ7Wc*�
ŒāZ(¼Ì7ìZzgtZyÅxt¶Xz{z;VÐ̂zZ:WñZzgQZC�g)$+**xiâ:(:òŠc*T~

ZrVä̂~7†�W~Æ±8-Z»î.$6,YzZáo«Å×W$ÅZzg¹āto«g1Z7ìX

ZzgQ̂ÆfYPˆŠv}±Šg±t„tŠCÙZD−‰YèZyÆZ0+gz{Šzggkó÷7‰�g!*~
ñ�Šß^R^Zzg¸g]¤/~ÃŠN‰X�…3Œé Ez~�āÓ#Ö̂Æ‚.?ZWZzgW`�Y!œîGÑ×÷øw�
Z»ZàÆMVäqw„~Ec*gu»Šzg{HZzg4ìāZyÅÃzVäÌZ(„Šðā3c*ÔZyŠzâVäZk6,c

ÅZzg¹āJ»o«g1Z7ìXZyŠzâV|Z]Æ´z{̂~fYÅZq-(,~®ZŠñ�Šì�āA¬xZzgeê
Åa^6,ZkÅF,Šh+™D÷ZzgJÆo«Ãg1ZŒÛZgŠï÷XZy„fY~ÐZq-9xZzg**ÓC�/†Z°9.è WE

Ì÷ÎZkZ%sÅ0*ŠZl~Z%MÆZq-ã~/{ÅwZç7,g„ìX

·†z{ZLz‰ÜÆ¹(,}Ü÷gÉ)wZ−+ZjãÐOW,Z̧zgZrVäZLcz�gægŸÃOW,
HXZ(4ìāZyßÍVä(,~9èÐZzg**ŠZãÐ̂~g1ZÆ»gz!*g»ŠgzZi{ÅwŠc*ìXZ#Ðá™W`

J-~̂!h4¨Õä
GGêZkt»$i{Ûgì÷TÆiCÙä^ÅuÃƒ�Ð¬mzgHZzgQåîgÐn{

™Šc*XqÑ]Ã'×h+—häÆn¬ÝZsxÆ†̃´äÅ̂Z0+JŠ®ÇÅZzgZyÅcz~™Dƒñg1ZÆ
ÂxÃZC1X

ëg1ZÐqÝƒäzZàg¶»H™,?
¹Ð›fYä›âVÃttg{Šboƒ�ŒìāZKg1ZÐqÝƒäzZàg¶)ÇVÆ;ðV

~:Š,XZy»tg{ìātg¶áàYñZzg¾'V~!*.$Š~YñXz{fYZq-Z+Z˜b»ZEw™gì÷�
Æ `ìXÑ<)›̃´»E+™{7™CìÉŠZgZÑsx)ªz{´ºX6,›âV»ºìZzgz{z;VZv

ZzgZyÐYg¢AÆ ÷ Z©â]Æ_.ZKi0+Ï¬™gìƒV(ZzgŠZgZā[)ªz{´‘�›âVÆÜs

%>ƒV(»E+™{HìXZâx÷áwòäZỹÃ́�ŠZgZÑsxÆ‚BZq-ç@{~ÈñƒñƒVZ7ŠZgZÑu¹
ìXe’tåāfYZkZ˜bÃZEw™DZzg)›̃´»Â:ZEw™DYèW`ÀÆŠzgÆ̧x6,4Æ
±ÂxäŠZgÑsxÅ(áàìXZ¤/)›˜Ã́ŠZgZā[ŒÛZgŠc*YñÂteƒÇāßvtÈÃāZko~

5(Xg1ZÅg¶ # g1Z»Âx7ìX1W`J-ËäÌgc*/ñ�{Z%MÃŠZgZā[7¹X)Š¶Z§gÔâ^

zßw™Æ¾!*~„™Š¶~tXìā�qøg}nwZxìz{øg}¸ðÆnÌÂwZxìXÂQZ+
ßg]~›yH™}?aèZsxÆŠÔxøg}ZzgµâqZK̈yÆÜsYg¢AÆ%>ƒgì÷Zk

n÷áZ+t4ƒāëg1ZÅg¶g1ZÆÜsZEw™,XVwÆîg6,g1ZÅg¶ZEw™ÆëßvZkÂ^ÆÜ

ÃðÂ[�g1ZÅ#¿~ƒY8ZzgßÍV~j„™Š,ZzgZkÆÜskBYg~gOXzZv¬ÝXt÷~
fZCgZñìZzg~t6,ÌƒYƒVX

g1ZZzgÃt¢zg]

eZË)w$+z~"Ô�ZsxÆZq-�g¬Ý÷ÔZk!*]Æ”h+#³÷āZ%M~g�zZáßvÃt
¢zg]Æ�yz){¯äÆnÎŠ6,g¶áMh÷XZyÆ4,Šq-¢zg]»ÃtŒV)ªZ%M~(ÑÍ
7ƒ@*XÉtÜsZyPç5]~ZEwƒYì�°Zß‰ÜZ%M~ñ�Š7XªZq-Z+Ä�ŠkZ�ÛZŠ6,
ŒƒZzgZyÅZâZ,®):ƒāz{kyy�h+Ãc*™Zt6,áÃZzg:„ÃðZ(ƒ�ZyÅZkŸ~æŠ™nZzg
uÖäÅ(Š}nÂZ+Äc*yZ:ZK$+qàÅ$+zª�vu6,W™á̂ÅOñZ7‡âãîg6,tZYi]ƒã
e’āz{Ãt¢zg]Æ_.Z+g¶á™ZK¢zg]7g~™ÃXZzgZ¤/ZkãCŠ6,Ãt¢zg]ÃZEwHYñÂt
ÌZ•ð¢zg~ìāg1Z~ËqÁÐÁz‰ÜÆnƒX

!*[Šzì

g1ZÅ̃ÆXZëì?

Z#Zv{Û»Ñ]äøg}].ZdZzgZyÅZâ)ZvZyßÍV6,ZKg¤**iw™,(Ã¼AÐi}6,Z@*gZÂ
ZrVätZ´yÌ�Ûâc*āz{zy¯yZK§sÐ@ZW$**iw™Dg÷ÐZzg�ßvZy@Zc*]6,¿cZƒfZ7Ë

X Ën»±Z[ƒÇ )ª#ÖÆŠy( x�y  Z7 zZ:YNÐ(Zzg: 0*k n»psƒÇ)Z#z{ZyÆ
83( # )Îg>ZÂ>ÔWe$

Zv4:z¬\�LZLz°}ÆÜs7™@*ÔÎ@*gZLz°}Å0*È~ÅìXÔDÙZgzV',ÎVÆŠzgZy

MZq-„Cð»4,zwƒ@*g;XÂgZ]|]ñ.mZ?x6,ZF,~Ôi1g|]ŠZîŠmZ?xÃBÔZg|]}m
Z?xÃ«ƒðZzgWy�»gz{z‰ÜWc*āZvV÷á:äZKå!*¹g�zZàWy�~Â[@ZW$ŒÛWy�̂Û‡yqÅ̂~
¦**z"545é EEGEg‚ª�–[{?ZÔ;Mg9*îGZr=|]Z£½·@~VÆZz6,**iw�Ûâc*XŒÛWy:ÜsZkn
**iwƒZāâè~**iwƒäzZáÓxZ©â]Å¤&™}ÉWy�~%ûZy„@Zc*]»Z¬Š{™}ZzgZq-%ûQZÏ
CðÃZ•ðzZãgz×ZzgæÜ§iÐZK̈+MÆ‚tgÇX4,zwŒÛWã»W¸i7,"ÆZk¬Æ‚BƒZā�¬
**iwƒZZkÃÌ7,ðÉZkÃÌåå7,_Yî�Z[**iwƒg;ìXz{ßvMVäZk@ZW$ÃZ•ðZôoZzge
F,+ÂzÐ77,Jz{GZKZkÃ@*„Å0*ŠZl~¹(,~wZÆ�ƒfXZvnguz¬\Åt@Zc*]"54ø

GJG‚wÅ
æ]~**iwƒNŒVJ-āz{z‰ÜWŠHāz{We$Igu**iwƒðTätZ´y™Šc*ā"54ø

GJG',ÎVIT@ZW$
Æ4,zw»W¸iƒZåZ!x5+k,ƒZXt—gmZ?x»|]Z',Z�z|]Z©:Z?xÆ¯ñƒñ}.ZÆy~

ÆWy�~eÆñ§6,ƒZXZÏŠy—g[eZßŠZqŠ}`¸T~Šzu~qzVÆ‚BW\~Väg1ZÐ
åÅ§bvÅ6,izg@ZW$ÅZzg-Vg1ZÅw#Ö6,$ÎŠ~XZÏŠyZvV÷á:ätWe$**iw�ÛâðTäŠ+
ðÅŠ»Z´y�Ûâc*XLLXXW`»�Ûßvvg}Š+)Æ¦[ƒä(Ð**Zyƒ‰÷Ô®ZZyÐ#ÖegzÔ

Zzg÷ZegŠw~gÅXW`~ävg}nvgZŠ+å™Šc*Ô?6,ZKÚ7g~™Šc*zgvg}nZsxÃŠ+Æîg6,
Zk4,zwÆ‚B‡ÝätŒāzk»Z!xƒŠH  3(X # )åÆn(I™1XXXXóó)Îg>ZÅ)éRZ+{ÔWe$

XXX1Z(ƒZ7XZkÆPâ{Æ—̂gÑ™*™ŠtzZ}Æz™wÐ¼„IZvV÷á:äzk»Z!x

�Ûâc*XTÆ‚B„:Üs4,zwŒÛZã»Ÿ»ƒZÉ|]WŠxmZ?xÐá™ÑWy�~VJ-DÙZgzV',ÎV6,

;ƒZ@ZW$Zzgg”»Ÿ»™Šc*XZv0*uÅWy�~We$Æ4,zw»œG¹„SàìZzgZkWy�~@ZW$»�
�Zv4:z¬\ä**iw�Ûâð? H¶H ñçqZväOìz{¹(,~ZÌ»qïìXÂQz{Wy�~@ZW$

Wy�~zk
µâqZK̈yÃZKƒ�ÐWy�~@ZW$~Zvnguz¬\äz{ñçqO�¬Ì**iwƒ[åZzgTÃZv

¬\ä:ÜsŒÛWyÉÂgZ]ZzgZg~ÌZY¤/HXZzgz{ñçqHå?z{ñçqåg1ZÅ̃Æ»X

Wy�Zk»o]Hìāg1ZÅ̃ÆŒÛZy™*ÅWy�~@Ze$ì�—g0*u~V6,**iwƒðX|]†Zv
Z0„kñZzg7Ò3ªî

E
GEGZÁ|]/Z0ZÄBŒé E[ñÅgzZe$ÅƒðZqŠg$Ð…tØ¸ìā—gÑ™*~VÆZz6,

z™wÐ¼„I�We$**iwƒðz{Îg>•>ÅWc*]�872Ðá™182J-÷�g1ZÆñçqÆZz6,
÷XWc*]472Ð772J-Ìg1ZÆZz6,„÷�¬**iwƒ_ƒāX|]/Z0ZÄBŒé E[ägzZe$Hāg1ZÆ

Zz6,**iwƒäzZàWe$zkÅWy�~We$¶ZzgZvÆgÎw~V…ZkÅ,Cñ%ëÐzZ:šn‰Zk

n:Üstāg1ZÃghŠzÉg"0î GEGÃÌ)ªz{q,�t—aZ™,ātqIbìā7(X)Z0âzÔŠZgò( n

|]Z0„kñägzZe$Hā:LL—gg‚ª�–[åÆZz6,�Wy�~We$**iwƒðz{t¶ÔLLZ}ZZyzZß!Zv
872(Xóó # ÐegzZzgZ¤/zZª?‡ðƒÂÎŠ»�zÌ)ËÆfó(!*¹g{ŠHƒZÐghŠzÔ)Îg>ZÂ>ÔWe$

)gg~(

z{ßv�Zk!*]Ææ¦÷āŒÛWy0*uÅWc*]z{÷T~Š+ðÃå™ä»Z÷ág{Îg>ZÅ)éRZ+{
4ìÔZ7Zq-œÆnţ™**e’āZyÆZkìwÅ_“~Zq-ug$Ìñ�Š7X÷áZ+Zy»t # We$

Z]45é IGE{ZkWe$IguÆçãz_�̈ÅzzÐìZzgz{B÷ÅŠÔZÓxÆ)z~ìXŠgZÝZ(7ìX|

tìāg1ZÅ̃ÆÅÎg>•>tWc*]872Ð182J-¹”]Ð¾è÷āZy6,¤ÏÐ̈gHYñXŒÛWyÅ
Wy�~zkäè<ØZzgŠ+~Ë6¬»ZŸ†7HÉZkzkäÜsZk!*]Å@*Z+Åì�gÎwZv~Vä
²Ã]~ÁZßŠZqÆ[~HåZzg”]Ðg1ZÐvÅSÅ¶XÎg>ZÂ{ÅZyWy�~Wc*]»F,À¼-V

ìX

LL�ßvZLâwŠygZ]{ñÙÐÌZzgZ´6Ìy�a™D÷z{ZL6,zgŠÇgÆ0*kZCNZ[0*NÐÔ

We$�472 Zzg:Z7ÃðpsÑhƒÇÔ:Ãð§ãÇóó

LL�ßvÎŠ3D÷z{)ª#Ö~(ZāÐÂZk¿Å§bZāÐ&-yäg™0*É¯Šc*ƒXtZk

nƒÇāZrVä¹åāLLßÌÂÎŠ„Å§bƒCìXqÑèZväßÃ'wHìZzgÎŠÃwZxŒÛZgŠc*ìXX®Z
T¿Æ0*kZkÆ6,zgŠÇgÅ§sÐÃWˆZzgz{)ÎŠ~ç5]Ð(!*iWŠHÂâè~�¼ƒZz{ZÏ»
ìXZzgZk)Å!*mª(»çnZvÆjZáìXZzgT¿äß^™Qz„»xHÂZ,ßvŠziq÷Xz{å

We$�572 ZÏ~g÷ÐXóó

We$�672 LLZvÎŠÃS@*ìZzgœ‡]Ã(,J@*ìXZzgZvCÙZk¿Ã**I™@*ì�**]ZkH{ÇgƒXóó

LL);V(z{ßv�ZZyÑNÔ(¿™,Ôúi‡ì™,Zzgi2>ZŠZ™,z{ZLg[Æ0*kZLZ�̀Æ�
We$�772 ƒfX:Z7ÃðpsÑhƒÇÔ:Ãð§ãÇXóó

LLZ}ZZyzZß!ZvÐegzZzgZ¤/?zZª‡ðƒÂÎŠ»�zÌ)ËÆf)(!*¹g{ŠHƒZÐghŠzXóó
We$�872

)ÎŠÐ(Â/™zÂvgZZÝ LLQÌZ¤/?Z(:™zÐÂZvZzgZkÆgÎwÅ§sÐZ´ykBÍßXZzgZ¤/?
We$�972 uâtvgZhìX:?Ë6,Õ™z:?6,ÕHYñÇXóó

LLZzgZ¤/ÃðßŠ„�)ŒÛnŠZg(ƒÂZk»;BUJ-úŠ´ìXZzgZ¤/œ‘„™ŠzÂtvg}h~}
We$�082 ic*Š{4ìÔÆª?Ã™ƒXóó

LLZzgegzZkŠyÐZ#?ƒ�ZvÆ0*kß^™YîÐÔQCÙ¿Ã�¼Zkä¾c*ì7gZ7gZŠc*YñÇÔZzgZy

We$�182 6,ÃðÕ7ƒÇXóó

ÎZwtaZƒ@*ìāZvnguz¬\äZLŠ+ðÃZLWy�~9å6,å™äÆZ´yÆˆtêYV

HāZyÆz™wÐ¯gùMMIZq-Zzgzk**iw™,XZzgZ(YVƒZātzkZ,z‰Ü~**iwƒðZ#|]÷ágb

™,(Xªz™w 5± 58~î E ZWåZkÅ,Z#Ö%j)Ã:ŒÃX)|]/ñÅÒyÅƒðZz6,zZàug$
IguZzg4,zwzkÅŠgxãæ]¹„¾CkƒCìXZzgQWy�~ÎZwtāWy�Zv4:z¬\äZq-Z,*yÃ�
¬Ì**iw™Šc*ŠHåZ,z‰Ü~Šz!*g{f™™**YVoƒ�ŒXZkÅ,:Zv¬\ä:ZyÆgÎw~Vä
CðZknëÎZñZkÆZzg¼7}ÐāzZv¬ÝªZv„4Y…÷X

Š+ðÅŠÅZ:qŠ¶ÆẐ+Wy�~@Ze$Š¶»Ñt™~W@*ìāÍc*tf‚e™ZŠc*Yñā
c*Âtz{qì�āÓxZ©â]~Ðƒ�Ðic*Š{Zëìc*Qtātz{!*]ì�Š7VÅ§sÐZZyzZßV6,”h+

ç»DgƒÏYèz{ŠÔhzœZ‰ÜÔZK̈ãĝŠ~z¸ðeg}ZzgçÑC‹ŠZzg>ðÆ”h+#³÷Zzg-Vt
ZsxÆ¨ù¦(,}ŠÔ÷X

øg}4,Šq-ZkWy�~Ã~g1ZÅ̃Æ»ÈtìāZkÃZq-i',Š„�ÒZzgzZg)Æîg6,Wä
zZáÓxiââVÆn”]ÐZ¬Š{™Šc*Yñāg1ZÓx‡ÝÆZZyÔWiZŠ~ZzgZMZgZzgZ(gZ]Æn¹(,Z

ç{ìXZzgt„Zk*yÅZÌÅ§sZq-Z÷ág{ìāZÏÆZ0+gz{7æ{ç**uÏgì�‡ÝÆZZyÆ
nZ0+zxu',!*Š~»‚âynƒñìXt„ZyÅ#bz‹ŠZzgq-3Ã¾{z@*g™äzZÑìXW`Z¤/ë̂ÔZ4Z],Ô
òÔ¦Ô1û7ZzgŠv›âVÆZz6,IUzZáÕZzgZëZŠ»�Z[7Š}0*gì÷ÂZkÅzZuzztāg1Zä
øg~¤‰ÜÔøg~ÈZzgøg~fWiZŠ~ÃëÐá1ìXøg~Zk!*]Å@*Z+Zk!*]ÐÌƒCì�9Wy�

ìāZsxÆŠ7VÅ èÃg '×Ãg iâV¦ZÔÆ—gÑ™*~VÅ|]Z1CÙk,{ñÐ%z~Zkug$Igu~
§sÐ:Üs›âVÉÀ¬ÝZK̈ãÅ§sƒ�Ð”h+úg1ZÆfg=ÐƒÇX

LLZq-Z(z‰ÜWñÇÔW\åä�Ûâc*ÔZ#»7g~Š*~Zq-WŠòÌZ(7AÇ�g1Z~C_7ƒÇX
)Z1ŠZîŠÔ½>( Z¤/ÃðtŠúò™}ÇÌÂGZk»½gZkJ-¢zgãÇXóó

Zk§bJZWåät!*]gzigz×Å§bzZã™Š~āZ#ÖÆZ�ŠZzg‡ÝÆZZyÆZz6,ƒ�Ð(,Zç{
g1ZÆgZ5ŠZ4ƒÇXZzgZkÅ@*Z+Zvnguz¬\äÌg1ZÅZkWe$Ãƒ�ÐWy�~**iw™Æ™Š~XZ[Zâ
”h+ÒÆÌ̂—gJZW~VÅtŠ~ƒðȩ̈ä:Z0+Zi™Š~ZzgtxqŠXøg~i0+7V~z̧q5+k,ƒZXZzg

tZy,',ÎVÆŠzgZyƒZZ#4291â~ÜÄ¢6»Îg`¾z[ƒZX4291âÐI‚%ZY-g\ÜsZyZ�ÛZŠ6,
�“g¶-g\Æ ÎŠ6, ZW,Z0+Ziƒm�›âVÅÓáVÆ™@*ŠO@*¸XVwÆîg6,ā¢6Æ7Ò3ªî

E
GEGZÁä

çÙZŠZgzVÐÎŠ6,qÝÅƒð¶ZkÆÎŠÅZŠZ5~ÂƒðÂZkÅ$+á~Z7ZLZ(gzZáÓx´̧V

ÆfñV6,ÐZk]ZäÆîg6,b�t»™**7,Z@*āZŠJgàƒðg¶6,¬Z+ÎŠÅZŠ5~œª�ïYñXZzg-VtZ%
ŠZgZ?xÅ“zg6ZzgÓ#ÖÆ‡âãZ(gZ]Ã»™ÆZkÆ$+áZk�°§iÓ#ÖÅgZ{ûZg™Š~�|ð
Zzg=ã-g\äZLŒV‡ìÅƒð¶XZzgQ4291âÆˆÐg1ZÀ¬ÝZsòÆCÙçÙç5]~Špw

qÝ™ŠHX"—W`‚%ZYçÙZ¡w�g1ZÆZ0+gñ�Šì7g}Š*ñZsxÃ«™ZkÅg̃vÃZyŠ7V

ÆjZá™Šc*ì�¬Ð„qc*V!™ÆZOg~Æ÷X

»[{?ZÔvÑZ°Ø~VÅ7ÍðW`åîgÐŠg„�U*"$ƒ_ìXg1ZÅãCŠzV6,Z2ZgŠ*6,
  Yc*ƒZñ�Š{<»ÂxÔ»½~™́»g1ZÐµŠ*½~%zzÔŠðā6,‡ìHƒZtŸZ¼Z7-Zzgö8ģx

~ÂW\÷ágbZW~VÅ&4jè FGIEÍ×VÂU*"$ƒ„_÷ÉWiZŠ (Electronic and Plastic Money)

ˆgCr-V~ŠgWðƒðŠðāŠ„ZzgZ¡wÐÌW\åÅ&4jè FGIEÍðsU*"$ƒg„ìXW`Å̂g]9sV~
ß^R^ZzgâWâhä6,«ìZzgZÏâWRU6,|]Zñ0Z!¤�̈ä�Ûâtā:LLz{z‰ÜWäzZÑì

)Z1ŠZîŠ( Z#ZK̈yZq-Šzu}Ã»3̂ñÇXóó

Zk!*]ÅW`Z”¢zg]ìāë›y—gJx~VÅZk&4jè FGIEÍð6,Z•ð¤ÏÐ̈g™,T~W\å
Fiat Money ä�Ûâc*ìā‚g~Š*Ð{™́)øw»½~™́(ö8ZzgZ¼Z7-ģxz){TÃfYZ�ÛZïigc*

ë÷Ô»åîg6,{ØƒYñÇX

|]Z1–Z0Z!%*ñägzZe$HāZrVä—g~VÃtëƒñ‹:LLµâqZK̈y6,z{z‰ÜG

)µZ£( (X ÎZ ÎäZzge0+~ÆjVÆ ÎZñ WñÇZ#ÃðZ+q!*¹7gìÏÎZñŠgëzŠbgÆ)ª

—g0*uåÅt7Íð7g~ƒäzZà„ìXW`ÆçÙÂx~L»½óÐLÎ**ó¯c*Yg;ìXZzgtuZu
ŠðāìXigZ�ÛZïGg1ZìZknā»½~™́ZÝ™́)ªŠJ]Åµƒð™́Ð(!*ÇZµqìXZkÅ
ZKÃð|ì:Šgz7XZkÅŠgZÏz‰ÜJ-ìZ#J-!*iZg~ZyÐ»gz!*gƒg;ìZzgZyÅâ8-ìXZzg
ŠgZÝâ8-„ZëqìXz{Ó‘�tÂx`g„÷z{Šúò™C÷āz{ZkWiZŠZ:™́ÆÂxÆ16,÷ZzgúZx

ÃZyÅ@*Z+qÝìXZk§bz{:ÜsZkÂxÃ–gZŠñƒñ÷ÉZkÆfg=Ð!*iZgÆZ@*gm�Jî6,Ì‡1
Gƒñ÷X�z{ÀâZLÃZ+}Æn™D÷X1t!*]ÃÐZzÍ7ƒãe’ā™́âgLW`ÀZy<
!*i¤!VÆ;B~ì�ÑÓZzgƒk»ù·÷ZzgZ7:ÂËÅzÃŠZg~ÐzZôìZzg:„Ër#ZßmÐX
Zk!*]»bCÙ{ZrVäâè~F!*gHì˜VZrVäÓäu6,4Ã“Š~ìZzg!*iZg~ZK%è»Z@*gm�Jî
™ÆZLnŠzª�ÆZmgÎn÷X

TŠy%aZ™äzZá›̃´YvZāÐÔZL%Æf{],ÃZKAs~áBÐÔZzgt_c
™,ÐāZyÆðzwÅ7eZ°ÅOñÜsZzgÜsÎäÆjV~ÅYñÔZÏœt{»½~™́pŠlŠ
eƒƒYñÏXZ(YVƒÇ?XZ(ZknƒÇāÓx{»½~™́c*Z�ÛZïigÃZÌZÏz‰ÜJ-qÝìZ#J-ā
úZxZkÃ/îg™́ZÌŠ,XZ#úZx»ZOŠZ+™́ÐZJYñÇÂz{™́eƒƒYñÏX%Å�Ûz|#Æn

Z#Îä»_cƒÇÂ»½~™́6,ÐZOŠZJYñÇXZzgQZq-Z(ŸÑzqƒYñÇT~»½~™́»»gz!*g
™äzZá‚ƒ»ḡg~îg6,ÎäÅ§sázƒfXZzgZ7b¯ä»Zq-Zzgfg=ÃWñÇZzgQZyÅ‚g~Âz
Îäe0+~ÆjVÆ”wÅ§sƒYñÏÂ{™́»wc*ƒZYw@*g@*gƒYñÇXgzB„ÂuâtÅZÝìXt
gzB„Z¤/',sÅ§b£YñÂg1ZÆZz6,Z2Zguâc*ŠZgZ:Âx»¤/Y****¦/k,ƒÇXÍā¹ÐßÍV»uâtez[

YñÇXZyÆ0*kñ�Š»½~™́gŠ~»eƒƒYñÏZzgtçÙ6,ZnÏkd$gzúƒäzZàìX

…t|:pŠÈ$e’Zzg:„Š*ÃÈ%Šbe’āZ#5891âÅ†g~~Z%OeZ°ÃZe7-Z,¤/Z
Šc*ŠHāZq-Zz÷ÎäÅ7058eZ°J-Zz6,m�|̂XZzgtZkz‰ÜƒZåZ#āZk,Zy~f[6,„�Ó#Ö»
{ØƒZZzgZsòZz[ÆÈƒä6,Zk,ZyÆðzwÆf{],›Ó#ÖÆik,ZOxW‰XZk,ZyÅZsòÓ#Ö
f[Æ]‘ZßßV6,FFÂxÅ”h+#³ìZknātÓ#ÖÑŠ–ÅF,Šh+™CìZzg].h+-g\Å¯ðƒð
çÙZzgçÑC"Š´̧Z2ÆÜsñÐ'×ZëìX

z‰ÜWŠHìāët!*]t™Bāg1ZµâqZK̈yÆZ0+guZW$™ŠHìXW`…ZKZktÅ0*ŠZl~
W²·äeÂXZvnguz¬\ÆZ©â]Ðgz¤/ŠZãZzg9zVÆCäZzgc*ŠŠ;ã™ZäÆ!*z�ŠZ+”h+t
™äÆZˆk�̀xÆ‚BZzgWäzZàwZÆpsÐ¤/tziZg~™ãe’X÷áZ+¸0+Z#ÖZzgW{z•Wy�]~¼
»xWYñX|]†Zv0&Šñä—gZŠk~VÐgzZe$H:LLZ¤/ZvÆpsÐWçÐ]ƒZW²eì

)Z0âz( �Æ6,A„YV:ƒÔ‡ðÆgÄgÆËz6,¤/}Âz{ŠzicÅWvÐôpgìÇXóó

ªÓxZáVÐ4Z#Ö� ìn³†]öÚè]ì³†q³kÖ³×ß³^ŒXX ZzgZZyzZßVÆZÏ¡ÃZvnguz¬\äLL
ªhÅŠ?~ßÍV6,u»£ÎxŠHXZzgZ¤/ �öã‚]Â×oF]Öß^ŒXX ZK̈+MÅ>ðÆnZVðˆXZzgZjLL

t…rî**�̀xHìÂZk6,GÓxW�yzi}¤/t™DƒfXZ[…tÃÒ™ãe’āëÓxßÍVÃ ä: ZÏZ#Ö
Z‰™,ZzgZKt»ZiZ!™,Ẍg™,ā¬Ð]�̈½}ƒñlÆæuçÑ{~ÌZâfñ�Š¶āZsx
ÆƒqƒäÐ0*õ‚wI~ÅyâÆz‰ÜZrVäêHāÎŠÆby~~ZEw7ƒfX1W`

Ec*gu~)É7g}¬ÝZsx~XXXáW(KÅyÆnP}zßwGYD÷%ZkïÆātb
¹VÐWgì÷Ô'w¾ðÆ÷c*wZxÆX−œ−Xë¾§bZvZzgZkÆgÎw',h~VÆZ©â]Ð
gz¤/ŠZã™gì÷X

g1ZÆZkñçqÃŠzu}iZztÐÌŠ¬YYìXZvV÷á:äg1ZÆkH{ÆnZ,JZÖpZEw

GāÍc*ÑuÆˆZZyZzgZNŠÆŸ~ZkÐ(,ZÃðkH{7ìXZv¬\ätZ´yHā:LLZvZzgZk»
~ÐìX zk @Zc*] gÎw~Vg1ZhezZßVÆ‚Bqª�kB~ìóóX)ŒÛWyÔ972:2(ZzgtZ´yWy�~

÷}DÆ_.ZvÆÓxZ©â]~ÐZväËZzgkH{ÆnZ,JZÖp»ZEw7HXZ[Z¤/ZkÆˆ
ÌËÆŠw~fgZ‚ÌÃðZ]45é IGE{ƒÂz{»ƒY**e’Xc*ŠgìāZv¬\µZuZLÃZyÅg1Z~'qÅ¯6,

ZyÆÜskB™ÆŠ3[ì@*āµâqZK̈yÅWçÁYñX

|]ÑymZ?xÅzÃ]ÆˆµZuZLäÂgZ]~(,~’pÅZzgZZz‡]~ZßÍVä
Richard !*ªÆZq-Z%O¬Ýgl�e�ÛZZ+} Æ Z%M Zk~ZK§sÐ5z›XX;gzgeÆ½c*C

XtÂ[9891 Who Wrote the Bible äZq-Â[’k,ÅäÄZyåLL!*ª¾äè?óó Friedman

6(X'äZk~ZÏ’pÅ # Š¶Z§gÔâ^  äY8X Harper and Rowe ~Ec*guÐ
!*]ÃŠÑbÐzZãHìXg1ZÅw#ÖÆ!*g}~Z©â]ZÞÅp~ZyÓx’¶V~ƒ�Ðic*Š{ç**uìX
Zy·Š-VäZ©xg1Z~Zk§b’pÅā)·Š-VÃÎŠ6,g¶Š¶ÃÂY,̂ŒÛZgŠ}Šc*²ZkÅ0*È~W:Æ

·Š~AŠ+~',ŒÛZgg¿XZväZy6,Zk�̀xÅ0*ŠZl~tz…eJc*ZzgZLÈzV~ÐZ,È}ZyÆ
Zz6,m�JÑc*�(,}¤‰ÜZzģ]zZá¸X!*.Þ»!*Š÷á{h¾¦6,m�|ŠzhZÔZuZêVÃ“Š~Óxßv�;B
WñZ7{HÔKZ¶&¦**|]ÑymZ?xäyHåZkÅZ•MÐZ•MOŠ~ZzgµZuZLÃÚc*V

1:71(XtGZvÅ§sÐkB¶�g1ZÆÜs - z™Ýx¯c*Zzg;|ƒZ!*.ÞáY™{™Šc*X)ŒÛWyÔ̂8

ZkäZLŠ7VÐÅXtQÌ!*i:WñXÂŠzu~%ûgzò!*Š÷á{N*!Æ;ðV¿̧ŠCÙZc*ÔTäk,z&Ã
@*gZ`HZzgKÃQi}1k™Šc*ŠHX

ZvÆ”h+tz…»bCÙ{QZkz‰ÜÌƒZZ#Z',¦"ZL;¹VÉ~ÃeJäÆnWc*Ẍg<
ā±š0îEGZvZkz‰ÜGVÐZN*7,Zå1ZväZkÅ™«ZK¯�VÐÅ1KZ¶~Ãð"$7å1ZväZkÃ

eJŠc*X

—gmZ?xä&+Z]pŠZ•ð”h+ZÖp~g1ZÅè#ÖÅÔ|]Z1CÙk,{ñÐgzZáìā—gåä�Ûâc*:
LLg1ZÅ,9÷ZzgZy~ƒ�ÐÁF,ZkÆ',Z',ìāWŠòZKâVÆ‚Bi**™})ZNZv(Xóó)Z0âzÔ

$+»g~ �(|]†ZvZ085åEE!ñä�Ûâc*āgÎwZvä�Ûâc*ā:LLZ¤/Zq-WŠòg1Z»Zq-ŠgëJw™}Ât63%û
ät gzZe$Hā:LL—g~V ZkZŸ†Æ‚B ™äÐic*Š{',ZìXóó)Z£(X�ä|]Z0„kñÐ i**

āT»Í“�7„�wZxÐ¶ZkÆn3ÅWvƒ�ÐñizVìóóX|]Z1CÙk,{ñä !*g;ë¸ ZŸ†ÌH

gzZe$HāZvÆgÎwä�Ûâc*:LLZ#=cZ`6,áYc*ŠHÂ÷Z*gZ,ßÍV6,ÐƒZXÆùyÅ§b(,}

(,}¸ZzgZy~‚,$½}ƒñ¸�ùÆZ0+gÃWgì¸X~äƒZLðÐ7YātÃyßv÷ÂZrV

)Z£ÔZ0âz( äCc*ātz{ßv÷�g1Z~2¸Xóó

|]Z1CÙk,{ñÐ%z~ìāgÎwZŠk#"Qä�Ûâc*:LLegnÆßÍVÃZv:¼A~ŠZ4™}Ç:ZyÃ
ZKgØ»'×{šñÇÔZq-z{�ÑZ[»¬Š~ƒÔŠzuZz{�ÎŠáÔŠZz{�d»âw3YñZzgaåz{�ZLzZ−+6,

)ǵuZÒÁÔÂ[ZÉ43ð EGq( Âz:Š}Xóó

|]ª{0+[ñägzZe$HāZvÆgÎw~Vä�Ûâc*:LLW`~äpZ[~Š¬āŠzWŠò=á™
Zq-i}Å§s−XëZq-Šgc*6,ãT~py/g;åZzgZkÆÖ@~Zq-WŠò9ZåZzg)g{6,ŠzuZWŠòåT
Æ0*k¹Ðß¸XZ#Šgc*ÆZ0+gzZÑWŠò!*CÙW**eLÂŠzuZWŠòZkÆì~Zq-ßNŠêZzgz{WŠòzZ:

Šgc*~`Y@*XZ#Ìz{!*CÙW**eLZkÆ‚B¸HY@*Zzgz{QZ0+g`Y@*X~ä7YtÃyì?Â=Cc*ŠHā
)gg~( z{WŠò�Šgc*ÆZ0+gìz{ÎŠ3@*åXóó

ZvÆgÎw',h~VäÌZkug$Æ_.g1ZÆÜskB»Z´yHX|]Y',0†ZvñägzZe$
HāZrVäZvÆgÎwZv~VÃëƒñ‹:LL?~Ð�#',>Ã:gh}ZkÃZvZzgZkÆgÎwÅ§s

ÐkBÅŠú]ìóóX|]ih+0U*"$ñä¹ā~ä7Y:LLt#',>Hì?XóóZrVä�Z[Šc*:LLZ¤/vg}

Âç{tìāt¿ÝòÅ§sŠðā )`»( WŠJc*ŠZzc*aåðß )`»( 0*kigZ®)Æni}ƒT6,?
)Z1ŠZîŠ( ÐáYñX

Zz6,ÅcÐt!*]zZãƒYãe’āg1ZÅ̃ÆZ•ðZëñçqìX—gÑ™*{?ZÉ454è
EEGE~VÅZ#Ö

ÃW`æç}Ñh÷Zy~g1Zƒ�Ðic*Š{ç**uZzg”h+ìX

ŠZ!*[

ŠŠŠŠ****ññññZZZZssssxxxx

)¬ÝZsxÆnœ„t(

W`Š*ñZsx¹$zgƒ̂ìX›pZ&ÅW',zgm,~ƒg„ìX›y‚g~Š*~5l,}Ygì÷X
›âVÃZ§™ÆœV~g3Yg;ìXZ7Zfe$Š~Yg„ìXZ7OHYg;ìXKzVÃLHYg;ìXZzg
$zg"–gZZzgHŠ*ñZsxZL‚BG‰Zk|uÃgz1Æn¼7™$ËX™zhzV›yZ•ð¾"$Zzg
:â0+Ï~i0+Ï¬™gì÷X›ypZ&Ã6g™Šc*ŠHìāZy„Zsò̃´ÆàzV~Ÿ�ÛzÙ™,XÑÅV

Á/aðÐ÷áxJ-œ'×Šzg~™ä6,6g÷ZzgÃÒiŠ{ZsòŠ*tƒ�"rÐŠNg„ìZzg¼™äÅÈ
7gBbX›âVÅt$zg~Zzg"rZknìāZrVäZvZzgZkÆgÎw~VÅ**�ÛâãÅìXZzgt**�Ûâãg1Z
Æfg=ÐZKZ•ÃVˆìXZzgëßÍVäŒÛZy�̂Û‡yqÅZkzZã@Ze$Æ!*z�Štƒ�¼HX

LLZ}ZZyzZß!ZvZzggÎwÐ"zÃð:™**ÔZzg:Y…1wZKZâÕV~ìÕVÆ%>ƒ**Xóó
8# Îg>ZÑÎwÔWe$

›y"'Zkn÷āZyÆ0*k¤‰Ü7ìXZzg¤‰ÜZkn7ìāz{WiZŠ7÷X:„Z7
çÙWiZŠ~qÝìZzg:„g1Z~ñ�ŠÝòÅiîzVÐtWiZŠ÷X…g1Zä”]Ð«1ìXZÏg1Zä
ÓáVÃZÚ$zg™Šc*ìāz{çÙ�éÃgz1Æn].z4Ì7™‰Xg1ZÅzzÐW`»›yZ+i0+Ï
¬™g;ì�ËîgÝòÐÁ7ìYèTÅÑ_ZkÅåXëåîg6,D`ƒ`÷XZÏg1Zä¯`Ô(„�

ZzgçÙŠ*ÆZ�ÛZŠÃZÑZsÆZq-Z,6~ps™Šc*ì�Óxç5]ÃNzw™D÷ZzgZyÅZKi0+ŠHV
_5½h42.ç
IGFJGÆ÷áðÑu·Š~Å§b÷Zzg�ZL„›Ç¸ÇV»pyak™pŠÉq}ZhZgì÷X

Zkz‰ÜZk!*]Å”h+¢zg]ìā›Z%îGÃZkÅWiZŠ~zZ:ïYñ@*āZvÆCñƒñuzŠ~g{™
ßv].z4™,ZzgZKfZCi0+7VZzg»gz!*g~ç5]ÃgCgCZLŠ7VÆiCÙYÐÐ!*CÙïwÃX1tƒÇ

ùāßÍVÃWiZŠ~ïYñ?Xøg}ìw~Z(Z#„eƒÇZ#ßvZLW\ÃÔZKˆg]ÃÔZLç5]ÃZv

V°!³zVZzgZngÎw|]Z£W·!{‹§ö
E

W~VÆ4Š™Š,XQt́‘ŠZgZ?x0YñÇXW`ÅâŠ{6,„�

Š*ZvÅZkqSÃ7â„ZzgZkäZ[ZsòŠ*ÉCÙqÃZLWÐuùV™1ìX

øg}ìw~âŠ{6,4ÆÜs].z4»W¸i—g~VÅ2ðƒðçÙ<L6,¿cZƒ™™**e’X-Vë
›Z)~ZZy»Z§Y™Æ!*Z(gWiZŠ~ÅgzbY7-Mh÷ZzgZk~ƒ�ÐªZzgZ•ðZëŠxg1ZÃZK

i0+7V~Ðïw¦ìX

ëZK!*]»Z!xZk!*]6,™D÷āg1Z»*y…(,~ÂzZzg¤ÏÐ7,−e’XW`›âVÅZq-
¹(,~ZÒe$ZkXÐÑDìXZ7e’āZk»DqÝ™äÆnZyfYÅ§sg�q™,�:Üstā

@*ā‡.ÞJwƒXëZL‡g~Ð6,izgZh™D  Zk*y6,Š,kgnpƒVÉpŠZKi0+ÏÌ%g1ZÆ*gg„ƒ
÷āz{g1Z»DŒÛWyZzgug$ÐqÝ™,Xøg~WÒ{WäzZàÂ[g1ZÆñçq6,èˆìZzgZ¶KYZvZÏÑ

Æ”wÆnìXŠ¬ìāZv4:z¬\øg~ZkHÃÒÃÑsJq©XW}MW}X

Z§g
1X'ÃtŠúò7āz{ZygÉîV~ÐZq-ìX

2XZK̈ã£tÆZz6,èZ™{ÆŠzgZyZq-c~�ÃZÑÑx7gÔŠ~Šc4991â~ÂƒZ6,zWÃ´ä
‡âãag~ÅZ˜bZEwÅX

Ðâ^� Translation and Commentary of the Holy Quran 3X†Zv-ŠZÅ
423',ZñWe$�572:Îg>ZÂ>X

ÐZ½kX Religion and the Rise of Capitalism ÅÂ[ R.H.Tawny 4X

5X**ÓC�/†Z°9.è WEÆZz6,Z%MÆÜs˜ŠÅî`äÆZ²Zx~l)ŠZ],ƒZZzgZ7wZBX1**ÓC
ƒäÅzzÐ:z{Z÷ƒMh¸:˜Š»Z´y™Mh¸XÜsZ÷„˜Š»Z´y™YìXŠzu}tāZ#˜Š»
Z´yƒY@*ìÂz{oŠZgZā[0Y@*ìXX�/äZ(ÃðZ´y7HāZ%MŠZgZā[ìXŠ}tā

›âVÃŠZgZā[~ªx™äÅZYi]7ìZ7z;VÐó]™ãe’Z#ā�/äZ%MÅàe$Å
ŠgpZ„�Š~ZzgZ7¤/+»geÌ5ZzgZrVäz;VgxÑzq™Šc*Xa¸tāŠZgZā[~9.œî EGZMguÅúi7

z{&+Z]pŠ-ÅúiÅZâ#Ö™D¸XZknZy6,Îñ‰Óx ƒCX�äZkoÃŠZgZā[ŒÛZg7Šc*ZÏn
ä°Zª�~Òy7 ä Z²Zâ]ß‰XøgZtqí°Zª�J-7àZzgQäêZkãCŠ6,‹Šc*āËZsò¬Ý

ËV»Zq-âQÃ–åz{ZkÂ^~÷áïìX Šc*X~ä&

6XZuZêVäÂgZ]~ÐZyÓxWc*]ÃïwŠc*�²[i}6,¦**|]Z',Z�mZ?xZzg¦**|]

Z©mZ?xÆ{:}.ZÅyÆ!*g}~ZF,~¶X~Zzge»E+™{Z[ÂgZ]~7MZrVä|]Z',Z�
mZ?xÅ|]Z©mZ?xÃŒÛ!*y™äÅÓxWc*]ÐdW»**xps™Æ|]ZGtmZ?x»**xeZwŠc*
qÑèW\ðZÌaZÌ7ƒñ¸XZrVäŒÛ!*ãÅ(Ã²[Ð$+w™Æ¦™Šc*XZÏ§bi'×xÆ7ZC
Ã̀¦ÆZq-ÃNÐÚŠ}Š~X

e
Qñ»Ð"Ã‘‰â»Q�'ä

9x**ÓC�/†Z°9.è WEÆl)ÆêÆz‰Ü–

Qâ¡!ñ»Ð"
e7–"QÔ
¯áZjZ],ÔEc*gu

61†g~6991âY

HxQñ»Ð"

~tâW\ÅZYi]Ð’k,™g;ƒVZknā�/†Z°9.è WEÆèIìÑ]ZzggD**]ÃzZã™zV@*āZy

Æ!*g}~Šg„�ê™ä~W\»çzy“WÅZygÅVX

XßÍVä�/†Z°9.è WEÆèIìÑ]ZzgZ°gÆ!*g}~—zµ»ZÖgHìz{ZyìÑ]ZzgÒ**]6,

FF÷�ZrVä›̃´Æ¸ï:Zzg)‡âãZMZgÆ!*g}~Šc*ì�W`Ẑzg:Š~²[‰̃´6,‡*
÷XQyßÍVÃZk!*]ÐÌ6,.ãìā�™r#äZyZsò̃´ÆßÍVÃZ+ÓáVÆÜs9ZƒäÅ

Zzg].z4™äÅF,(Š}gì÷�Zsòx]ÆÐ_.ì@*āz{ZêÕZzgZëZŠÐÖgZqÝ
™ÃXZyÆìw~�™r#ÅèIÎaZzg].z4Æ¿äZyÃZsòŠJg}ÐïwŠc*ìXZyìÑ]»

ZÖg™äzZáz{ßv÷�c*ÂpŠZyZEg~¤!VÆ6,zgŠ{÷c*Q|ÐÃÎVŠzg÷X

…Ñzq~„t!*]t™he’ā�/:ÜstāR¬Åê L÷É��xøg}W‡zñÑ¦**|]

·~V‚g~Š*Æná™WñZÐ;ä~"Z•&+gZzg"!*u÷XZzg™ŠZgÅ¸+ïZzg¿Å¤/Ä
ì�Š*Ãps™Æ@*gõ»gcñhŠîìXøg}gÎwåÅ¸<LìX

H�/ZzgZyÆ‰Šzu}fYÆZ°gÃúZx~=qqÝì?XZk»�Z[GZm]~ìXZk»
Z0+Zi{ZkzZ§ÐÎc*YYìāZ#Š*½Æ›âVä÷á{Zk,ZyÆÕzZëZŠÐ½7gÓ#ÖÆÜsZk,Zã

�̀Z]¶T» Zz[Å6,izg×W$Å¶XZkZz[Åu',Z„ÌZq-èI¬ÝäÅ¶XÆ0*kz„ÈZzg

bCÙ{�/äHìX̂Ô:Š~²[ZzgŠv›˜´Å¸šÓáVä÷á{Zk,ZyÅÓ#ÖÅWy�z‰ÜJ-×W$
Zk,ZyÐ¸M„µÂZy ÅXZÏ§bZ%MÅÓ#ÖäÌZkÆWy�~‚²VJ-×W$Yg~g¿X1Z#÷á{Ã

ZkÆ‚BØŠgzVZzgWzZg{ÆV6|uHXŠ*ÅÃðÓ#ÖZkÃC{Š}™úZògŠ¿»ç{ñw ä „ÓxÓáV

heÃ»g7¶X©āZ%MÌ7XZzgQœg‚ŠZ]Ã6gHŠHāz{ZkÃC{Š}XZkÐÜstU*"$ƒ@*ìāz{
ÓxÓ‘�ZkÅ×W$~‰z{ß‰XZzgW`¹ÐZ%OÌZk!*]Ãâ…÷X�/äÌZkŠzg~
Zz[Zk,ZyZzgz;VÆúZxÅÕz0Ð�]ÅÃ@VÅ×W$Å¶X̂ÆúZxÅÃlÌZk,ZyÆúZxÅÃ@V

ÐZ7÷XW`ÅÓ#Ö̂»§i¿!*Çz(„ì6÷á{Zk,Zy»åX

UÆkBÆŠzgZyúZxäZÏnÆ_.!*]»ZÖgHåXÃe$ÆÜs²ZtÅYg¢Aä:ÜsÃW$Ã
ø1É:Š~²[ÆnÌi',Š„�ç{0ˆXœZx@ZsxÆ‹z7¸XÉz{ZL‚¹VÉZsx
ÆÜsƒäzZàYg¢AZzgç{»:L¸X1ZkÆ!*z�Š:Š~ZzgÃW$Å¸ï:ÓáVÆÜsÐ]»_./ZÚ
”h+åā‚g~Š*ñZsxÐ²ZtZzgœZx@Æh~úZxäÈ}ÎñXZkñ§6,ÌŠ*½ÅZsòÓáV

äQZL„úZxÅpZ÷]ZzgĝŠ-VÆÜsZŠZâ]GXZzgt‚g~Ó‘ÎdŒ%ÔZ%MÅªŠ]

~¯ñ‰Z�Š~÷áïƒäÆnŠzh7,,ZzgZk!*]Ã8ÃZ0+Zi™Šc*ā:Š~²[~f!)ZsòZ¯Z`Å
ñ�ŠÏŒÛZy0*uZzgug$IgāÅZqŠg$Æ_.¬°zà¶XŠÅÓ#ÖäZ%MZzgZkÆZ�Š~Z¯Z`Å

ZN[~ZkÆh~zz^ŠñXZkÆ£¨~ŠÆfYZzgúZxäZk ×W$ÅÉ_5½3ð GGg¨»z±Å0991âÆ
Å#¿ÅZzg²Zt»‚BŠc*XZzgQZ#ê7gÆ›âVäÌ×W$»È{Îc*Âz;VÆ7gÔàÃZy-"ÔätZ²Zx

Îc*ā›âVÆZ0+gZŠZgÅÃðÎú1ú7ìX

Z4Z],Æ›âVÅÕZzgZëZŠÆÜs�̀P]qZ:#¿ÃŠ*½Æ›âVÅå×W$qÝìX›
Z)Æ**x.ŠZÑZsZzgz{Ó‘TÃz{`gì÷ÔZ4Z],Å¯YÓ#ÖÅZÏ§bZ0+JŠ®×W$Åì‰÷á{Zk,ZyÅ
Å¶X�/ÅWzZiZyÓxªÝ:Š~Ô̂~ÔZzgZ4Z],ÅÓáVÆÜsìZzgtÓ‘Ì�™r#Å#³÷1Zy

Óx»VÆúZx�/Æ×§÷ZzgZyÆ‚B÷X

~Zkñ§6,teLƒVā÷ZtÒygkge~WYñā~�/†Z°9.è WEÆÕZzgZëZŠ~¤!VÆÜs

ZVðˆWzZi~�ZrVä!*<m^Zzg!*kxÓx¬ÝZsxÆnZVðìZy»‚¶Zzg6.3ð XEZƒVXz{ZKÃ@V

~Z!7÷ZzgZyÅ`ðƒð’q-@*gõÆŠJg}~ZÏ§s(,f¬Yg„ìTä÷á{Zk,ZyÅ¼k,6,$
ÎŠ~¶XZzg�Ãð�/ÆîŠx6,−ÇZÐ›Z)Å×W$qÝgìÏpZ{ZkÆÜsX„¤ÐZkÃŠ!*ä

Million Man March ÆnZāÔsGªCÙƒÇXZzgZÏ»4+bCÙ{ZÆ',5991âY~zZde~Ï~
ÆŠzgZyƒZìX

H�/ÆìÑ]èI÷Zzgè<ØÅx]Æ_.÷?XHtx]ZsxÅE?Ï™C÷?XZy

ÎZÑ]»�Z[¥x™**Z•ð¢zg~ìXZknāZ¤/�ZsxÅCðÅV™gì÷ÂZy»l)ZyÆÜs7
Étl)ZsxÆÜsl)ƒÇX

¾ŠgèI Zy z{|Z]�Zkl)~æg~ÆÇ}6,Ãø÷Z7tñ‘Ne’āz{YyBā�/
÷XZ¤/=tñ§Mā~Zk°Zª�~ZLìÑ]»ZÖg™jVÂæg~Ã~tCîVÇā~ZyÆ¹Ð
ìÑ]ÐZ·t7™@*1ÕZzgƒÆÜsZyÅ§sÐZVðˆWzZi~Zy»6.3ð XEZƒVZknāZsxZyÃ»

Zsò¬ÝÃ¼ì» ™ä»¬ŠêìX1æg~ÃZk!*]ÅZYi]7Š~ˆāz{÷}ÒyÃ•Zzg:„ËŠzu}

�ä½k,Å¶~Zk( ñ§Šc*ŠHX~Zkl)ÆŠzgZyñ�ŠåZzg~äZK}.â]7XāZq-ñ§6,Z#

ñ�ŠåZzg°Zª�~ÍZ„Š¶Ã»gƒV1:ÂZ8XäZzg:„ŠÃqÐËäíÐ¼7{ÅÈÅX~ÂW`

J-ªZyƒVX

=Zyìā÷}ZkâÐËuJ-Zkl)Å!VÅ¶K0+„ƒnÏ�÷}ìw~¹ZëìX

/Zy2+g@

eZ],IZsîZSm,
KŠZgZÅZy

Ñ8-WðCÔEc*gu


BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Monthly Archives: February 2016
February 15, 2016
DR. ZULKIFLI HASAN
Russia’s first Islamic bank to open in March 2016
Russia’s first Islamic bank to open in March
February 12, 2016 ALEX SNEGOV, RBTH
http://rbth.com/business/2016/02/12/russias-first-islamic-bank-to-be-opened-in-march_567093
The new lender will operate in the city of Kazan and deal with foreign investments.
The city of Kazan, which is sometimes referred to as the Muslim capital of Russia, is to host the country’s first bank working in accordance with the principles of Sharia.
The bank, called The Partnership Banking Center, will start operations in March 2016 in the city, located 500 miles east of Moscow in Russia’s Tatarstan republic.
According to a representative of Tatfondbank, a Tatarstan-based institution that is one of the founders of the new project, the bank is being established using common practices prevalent in Southeast Asia and in the Middle East.
Why some Russian women embraced Islam

The bank will focus on working both with individuals and companies, and will aim to channel Islamic investment into Russia.
The Partnership Banking Center will also sign an agreement with the Islamic Development Bank.
The creation of the first Islamic bank became possible thanks to a new law submitted to the State Duma in late January, under which banks would be allowed to set up accounts whose funds could be invested only in line with an investment declaration, thus adapting the Russian banking system to the requirements of religious financial institutions.
Islamic finance news
Leave a comment
February 12, 2016
DR. ZULKIFLI HASAN
Agamawan
Dilema Segelintir Agamawan
Agamawan sering menyeru ke arah perpaduan tetapi merekalah antara selalu menjadi punca perpecahan,

Agamawan selalu menyeru kepada perubahan tetapi mereka lah antara yang paling anti-pembaharuan,

Agamawan sering mengingatkan agar menjaga amanah tetapi merekalah antara yang sering khianah,

Agamawan sering mengingatkan supaya mengingati akhirat tetapi merekalah antara yang paling mengasihi dunia,

Agamawan sering mengingatkan membaca surah al Asr tetapi merekalah antara yang paling tidak menepati masa,

Agamawan sering menyeru agar berbicara perkara besar tetapi merekalah antara yang paling suka berbicara soal furu’,

Agamawan sering menyeru agar berjiwa besar tetapi merekalah antara yang sering tidak berlapang dada,

Agamawan sering menyeru ke arah perdamaian tetapi merekalah antara yang suka mencetuskan perbalahan,

Agamawan sering menasihatkan supaya berakhlak terpuji tetapi mereka lah antara yang buruk akhlaknya,

Agamawan sering menasihatkan supaya sentiasa berkata benar tetapi merekalah antara yang paling suka berdusta.

Kita benar-benar dambakan agamawan umat bukan agamawan buat-buat.
Agamawan Umat,

Kezuhudanmu sebahagian kehidupan

Akhlakmu mencerminkan ajaran al Quran

Kata-katamu benar-benar menginsafkan

Pemikiranmu sentiasa menyegarkan

Keikhlasanmu dapat dirasakan

Tuturkatamu menjadi pedoman

Janjimu sentiasa dikotakan

Tingkahlakumu menjadi tauladan

Keilmuanmu bukan untuk kemasyhuran

Ibadahmu bukan untuk pertunjukan

Perdebatanmu membawa perdamaian

Hujahmu menyelesaikan permasalahan

Bacaanmu menjadi ikutan

Nasihatmu memberikan ketenangan

Pandanganmu sentiasa mengutamakan kebenaran,

Masamu hanya diperuntukkan untuk kebaikan,

Kehidupanmu sangat dekat dengan Tuhan,

Hanya Tuhan yang kau takutkan….
Islamic finance news
Leave a comment
February 3, 2016
DR. ZULKIFLI HASAN
Memahami Mafsadah dan Maslahah TPPA
Memahami Maslahah dan Mafsadah TPPA
Zulkifli Hasan
Ada golongan Pro-TPPA beranggapan pihak Anti-TPPA sebagai cenderung kepada ideologi yang anti ‘free trade’. Pihak anti-TPPA juga ada yang beranggapan golongan Pro-TPPA sebagai beriman dengan ideologi perdagangan Bebas. Umumnya TPPA bukanlah benar-benar ‘free trade’ tetapi ‘managed trade’. Sememangnya TPPA ada maslahah Dan ada mafsadahnya. Oleh kerana TPPA adalah free trade yang bersifat ‘managed trade’ maka perasaan bimbang dengan mafsadah berbanding maslahah begitu ketara.
Dengan begitu banyak kajian dan laporan termasuk ‘impact assessment’ menambahkan lagi kebimbangan. Laporan dan kajian yang pro-TPPA pula hanya bersifat ekslusif cenderung kepada satu dimensi iaitu dari aspek ‘trade’ sedangkan impak TPPA adalah ‘beyond trade’. TPPA perlu dilihat dari sudut yang lebih luas termasuk hak asasi, budaya, sosial, politik, agama dan lain-lain. Menghadiri diskusi dan dialog dengan pelbagai ngo, kerajaan, dan pakar termasuk meneliti pandangan sarjana ekonomi dunia seperti Joseph Stiglitz, Paul Krugman dan Jomo Sundram mengiyakan bahawa mafsadah TPPA bukan spekulasi tetapi ‘real’.

Kes-kes ISDS sebelum ini majoritinya membuktikan bahawa negara akan terdedah dengan ‘liabilities’ yang bakal memberi mafsadah yang lebih besar. Dengan kelemahan dan kecelaruan pentadbiran negara ditambah dengan pelbagai isu integriti menimbulkan persoalan kemampuan untuk mendepani cabaran TPPA.
Peristiwa gelap tergadainya Pulau Batu Putih menambahkan lagi kebimbangan ini apabila negara bukan lagi berdepan dengan Singapura tetapi Amerika Syarikat dan gergasi korporat yang saiz ‘market capitalization’nya adalah lebih besar daripada kemampuan sebuah negara. Dengan kemampuan dan kualiti segelintir menteri-menteri yang kadangkala melucukan dalam masa yang sama memualkan meningkatkan lagi kerisauan ini. Apa yang lebih merisaukan ialah gejala rasuah dan bodek tahap dewa yang semakin membarah boleh sahaja menambahkan ancaman kepada negara.
Kesemua ini seharusnya diambil kira oleh rakyat Malaysia khususnya kepada ahli parlimen yang bakal menentukan nasib dan masa depan negara. Fikirkanlah secara berhikmah masa depan generasi akan datang. Telitilah setiap aspek kesan maslahah dan mafsadah TPPA kepada semua. Mungkin kali ini sahaja rakyat masih menaruh harapan pada pemimpinnya walaupun sering kali diperdaya dan dicapati segala janji-janjinya.
Islamic finance news
Leave a comment
February 3, 2016
DR. ZULKIFLI HASAN
Menjaga Imej Islam Sebahagian Daripada Maqasid Shariah
Menjaga Imej Islam Sebahagian Daripada Maqasid Shariah
Zulkifli Hasan
Merenung situasi politik di Malaysia di mana Pemimpin bermasalah kini sentiasa cuba dilihat lebih Islamik selalu kelihatan bersama ulama di majlis-majlis maulid dan sebagainya menimbulkan beberapa persoalan. Sehinggakan menimbulkan gambaran kepada umum bahawa ada agamawan yang redha akan keadaan ini. Lebih merumitkan keadaan apabila Islam itu seakan digambarkan sebagai agama yang berkompromi dengan kebatilan atau dilihat sebagai alat untuk pemimpin bermasalah berlindung dan mendapat ‘legitimacy’ sokongan Umum.
Ini mengingatkan kepada ungkapan Sheikh Abdullah Ben Bayyah

من مقاصد الشريعة تحسين صورة الإسلام

“Sebahagian maqasid syariah adalah menjaga kecantikan imej Islam”.
Prinsip menjaga imej Islam ini adalah sebahagian daripada tuntutan maqasid Syariah. Oleh itu, adalah menjadi satu persoalan yang sangat signifikan untuk kita renungi apabila membenarkan pemimpin bermasalah untuk berselindung disebalik simbol agama. Ini bukan sahaja menimbulkan persepsi buruk pada agamawan disekelilingnya malahan memburukkan imej Islam itu sendiri. Kebatilan yang jelas juga seakan didiamkan sehinggakan ada juga cuba untuk menjustifikasikannya atas nama ketuanan Melayu atau memelihara status agama persekutuan. Ini semua sama sekali tidak menepati maqasid menjaga dan memelihara imej Islam kerana ia akan memburukkan lagi persepsi umum kepada Islam.
Jika kita begitu marah dengan ISIS yang tidak mewakili Islam dan memburukkan imej Islam, kita juga perlu bangkit untuk menegur dan mencegah mana-mana pemimpin bermasalah yang mencemarkan imej Islam itu sendiri. Kebatilan yang jelas seperti rasuah dan guna kuasa termasuk penipuan dan mungkir janji sama sekali tidak boleh dikompromi. Sebarang usaha untuk menjustifikasikannya atas nama Islam dan bangsa bukan satu perkara yang boleh diterima bahkan dianggap sebagai satu pengkhianatan kepada amanah ilmu.
Islam itu agama yang membawa rahmat ke sekalian alam. Namun, hari ini kita boleh lihat Islam itu tidak digambarkan sebagai sesuatu yang rahmat. Fenomena bisu dengan kebatilan yang jelas di depan mata memburukkan lagi imej Islam itu sendiri. Mengembalikan semula imej Islam itu sebagai agama yang menjunjung kebenaran menegakkan keadilan dan mencegah kemungkaran adalah amanah untuk kita semua. Amanah dan taklif untuk menegur dan menasihat pemimpin adalah satu tuntutan akidah dan jihad. Sesungguhnya antara jihad yang paling utama adalah berkata benar di hadapan pemerintah yang zalim.
Islamic finance news
Leave a comment
Post navigation
AUTHOR
DR. ZULKIFLI HASAN
Menu
Welcome to My Blog of Knowledge

About Me

Professional Background

My Journal

My Selected Publication

My Course Outline

My Lecture Note

My Recommended Reading

My Statute

My Case Report

My Guideline

My Idea

My Thought

My ‘Quest for Meaning’

My Activity

My Conference

My Corporate Governance Network

My Distance Learning

My E-Fatwa

My E-Lecture Series

My Guidance

My Hyperlink

My Key Terms and Concepts

Islamic Science University of Malaysia

Archives

My Movie
Search
Al-Baqarah, 2:275
Calendar
February 2016

M

T

W

T

F

S

S

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29
« Jan
Apr »
Academic
Centre for Islamic Area Studies at Kyoto University

Durham Islamic Finance Programme

Harvard University Islamic Finance Project

IIUM Institute of Islamic Banking and Finance

INCEIF

International Institute of Islamic Economics

International Shari'ah Research Academy for Islamic Finance

MIHE
Blogroll
Abdullah Saeed

Mahmud El-Gamal

Mohammad Obaidullah

Monzer Kahf

Muhammad Nejatullah Siddiqi

Muhammad Umer Chapra

Sheikh Ahmad Raysuni

Sheikh Imran Hossein

Sheikh Muhammad Afifi Al Akiti

Sheikh Muhammad Said Ramadhan al-Buthi

Sheikh Muqbil Haadee

Sheikh Salman Audah

Sheikh Tariq Ramadan

Sheikh Wahbah al-Zuhayli

Sheikh Yusuf al-Qaradawi

Syed Hossein Nasr

Zakir Naik
Higher Education
Association of African Universities

Consortium for North American Higher Education Collaboration

Education International

Higher Education in Malaysia

UNESCO

University and College Union
Institutional Infrastructure for Islamic Finance
Accounting and Auditing Organization for Islamic Financial Insitutions

General Council of Islamic Banks and Financial Institutions

International Islamic Financial Market

Islamic Development Bank

Islamic Financial Services Board

Islamic International Rating Agency

Islamic Research and Training Institute

Liquidity Management Centre
Islamic Finance Worldwide
Islamic Finance in Germany

Islamic Finance Indonesia

Islamic Finance Turkey
Muslim Activist
Fethullah Gulen

Hamza Tzortzis

Hamza Yusuf

Lauren Booth

Yahia Abdul Rahman

Yvonne Ridley
Muslim Da'wah Movement
ABIM Negeri Sembilan

Islamic Society of North America

Minda Madani

Muslim Brotherhood

Muslim Council of Britain

Muslim Student Association of Japan

Swiss Muslim Society
My Hobby
Muslim Soccer Blog

Ulama Nusantara
My Malaysia
Centre for Policy Initiative

Centre for Public Policy Studies

Institute of Strategic and International Studies

Malaysian Institute of Economic Research

Socio-Economic and Environmental Research Institute
My Usrah
ABIM

Baytulkifli

Hanif's Family

Malaysian Durham Scholars

MISG
Website on Islamic Finance
Al Huda

Al Sukuk

Global Islamic Finance Centre

Invest Halal

Islamic Business Research Centre

Islamic Finance

Islamic Finance Asia

Islamic Finance Blogspot

Islamic Finance Information Service

Islamic Finance Resources

Muslim Investor

Muslim Net

My Professional Group Directory

Opalesque Islamic Finance

Westlaw Business Islamic Finance
Categories
Islamic finance news

Muslims News

My Publication

My recent publication

My Story

My Thought

News

Palestine

Poem
Blog Subscriptions
Enter your email address to follow this blog and receive notifications of new posts by email.
Email Address:
Sign me up!
Blog Stats
565,904 hits
Recent Comments
DR. ZULKIFLI HASAN on
FIQH JIHAD ASAS MEMAHAMI KRISI…

Muhammad Khaliff on
FIQH JIHAD ASAS MEMAHAMI KRISI…

asma
on
Islamic finance: Attractive fo…

brosafwan
on
Islamic body goes global to fi…

Siti on
Guru Sebagai Murabbi, Mudarris…

Hasnan Daud (HD)
on
Tajdid and Mujaddid

asma on
IMF endorses Islamic finance,…

DR. ZULKIFLI HASAN on
Letter from Yusuf al Qaradawi…

Aiman Achim
on
Letter from Yusuf al Qaradawi…

Aiman Achim
on
Letter from Yusuf al Qaradawi…
Top Clicks
islamonline.net/servlet/S…

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…

zulkiflihasan.files.wordp…
Top Posts
Guru Sebagai Murabbi, Mudarris, Mualim, Muaddib Dan Mursyid “Selamat Hari Guru”

MEMAHAMI KONSEP “SUMPAH” DALAM ISLAM

Tajdid and Mujaddid

Top 100 Companies of the Muslim World: 2010 DS100 Ranking

MEMAHAMI ISU ISLAMOFOBIA: ANTARA PERSEPSI DAN REALITI
Archives
February 2018

June 2017

February 2017

January 2017

December 2016

October 2016

September 2016

July 2016

June 2016

April 2016

February 2016

January 2016

December 2015

November 2015

October 2015

September 2015

August 2015

July 2015

June 2015

May 2015

April 2015

February 2015

January 2015

December 2014

November 2014

October 2014

September 2014

August 2014

July 2014

June 2014

May 2014

April 2014

March 2014

February 2014

January 2014

December 2013

November 2013

October 2013

September 2013

August 2013

July 2013

June 2013

May 2013

April 2013

March 2013

February 2013

January 2013

December 2012

November 2012

October 2012

September 2012

August 2012

July 2012

June 2012

May 2012

April 2012

March 2012

February 2012

January 2012

December 2011

November 2011

October 2011

September 2011

August 2011

July 2011

June 2011

May 2011

April 2011

March 2011

February 2011

January 2011

December 2010

November 2010

October 2010

September 2010

August 2010

July 2010

June 2010

May 2010

April 2010

March 2010

February 2010

January 2010

December 2009

November 2009

October 2009

September 2009

August 2009

July 2009

June 2009

May 2009

April 2009

March 2009

February 2009

January 2009

December 2008

November 2008

October 2008

September 2008

August 2008

July 2008

June 2008
Categories
Islamic finance news
Muslims News
My Publication
My recent publication
My Story
My Thought
News
Palestine
Poem
Create a free website or blog at WordPress.com.
Cookie Policy
Follow

Following

BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)

Join 235 other followers

												Sign me up

Already have a WordPress.com account?
Log in now.
BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)

Customize

Follow

Following

Sign up

Log in

Report this content

View site in Reader

Manage subscriptions

Collapse this bar