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Islami BankingSeptember 2014A JournalPublished by Public Relations DivisionIslami Bank Bangladesh Limited

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1 †`Lyb,†kL†gvnv¤§`Zv‡ni,LyZev-The Objectives of the Islamic Sacred Law, cvIqv hv‡e: http://www.leedsgrandmosque.com/khutbahs/khutba-20040319.asp (visited Sept 10, 2006).

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we‡klÁivweMZevikÕeQievZviI†ewkmgqa‡iZv‡ìcvwÐZ¨c~Y©†jLbx‡ZD‡jøLK‡i†M‡Qb|AviBmjvgxe¨vsKIAvw_©K

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14| Bmjvgx e¨vswKs

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Bmjvgx e¨vswKs| 15

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cyuwRiAvbycvwZKnv‡i|Ab¨K_vq,gy`vivevÕqwbw¯ŒqAskx`vi‡KmKjÿwZenbKi‡Znq|

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16| Bmjvgx e¨vswKs

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Bmjvgx e¨vswKs| 17

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18| Bmjvgx e¨vswKs

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w`‡qBcY¨wewµKivnq|GiD‡Ïk¨n‡jvDrcv`bKvix‡KA_©†RvMvb†`qv,†hbwZwbgvjvgvj

msMÖn Ki‡Z cv‡ib Ges PjwZ e¨q wbe©vn Ki‡Z cv‡ib| G ai‡bi wewµA_©vq‡b Aek¨B

GgbGKwUmy®úóme©m¤§ZPzw³_vK‡Zn‡e†hLv‡bwewµZc‡Yïc~Y©weeiY,wba©vwiZw`bI

mieiv‡ni¯’vbGes†gvUg~‡jïK_vD‡jøL_vK‡e|ÔmvjvgÕGKai‡biAšÍtFYe×Zvm„wói

gva¨‡g†KejAvw_©KSzuwKBm„wóK‡ibv,G‡Zg~‡jïwewfbœZvm„wóievwYwR¨KSzuwKI†_‡Khvq|

g~‡jïe¨vcv‡iAvMvgaviYvGov‡bviRb¨kixÔAvn&†Kvbe¯‘icy‡ivcywiAwaKvixnIqviAv‡M

gvwjKvbvicY¨wUwewµAby‡gv`bK‡ibv|

AšÍtFYe×ZvcÖK…wZiKvi‡YmdjcÖ‡qv‡Mi†ÿ‡ÎÔmvjvgA_©vqbPzw³ÕiRb¨mywbw`©óevRvi

cwiw¯’wZcÖ‡qvRb|†hgb w¯’wZkxjZvevAvMvgejvhvqGgbcY¨g~j¨,SzuwKcÖkg‡bich©vß

DcvqGesGKwU ÿImwµqcYëvRvi,hv‡ZmieivncÖvwßiciciBFY`vZvZvig~j¨DwV‡q

wb‡Z cv‡ib|

me©‡kl iæZ¡c~Y©wewµwfwËKA_©vqbPzw³iAv‡iKwUn‡jvÔBmwZmbvÕ|GUvGgbGKwewµA_©vqb

hv cy‡ivcywi ewY©Z, mywbw`©ó, wbwg©Z ev cÖ¯‘ZK…Z c‡Yï wewbg‡q GKwU g~j¨, hv †h‡Kvb mgq cwi‡kva

Kivn‡Zcv‡i|GUvGgbGKPzw³hvg~j¨cwi‡kv‡aime©m¤§ZZvwi‡LiwfwË‡ZDrcv`bKvixev

†fv³v‡KA_©vq‡biRbëëüZn‡Zcv‡iGeswe‡µZv‡KcÖK…ZDrcv`KnIqviIcÖ‡qvRb†bB|

ÔBmwZmbvÕ (g¨vbyd¨vKPvwis wewµ) mvjv‡gi g‡ZvB| Dfq †ÿ‡Î Ggbme mvgMÖx wewµi Rb¨

Pzw³Kivnq, †h¸‡jv Pzw³m¤úv`bKv‡jnvwRi_v‡Kbv|G¸‡jvfwel¨‡ZmieivnKivnq|

ÔBmwZmbvÕi†ÿ‡Îme‡P‡q¸iæZ¡c~Y©cv_©K¨wUn‡jvGLv‡bAvMvgg~j¨cwi‡kv‡aicÖ‡qvRbnqbv|

3. BRviv Pzw³

BRviv ev wjR A_©vqb gv‡b n‡jv wba©vwiZ g~‡j¨ †Kvb DRydiv³ (usufruct) wewµ, hvi g~j¨m¤§Z†h‡Kvbw`bcwi‡kvaKivnq|BRviv†`qve¯‘wUn‡jv†Kvb`xN©¯’vqxm¤ú‡ìDRydiv³

(†Kvbm¤úèënviIGimydj†fv‡MiAwaKviGesPzw³img‡qiciZvGigvwjK‡K†diZ

Bmjvgx e¨vswKs| 19

`vb)hvPzw³i†gqv`Kv‡j Ôwbt‡klK‡i†fvMÕ(consumable)-Gig‡Zvbq|BmjvgxBRvivA_©vq‡b BRviv`vZv (lessor)m¤ú`wU‡Keënvi‡hvMÄe¯’vqmieivnGesBRviv†gqv‡`Gieënvi‡hvM¨Zv eRvqivLvi e¨vcv‡i`vqe×|BRvivZ`vi (leesee)fvovcÖ`vbGesBRvivi†gqv`†k‡lm¤ú`wUBRviv`vZv‡K†diZ`v‡bie¨vcv‡i`vqe×|m¤ú`wU†h‡nZzBRviv`vi‡K

Ac©b Kiv n‡”Q wZwb †Kej Aceënvi ev Ae‡njvi Kvi‡Y ÿwZi Rb¨ `vqx n‡eb| ¯^vfvweK

eënviRwbZweb‡óiRb¨`vqxn‡ebbv|GLv‡bg‡bivL‡Zn‡e†h,BRvivA_©vq‡bm¤ú‡ì

gvwjKvbv BRviv`vZvi bv‡g _vK‡jI BRviv GKwU FY-m„wóKvix Pzw³| KviY †gqvw` fvov

BRviv`v‡ii Rb¨ GKwU FY m„wó K‡i Ges GB FY †h‡Kvb ai‡bi RvgvbZ I wbðqZvi gva¨‡g

cwi‡kva Kiv hvq|

A‡bK†`‡kKieë¯’vIwnmv‡eigvbmwµq(operational) Ges Avw_©K (financial) BRvivi

g‡a¨ cv_©K¨ m„wó K‡i| GB cv_©K¨ g~jZ BRviv †gqv`Kv‡j †K deducting amortization allowances †_‡K jvfevb n‡”Q Zvi wnmv‡ei wfwË‡Z Kiv nq|

kixÔAvn&GB`yÕai‡biBRvivPzw³ig‡a¨cv_©K¨wb‡qZZÿYch©šÍ†Zgbgv_vNvgvqbvhZÿY

ch©šÍDfqcÖKv‡iiBRvivPzw³AvBbMZfv‡eBRviv`vZviKv‡QBRvivm¤úwËwn‡m‡ewe‡ewPZ

nq| Gi gv‡b n‡jv Avw_©K I eë¯’vcbvMZ BRviv Dfq †ÿ‡Î GKB ai‡bi kZ© I AvBbMZ

wewaweavb cÖhy³ n‡e|

AwaKš‘, †Kvb BRviv Pzw³‡ZGgb †Kvb cÖ¯ÍveIAšÍfz©³ _vK‡Zcv‡i †h m¤úwËwUµgvMZ

cÖwµqvq BRviv`v‡ii Kv‡Q wewµ K‡i †`qv n‡e| µgvMZ wewµ cÖwµqvq gvwjKvbvi Ask

cwieZ©‡bim‡½m½wZ†i‡LfvovicwigvYKg‡Z_vKviweavbIcÖ‡hvR¨|kixÔAvn&GesAwWwUs

GÛGKvDw›UsAM©vbvB‡RkbAdBmjvwgKwdbvwÝqvjBÝwUwUDkÝ(GGIAvBGdAvB)14 Avw_©K

BRviviwewfbœaib¯^xKviK‡iGescÖwZevicwi‡kv‡aim‡½m‡½Gi¯^‡Z¡icwieZ©bbvNU‡jI

BRvivm¤úwËwUwK‡b†bqvn‡eGgbk‡Z©iAvIZvq†gqvw`cwi‡kv‡aim‡½m‡½µgvMZfv‡e

gvwjKvbv¯’vbvšÍ‡iiaviYvwU†g‡b†bq|15Ab¨vb¨we‡ePbv,we‡klK‡iKim¤úwK©Zwe‡ePbvq

kixÔAvn&Õi†Kvbwb‡lavÁv†bB|

BRvivPzw³AÿzbœGesBRviv`v‡ii¯^v_©Aÿzbœ†i‡LBRviv†`qvm¤úwËwewµ,RvgvbZwn‡m‡e

eënviGesevRv‡i†jb‡`bKiv†h‡Zcv‡i|bZzbgvwjKgvwjKvbvn¯ÍvšÍ‡iiw`b†_‡Kfvov

cÖvwßinK`viwn‡m‡eMY¨n‡e|eZ©gv‡bbv_vK‡jIcy‡ivcywieY©bv†`qvAv‡QGiKgm¤úwËi

RbÏ BRviv A_©vqb Pzw³ Kiv †h‡Z cv‡i|

14GBwkím¤úwK©ZGKwU¯^vaxb†ckv`vims¯’v|Gimì`dZievnivB‡b|Bmjvgxe¨vsKIAvw_©KcÖwZôvb¸‡jv‡Kw`Kwb‡`©kbv

cÖ`v‡bi †ÿ‡Î GB ms¯’v e¨vcK mybvg AR©b K‡i‡Q|

15GKvDw›UsGÛAwWwUsAM©vbvB‡RkbdiBmjvwgKwdbvwÝqvjBÝwUwUDkÝ,kixÔAvn&÷vÛvW©m,2003,÷vÛvW©bs-9|

20| Bmjvgx e¨vswKs

AwaKš‘,RwoZcÿ¸‡jviA_©vq‡biD‡Ïk¨c~iYK‡iGgb†h‡Kvbci¯úim¤§ZDcv‡qfvovi

nvicyb:wba©viYKiv†h‡Z|BRviv`vZviAvw_©KcÖ‡qvR‡bBRvivm¤úwËifvovGKKvjxbAvMvg

A_ev BRviv †gqv‡ì †k‡l cwi‡kva Kiv †h‡Z cv‡i| GUv eQ‡ii ci eQi Pj‡Z cv‡i Ges

Zv BRviv †gqv‡ì m‡½ wgj _vK‡Z n‡e Ggb †Kvb K_v †bB| †Kvb wba©vwiZ ev Pjgvb nv‡i

fvovicwigv‡Yn«vm-e„w×NU‡Zcv‡i|hv†Kvbevwn¨KKvh©Kvi‡Yim‡½hy³n‡eGescÖwZwU

fvov†gqv‡ìïiæ‡ZBhvRvbvhv‡e|BRviv`vZvIBRviv`v‡iiwewfbœAvw_©KD‡Ïk¨c~i‡Yi

Rb¨BRvivPzw³i ewkó¨¸‡jv†ekAbyK~j|GBbgbxqZvBmjvgxcyuwRevRvim„wóiKv‡RBRvivi

aviYveënv‡iich©vßmy‡hvMm„wóK‡i‡Q|GRb¨B weMZeQi¸‡jv‡Z wewfbœai‡bi ÔmyKzKÕ

evRv‡iQvovimy‡hvMn‡q‡Q|

me©‡k‡l,kixÔAvn&g‡ZGKwUgvwjKvbvaxbDRydiv³n‡jvGKwU¯^vaxbm¤úwËhvZviwb‡Ri

DciBwbf©ikxjGesZv†h‡Kvbm¤úwË‡Z†Kvbevmeai‡bi†jb‡`‡biKv‡ReëüZn‡Z

cv‡i| Gi Zvrch© n‡jv, DRydiv³ wmwKDwiwU (security)-icÖwZiƒcn‡Zcv‡iGes†kqvievRv‡iQvov†h‡Zcv‡i|ZvBZvGKwUbZzbai‡biwewb‡qvMc×wZm„wóKi‡Zmÿg|AviGUvBwewfbœ

ai‡bimyKzK(BmjvgxeÛ)-GikixÔAvn&MZwfwË|GBmyKzK†KejDRydiv³-GicÖwZiƒc|

4. K¬vwmK¨vj Avw_©K Pzw³¸‡jvi êwkó¨

K¬vwmK¨vj Bmjvgx A_©vq‡bi 6wU cÖavb êwkó¨ cvIqv cvIqv hvq| G¸‡jv ms‡ÿ‡c wb‡P Zz‡j

aiv n‡jv:

cÖ_gZ,BmjvgxA_©vqb‡Kg~jZm¤ú`wfwËKA_©vqb wn‡m‡eeY©bvKiv n‡q‡Q|KviY,GUv

cYÏm¤ú‡ìgvwjKvbvAR©‡biwfwË‡ZcÖwZwôZ|AskwfwËKA_©vq‡bi†ÿ‡ÎIGUv¯úó|

G‡Z †Kvb Znwej‡hvMvb`vZvi Znwej w`‡q bZzb †Kvb m¤úwË †Kbv n‡j Zvi gvwjKvbv

Znwej‡hvMvb`vZviAwaKv‡i hvq|BRvivA_©vq‡bIGUv¯úó|BRviv`vZvfvovicÖZ¨vkx|

KviY,BRviv†`qvm¤úwËigvwjK†m|GBêwkó¨¸‡jvwKQzUvwfbœiƒ‡cwewµwfwËKPzw³¸‡jv‡Z

i‡q‡Q|wewµA_©vqbg‡bK‡iwe‡µZv†KvbcY¨,m¤úèvm¤úwËigvwjKGesGUvZvic~Y©

AwaKv‡ii‡q‡QGeswZwbGwUevowZg~‡j¨wewµK‡ib|ZvBwewµA_©vqbIcY¨m¤ú`wfwËK|

KviYGUvm¤ú`w`‡qïiæ|hwÌ†klch©v‡qGUvFYm„wóKi‡Zcv‡i|

wØZxqZ,wewb‡qvMm¤ú`‡KGgbn‡Zn‡e†hwbR¯^cÖK…wZevev ÍeevRvikw³¸‡jvi(market forces)cÖfv‡eGie„w×NU‡eevGwUgybvdvm„wóKi‡e|A_©vqbKvix‡KjvfG‡bw`‡Zcv‡iGgbmKjm¤ú`Bm¤úwËn‡Zcv‡i|Gig‡a¨wewµ‡hvM¨cYëv†mev,cYëv†mevDrcv`‡bi

Rb¨we‡klfv‡eeëüZn‡Zcv‡iGgbe¯‘MZm¤úwËGesDrcv`bIwecYbcÖwµqvqcÖhy³

n‡Zcv‡iGgb †c‡U›U ev †UªWgv‡K©i g‡ZvA¯ú„k¨ (intangible)m¤ú`|Ab¨w`‡K,FYevAvgvbZ Pvwn`v (demand deposit)†Kvbm¤ú`bqKviY,Dc‡iv³†KvbcÖwµqv‡ZBZveëüZn‡Z cv‡i bv|

Bmjvgx e¨vswKs| 21

Z…ZxqZ,Drcv`bkxjm¤úèvcY¨Ges†mevigvwjKnIqvBmjvgxA_©vq‡biGKwUcÖ‡qvRbxq

kZ© n‡jI †Kej GUvB h‡_ó bq| Bmjvgx kZ©vw` c~i‡Yi Rb¨ A_©vqb‡K Av‡iv wKQz kZ©

c~iYKi‡Zn‡e|GBkZ©¸‡jvn‡jvcÖK…Zc‡ÿAvgivhv†`wL,ev¯ÍeRxeb,cÖK…Zgybvdv|

Ab¨K_vq, A_©vqbKvixi gybvdv wba©vwiZ nq cÖK…Z evRv‡i| GKBfv‡e AskwfwËK A_©vq‡bi

gybvdvI wba©vwiZnqcYÏ†mevDrcv`bI wewµievRv‡iGes†hevRvi†_‡KcÖwZôv‡bi

†hvMvbAv‡m†mLv‡b|BRvivA_©vq‡bigybvdvwba©vwiZnqDRydiv³evRv‡iGeswewµA_©vq‡bi

gybvdv wba©vwiZ nq cY¨ I †mevi fwel¨r g~‡jï evRv‡i|

PZz_©Z, Pzw³i b¨vh¨Zv, mZZv I fvimvg¨ K¬vwmK¨vj Bmjvgx A_©vqb Pzw³¸‡jv‡K êwkó¨gwÐZ

K‡i‡Q|Gmeêwkó¨cÖKvk†c‡q‡Qwewfbœfv‡e:gy³Av‡jvPbv,mg‡SvZviwfwË‡ZPzw³,Pzw³

AbyhvqxgybvdveÈbIcyuwRiAskAbyhvqxÿwZenbGes wg_¨veY©bv,A¯úóZv(Nvivi)I

AwZgvÎvqg~j¨wba©vi‡Yi(Nveb)Dciwb‡lavÁv|

cÂgZ,BmjvgxA_©vq‡bimnRvZˆbwZKImvgvwRKA½xKviGesevQ-wePvii‡q‡Q|Bmjvgx

A_©vq‡b †Kv_vq A_©vqb Ki‡Z n‡e Zv wba©viY GKwU ¸iæZ¡c~Y© welq| KviY GUv Drcv`b,

gvwjKvbv, wewµ ev BRvivi gva¨‡g n‡Z cv‡i| Gi me¸‡jvB A_©‡hvMvb`vZv‡K - wZwb

†hLv‡bBA_©vqbKiæbbv†Kb-ZviDrcv`bIwewµcÖwµqvim‡½mivmwiRwoZK‡i|ZvB,

kixÔAvn&m¤§ZA_©vqbcÖwµqvqˆbwZKImvgvwRKevQ-wePvihy³Kivn‡q‡Q|GUvPvwc‡q†`qv

evowZ†Kvbwelqbq|mvgvwRKIcwi‡ekMZfv‡eÿwZKiGgb†KvbcYëv†mevqA_©vqb

wbwl×K‡i‡QkixÔAvn&|Avcwb †mLv‡bA_©vqbKi‡Zcv‡ib bvAvcwb †h¸‡jv Drcv`b ev

gvwjKn‡Zcv‡ibbv!

me©‡k‡l, Bmjvgx Avw_©K Pzw³¸‡jv nvBweªW ev m¼i ˆZwii Rb¨ †ek bgbxq Ges AbyK~j| wb‡P

Zv wb‡q Av‡jvPbv Kiv n‡jv|

GKwU jÿYxq gRvi welq n‡jv, K¬vwmK¨vj Bmjvgx A_©vqb Pzw³¸‡jv bZzb K‡i ch©v‡jvPbv

Kivn‡j †`Lv hv‡e †m¸‡jvmywbw`©ófv‡eBmjvwgKbq|G¸‡jvmKj wek¦vm, eY©,m¤úª`vq,

¯’vb, Kvj I hy‡Mi mvaviY gvby‡li ¯^vfvweK Abykxjb| Gme Pzw³i †gŠwjK êwkó¨¸‡jvi g‡a¨

GgbwKQz†bBhvGKvšÍfv‡eBBmjvwgK|G¸‡jvGgbmeAvw_©KPzw³hvBmjvgAvwef©v‡ei

A‡bKAvM†_‡KweivRgvbwQjGesmevBG¸‡jveënviIPP©vKi‡Zv|GmePzw³m¤ú‡K©

cÖvPëvmxi †hgb Rvbv wQj, †Zgwb cÖwZPëvmxI wQj AeMZ| G¸‡jvi e¨vcv‡i eZ©gvb hy‡Mi

gvbyl †hgb Rv‡b, †Zgwb Rvbv wQj AZx‡Zi gvby‡li| G¸‡jv G‡Kev‡iB MZvbyMwZK ai‡bi

eëmv|eZ©gv‡bcwðgvRM‡ZAvwacZ¨we¯ÍviKvixFYwfwËKA_©vq‡bim‡½BmjvgxA_©vq‡bi

me‡P‡q¸iæZ¡c~Y© cv_©K¨wU n‡jv BmjvgxA_©vqbKL‡bvBAev Íe aviYv evKíbvwfwËK wKQz

MÖnYK‡ibv:†hgbFY wn‡m‡e†`qvA_©Av‡iKR‡bim¤úwË wn‡m‡ee„w×†c‡Z_vKv,hwÌ

ev¯Í‡eZve„w×cvqbv;AveviFY†jb‡`‡biRbëvRv‡iiAw ÍZ¡KíbvKiv,hwÌev¯Í‡eG

ai‡bievRviGKai‡bicÖZviYvQvovwKQzBbq;GesF‡YiGKwUe„w×invi(evmg‡qig~j¨)

22| Bmjvgx e¨vswKs

_vK‡Zcv‡ie‡jg‡bKivn‡jIAvm‡jZvGKwUwb‡f©RvjåggvÎ|BmjvgxAvw_©KPzw³¸‡jv‡K

AKcUmijwn‡m‡ewe‡ePbvKiv†h‡Zcv‡i,wKš‘G¸‡jv`y`©všÍiKgev¯Íe|

L. Bmjvgx Avw_©K Pzw³i m¼i

kZ kZ eQi a‡i Bmjvgx AvBbÁ‡ì wewfbœ iPbvq K¬vwmK¨vj Bmjvgx A_©vqb Pzw³¸‡jvi

eY©bvcvIqvhvq|G¸‡jvmvaviYZwØcÿxqm¤úK©†_‡KD™¢~Z|eZ©gv‡bA_©vqb†hvMvbw`‡”Q

ga¨¯’ZvKvixwewfbœcÖwZôvb|GmecÖwZôvbhv‡ìKv‡QAwZwi³m¤úì‡q‡QZv‡ìKvQ†_‡K

Zv msMÖn K‡i †m¸‡jv eëmv I wkí cÖwZôv‡b wewb‡qvM K‡i| myZivs K¬vwmK¨vj Bmjvgx A_©vqb

Pzw³¸‡jvi êwkó¨ ev jÿYxq wel‡qi wfwË‡Z eZ©gvb Bmjvgx e¨vsK¸‡jv kixÔAvn& we‡klÁ‡ì

mnvqZvq Ggb †ek wKQz m¼i (hybrid) A_©vqbPzw³iD™¢eNwU‡q‡Q†h¸‡jvGKRbga¨¯’ZvKvixGes Avw_©K ga¨¯’ZvKvix wk‡íi f~wgKvi m‡½ Lvc Lvq|

Avw_©K ga¨¯’Zv Zzjbvg~jK GKwU bZzb wkí| weMZ wZb kZK a‡i cwðgv we‡k¦ GB wk‡íi

D™¢eIweKvkN‡U‡Q|hLb†KvbewYKwejw¤^Zg~‡j¨wKQzwewµK‡ibevGKRbBRviv`vZv

†Kvbm¤ú`BRviv†`bZLbwZwb†µZvevBRviv`vi‡KA_©vqbK‡ib|Giwecix‡ZAvw_©K

ga¨¯’ZvKvix n‡jv Ggb GK K‡c©v‡ikb hv AvgvbZKvixi KvQ †_‡K AvgvbZ msMÖn K‡i Zv

IBme eëmvq †hvMvb †`q †h¸‡jvi wewb‡qvM cÖ‡qvRb| Ab¨K_vq hviv AvgvbZ msMÖn K‡i Ges

Znwej†hvMvb†`qZv‡ìwe‡klZ¡n‡jvAvw_©Kga¨¯’Zv|Ab¨w`‡KewYKIDrcv`KivcYÏ

†meviDrcv`bI†Kbv‡ePvm¤úwK©Zˆ`bw›`bwm×všÍ¸‡jvwb‡qKvRK‡ib|

eZ©gvb hy‡Mi BmjvwgK e¨vswKs Ggb Avw_©K ga¨¯’Zvq we‡klvwqZ †h¸‡jvi Ggbme hyZmB I

Dchy³Avw_©KÔUzjÕi‡q‡Qhvw`‡qkixÔAvn&-imxgv‡iLvj•NbbvK‡iwb‡RiêwkóïÿvKiv

hvq| Bmjvgx Avw_©K cÖ‡KŠk‡ji f~wgKv GUvB| Gi ˆZwi Kiv cY¨ (product) ¸‡jv‡K ejv nq

Bmjvgx m¼i Avw_©K Pzw³| Ab¨K_vq ejv hvq, m¼i Bmjvgx Avw_©K Pzw³¸‡jv eZ©gvb we‡k¦i

Bmjvgxe¨vswKsIA_©vqbwk‡íicÖv‡qvwMKIeënvwiK†giæ`ÐˆZwiK‡i‡Q|1970-Gi`k‡K

Rb¥†bqvGBwkíMZwZb`kKa‡icÖwZeQiM‡o14kZvsknv‡i†e‡oDV‡Q|

eZ©gvb Bmjvgx e¨vsK¸‡jv mvaviYZ 8 ai‡bi m¼i Bmjvgx A_©vqb Pzw³i PP©v K‡i _v‡K:

gyivevnv,wKw¯Í‡Zwewµ,gy`vivevwewb‡qvMAvgvbZ,wÎcÿxqBmwZmbv,BRviv,wgkÖmvjvg,evB

e¨vK Ges ZvIqviiæK|

gyivevnvn‡jv†KbviB”Qve¨³KvixiKv‡QGgbwewµKvh©µg†hLv‡bg~j¨n‡jvÁvZ`v‡gi

m‡½GKwUÁvZjvfevevowZA_©|†KDcY¨wU†KbviB”Qve¨³Ki‡jZvimvg‡bc‡Yïg~j¨

IGiRbëvowZ†hjvfw`‡Zn‡eZv¯úófv‡eZz‡jaivnq|gyivevnvn‡jvµ‡qiAby‡iva

Rvbv‡bvicvkvcvwkcybtµ‡qiA½xKvi|GUvn‡jve¨vsKKZ…©KA_© w`‡q†KbvGesL‡Ï‡ii

Kv‡Q wejw¤^Zcwi‡kv‡a wewµ|GKRb†fv³ve¨vs‡KiKv‡Qµqv‡`k`vwLjKiviga¨ w`‡q

Bmjvgx e¨vswKs| 23

GUvïiænq|GBµqv‡`‡kA½xKviKivnq†hwZwbGKBwRwbme¨vs‡KiKvQ†_‡KwK‡b

†b‡eb|µqv‡`‡kcY¨,GicwigvY,`vgImieivnKvixwbw`©óK‡i†`qvnq|DfqcÿhLb

e¨vs‡Ki jv‡fi e¨vcv‡i g‰Z‡K¨ †cŠ‡Q ZLb e¨vsK A_©vq‡bi welqwU Aby‡gv`b K‡i| Gici

e¨vsK†µZv‡KGKwUcvIqviAeGUwb©cÖ`vbK‡i|hvigva¨‡ge¨vs‡KiG‡R›Uwn‡m‡e†µZv

mieivnKvixim‡½bMÀ‡_©†Kbvie¨vcv‡iGKwUPzw³K‡iGesev¯ÍweKfv‡ecY¨wUimieivn

MÖnYK‡i|mieivn†bqvicie¨vsKI†µZvig‡a¨wØZxqGKwUµqPzw³m¤úvw`Znq|G‡Z

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gyivevnvwewµA_©vqbPzw³iGKwUm¼i|Giêwkó¨¸‡jvn‡jv:

1. ¯^í mg‡qi Rb¨ n‡jI e¨vsK cY¨wUi gvwjK nq| ZvB kixÔAvn&Õi `„wó‡KvY †_‡K

e¨vs‡Ki gybvdv cvIqvi AwaKvi êaZv cvq|

2. wbw`©ómgqwU‡ZgvwjKvbviRbë¨vsK`vqenbK‡i;G‡Z†jb‡`‡bimZ¨Zvm¤ú‡K©

cÖwZôvbwU‡Km‡PZb n‡Z nq;G‡Z e¨vsK †KejA_©vqbKvix bv n‡q ev¯Íe †µZv/

gvwj‡K cwiYZ nq|

3. GB†jb‡`‡b†KbviRb¨GKwUAv‡`k,wewµiGKwUA½xKvi,GKwUG‡RwÝPzw³Ges

`ywUwewµPzw³_v‡K|

4. GKwUev¯Íee¯‘GKnvZ†_‡KAb¨nv‡Zhv‡”Q,GwelqwUwbwðZKivRiæwi|

5. cY¨g~jÏgybvdvimw¤§wjZ`v‡gi†P‡qA_©vq‡biAvKvi†ewkn‡Zcvi‡ebv|

6. evowZg~‡jïwewbg‡q`vgcwi‡kv‡aicybtZdwkjxKiYGesg~j¨QvoAby‡gvw`Zbq|

d‡jGLv‡bF‡YimÂqev¯Íim„wón‡ebv|

7. e¨vs‡Ki A_© †ewi‡q hvIqvi ga¨ w`‡q †jb‡`b ïiæ nq Ges A_© †diZ Avmvi ga¨ w`‡q

Zv †kl nq|

8. gyivevnv†µZviRb¨cÖPwjZe¨vsK¸‡jvi†`qvF‡Yig‡ZvBGKwUFYm„wóK‡i|

9. RvgvbZ,M¨vivw›U,eÜKmnAb¨vb¨†LjvcxSzuwKcÖkgbeë¯’vMÖnYmv‡c‡ÿGBgyivevnv

FY †`qv nq|

10.GUvmij,mnR‡eva¨Gescwi”Qbœ|

GwU eZ©gvb Bmjvgx e¨vswKs RM‡Z me‡P‡q RbwcÖq GKwU ixwZ| wKQz wKQz Bmjvgx e¨vsK Zv‡ì

mvwe©KA_©vq‡bi80-90ch©šÍGai‡biA_©vqbK‡i_v‡K|

24| Bmjvgx e¨vswKs

wKw¯Í‡Z wewµgyivevnvÕi g‡ZvB|GLv‡b wKw¯Í‡Zg~j¨cwi‡kvaKiv nq| †ewkifvMBmjvgx

e¨vsK gyivevnv I wKw¯Í‡Z wewµi g‡a¨ †Kvb Zdvr K‡i bv| Gi g‡a¨ gvj‡qwkqv I eªæbvB

e¨wZµg|gvj‡qwkqvi†K›`ªxqe¨vsKG‡KGKwU¯^vaxbBmjvgxA_©vqbPzw³wn‡m‡emsÁvwqZ

K‡i‡QGesGicwifvlvwUAviexbv‡gimswÿßiƒ‡cweweG(evqwe_vgvbAvwRj)eëüZnq|

e¨w³MZA_©†hvMvb†`qviRb¨ÔevB-e¨vKÕeë¯’vim‡½wgwj‡qcÖvqBGUveënviKivnq|

gy`vivev wewb‡qvM AvgvbZ n‡jv GKwU Bmjvgx e¨vsK I GKRb AvgvbZKvixi g‡a¨ GK ai‡bi

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gybvdv Znwe‡ji gvwjK I Znwej eë¯’vcK wn‡m‡e e¨vs‡Ki g‡a¨ fvMvfvwM n‡e| GB fvMvfvwM

n‡eDfqcÿ†hAbycv‡ZfvMK‡iwb‡Zm¤§Zn‡q‡QZviwfwË‡Z|K¬vwmK¨vjmvwn‡Z¨†h

ai‡bi mij gy`vivev †`Lv hvq Zvi m‡½ wZbwU êwkó¨ hy³ K‡i‡Q eZ©gvb gy`vivev AvgvbZ

Pzw³| GUv mKj AvgvbZKvixi Znwej GKm‡½ wgwk‡q †d‡j, GUv AvgvbZKvixi Znwe‡ji m‡½

eë¯’vc‡Ki Znwej‡K wgwk‡q †d‡j Ges wbw`©ó mg‡qi Av‡M Znwej cÖZ¨vnvi Kiv n‡j GUv wKQz

wbqg-KvbybAv‡ivcK‡i|

gy`vivev wewb‡qvM AvgvbZ n‡jv cÖPwjZ e¨vsK¸‡jvi †gqv`x Avgvb‡Zi Bmjvgx weKí| GLv‡b

AvMvg-wba©vwiZnv‡igybvdv†`qvnqbv|ZvBAvgvbZKvixivAZxZKvh©`ÿZviDciwfwËK‡i

wewfbœBmjvgxe¨vsK†e‡Q†bb|GUvDb¥y³wgDPzqvjdvÛ-Gwewb‡qv‡MiKvQvKvwQ|Z‡e`yÕ‡qi

g‡a¨¸iæZ¡c~Y©cv_©K¨wUn‡jv,gy`vivevAvgvbZ¸‡jvmvaviYZGKwUAby‡gvw`Zmg‡qiRb¨n‡q

_v‡K|

Bmjvgxe¨vsK¸‡jvwewfbœ†gqv`†hgbwZbgvm,6gvm,GKeQiIwZbeQ‡iiRb¨gy`vivev

AvgvbZ MÖn‡Yi cÖ¯Íve w`‡q _v‡K| wewfbœ †gqv‡ì Rb¨ jv‡fi nviI wewfbœ n‡q _v‡K|

cÖwZôvb¸‡jvcvmeBevÿz`ªmÂqxwnmv‡eig‡ZvcÖZ¨vnv‡iiRbÏwewfbœmyweavicÖ¯Ívew`‡q

_v‡K|e„nrcwim‡imvaviYZ`yÕai‡bigy`vivevAvgvb‡ZicÖ¯Íve†`qvnq:mvaviYgy`vivevI

mxgve×gy`vivev|e¨vsKZvimywe‡ePbvigva¨‡gmeai‡biA_©vqbeëmv‡ZBmvaviYgy`vivev

AvgvbZeënviK‡i_v‡K|mxgve×gy`vivev†µZvicQ›Ìwba©vwiZwe‡klcÖK‡íwewb‡qvM

Kivhvq|Gai‡biwewb‡qvMmvaviYZeoAvKv‡iinqGes†KvbcÖvB‡fUe¨vswKswWcvU©‡g›U-

Gigva¨‡gZvwewb‡qv‡MicÖ¯Íve†`qvnq|

wÎcÿxqBmwZmbv‡KKL‡bvKL‡bvBmwZmbvA_©vqbIejvnq|e¨vsKGes†µZvevL‡Ï‡ii

g‡a¨GBBmwZmbvPzw³‡Z†µZvicQ›`g‡ZvwVKv`vievcY¨cÖ¯‘ZKvixGese¨vs‡Kig‡a¨wØZxq

Av‡iKwUBmwZmbvPzw³_v‡K|GUvwbZvšÍBGKwUcÖKíA_©vqbcÖwµqv†hLv‡b†KvbK‡c©v‡ikb

GKwUcÖKíˆZwiev†gwkbvwiIhš¿cvwZwKb‡ZPvq|K‡c©v‡ikbZvicÖK‡íiGKwUwe¯ÍvwiZ

eøywcÖ›U ˆZwi K‡i| Gici Zv‡Z A_©vq‡bi Rb¨ cwiKíbvwU Bmjvgx e¨vs‡K Rgv †`q| GLv‡b

wZbc‡ÿi(e¨vsK,wVKv`viI†µZv)g‡a¨m¤úvw`Z`ywUBmwZmbvPzw³GKwU`wj‡jGK‡Î

Kivnq|GLv‡be¨vsKI†µZvig‡a¨m¤úvw`ZPzw³†gvZv‡eK†µZv‡KGKwUcÖwZwbwaZ¡g~jK

Bmjvgx e¨vswKs| 25

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wVKv`v‡iig‡a¨bM`g~j¨Ges†µZvIe¨vs‡Kig‡a¨ wejw¤^Zev wKw¯Íg~jÄšÍfz©³_v‡K),

cÖwZwUPzw³ig~j¨cwi‡kv‡aiZvwiL,cÖwZwUch©v‡qmieiv‡niZvwiLGesg~jë„w×iwelq¸‡jv

D‡jøL _v‡K|

Avw_©K BmwZmbv Pzw³ mvaviYZ GKvwaK Bmjvgx e¨vsK ev Bmjvgx I cÖPwjZ e¨vs‡Ki g‡a¨

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ÔAvw_©KBmwZmbvÕeënviKivnq|16BmjvgxDbœqbe¨vsKZviDbœqbcÖKí¸‡jv‡ZA_©vq‡bi

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mvaviYBmwZmbvqe¯‘MZFYMÖ ÍZvm„wónq†hgbDrcvw`Zc‡YïAvKv‡ihvwbwg©Ze¨cÖK‡í

eënvi ev mieivn Kiv n‡e| Ab¨w`‡K Avw_©K BmwZmbvq m„wó nq Avw_©K FY| KviY GKwU

Pzw³i e¯‘MZ FY GKB ai‡bi Av‡iKwU Pzw³i gva¨‡g †kva n‡q hvq| Gi d‡j Avw_©K BmwZmbv

KgSzuwKc~Y©GesmvaviYBmwZmbvevmvjvgPzw³i†P‡qG¸‡jvcwiPvjbvKivmnR|

cvi‡PR AW©vivi (purchase orderer)-Gi Kv‡Q BRviv †`qv n‡jv Ggb GK A_©vqb Pzw³ hv‡Z

cvi‡PRAW©vivi-Gigva¨‡gZvic‡ÿbMÀ‡_©hš¿cvwZwK‡bAveviZviKv‡QB†m¸‡jvBRviv

†`qv nq|GUvcvi‡PRAW©vivi-GiRb¨GKwU gyivevnv wn‡m‡eïiæ nq wKš‘ †kl nqGKwU

cÖv‡qvwMKevAvw_©KBRvivwn‡m‡e|AwaKš‘Pzw³e×mvgMÖxevcY¨hw`cÖ¯‘Zevwbg©vYKivnq

Zvn‡jGUvmieivnKvixevwVKv`v‡iim‡½GKwUBmwZmbvPzw³m¤úv`‡biwb‡`©kwn‡m‡eïiæ

n‡Z cv‡i Ges †kl n‡Z cv‡i gvwjKvbv jv‡fi Rb¨ BRviv (lease-to-own) Pzw³ wn‡m‡e|

cvi‡PRAW©vivi-†KBRviv†`qvÒˆZwiI¯’vbvšÍiÓ-Gig‡ZvBGKai‡biA_©vqb|G`yÕ‡qi

g‡a¨cv_©KÄwZmvgvb¨|Pzw³m¤úv`‡bicÖwZwUch©v‡qcÖK…ZgvwjKvbvm„wóigva¨‡gkixÔAvn&-i

wb‡`©kbv c~i‡Yi Rb¨ GB cv_©K¨¸‡jv m„ó|

BRvivm¤úwËiAw¯ÍZ¡_vKzKevbv_vKzKA_evGUvBRviv`vZviAwaKv‡i_vKzKevbv_vKzK

BRviv Pzw³ †h‡Kvb mgq ¯^vÿi Kiv †h‡Z cv‡i| Z‡e G‡Z D‡jøL _vK‡Z n‡e †h hZw`b

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AwaKš‘ BRviv`vZv‡KAek¨B †KvbAvq-Drcv`Km¤ú‡ìcy‡ivcywi evAvswkKgvwjKn‡Z

n‡e|Ab¨K_vqGKBm‡½†Kvbm¤úwËwewµIfvov†`qvhvqbv|

cvi‡PR AW©vivi-†K †`qv BRvivi mgvwß NU‡Z cv‡i BRviv`vi‡K m¤úwËwU Dcnvi wn‡m‡e

w`‡q†`qvigva¨‡g(hLbGig~‡jïm‡½fvov †hvMK‡i wKw Í wba©viYKivnq),BRviv`vi

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BRviv`vZvi Kv‡Q wdwi‡q w`‡q|

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wbg©v‡Y A_©vqb K‡i| GUv wQj †UªRvwi eÛ †Kbvi GKwU weKí|

26| Bmjvgx e¨vswKs

Bmjvgx e¨vsK¸‡jv M„nvqb ev Mvwo †Kbvq cÖPwjZ eÜwK ev BRvivi weKí wn‡m‡e cvi‡PR

AW©vivi-†KBRviv`vbcÖwµqvAbymiYK‡i|GLv‡bBRviv`vZvDb¥y³cÖ¯Ív‡eigva¨‡gwKw¯Íi

A‡_©icwigvYevwo‡qZvim¤úwËiAskBRviv`v‡iiKv‡QwewµK‡iw`‡Zcv‡i|

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g‡Zv e¯‘MZFY Gwo‡q Pj‡Z Pvq| GLv‡b Av‡iKRb L‡Ï‡ii m‡½ GKwU wecixZ mvjvg

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Pzw³m¤úv`bKv‡jg~j¨cwi‡kvaKi‡Znq),ZvBe¨vsKGKwUmvjvg-Gigva¨‡gAv‡iKwUmvjvg

mvgvj w`‡Z Pvq bv| Gi e`‡j Bmjvgx e¨vsK¸‡jv GKwU mvjv‡gi †gvKv‡ejv K‡i GKB cwigvY

cYÄbÄv‡iKRb L‡Ïi‡KmvjvgA_©vqb Pzw³i g‡Zv gyivevnvA_©vq‡bi gva¨‡g|Gfv‡e

fwel¨‡ZmieivnKivn‡eGgbwRwb‡mie¯‘MZF‡Yiwecix‡ZZvivZv‡ìm¤ú`Drcv`K‡ì

A_©vq‡bi Rb¨ eënvi Ki‡Z cv‡i| cY¨wU fwel¨‡Z mieivn Ges g~j¨ cwi‡kv‡ai Rb¨ mvjvg

Ges †fv³v‡K gyivevnv A_©vq‡bi gva¨‡g GUv Kiv nq|

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†mfwel¨‡ZmieivnKi‡eGesZviRb¨GLbBg~j¨cwi‡kvaKi‡Zn‡e;2)†KvbcvBKvix

km¨we‡µZvim‡½gyivevnvwewµPzw³‡ZcY¨,cwigvY,mywbw`©óaibIfwel¨‡Zg~j¨cwi‡kv‡ai

Rb¨mieivnZvwiLD‡jøL(h_vcvBKvixwe‡µZv‡KA_©vqb)17;Ges3)cvBKvixwe‡µZvhv‡Z

mivmwi K…l‡Ki KvQ †_‡K mieivn MÖnY Ki‡Z cv‡i ZvB Zv‡K ÿgZv cÖ`v‡bi Rb¨ GKwU

G‡RwÝPzw³|

cwi‡k‡l, hwÌ GKwU Pzw³i e¯‘MZ FY Av‡iKwU Pzw³i gva¨‡g evwZj n‡q hvq, Gi cÖwZwU Pzw³B

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P~ovšÍAvw_©KF‡YiRb¨RvgvbZwb‡Zcv‡i|

gvj‡qwkqv I eªæbvB-Gi Bmjvgx e¨vsK¸‡jv g~jZ e¨w³MZ A_©vq‡bi Rb¨ evB-e¨vK c×wZ

Aej¤^bK‡i|GUvn‡jvGKRbL‡Ï‡iigvwjKvbvaxbcY¨bMÀ‡_©wK‡b†bqvGesGBcY¨

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ms¯‹iYn‡jvÔevBwjR-Uz-Ibe¨vKÕ(buy lease-to-own back)|

hwÌ †ewkifvM Bmjvgx e¨vs‡Ki kixÔAvn& civgk©KMY G ai‡bi m¼i A_©vqb Pzw³ Aby‡gv`b

K‡ibbv|Zv‡ìg‡ZGUv†Kejmy`jyKv‡bviRb¨wfbœbv‡gGKai‡biavigvÎ|my`wfwËK

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Bmjvgx e¨vswKs| 27

F‡Yi m‡½ Zzjbv K‡i wKQz we‡klÁ G‡K ¯^í ÿwZKi e‡j D‡jøL K‡ib| Z‡e my`wfwËK FY

cwi‡kv‡ai Rb¨ bM` A‡_©i cÖ‡qvR‡b Zviv GUv Aby‡gv`b K‡ib|18

GKRbL‡Ïi‡KbMève¨w³MZA_©†hvMvb†`qviR‡b¨ÔZvIqvi&iæKÕAv‡iKai‡biA_©vqb

m¼i|ÔevB-e¨vKÕ-Gig‡ZvGLv‡bIL‡Ïi‡KbMÀ_©cÖ`v‡bigv‡SwKQzcYëvm¤ú`hy³Kiv

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Pzw³iAvIZvq †Kbv cY¨¸‡jv bMÀ‡_©i wewbg‡q wewµK‡i †mBA_© L‡Ï‡ii nv‡ZZz‡j

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cÖPwjZ e¨vs‡K, we‡kl K‡i †mŠw` Avi‡e cÖPwjZ avivi e¨vsK¸‡jvi Bmjvgx †jb‡`b wefv‡M GB

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1999 mvj †_‡K †mŠw` Avi‡ei Bmjvgx e¨vsK Ges cÖPwjZ avivi e¨vsK¸‡jvi Bmjvgx †jb‡`b

wefvMÔZvIqvi&iæKÕc×wZiPP©vK‡iAvm‡Q|†mŠwÀvi‡eiÔgymwjgIqvì©jxMÕ-GikixÔAvn&

Dc‡`óvcwil`2003mv‡ji†klw`‡KÔZvIqvi&iæKÕm¤ú‡K©GKwUgZvgZ†`q|Zv‡Zejv

nqwewfbœe¨vsK†hÔZvIqvi&iæKÕ-GiPP©vKi‡QZvwbZvšÍBmy`wfwËK†jb‡`bQvovAviwKQzbq

Ges GUv kixÔAvn& Aby‡gv`b K‡i bv| GKB m‡½ Dc‡`óv cwil` Av‡Mi GKwU gZ mg_©b K‡i

Rvbvq,GUvhwè¨w³MZfv‡ePP©vKivnqGesG‡Zwej‡¤^†KbvIwewµiRb¨bMÀ_©cÖ`vb

wb‡q `ywU Avjv`v Pzw³ Kiv nq, Z‡e Zv Aby‡gv`b‡hvM¨| Z‡e kZ© _v‡K †h G‡Z e¨vsKv‡ii g‡Zv

Z…Zxq†KvbcÿRwoZ_vK‡Zcvi‡ebv|

18 DcmvMixq AÂ‡ji GKwU Bmjvgx e¨vsK 1999 mvj †_‡K ‘buy and lease-to-own back’ c×wZiPP©vK‡iAvm‡Q|GKvDw›UsGÛAwWwUsAM©vbvB‡RkbdiBmjvwgKwdbvwÝqvjBÝwUwUDkb(GGIAvBGdAvB)Gai‡bim¼iA_©vqbAby‡gv`bK‡i‡Q|

Z‡ekZ©_v‡K†hBRvivPzw³wUµqPzw³†_‡KAvjv`vI¯^Zš¿n‡eGesGiGKwUAb¨wUiDciwbf©ikxjn‡ebv|GKvDw›UsGÛ

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28| Bmjvgx e¨vswKs

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30| Bmjvgx e¨vswKs

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L. Bmjvgx wmwKDwiwU-i aib

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25 IAvBwm wdKvn& GKv‡Wwg weKí¸‡jv‡K Avw_©K AwaKvi wn‡m‡e ¯^xK…wZ w`‡q‡Q| Z‡e GB hyw³‡Z †Kbv‡ePvi Aby‡gv`b‡hvM¨ bq †h,

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Bmjvgx e¨vswKs| 31

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wZb ai‡bi BRviv myKzK i‡q‡Q:

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gy`vivev mvwU©wd‡KU n‡jv Av‡iK ai‡bi Bmjvgx wmwKDwiwU| G¸‡jv gy`vivev Pzw³wfwËK Ges

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26 The example of these bonds is a bond that gives a time-sharing right of one week a year in a vacation apartment or hotel room for twenty years that begins, say, on January 1, 2010. This kind of bond presently exists in Saudi Arabia for hotels and suites around the Grand Mosque in Makkah and the Prophet’s Mosque in Madinah.

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32| Bmjvgx e¨vswKs

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34| Bmjvgx e¨vswKs

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36| Bmjvgx e¨vswKs

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Bmjvgx e¨vswKs| 37

3. evsjv‡`‡k Bmjvgx e¨vsK-Gi eZ©gvb Ae¯’vb

3 (1) cwic~Y© Bmjvgx e¨vsK

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2002mv‡jIwi‡q›Uvje¨vsKbv‡gwbewÜZ)

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N) †mvkvjBmjvgxe¨vsKwjwg‡UW(1995)

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P) dv÷©wmwKDwiwUBmjvgxe¨vsKwjwg‡UW(1999,Bmjvgxe¨vsK-GiƒcvšÍi2009)

Q) Gw·ge¨vsKwjwg‡UW(Bmjvgxe¨vsK-GiƒcvšÍi2004)

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38| Bmjvgx e¨vswKs

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Bmjvgx e¨vswKs| 39

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Bmjvgx e¨vswKs| 41

5 (2) evsjv‡`‡k Bmjvgx e¨vswKs cÖmv‡ii KviY

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42| Bmjvgx e¨vswKs

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Bmjvgx e¨vswKs| 43

5 (3) †emiKvwi ch©v‡qi msMVb

• Bmjvgx e¨vs‡Ki civgk©K †dvivg (1995)

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44| Bmjvgx e¨vswKs

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Bmjvgx e¨vswKs| 45

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46| Bmjvgx e¨vswKs

†h mg¯Í cÖeÜ/wbeÜ cvV Kiv †h‡Z cv‡i:

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†RÏv,†mŠwÀvie,1407wnRix1987

2| nvbœvb,kvnAvãyj,Òevsjv‡`‡kBmjvgxe¨vswKsGiBwZnvm,c×wZ,mgm¨vIm¤¢vebvÓ(2004)

3| nvgy`,mvgxnvmvb,Bmjvgxe¨vswKs‡qiAMÖMwZ:cÖZ¨vkvIev¯ÍeZv,BmjvwgKBKbwgK÷vwWm,LÐ2,msL¨v-1iRe

1415wnt(wW‡m¤î1994)BmjvgxM‡elYvIcÖwkÿYBbw÷wUDU,BmjvgxDbœqbe¨vsK,†RÏv,†KGmG

4| LvbGAvi,kixÔAvn&wfwËKevwYwR¨Ke¨vswKs-Gimgm¨v wPwýZKi‡YicÖ‡Póv,XvKv wek¦we`¨vjq,evwYR¨M‡elYv

mvgwqKxmsL¨v1,LÐ12,wW‡m¤î1991

5| Bmjvgxe¨vswKsGcvV,evsjv‡`kBmjvgxe¨vsKvm©G¨v‡mvwm‡qkb,1984

6| evsjv‡`ke¨vsKA_©‰bwZK¯’vwqZ¡cÖwZ‡e`b:2013

7| Zdwmjxe¨vsKmg~‡nicwimsL¨vb:evsjv‡`ke¨vsK,†m‡Þ¤î2013

8| evsjv‡`‡k cwiPvwjZ Bmjvgx e¨vsK¸‡jvi evwl©K cÖwZ‡e`b

9| e¨vsK†Kv¤úvwbRG¨v±-1991

10|Kz‡qZdvBb¨vÝnvDRwimvP©wjwg‡UW,b‡f¤î2013

Bmjvgx e¨vswKs| 47

Bmjvgx e¨vswKs: Kj¨vYgyLx Avw_©K aviv

†gvnv¤§Àve`yjgvbœvb

1. Bmjvgx e¨vswKs-Gi µgweKvk

BD‡ivcxq†i‡bmuvIwkí-wecø‡eimgmvgwqKKv‡jweKwkZnqAvaywbKe¨vsKeë¯’v|BD‡iv‡ci

ivR‰bwZKweR‡qimv‡_mv‡_GBeë¯’vgymwjg ywbqvmnmgMÖwe‡k¦we¯ÍvijvfK‡i|gymjgvbiv

nvRvi eQi a‡i wek¦e¨vcx †hA_©‰bwZK ms¯‹…wZi weKvk NwU‡qwQj, Kj¨vY I Dbœqbag©x †m

eë¯’vi avivevwnKZv iÿv Ki‡Z Zviv G mgq e¨_© nq|

Bmjvgxe¨vswKscÖ_‡gwQjwPšÍvIZ‡Ë¡ig‡a¨mxwgZ|weMZkZvãxiPwjøkIcÂvk`k‡K

m`¨¯^vaxbgymwjg†`k¸‡jv‡ZBmjvgxA_©eë¯’vIe¨vsKeë¯’vM‡o†ZvjvicÖZ¨vkvGesG

e¨vcv‡iwPšÍvIM‡elYv†Rvi`vinq|lv‡Ui`k‡Kwgm‡iAvaywbKhy‡MicÖ_gBmjvgxe¨vsK

cÖwZwôZ nq|

Bmjvgx Dbœqb e¨vsK (AvBwWwe) cÖwZôvi gvÎ cuvP eQ‡ii g‡a¨ mË‡ii `k‡Ki †kl bvMv`

`ywbqviwewfbœ†`‡kKzwowUiI†ewkBmjvgxe¨vsKcÖwZôvjvfK‡i|†kLmvCÀvng`jyZvn

1975mv‡j`yevBBmjvwgKe¨vsKcÖwZôvK‡ib|1977mv‡jdqmvjBmjvwgKe¨vsKbv‡g

wgmiImy`v‡b`yÕwUBmjvgxe¨vsKcÖwZwôZnq|GKBeQiKz‡q‡Z†kLAvngèvÕwRAvj

BqvwmbcÖwZôvK‡ibKz‡qZdvBb¨vÝ nvDm|cÖv‡PïcvkvcvwkGmgqcvðv‡Zï †WbgvK©,

jy‡·gevM©, myBRvij¨vÛ I hy³iv‡R¨ Bmjvgx e¨vsK cÖwZwôZ nq| Avwki `k‡Ki †kl bvMv`

`ywbqviwewfbœ†`‡k100wUi†ewkBmjvgxe¨vsKcÖwZôvjvfK‡iGesG¸‡jvikvLvimsL¨v`k

nvRviQvwo‡qhvq|

beŸB-Gi`k‡KBmjvgxe¨vsK¸‡jvwek¦e¨vcxe¨vsKviIA_©bxwZwe`‡ìg‡a¨BwZevPKmvov

RvMvq|KzwokZ‡Ki†klbvMv`wZbkÕi†ekxBmjvgxe¨vsKIAb¨vbÄvw_©KcÖwZôv‡biRb¥

nq|ÔB›Uvib¨vkbvjG‡mvwm‡qkbAeBmjvwgKe¨vsKmÕ-GiD‡`¨v‡MBmjvgxe¨vsK¸‡jvig‡a¨

Gmgqcvi¯úwiKm¤úK©Imn‡hvwMZv†Rvi`vinq|1994mv‡ji6AvM÷ÔBK‡bvwg÷ÕZvi

Ômv‡f©AeBmjvgÕbvgKcÖwZ‡e`‡bgšÍe¨K‡i:ÔMZK‡qKkZ‡Kigv‡SBmjv‡gieomvdj¨

n‡jvBmjvgxe¨vswKseë¯’vcÖeZ©b,hvcvðvZÏMÖnYKi‡Zcv‡iÕ|

GKzk kZ‡Ki cÖ_g `k‡K Bmjvgx e¨vswKs PgrKvi mvdj¨ AR©b K‡i| cuPvËiwUi †ewk

†`‡kBmjvgxe¨vsKIAvw_©KcÖwZôv‡bimsL¨vB‡Zvg‡a¨500Qvwo‡q†M‡Q|eûRvwZKeo

e¨vsK¸‡jvIGLbïaygymwjgAay¨wlZ†`‡kbq,cÖvPÏcvðvZ¨wbwe©‡k‡lDbœZIDbœqbMvgx

†gvnv¤§Àvãyjgvbœvb,eë¯’vcbvcwiPvjKBmjvgxe¨vsKevsjv‡`kwjwg‡UW

48| Bmjvgx e¨vswKs

wewfbœ†`‡kBmjvgx†cÖvWv±PvjyK‡i‡Q|2013mv‡jBmjvgxe¨vsK¸‡jvim¤ú‡ìcwigvY1.7

wUªwjqbgvwK©bWjviAwZµgK‡i‡Q|GcwigvYkxNª5wUªwjq‡bDbœxZn‡ee‡jg‡bKivn‡”Q|

RbM‡YiwecyjmvovImg_©‡bid‡jwe‡k¦iAb¨vb¨¯’v‡big‡Zvevsjv‡`‡kIAímg‡qig‡a¨

Bmjvgxe¨vswKs-GiKvh©µgAvkvZxZ we¯Í…wZjvfImdjZvAR©bK‡i‡Q|gvÎ wZbhy‡Mi

g‡a¨Bmjvgxe¨vswKs‡qi`ªæZcÖmviGesAv_©-mvgvwRK†¶‡ÎGe¨vsKeë¯’viewjôAe`vbG

†`‡kiA_©bxwZiavivqGKbZzb w`MšÍD‡b¥vPbK‡i‡Q|Bmjvgxe¨vsKeë¯’v‡Kevsjv‡`‡ki

RbMY LyeB mgv`‡ii mv‡_ MÖnY Kivq Bmjvgx e¨vswKs GLb GKwU `ªæZ weKvkgvb eë¯’v wn‡m‡e

we‡ewPZ n‡”Q|

evsjv‡`‡k Bmjvgx e¨vswKs ïiæ nq 1983 mv‡j| eZ©gv‡b †`‡k 8wU c~Y©v½ Bmjvgx e¨vsK,

mvZwU cÖPwjZ avivi e¨vs‡Ki 19wU Bmjvgx e¨vswKs kvLv Ges Av‡iv mvZwU miKvwi I †emiKvwi

e¨vs‡Ki25wUkvLvqBmjvgxe¨vswKsDB‡ÛvPvjyi‡q‡Q|2013mv‡j†`‡kimv‡oAvUkZvwaK

Bmjvgx e¨vswKs kvLvq †gvU AvgvbZ wQj cÖvq 1 jÿ 20 nvRvi †KvwU UvKv Ges †gvU wewb‡qvM

1jÿ4nvRvi†KvwUUvKv|2013mv‡jiwW‡m¤îbvMv`†`‡kiBmjvgxe¨vsK¸‡jviAvgvbZ

Geswewb‡qv‡MievRvi†kqvi†e‡oùvovqh_vµ‡gcÖvq18I21fvM|

2. Bmjvgx e¨vsK eë¯’vi ¯^vZš¿¨

2012mv‡ji25†m‡Þ¤îÔ÷¨vÛvW©GÛcyIimÕ-GiGK†mwgbv‡iejvnq:ÔBmjvgxe¨vswKs

B‡Zvg‡a¨ cÖPwjZ e¨vsK eë¯’vi cÖK…Z weKí wnmv‡e Avwef~©Z n‡q‡Q| g~jZ Pjgvb êwk¦K

Avw_©KmsK‡Uwech©¯ÍcÖPwjZA_©vqbc×wZi†hvM¨ZiweKíwn‡m‡eAvwef©~Zn‡q‡QBmjvgx

A_©vqbwkí|Õ

e¨vswKs †ÿ‡ÎBmjv‡giA_©‰bwZKIAvw_©KbxwZgvjv ev¯ÍevqbKivBmjvgx e¨vsKeë¯’vi

D‡Ïk¨|Bmjvgxe¨vswKsAvw_©Kga¨¯’ZviGgbGKc×wZhvZvi†jb‡`‡bmy`MÖnYIcÖ`vb

K‡ibvGesGiKvh©vewjGgbfv‡ecwiPvjbvK‡ihv‡ZBmjvgxA_©bxwZiD‡ÏkÄR©bZ_v

A_©bxwZ‡Zb¨vqwePvi wbwðZnq|Bmjvgxe¨vsKA_©bxwZ,Avw_©K †jb‡`bIeëmv-evwY‡R¨

êlg¨`~ixKiY,b¨vqbxwZcÖwZôvGesAv_©-mvgvwRKAeKvVv‡gv ˆZwiIKg©ms¯’v‡bimy‡hvM

m„wói Rb¨ KvR K‡i|

Bmjvgx e¨vswKscwiPvwjZnqgvby‡li¯^vfvweKAvw_©K †jb‡`‡bimnRvZcÖwµqvAbymv‡i|

cÖPwjZavivie¨vsK-eë¯’vimv‡_Bmjvgxe¨vs‡Ki¯^vZš¿¨ïayc×wZMZ †ÿ‡Îbq|my`gy³

†jb‡`bGeë¯’viGKgvÎ¯^vZš¿¨bq|Ge¨vswKs-Gijÿ¨,D‡Ïk¨,bxwZIKg©avive¨vcK

RbM‡Yi Kj¨v‡Y wb‡ew`Z| G eë¯’v ¸wUKZK gvby‡li †jv‡fi (GREED) Pvwn`v c~i‡Yi Rb¨

ïay jvf‡K me wKQzi Ici cÖvavb¨ bv w`‡q mgv‡Ri mKj gvby‡li †gŠwjK Pvwn`v (NEED) c~iY‡KAMÖvwaKvi†`q|Gfv‡eAv_©-mvgvwRKmywePviKv‡q‡gBmjvgxe¨vsKKvRK‡i|

Bmjvgx e¨vswKs| 49

Bmjvgx e¨vsK eë¯’vq e¨w³¯^v_© bq, mvgvwRK Kj¨v‡Yi Av`k© g~j PvwjKv kw³| ˆbwZK k„sLjvi

weavbAbymiYK‡imvgvwRKDbœq‡bimv‡_A_©‰bwZKDbœq‡bimgš^qmvabKivGeë¯’vi

Ab¨Zg Kg©‡KŠkj| Avw_©K †jb‡`‡b UvKvi †ePv‡Kbvi cwie‡Z© cÖK…Z c‡Yï (real asset) KvieviGesAskx`vwiZ¡g~jKcvi¯úwiKmn‡hvwMZvIì`wfwËKgvbem¤§ZKvh©µgcwiPvjbv

Bmjvgxe¨vswKs-Giêwkó¨|ewÂZIAfvexgvby‡licÖwZ`vwqZ¡cvjb,gy`ªvùxwZI†eKvi‡Z¡i

KviY ~ixKiY,Kg©ms¯’v‡bimy‡hvMm„wóBmjvgxe¨vs‡KiKg©‡KŠk‡jiAšÍf©y³|†KejgvÎm¤ú`

Drcv`bbq,Drcvw`Zc‡YïeÈ‡bmve©RbxbKj¨v‡YiAv`k©AbymiYIMÖvnK‡ìmv‡_`vZv-

MÖnxZvie`‡jAskx`vwi‡Z¡im¤úK©¯’vcbBmjvgxe¨vswKs-GcÖvYkw³iƒ‡cKvRK‡i|

cÖPwjZe¨vs‡Kimv‡_MÖvn‡Kim¤úK©FY`vZvIFYMÖnxZvi|Aciw`‡KBmjvgxe¨vsKUvKv‡K

†Kbv-†ePvicY¨wn‡m‡eMY¨K‡ibv|e¯‘ZUvKvwb‡R†KvbcY¨bq|UvKvn‡jvn‡jvwgwWqvg

ev wewbg‡qi gva¨g| UvKvi f~wgKv Ô†gRviÕ ev cwigvc, Ô÷¨vÛvW©Õ ev gvb Ges Ô†÷viÕ ev

fvÐviiƒ‡c| G‡nb UvKv‡K K…wÎgfv‡e c‡Yï g‡Zv †ePv‡Kbv K‡i gybvdv AR©b hyw³hy³ n‡Z

cv‡ibv|gybvdvn‡jvGKBmv‡_D‡`¨v³vicyuwR,kªgImgqwewb‡qv‡Midj|Avi†mBgybvdv

c~e© wba©vwiZ ev wbwðZ bq| gybvdv Awba©vwiZ, Awbw`©ó I AwbwðZ| Ab¨w`‡K UvKv †ePv‡Kbvi

gva¨‡gcÖvßmy`c~e©wba©vwiZ,wbw`©óIwbwðZ|G‡ZGKc‡¶ijvfwbwðZ,Ab¨c‡¶ijv‡fi

†KvbwbðqZv_v‡Kbv|eëmv‡q†jvKmv‡biSzuwKenbKi‡Znq,wKš‘my‡`†KvbSzuwK†bB|

UvKv†ePv‡KbviA¯^vfvweKKvievic„w_eximKjag©I`k©‡bwbwl×|wek¦weL¨vZ`vk©wbKMYmy‡ì

ÿwZKiw`K¸‡jvwe‡ePbvK‡i‡Qb|cÖvPxbMÖxK`vk©wbKcø¨v‡UvZuviÔjRÕbvgKMÖ‡š’my`‡KgvbeZv

we‡ivax, Ab¨vq I Ryjyg Ges K…wÎg eëmv e‡j Gi wb›`v K‡i‡Qb| Gwi‡÷vU‡ji g‡Z, A‡_©i GKgvÎ

¯^vfvweKKvRn‡”Qwewbg‡qigva¨gwn‡m‡egvby‡licvi¯úwiKAfvec~i‡Ymvnvh¨Kiv|

my‡ì Kvievi mgv‡Ri ¯^í-weË wecyj msL¨K gvby‡li m¤ú` gywó‡gq †jv‡Ki nv‡Z cyÄxf~Z

K‡i|Gici†mBm¤ú‡ìmydjAv‡ivKgmsL¨Kgvby‡liKv‡Q†K›`ªxf~Znq|wKš‘Bmjvgx

e¨vswKsm¤úÀveZ©‡bibxwZiIcicÖwZwôZ|Ge¨vcv‡iAvjKziAv‡bimyivnvk‡iejvn‡q‡Q,

Ôm¤ú`†hbïay†Zvgv‡ìabx‡ìgv‡SAvewZ©ZbvnqÕ|GbxwZ†g‡bBmjvgxe¨vsKDrcv`b

e„w×‡KDrmvwnZKivimv‡_mv‡_Drcvw`Zc‡YïmvgvwRKeÈ‡bibxwZ‡K¸iæZ¡†`q|A_©vr

m¤ú` Drcv`bB jÿ¨ ev †klK_v bq|Kx ai‡bi m¤ú`KviRb¨ Drcv`bKiv n‡eGes

†mDrcvw`Zm¤ú` wKfv‡e †ewkDcKvi‡fvMxiKv‡Q †cuŠQv‡bv n‡eGwUBmjvgx e¨vswKs-Gi

¸iæZ¡c~Y©AMÖvwaKvi|

3. Bmjvgx e¨vs‡Ki AvgvbZ I wewb‡qvM bxwZ

AvgvbZMÖnYIwewb‡qvMcÖ`v‡bBmjvgxe¨vsK¯^Zš¿bxwZIc×wZAbymiYK‡i|

Bmjvgx e¨vsK mvaviY gvby‡li mvg‡b mÂ‡qi GB wPÎ Zz‡j a‡i †h, mÂ‡qi gva¨‡g wZwb ïay

wb‡RBjvfevbn‡”Qbbv;eismvgvwRK`vwqZ¡IcvjbKi‡Qb|GBjÿ¨mvg‡b†i‡LBmjvgx

50| Bmjvgx e¨vswKs

e¨vsKmÂ‡qiAf¨vmM‡oZzj‡ZDrmvn †hvMvq|ïay eomÂ‡qicÖwZAvMÖnxbvn‡q †QvU

RgvKvix‡ìm¤ú`‡KIRvZxqAvw_©KcÖev‡nwb‡qAvm‡ZBmjvgxe¨vsKKvRK‡i|

mÂqxMÖvnK‡ìmv‡_Bmjvgxe¨vs‡Kim¤úK©gy`vivevbxwZiIcicÖwZwôZ|G‡¶‡ÎMÖvnK

Ômv‡n‡egvjÕevA‡_©igvwjKGese¨vsKÔgy`vwieÕevAvw_©KKviev‡iieë¯’vcKwnmv‡e`vwqZ¡

cvjb K‡i| G bxwZ Abyhvqx Bmjvgx e¨vsK¸‡jv ïaygvÎ Aby‡gvw`Z I Kj¨vYKi Lv‡Z êa

c×wZ‡Zwewb‡qvMK‡i|AwR©ZgybvdvmÂqxwnmveavixevmvwn‡egvjIgy`vwieeve¨vs‡Kigv‡S

Pzw³ikZ©AbyhvqxeÈbK‡i|†jvKmvbn‡jA‡_©i†hvMvb`vZvmvwn‡egvjAvw_©K†jvKmvbI

enb K‡ib| Avi gy`vwie ev e¨vsK G eëmv‡q †h mgq, kÖg, †gav I †hvM¨Zv wewb‡qvM K‡i‡Q,

†mwUZvi†jvKmvbiƒ‡cwe‡ewPZnq|Bmjvgxe¨vsKeë¯’vqeëmv‡qiSuywKe¨vsKGKvenb

K‡ibv|RgvKvixMYIGSuywKiAskx`vi|

Bmjvgxe¨vsKBmjvgxkixÔAvn&ÕiÔAvjIqvw`qvÕbxwZiwfwË‡ZPjwZRgvMÖnYK‡i|G†¶‡Î

MÖvnK Zvi A_© e¨vs‡Ki Kv‡Q webv jv‡f wbivc‡` Mw”QZ iv‡Lb| e¨vsK MÖvnK‡K PvwnevgvÎ †m

A_© †diZ †`qvi A½xKvi K‡i| G wnmv‡e Mw”QZ A_© MÖvn‡Ki AbygwZi wfwË‡Z e¨vsK eënvi

Ki‡Z cv‡i|

Bmjvgx e¨vsK¸‡jv wewb‡qv‡Mi †ÿ‡Î cÖavbZ wZbwU c×wZ AbymiY K‡i| K. ÔwkiKvZÕ ev

Askx`vixc×wZ,L.ÔevCÕevc‡Yï†ePv-‡Kbvc×wZGesM.ÔBRvivÕevfvovc×wZ|BRvivi

†ÿ‡ÎBmjvgxe¨vsKMÖvn‡Kimv‡_gvwjKvbvqAskx`vwi‡Z¡iwfwË‡ZMvwo,evwo,†gwkb,RvnvR

BZ¨vw`µqK‡i|e¨vsKZviAskMÖvn‡KiKv‡Qfvov†`q|fvovcwi‡kv‡aimv‡_mv‡_wKw¯Í‡Z

g~j¨ cwi‡kva K‡i MÖvnK †m `ª‡eï gvwjKvbv AR©b K‡ib|

wewb‡qvMKvh©µ‡gBmjvgx e¨vs‡Kig~jbxwZ n‡jv wewb‡qv‡MiLvZIc×wZ êa n‡Zn‡e|

GQvovwewb‡qv‡MiLvZGgbfv‡ewbe©vPbn‡ehv‡Zmgv‡Ri†gŠwjKPvwn`v¸‡jvµg-AMÖvwaKv‡ii

wfwË‡Z c~iY n‡Z cv‡i| G‡ÿ‡Î cÖ_g ¸iæZ¡ cv‡e ÔRiæwiqvZÕ ev Riæwi cÖ‡qvRb| Gici

ÔnvwRqvZÕevAv‡qke„w×KvixmvgMÖx|GmePvwn`vµgAbymv‡ic~iYneviciÔZvnmvwbqvZÕ

ev wejvm`ª‡e¨ wewb‡qvMKivhv‡e|m¤úèÈ‡biGBBmjvgx`„wófw½ wewb‡qvMKvh©µg‡K

we‡klfv‡ecÖfvweZK‡i|wewb‡qv‡Mi†¶‡ÎBmjvgxe¨vsK‡KgvKvwm‡`kixÔAvn&evkixÔAvn&i

j¶Ä_©vrgvbweKImve©RbxbKj¨vY wbwðZKi‡Zn‡e|GRb¨Bmjvgxe¨vsK wewb‡qv‡Mi

AvKvi,LvZ,A_©‰bwZKD‡Ïk¨,†fŠMwjKGjvKvcÖf…wZ‡Kwe‡kl¸iæZ¡†`q|

mxwgZm¤ú`KZ†ewkgvby‡liKj¨v‡Ywb‡qvwRZn‡jv,ZviwfwË‡ZBmjvgxe¨vs‡Ki`ÿZv

wbiƒwcZ nq| ïay jvf we‡ePbv K‡i wejvm mvgMÖx‡Z Bmjvgx e¨vsK wewb‡qvM Ki‡Z cv‡i bv|

eismvaviYgvby‡liAcwinvh©cÖ‡qvRbc~iYwewb‡qvMwe‡ePbvqcÖvavb¨cv‡e|AbybœZGjvKvq

Avg`vwb weKí, AwaK Kg©ms¯’vbg~jK Kg©Kv‡Ð wewb‡qvM Bmjvgx e¨vs‡Ki Ab¨Zg AMÖvwaKvi|

mKj Rbc‡ì gvbyl hv‡Z mgfv‡e GwM‡q †h‡Z cv‡i, Zv‡ì ga¨Kvi eëavb hv‡Z n«vm cvq †m

w`‡KI bhi iv‡L Bmjvgx e¨vsK|

Bmjvgx e¨vswKs| 51

4. Av_©-mvgvwRK Kj¨v‡Y Bmjvgx e¨vswKs

GKmgqmy‡ìcÖejwe‡ivaxivIg‡bKi‡Zb†hmy`Qvove¨vswKsm¤¢ebq|†mmskqB‡Zvg‡a¨

AmvicÖgvwYZn‡q‡Q|my`†_‡Kgy³n‡qjvf-†jvKmv‡biAskx`vwiZ¡g~jKKvieviwKsevc‡Yï

†ePv‡KbvevBRvivc×wZ‡Ze¨vswKseëmvm¤¢e,ZvBmjvgxe¨vsKIAvw_©KcÖwZôvb¸‡jvcÖgvY

Ki‡Zm¶gn‡q‡Q|my‡ìKvi‡Yhvive¨vsKeë¯’v †_‡K`~‡i wQ‡jb,Bmjvgxe¨vsKeë¯’v

Zv‡ì RbÏ Av¯’vi GKwU wVKvbv ˆZwi K‡i‡Q|

Avw_©KAšÍf©yw³igva¨‡gewÂZI`wi‡`ªi¶gZvqbBmjvgxe¨vswKs-Gi¸iæZ¡c~Y©Kg©‡KŠkj|

Gj‡¶¨Bmjvgxe¨vsKêwPÎ¨gqmee¨vswKs†mevPvjyK‡i‡Qhvigva¨‡ge¨vsKeë¯’vievB‡i

_vKvwecyjRb‡Mvôx‡Ke¨vswKs-GiAvIZvqwb‡qAvmvm¤¢en‡q‡Q|

wewb‡qv‡Mi †¶‡Î Bmjvgx e¨vswKs RbKj¨vY I †`‡ki Ae‡nwjZ AÂ‡ji Dbœqbmn †`‡ki

mvwe©KAv_©-mvgvwRKDbœq‡bKvRK‡i|d‡j†`‡kwkívqbIKg©ms¯’vbe„w×cvq|GmGgB

Lv‡Zwewb‡qv‡Migva¨‡gAvZ¥Kg©ms¯’vbGes¶z`ªIgvSvwiwkívq‡bBmjvgxe¨vsK¸‡jv iæZ¡c~Y©

f~wgKvcvjbKi‡Q|GQvovIBmjvgxe¨vsK¸‡jvii‡q‡QRbKj¨vYgyLxwewfbœwe‡klwewb‡qvM

cÖKí|†`‡kiwbgœweËIga¨we‡ËiRxebgvbDbœq‡bGmecÖKíf~wgKvivL‡Q|

cÖKU vwi`ª ~ixKi‡Y Bmjvgx e¨vsK¸‡jvi f~wgKv D‡jøL‡hvM¨| G †ÿ‡Î Bmjvgx e¨vsK evsjv‡`k

wjwg‡UWgybvdviwPšÍv‡KAMÖvwaKvibvw`‡qMÖvgxY`vwi`ª`~ixKi‡Y1995mv‡jcjøxDbœqbcÖKí

(AviwWGm)bv‡gBmjvgxc×wZigvB‡µvdvBb¨vÝcÖK‡íiKvRïiæK‡i|†`‡ki64wU†Rjvq

17nvRv‡iiAwaKMÖv‡gimv‡oAvUjv‡LiAwaKMÖvn‡Kigv‡SBmjvgxe¨vsKGhveZ8976

†KvwU UvKv wewb‡qvM K‡i‡Q| 2012 mvj †_‡K GB e¨vsK kn‡ii fvmgvb I nZ`wi`ª‡ì Rb¨

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mevBe„nËiA‡_©GKBai‡bieëmvm¤ú‡K©†bwZevPKaviYv†cvlYK‡ib†hgb,A¨vj‡Kvnj,

ZvgvK,A¯¿,gvsmcÖwµqvKiYIdUKvevwR|GQvov†hme†Kv¤úvwbkÖwgK‡ìKggRywi†`q

Geshv‡ìAf¨šÍixYcwi‡ekAbybœZ†mme†Kv¤úvwb‡KIBmjvgxc×wZAby‡gv`bK‡ibv|

BmjvgxGesmvgvwRKfv‡e`vqe×cÖwZôvb¸‡jvig‡a¨ †ek wgj|Df‡qB`yÕwUD‡Ïk¨ wb‡q

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evav †`q G eë¯’v|

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bq|Pjgvbm¼‡UG`yÕwUevRv‡iiRb¨ wec¾bKwn‡m‡ecÖgvwbZn‡q‡Q|cy‡ivcwiAbygvb

wbf©iGesdUKvevwRBmjvgxA_©bxwZ‡Zwbwl×|BmjvgxA_©eë¯’vq†jb‡`bn‡Zn‡e¯^”Q|

GLv‡bgybvdvwewµKivhv‡ebv|Ab¨Kv‡ivm‡½e`jIKivhv‡ebv|BmjvgxA_©‰bwZKg‡Wj

Ae‡nwjZ FYMÖnxZvi mgm¨v Kgv‡Z cv‡i| Zv‡ì mnR k‡Z© FY w`‡q mvnvh¨ Ki‡Z cv‡i| d‡j

wewjqb wewjqb Wjvi A_© mvkÖq n‡e| A_P, Ggb wecyj cwigvY A_© †ejAvDU cwiKíbvq abx

e¨vsKvi‡ì †cQ‡b Xvjv n‡q‡Q|

2. Bmjvgx A_© eë¯’v Kx?

2.1 m~Pbv

1970-Gi k‡KAvie†`k¸‡jv‡ZA‡bKUvKzwUiwk‡íig‡ZvBmjvgxA_©eë¯’vihvÎvïiænq|

BmjvgxAvBbevkixÔAvn&(GjMvgvj-2006)†gvZv‡eKcwiPvwjZGBA_©eë¯’vMZvbyMwZK

Bmjvgx e¨vswKs| 93

eë¯’v†_‡KAvjv`v|wewfbœ†`‡kGBeë¯’vPvjyicibvbvSzuwKc~Y©D‡`¨v‡Mig‡aÏZv`ªæZ

DbœwZjvfK‡i‡Q|†Kv‡bv†`k,AÂjGesmvwe©Kfv‡ewe‡k¦iBmjvgxA_©eë¯’vm¤ú‡K©GL‡bv

†Zgbwbf©i‡hvM¨Z_¨cvIqvhvqbv|Z‡e,mv¤cÖwZKeQi¸‡jv‡ZGBeë¯’vcwðgveûRvwZK

Avw_©KcÖwZôvb¸‡jvibRi†K‡o‡Q|wmwUMÖæcGesGBPGmwewmÕig‡Zve¨vsKIAviewe‡k¦i

evnivBbGesmshy³Avwgiv‡ZGBeë¯’vPvjyK‡i‡Q|GQvovhy³ivóªGesweª‡U‡bGBPGmwewm

wewfbœBmjvgxÔAvw_©KcY¨Õ†jb‡`bK‡i_v‡K|cwðgvwek¦,we‡klK‡ihy³iv‡óªwKQzBmjvgx

ÔAvw_©KcY¨Õm¤úwËAwaMÖnY †hgb, wi‡qjG‡÷U, †QvU †QvUKi‡cv‡ikbAwaMÖn‡YiKv‡R

eëüZnq|cy‡ivcywiBmjvgxbxwZ†g‡bGKvRKivnq|

Bmjvgx e¨vswKs g‡Wj wKfv‡e MZvbyMwZK g‡Wj †_‡K wfbœ, Zv cix¶v K‡ib `vmywK Ges

Ave`yjøvn (2007)| GKwU my›ì Ges fvimvg¨ mgvR cÖwZôvq KvR K‡i Bmjvgx e¨vswKs|

weskkZvãx‡ZBmjvgxe¨vswKseë¯’viD™¢eN‡U(†PŠayixIûmvBb,2005)|GLv‡be¨vswKs

eë¯’v‡Km¤ú`-wfwËKKivicÖ¯Íve†`qvnq|GLv‡bmg¯ÍAvw_©KmiÄvgBmjvgxkixÔAvn&Õi

wfwË‡Z eënvi Kiv nq| Bmjvgx e¨vswKs eë¯’vi g~j K_v n‡”Q, G eë¯’vq †Kv‡bv my` †jb‡`b I

gybvdveÈbn‡ebv|Nvbœvw`qvbI†Mv¯^vgx(2004)g‡bK‡ib,g~jBmjvgxe¨vswKseë¯’vqcyuwR

SzuwKc~Y©GesGigybvdveÈbwfwËK|Z‡e,†cvjvW©Im¨vgvi‡mi(2007)g‡ZvA_©bxwZweìv

GBeë¯’vimKj†jb‡`‡bmy‡ìAbycw¯’wZevmy`wbwl‡×iK_ve‡j‡Qb|

BmjvgxA_©eë¯’vwZbcÖK…wZie¨w³‡ìcwic~iK†hvM¨ZviDciAZ¨šÍwbf©ikxj:

1) Avw_©Kwel‡q`¶†ckvRxex:hvivMZvbyMwZKA_©eë¯’vm¤ú‡K©IqvwKenvjGesgymwjg

we‡k¦Bmjvgxc‡YïPvwn`vm¤ú‡K©AeMZ|ZvivGgbGKUvcYëvRv‡iQvo‡ebhv‡Z

gvbyl g‡b K‡ib †mUv GKUv Bmjvgx cY¨|

2) Bmjvgx we‡klÁ: hviv Bmjvgx A_©bxwZ cwiPvjbv Ki‡Qb Zv‡ì‡K mvnvh¨ Ki‡eb Giv|

GKwU Bmjvgx cY¨ †hb evRv‡i cÖwZôv jvf Ki‡Z cv‡i, †mRb¨ Zviv mvnvh¨ Ki‡eb|

3) AvBbRxex:ZvivBmjvgxA_©bxwZcwiPvjbvKvix‡ìmvnvh¨Ki‡eb,hv‡Zc~‡e©v³‡ìm¤ú`

mevi Kv‡Q MÖnY‡hvM¨Zv I êaZv cvq|

2.2 Bmjvgx A_© eë¯’vi HwZnvwmK wfwË

Ebwesk kZ‡Ki †kl w`‡K A‡Uvgvb mvgªvR¨ Zv‡ì e¨q eë¯’vcbvi Rb¨ gymwjg we‡k¦ cwðgv

avivie¨vswKsc×wZPvjyK‡i|ZLbwKQzBmjvgxAvBbÁIBeë¯’vPvjyic‡¶gZ†`b|wKš‘,

†ewkifvMBmjvgxwe‡klÁ†`L‡jb,GUvBmjvgxwewa-weav‡bicwicš’x|Povmy‡`KvieviKiv

n‡”Q|GAe¯’vBD‡ivcxqJcwb‡ewkKAvgjRy‡oPj‡Z_v‡KGesweskkZvãxiga¨fv‡MG‡m

†klnq|GmgqBmjvgxcybR©vMi‡Yeyw×e„wËKImvgvwRK¯^vaxbZvAv‡›`vjb¸iæZ¡c~Y©f~wgKv

cvjbK‡i|GBAv‡›`vj‡bi†bZ…Z¡`vbKvixA‡bKeyw×Rxexg‡bK‡ibivR‰bwZK¯^vaxbZvi

RbÄ_©‰bwZK¯^vaxbZvImgvbRiæix(Kvndv2002)|

94| Bmjvgx e¨vswKs

ÔBmjvwgKB‡KvbwgKmÕbv‡gB‡Zvc~‡e©me†jLvqmgw÷KA_©bxwZ‡KcÖvavb¨†`qvnq|1970

Gi k‡KBmjvgxA_©bxwZwb‡qZvwË¡KAv‡jvPbveënvwiKw`‡KNy‡ihvq|Av‡jvPbvn‡Z_v‡K

gymjgvbiv wKfv‡e weKíBmjvgxeë¯’v w`‡qMZvbyMwZKPovmy`-wfwËKeë¯’vi †gvKv‡ejv

Ki‡Z cv‡i| wesk kZ‡Ki gvSvgvwS mg‡qi iPbv¸‡jv‡Z jvf-¶wZ wbf©i †jb‡`b‡K my`-

wfwËKeë¯’viGKwUweKíwnmv‡ecÖ¯ÍveKivnq|AviwefvlvqG‡Kgy`vivevejvnq|GUv

ga¨hy‡MBD‡ivcxqK‡gÛvPzw³IBûw`‡ì†nUviBmKvig‡ZvB|cÖ_gw`‡KiK¨v_wjKAvB‡b

my`wfwËK†jb‡`bcwinv‡iiRb¨Gai‡bieë¯’vwQj|BûwìvI†mmgqGKBai‡biAvBb

AbymiYKiZ(GjMvgvj2006)|GBAswk`vixwfwËKeë¯’vwKQzBmjvgxKvh©µ‡gig‡a¨

KvRK‡i (my`wfwËKRgv eë¯’vicwic~iK wn‡m‡e)|BmjvgxAvBbwe`GesAvBbRxex‡ì

mnvqZvqBmjvgxA_©eë¯’vwb‡qKvRKiveëmvqxivwewfbœcYäviwn‡m‡e†`qvGescwienb

Lv‡Zi g‡Zv wbw`©ó Av‡qi Lv‡Z wewb‡qvM ïiæ K‡ib|

2.3 Bmjvgx A_©vqb eë¯’v †hfv‡e KvR K‡i

Bmjvgx eë¯’v Avw_©K KvVv‡gvi m‡½ g~j¨‡ev‡ai GKwU fvimvg¨ eRvq ivL‡Z mdj n‡q‡Q| Z‡e,

G‡K Av‡iv D”P ch©v‡q wb‡Z GKwU mgwš^Z g‡Wj cÖ‡qvRb| Bmjvgx A_©eë¯’vi †K‡›`ª i‡q‡Q

ˆbwZKg~j¨‡eva|GBg~j¨‡ev‡aiQvqvc‡oA_©‰bwZKKvh©µ‡gi†mevIc‡YïDci|ˆ`bw›`b

Kvh©µ‡giRb¨GwUwZbwUwelq‡K¸iæZ¡†`q:KvVv‡gv,cÖwµqvIDc¯’vcb(documentation)|

2.3.1 †fv³v I eëmvwqK FY weKí

BmjvgxAvBbweìvmy`-wfwËK†jb‡`bwbwl×K‡i‡Qb|Zv‡ìg‡Z,BmjvgxA_©eë¯’vn‡e

m¤ú`-wfwËK|MZvbyMwZKe¨vswKs‡qig‡Zv†KDmy`†bqvevw`‡Zcvi‡ebv|Bmjvgxe¨vswKs‡q

†jb‡`‡bime‡P‡qmnRc×wZn‡”Qwi‡qjG‡÷U,Z_vRwg†Kbv‡ePv,cwienbeëmvGes

eëmvwqKmiÄvg†Kbv‡ePv|Gai‡biLyPivA_©vq‡bcÖavbwZbai‡biÔUyjÕeënviKivnq|

2.3.1.1 †ePv-†Kbv-†diZ (buy-sell-back) eë¯’v

K¬vwmK¨vjAviwemvwn‡Z¨Geë¯’vibvg†`qvn‡q‡QÔgyivevnvÕ|Gai‡bi†jb‡`‡be¨vsK†µZvi

KvQ†_‡KGgbA½xKvijvfK‡i†h,e¨vsKIB†µZviPvwn`vg‡ZvGKwUm¤ú`wKb‡eGes

Df‡qim¤§wZ‡Zµqg~‡jïIcijvfmn(my‡ìweKí)GKB†µZviKv‡QZvwewµKivn‡e|

GUvA‡bKUv†dWv‡ijwiRvf©-Gi‘Matched Sale-Purchase Agreement (MSPA)’ Gi g‡Zv|

G‡ZAwZwi³Ki,jvB‡mÝ wd,BZ¨vwÀv‡ivcKivn‡e wKbvZv wbf©iK‡i wba©vwiZAvBb

I wewb‡qv‡MiD‡Ï‡kïDci|hy³iv‡R¨m¤cÖwZ ˆØZKiv‡ivcQvovBGBPGmwewme¨vsK‡K

ÔWvej-†mjdvBwÝsÕKvh©µgcwiPvjbviAby‡gv`b†`qvn‡q‡Q|1999mv‡jBDbvB‡UWe¨vsK

AeKz‡qZ(BDwe‡K)hy³iv‡óªBmjvgxe¨vswKseë¯’viAvIZvqevwowbg©v‡YiRb¨wewb‡qv‡Mi

cÖ¯Íve†`q|Geë¯’vibvg†`qvnqÔgvbwRjBDGmGÕ|wKš‘wKQzw`bGeë¯’vPj‡jIc‡iZv

Bmjvgx e¨vswKs| 95

eÜn‡qhvq|hy³iv‡óªigy`ªvwbqš¿YKvixKZ©„c¶ÔgyivevnvÕA_©vqbeë¯’v‡K†mLvbKviwi‡qj

G‡÷UeëmvqAb¨vb¨ wbivcÀ_©vq‡big‡Zvn‡Zn‡ee‡jkZ©Ry‡o †`q|ejvnq,GUv

Bb‡fbUwi,hš¿cvwZ‡Zwewb‡qvMKg©Kv‡Ðig‡ZvBe¨vswKseëmviAsk|ZvB,MZvbyMwZKmy`-

wfwËKAb¨vbëë¯’vig‡ZvBÔgyivevnvÕ-†Kg~j¨vqbKivnq|

2.3.1.2 †Kbvi Rb¨ BRviv (lease-to-purchase) ev µgn«vmgvb Askx`vwiZ¡ eë¯’v

GBeë¯’v‡KAviwe‡Z ÔBRvivÕev ÔgykvivKvgyZvbvwKmvÕejvnq|m¤úwË†KbvI¯^Ë¡eRvq

ivL‡Z†¯úkvjcvicvR†fwnKj(Gmwcwf)ìKvinq|Gici†fv³viKv‡QIBm¤úwËBRviv

†`qvnq|†fv³v†gqv`-wfwËK`vqcwi‡kvaK‡ib|Gig‡a¨_vK‡Zcv‡ifvovGesg~ja‡bi

Ask|fvovwba©vwiZnqevRvi`‡i,hvwba©viYK‡i†`bGKRbweP¶YAvBbÁ|Avi†fv³vi

Aswk`vwiZ¡e„w×†c‡Z_v‡K†gqv‡ì-wfwË‡Zg~ja‡biAskcwi‡kv‡aigva¨‡g|d‡j,†µZvi

Dciax‡iax‡iZvi†gqv‡ìwKw¯ÍKg‡Z_v‡K|

BDwe‡K (UBK)-iAby‡iv‡ahy³iv‡R¨Õigy`ªvAwWUwefvMBmjvgxBRviv†j`‡`‡biwelqwUcix¶vGesGiKviYAbymÜvbK‡i|GAbymÜv‡bidjn‡jv:ÔÔe¨vsKGgbfv‡eBRvivKvVv‡gvˆZwi

Ki‡ehv‡ZZvF‡YimgZzj¨nqGesm¤úwËØvivmyiw¶Z_v‡K|BRviviA_©‰bwZKKvh©KvwiZv

F‡Yig‡ZvB|GUve¨vs‡KiGKai‡bieëmv|GLv‡bGUv úó†h,BDwe‡KÕiBRviv(LiPev‡`)

A_©vq‡bimgvb|†hkvLvGai‡bi†jb‡`bKi‡e†mUvwbivc`FYcÖ`vbKvixkvLv|ÕÕ

GB eë¯’vq BRviv‡K wbivc` Ki‡Z GKwU mvwU©wd‡KU Bmy¨ Kivi Aby‡gv`b †`qv nq| Gi

gva¨‡gm¤úwËigvwjKvbvwba©vwiZnqGeshvgvwjK‡Kfvov†ZvjviêaZv†`q|mv¤cÖwZK

eQi¸‡jv‡ZGBc×wZBmjvgxA_©eë¯’vqwmwKDwiUvB‡Rkb‡KA‡bKGwM‡qw`‡q‡Q|G‡K

Avgiv ÔeÛÕ-Gi Av‡jv‡KI Av‡jvPbv Ki‡Z cvwi| hy³iv‡óªi †dwbB †gB Ges †d«wW g¨vK

BRvivwfwËKeÜwKcÖ_v‡Kmg_©bK‡ib|Zvive‡jb,GUvwK‡b†bqGesM¨vivw›U†`q|G‡¶‡Î

Zviv†KejêaZvw`‡ZGeswewfbœAvBbMZevav`~iKi‡ZwKQzKvMRc‡ÎiK_ve‡jb(Gj

Mvgvj-2006)|gymjgvb‡ìRb¨wbw`©óAvq-wfwËKwewb‡qv‡MiweKíwn‡m‡eIBmeBmjvgx

eÜK-wfwËKwmwKDwiwURevRv‡iPvjyn‡q‡Q|

2.3.1.3 mv¤úªwZK K_v

m¤cÖwZDcmvMixqmn‡hvwMZvKvDwÝjfz³(wRwmwm)†`‡kie¨vsK¸‡jv†fv³v‡ìRb¨wÎc¶xq

Pzw³iwfwË‡ZÔ†fv³vA_©vq‡bÕiGKwUc×wZPvjyK‡i‡Q|hviAviwebvgÔZvIqviiæKÕ|Bmjvgx

e¨vsK¸‡jv†ekK‡qKeQia‡ieoMÖvnK‡ìwb‡qeëmvKi‡jIm¤cÖwZÔ†fv³vA_©vqbÕïiæ

K‡i‡Q| D`vniY wn‡m‡e ejv hvq, GKRb †fv³v Bmjvgx AvBb †gvZv‡eK GK nvRvi Wjvi FY

wb‡ZPvb|wRwmwmÕiBmjvgxAvBbweìvG‡¶‡ÎÔnv¤^wjÕgvRnv‡eidwKn‡ìgZvg‡ZiDci

wbf©i K‡ib|

96| Bmjvgx e¨vswKs

e¨vsK‡KGKnvRvicvD‡ÛicY¨ (†hgb,Mg) †KbvGes †fv³viKv‡QZv wewµi (gybvdvi

wfwË‡Z)AbygwZ†Ìqvnq|G‡¶‡Îgybvdvmy‡ìnv‡iimgvbn‡Zcv‡i|†Kbv‡ePvie¨qUvI

GBwnmv‡eaivnq|Gici†fv³vbMÀ_©†c‡Z†mUvZ…Zxq†Kv‡bvc‡¶iKv‡QwewµK‡ib|

A‡bKmgqe¨vs‡KiKv‡QBcY¨wUwewµK‡ibMÀ_©msMÖnKivnq|

2004mv‡jwRwmwmfz³GKwU†`‡kiAšÍZGKwUe¨vsKGBbZzbÔZvIqviiæKÕc×wZPvjyi

†NvlYv†`q|Gici†_‡KGBc×wZmnRfv‡eBFYcÖ`v‡beëüZn‡Z_v‡K(†fv³vFY,

Awbivc`FYcÖf…wZ)|GBc×wZcÖPwjZaviviwKQze¨vsK‡KBmjvgxc×wZiw`‡Kwb‡qAv‡m|

G‡¶‡Îme‡P‡q†ewkZvrch©c~Y©wQj,†mŠwÀvi‡eiÔb¨vkbvjKgvwm©qvje¨vs‡Ki†NvlYv|G

e¨vsKImKjF‡Yi†¶‡ÎBmjvgxc×wZAbymi‡YiK_vRvbvq|

2.3.2 K‡c©v‡iU I miKvwi e‡Ûi weKí

K‡c©v‡iU Ges miKvwi e‡Ûi weKí¸‡jv wb‡q 1980 I 1990 Gi `k‡K KvR ïiæ nq|

cÖ_gw`‡K Aí msL¨K eÛ weKí wb‡q †Póv Kiv n‡qwQj| mvd‡jï nvi wQj mxwgZ| Gi g‡a¨

wKQz wQjjvf-¶wZfvMK‡i†bqviwfwË‡Z(†hgb:my`vbGescvwK¯Ívb)|AveviwKQy†¶‡Î

g~j-GiwbðqZv_vK‡jIwbw`©ónv‡ijvfcÖvwßi†KvbIwbðqZvwQjbv(†hgb:gvj‡qwkqv)|

BRviviÔwmwKDwiUvB‡RkÕwelqwUcy‡ivcywi†evaMg¨nIqviciD‡jøL‡hvM¨msL¨K†emiKvwi

GesmiKvwieÛBRvivmgw_©ZwmwKDwiwUwn‡m‡eMVbKivn‡qwQj(myKzKAvjBRviv)|

Gm¤úwK©Zme‡P‡qeo†jb‡`‡biNUbvN‡Umshy³AvieAvwgiv‡Z,2004mv‡j|†m‡`‡ki

†emvgwiK wegvbAwa`ßi750 wgwjqbWjv‡ii eÛ Bmy¨ K‡i| †m mg‡qB evnivBb †kqvi

evRv‡i250wgwjqbWjv‡iieÛQvovnq|wØZxqwUi†bZ„Z¡w`‡qwQjwmwUMÖæc|†hLv‡bÔbiUb

†ivRjdvg©Õ-Gi¸iæZ¡c~Y©AskMÖnYwQj|Gic‡iiwUwQjmiKvwicÖwZôvbRvg©vb†dWv‡ij

†÷Um¨v‡·vwb-G¨vbnë-Gi100wgwjqbBD‡iviBmy¨|GwUwQjcwðgv†KvbmiKv‡iiBmy¨

Kiv cÖ_g Bmjvgx eÛ| wRwmwmf~³ Avie †`k¸‡jv‡Z GwU e¨vcK cÖPviYv †c‡qwQj| 2004

mv‡jicÖ_gw`‡K yÕwUeoiK‡giK‡c©v‡iUÔBmjvwgKeÛÕBmyïNUbvN‡U|G¸‡jvn‡jvmshy³

AvieAvwgiv‡Zi Ôb¨vkbvj †m›UªvjKzwjs †Kv¤úvwbi 100 wgwjqbWjviGes †mŠwÀvi‡ei

Ôn¨vs‡Kv†i›U-G-KviÕGi26.13wgwjqbWjv‡iieÛ(GjMvgvj,2006)|

2006mv‡jicÖ_gfv‡MK‡c©v‡iUeÛBmy¨ †gvUAsKùvovq10.2 wewjqbWjv‡i|Gig‡a¨

GLbch©šÍme‡P‡qeoBmy¨ÕiNUbvwUn‡jv Ô`yevB †cvU©eÛÕ|jvf-¶wZi wfwË‡Z`yBeQ‡i

wewbgq‡hvM¨3.5wewjqbWjv‡iiGBeÛ(myKzK)`yevBBmjvwgKe¨vsKGesevK©‡jme¨s‡Ki

eë¯’vcbvqQvovnq|2005mv‡jK‡c©v‡iUmyKz‡KAvbygvwbK11.4wewjqbWjv‡iieÛBmy¨

Kivn‡qwQj|2004I2003mv‡jGBAsKwQjh_vµ‡g5.5wewjqbWjviGes4.6wewjqb

Wjvi|2006mv‡jmf‡iBbe‡ÛicwigvYwQj†gvU2.7wewjqbWjvi|2005mv‡jGcwigvY

wQj706wgwjqbWjvi,2004mv‡j1.5wgwjqbWjviGes2003mv‡j1.2wgwjqbWjvi|

Bmjvgx e¨vswKs| 97

Gmee‡ÛiwKQzwQjÔGmwcwfGmÕ-Gi|hveÛwewµc×wZeënv‡iigva¨‡gmswkøómiKviI

K‡c©v‡ik‡biKvQ†_‡KwKQzm¤úwËwK‡bcieZ©x‡ZBRvivigva¨‡gZv†diZ†`qvnq|Gi

gva¨‡gwewb‡qvMKivA_©IZvigybvdvfvovwnmv‡eeÛ†µZv‡ì†diZ†`qvnq|hy³ivóªI

BD‡iv‡ciwKQz wewbqvMKvixe¨vsKGBmyi¶vKi‡Yim‡½hy³wQj(†hgb:evnivBbIRvg©vb

†÷Ue‡ÛiRb¨wmwUMÖæc,BDGBKzwjs†Kv¤úvwbiRb¨†µwWUmyBmdv÷©†ev÷bGes`yevB

†cvU©mK‡c©v‡ik‡biRbëvK©‡jme¨vsKI`yevBBmjvwgKe¨vsK(GjMvgvj,2006)|

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ai‡bi cY¨ †Kbv I †ePvi g‡a¨ mgš^q Kiv nq|

Gfv‡e, AvMvgx Qq gv‡mi g‡a¨ mieivn Kiv n‡e GiKg †Kvb cY¨ eZ©gv‡b 1 wgwjqb Wjv‡i

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cvwU©GwUwK‡bwb‡Zcv‡i|†h‡nZzGBc×wZ‡ZAewkóe‡Kqv,cY¨GesmieivnSzuwKi‡q‡Q

ZvBBmy¨Kvixive‡ÛiRbëÛ†µZv‡ì wbðqZv †`b|Gai‡bie‡Ûi †gŠwjKm¤ú`FY

nIqvqBmjvgxAvw_©Keë¯’vi wbqgAbyhvqxGwUgva¨wgKevRv‡i wewµ‡hvM¨bq(e¨wZµg:

gybvdvi†Kvbwelq_v‡KbvGgb†dmf¨vjy‡Zwewµ)|Geë¯’veÛ¸‡jv‡K†gqv`c~Y©nIqv

ch©šÍa‡iivLvievnKwn‡m‡eKvRK‡i|mv¤cÖwZKKv‡jevnivB‡bKwZcqAwfbecyY:wewµ

myweav Pvjy n‡q‡Q| G‡Z Bmjvgx e¨vsK¸‡jv Zvij¨ eë¯’vcbvi Rb¨ Gme wej AviI Kvh©Kifv‡e

eënvi Ki‡Z cv‡i|

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†Kb gymwjg wewb‡qvMKvixiv Zv‡ì Rb¨ wbwl× cY¨ (†hgb: weqvi, ïKi w`‡q ˆZwi cY¨)

GesAviIwKQzcY¨(hvBmjvgxeë¯’vqwbwl×†hgb:A¯¿Drcv`bKvixcÖwZôvb)†_‡K`~‡i

_v‡KK‡c©v‡iUwewb‡qv‡Mi†¶‡ÎZvmn‡RBj¶¨Kivhvq|my`msµvšÍwelqwUAviIRwUj|

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wjfv‡iReënviK‡iGes†m‡¶‡Îmy`†`q|Bmjvgxeë¯’vG‡¶‡ÎcÖ‡qvRb‡K¸iæZ¡†`q|

me my` MÖnYKvix Ges cÖ`vbKvix cÖwZôvb‡K ev` w`‡Z †M‡j evRvi LyeB †QvU n‡q hv‡e| ZvB

wZbav‡ciAvw_©Kw¯Œwbseë¯’vPvjyiwm×všÍnq:

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†`qv;

98| Bmjvgx e¨vswKs

2. AwZwi³FYAv‡QGgbms¯’v¸‡jv‡Kev`†`qv;Ges

3. AwZwi³ my` MÖnYKvix ms¯’v¸‡jv‡K ev` †`qv|

Avw_©KAbycv‡ZiwewfbœgvÎvcix¶vg~jKfv‡eeënv‡iigva¨‡gÔ†Wv†RvbmBmjvwgKBb‡W¯‹Õ

mvivwe‡k¦ MÖnY‡hvM¨Zv jvf K‡i‡Q:

• †hmems¯’vicÖvc¨m¤ú`45kZvs‡kiI†ekx†mmems¯’v‡Kev`†`qv;

• †hmg¯Íms¯’viFYevRv‡iiMocyuwRi33kZvs‡ki†ewk†mmems¯’v‡Kev`†`qv|

A‡b‡KAvevicÖ_gUvim‡½m¤ú„³GKwUZ…Zxqwbqg†hvMK‡ib;Ges

• †hmems¯’vimy‡ìAvq†gvUAv‡qi5kZvs‡ki(A_evwKQz†¶‡Î10kZvsk)†ewk

†m¸‡jv‡Kev`†`qv(GjMvgvj,2006)|

†Wv †RvbmGes c‡idvBb¨vwÝqvj UvBgm 1990Gi †klfv‡M Bmjvgx m~PK Pvjy K‡iGes

µgvMZfv‡ecÖPwjZm~P‡Kicvkvcvwk wewfbœBmjvgxm~PK†hvMKi‡Z_v‡K| wgDPzqvjdvÛ

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AbyeZx©Óejvnq|†mŠwÀvieGeswRwmwmÕievRv‡iwgDPzqvjdv‡ÛiwecYbwQjmdj|†`Lv

hvq,cÖPwjZdv‡ÛiZzjbvqÔBmjvwgKwgDPz¨qvjdvÛÕevRv‡imxwgZwKQymyweav†fvMKi‡Q|

Abym„ZÔw¯Œwbsc×wZÕiMÖnY‡hvM¨Zvevo‡Z_vKvqÔBmjvwgKwgDPzqvjdvÛÕe¨w³MZÔBKz¨BwUÕ

AvKl©YKi‡Q, wewb‡qvMe¨vswKs‡qDbœwZKi‡Q|IBmems¯’vmvaviYZ wRwmwmfz³ †`k¸‡jv

†_‡Kwewb‡qvMmsMÖnK‡i(†mŠwÀvie,Kz‡qZImshy³AvieAvwgiv‡Ziwewb‡qvMKvixivGB

Znwe‡jicÖv_wgKDrm)|¯’vbxqmvewmwWqvwi†Kv¤úvwbA_evcwðgvAskx`vi‡ì(cÖv_wgKfv‡e

wewb‡qvMZnwe‡jiMšÍe¨hy³ivóªIhy³ivR¨)gva¨‡gmsMÖnKivZnwejDc‡iD‡jøwLZÔw¯ŒwbsÕ-G

Dr‡ihvIqvAvevmbeëmvev†QvU†QvU†Kv¤úvwbAwaMÖn‡YeënƒZnq|FYc~YM©VbKivm¤¢e

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we‡k¦RbwcÖqGKxf‚ZKiYIAwaMÖnYc×wZiGKwUcÖwµqv|2006mv‡ji†deªæqvwich©šÍ134wU

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BRvivZnwejGes8wUAvevmbZnwejwbewÜZwQj(www.failaka.com)|

2.3.4 exgvi weKí

BmjvgxAvBbwe`‡ì(dwKn)GKwUeoAskexgv†Kv¤úvwbieënviGesGLv‡Zwewb‡qvM

Bmjv‡gi`„wó‡ZAMÖnY‡hvMë‡jg‡bK‡ib|`yÕwUwel‡qiAv‡jv‡KGUvKivnq:

cÖ_gZ,ÒwbivcËvÓevÒexgvÓcÖ_ghy‡MiBmjvgxAvBbkv‡¯¿wewµ‡hvMë¯‘wnmv‡eMY¨n‡Zv

bv|ZvBBmjvgxAvBbweìvhyw³ †`LvbexgvMÖnxZvI`vZvig‡a¨m¤úK© n‡”QRyqvwo‡ì

Bmjvgx e¨vswKs| 99

g‡Zv|GLv‡bMÖvnKwbqwgZwKw¯ÍcÖ`vbK‡ibg~j¨wn‡m‡e,wKš‘Zvi†KvbI¶wZn‡j¶wZcyiY

cvIqvUvSuzwKc~Y©†_‡Khvq|

wØZxqZ, †h welqwU Bmjvgx AvBbwe`‡ì exgvi Dci wb‡lavÁv Av‡iv‡c DrmvwnZ K‡i‡Q, Zv

n‡jv,exgv†Kv¤úvwbMy‡jvimy`-wfwËKcÖwZôv‡bm¤ú`wewb‡qv‡MicÖeYZv,†hgb:miKvwieÛ,

eÜwKwbf©iwmwKDwiwUR|

exgv†¶‡ÎZv‡ìcÖ¯ÍvweZweKíwUiAviexbvgÔZvKvdzjÕ|GwUcÖ_gw`‡K†Zgb¸iæZ¡cvqwb|

Z‡emv¤cÖwZKmg‡qgymwjg†`k¸‡jv‡ZZvc_PjvïiæK‡i‡Q|ÔZvKvdzjÕGig~javiYvwU

ÔwgDPz¨qvjBÝy¨‡iÝÕ-Gim‡½mvgÄm¨c~Y©|GLv‡bwewbgqg~jK†KvbAvw_©KPzw³nqbv-hvi

gva¨‡gg~j¨wn‡m‡ewKw¯ÍcÖ`vbGeswewµicY¨wn‡m‡eexgvi`vwec~iYKivhvq|eis,cwjwm

†nvìvi‡ìg‡bKivnqA‡_©i†hvMvb`vZvwn‡m‡e|†mBcwjwm†nvìvi‡ìg‡a¨†KD¶wZMÖ¯’

n‡j†¯^”Qvq†mB¶wZfvMK‡i†bqviB”Qv_vK‡Zn‡e|ïiæiw`‡KZvKvdzj†Kv¤úvwb¸‡jvi

MVb wQj g~jZ: †kqvievRv‡ii exgv †Kv¤úvwb¸‡jvi g‡Zv| wKš‘ Ò†¯^”Qv‡mevg~jK Ae`vbÓ

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Avw_©K wewbgqg~jK Pzw³ bq|

m¤úªwZ†mŠwÀvi‡ei Ôe¨vsKAvjRvwRivÕexgv‡K wKQyUvms¯‹viK‡icwðgvav‡PiKvQvKvwQ

ÔwgDPz¨qvj BÝy¨‡iÝÕ Pvjy K‡i‡Q| bZzb g‡WjwU AvÛvi ivBwUs†qi †¶‡Î Gi mvdj¨ evwo‡q

w`‡q‡Q| MVb †hfv‡eB †nvK D‡jøwLZ `yÕai‡bi ZvKvdzj †Kv¤úvwb cÖPwjZ miKvwi eÛ I

wbw`©ó Av‡qi wmwKDwiwU‡Z wewb‡qvM K‡i bv| hv‡nvK, G wbe‡Üi Ab¨vb¨ As‡k †`Lv hv‡e

†h, Bmjvgx c×wZi Gme wmwKDwiwUR mv¤úªwZK mg‡qµgea©gvb nv‡i mnRjf¨ n‡”Q Ges

exgvwkím¤úªmvi‡YAe`vbivL‡Q|GiciIZvcyb:exgvevÔwi-ZvKvdzjÕ†Kv¤úvwbMV‡bich©v‡q

†cŠQvqwb|djkÖæwZ‡Z,ZvKvdzj†Kv¤úvwbZv‡ìSzuwK¸‡jvhv‡ZcÖPwjZÔwi-BÝy¨‡iÝ†Kv¤úvwbÕi

Kv‡Q wewµKi‡Zcv‡iGeshZ`ªæZm¤¢eZviv wb‡RivBhv‡ZGKwUcyb:exgv†Kv¤úvwbM‡o

Zzj‡Zcv‡i-†mRb¨BmjvgxAvBbweìvcÖ‡qvR‡biAv‡jv‡KPjvicivgk©w`‡q‡Qb|

2.3.5 e¨vsK AvgvbZ I wbw`©ó Av‡qi wmwKDwiwU weKí

gymwjgwe‡k¦iBmjvgxe¨vsK¸‡jv†Kejwek¦¯ÍmÂqMÖnYK‡i|GiRb¨Zviv†KvbImy`w`‡Z

cv‡ibv|g~ja‡biwbðqZvcÖ`vbKivn‡jgybvdvÔwievÕich©v‡qc‡o|Z‡eZvivÒwewb‡qvM

wnmv‡eÓZnwejMÖnYKi‡Zcv‡i|GBZnwejZvivwewb‡qvMKvixic‡¶jvf-¶wZfvMK‡i

†bqvi wfwË‡Z wewb‡qvMK‡iKi‡Zcv‡i|GUvAwbevh©fv‡eGKwU ˆbwZKSzuwKmgm¨vim„wó

K‡iGesGwU wewb‡qvMKvix ÔwnmveavixÕ hviv cvIbv`vi (cÖ_g `vwe`vi) wn‡m‡eI bvAvevi

Ô÷K‡nvìviÕ wn‡m‡ecwiPvjK†ev‡W©icÖwZwbwa wn‡m‡eImyiw¶Zbv|mywè¨vsKAvgvbZ‡K

†ekxifvM BmjvwgK AvBbÁ `„pfv‡e cÖZ¨vL¨vb K‡i‡Qb, we‡kl K‡i Zviv hv‡ì Kv‡Q BmjvwgK

e¨vs‡KiMÖvnKivwb‡`©kbviRb¨hvb(Gj-Mvgvj2004)|

100| Bmjvgx e¨vswKs

2.4 Bmjvgx A_©vq‡bi g~jbxwZ

GKRbgymjgv‡biRxeb‡KwN‡iiv‡LBmjvgxwek¦vm|gvby‡lim‡½m„wóKZ©vim¤úK©Bgvby‡li

m‡½gvby‡lim¤úK©‡Kwbw`©óK‡i|GBwek¦vmBZvibxwZ-ˆbwZKZv‡eva,AvPvi-AvPiY, `bw›`b

Rxe‡bihveZxqKg©KvVv‡gvwba©viYK‡i†`q|BmjvgxAvBbevkixÔAvn&-iwb‡`©kbvAbyhvqx

gymjgvb‡ìA_©‰bwZKImvgvwRKKvh©µgcwiPvwjZnq|`vq-`vwqZ¡wba©vwiZnq|GBAvBb

cweÎKziAvbImybœvn†_‡KcvIqvGesD™¢yZ|

AvR†hBmjvgxAvw_©KKvVv‡gv†`LvhvqZv-IkixÔAvn&AvB‡big~jbxwZiDciwfwËK‡iB

m„ó| hvi wKQz êwk¦K iƒc‡iLv bx‡P Zz‡j aiv n‡jv (Ainley et al., 2007):

• BmjvwgKA_©‰bwZKg‡WjmZZviDci¸iæZ¡v‡ivcK‡i|G‡¶‡Î†jb‡`‡bimv‡_

m¤ú„³cÖ‡Z¨‡Kme©Rbwew`Zwm×všÍMÖnYK‡ibGesKvD‡KweåvšÍevVKv‡bvnqbv|

mgw÷KA_©bxwZich©v‡q,Bmjvgxg‡W‡jij¶¨n‡”QmvgvwRKb¨vqwePviGes†MvUv

m¤úª`v‡qi Avw_©K Dbœqb| kixÔAvn&wfwËK kvmb eë¯’v m¤ú‡ì Ggb AmgeÈb

`~iKi‡ZPvq, hvmgv‡RiRb¨¶wZKin‡Zcv‡i (www.islamic-banking.com/ibanking/whatib.php)|

• Bmjvge¨w³iA_©‰bwZKDbœq‡biAwaKviDrmvwnZK‡i|Z‡e,evwYwR¨KKg©Kv‡Ði

†Kvb¸‡jvAby‡gvw`ZGes †Kvb¸‡jv wbwl× †m m¤ú‡K© my¯úó wefvRb ˆZwiK‡i|

†hgb,A¨vj‡Kvnj,ïKiRvZxqcÖvYx,mgiv¯¿,RyqvIAb¨vb¨¶wZKi†jb‡`bwbwl×|

• A_©‰bwZK Kg©Kv‡Ð ÔwievÕi e¨vcv‡i kixÔAvn&Õi K‡Vvi I my¯úó wb‡lavÁv i‡q‡Q|

kixÔAvn&we‡klÁivcÖPwjZe¨vswKsc×wZ‡Zmy‡ì†jb‡`‡KÔwievÕwn‡m‡eMY¨K‡ib|

AvaywbKBmjvgxe¨vswKs-GGgbAvq‡KMÖnY‡hvM¨Kivij‡¶¨GKwUc×wZD™¢veb

Kivn‡q‡Q|G‡¶‡Îmy‡ìAvq‡KDrcv`bkxjDr‡mibMÀ_©cÖev‡nim‡½cÖwZ¯’vcb

Kiv nq; †hgb: wewb‡qv‡MiAvq|G¸‡jvig‡a¨m¤ú‡ìevwYwR¨Keënv‡iid‡j

AwR©ZgybvdvGesm¤ú‡ìh_vh_eënv‡iid‡jbMÀ_©cÖevnAšÍf©~³;†hgb:fvov

w`‡q AwR©Z DcvR©b (Bahrain MonetaryAgency, 2002)|

3. êwk¦K m¼U I Bmjvgx A_©‰bwZK g‡Wj-Gi g‡a¨ †hvMm~Î wb‡q Av‡jvPbv

3.1 m¼‡Ui g~j KviY

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bq|`xN©Kvja‡iAwZwi³IAcwibvg`k©xe¨vsKFY‡KBGm¼‡Uime‡P‡q¸iæZ¡c~Y©KviY

wn‡m‡e we‡ePbv Kiv n‡q _v‡K|

Bmjvgx e¨vswKs| 101

G †_‡K cÖkœ I‡V, G ai‡bi GKwU ev‡R PP©v †_‡K wKfv‡e Zv‡ì †div‡bv hvq| GUv ïay

A_©‰bwZKeë¯’vcbv‡K`ye©jK‡ibveisZv‡ìmy`~icÖmvixj¶¨‡KIbóK‡i†`q|wZbwU

Kvi‡YGai‡biKg©KvÐm¤¢enq|cÖ_gZ,jvf-¶wZfvMK‡i†bqvig‡Zveë¯’viAbycw¯’wZ‡Z

evRv‡ik„•LjviAfve| wØZxqwUn‡jv,KvíwbKjv‡fiAvkvq wewfbœai‡bi weK‡í wewb‡qvM

m¤cÖmviY, we‡klK‡i Ô†µwWU wWdë †mvqvcmÕ (wmwWGm)|Z…ZxqZ, wec‡`co‡j †K›`ªxq

e¨vsKwbwðZfv‡eZv‡ìmvnv‡h¨GwM‡qAvm‡e-GgbGKwUaviYv|GUvZv‡ìwec`KvUv‡Z

mvnvh¨Ki‡e-Ggbfvebvwb‡qc_Pjvwec‡`coviRb¨h‡_ó|

3.2 mvecÖvBg gU©‡MR m¼U

eZ©gvbmg‡qhy³ivóªGBm¼‡UfzM‡QhvAwZwi³nVKvixF‡YiGKwUR¡jšÍD`vniY|ÔFY

iƒcvšÍiÕg‡W‡jiA_©vqYc×wZG‡¶‡ÎGKwU¸iæZ¡c~Y©f‚wgKvcvjbK‡i|g~LÏZv†_‡Km„ó

FY‡Kwgwk‡qeÜKcÖ`vbKvixmewKQy‡KBGKKvZv‡iwb‡qAvmvnq|GBwgwk‡q†djvFYev

Ô†Kv‡jUvivjvBRW†WeUAewj‡MkbÕ(wmwWI)wewµigva¨‡gFY†LjvwcnIqvimeSzuwKme©‡kl

†µZviNv‡oPvcv‡bvnq|A_P†mmvaviYfv‡eGB`vqfvien‡bAwb”QyK|GiciGai‡bi

FY†KbvUv(AvÛviivBwUs)AvijvfRbK_v‡Kwb|cwiYv‡gF‡YicwigvYGi¸YMZgv‡bi

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cÖZviYviwelq¸‡jv‡K¸iæZ¡w`‡qh_vh_fv‡eZv‡ìKvRKi‡Ze¨_©nb|

d‡jhy³ivóª,hy³ivRÏBD‡ivcmnwewfbœ†`‡kA‡bKe¨vsK†`Dwjqvn‡q†M‡QA_evmiKvwi

mvnvh¨ wb‡q wU‡K Av‡Q| wKQy e¨vsK RvZxqKiYI Kiv n‡q‡Q| GUv evRv‡i GK AwbwðZ

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ïiæ K‡i|

`xN©g›`vifxwZ†µwWUKvW©cÖwZôvb,K‡c©v‡ikbI†WwiwfwUfwWjvi‡ì†Ljvwciw`‡Kwb‡q

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myi¶v Pvq|G‡¶‡Î¶wZc~iY wn‡m‡e Ô†nRdvÛÕ †`qvnq|Gai‡bimyi¶vZnwej †Kej

cÖK…Z†µwWU‡iiKv‡Q†M‡j†Kvbmgm¨vwQjbv|wKš‘ev¯Í‡eGBmyi¶vZnwejwb‡qïiænq

dUKvevwR Ges `dvq `dvq Zv Pj‡Z _v‡K |

3.3 Bmjvg wK e‡j? Bmjvgx A_©‰bwZK eë¯’v

Bmjv‡gme‡P‡q¸iæZ¡c~Y© welq n‡jv gvbemgv‡Re„nËib¨vqwePvicÖwZôv|cweÎKziAv‡b

ejvn‡q‡Q,†hmgv‡Rb¨vqwePvi†bB†mBmgvR†klch©šÍaŸsmAviwePy¨wZiw`‡KavweZnq


(KziAvb,57:27)|b¨vqwePv‡iiRb¨cÖ‡qvRb ˆbwZKg~j¨‡evaI wKQz wbqgKvbyb hvmevi

Kv‡QMÖnY‡hvM¨GeshvmevB wek¦¯ÍZvim‡½cvjbK‡i|A_©‰bwZKeë¯’vb¨vqcivqbZv‡K

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n‡jv:jwMœKviK‡ìISzuwKenbKivDwPZ,hv‡Z¶wZicy‡iv†evSvD‡`¨v³viNv‡obvhvq|

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4. myKzK-eÛev†PK|

MÖš’cwÄ:1. Ainley, M., Mashayekhi, A., Hicks, R., Rahman, A. and Ravalia, A. (2007), “Islamic finance in

the UK: regulation and challenges”, Financial Services Authority, London.

2. Bahrain Monetary Agency (2002), Islamic Banking and Finance in the Kingdom of Bahrain (now the Central Bank of Bahrain), Bahrain Monetary Agency, Manama.

3. Choudhury, M.A. and Hussain, M.M. (2005), “A paradigm of Islamic money and banking”, International Journal of Social Economics, Vol. 32 No. 3, pp. 203-17.

4. Dusuki, A.W. and Abdullah, N.I. (2007), “Why do Malaysian customers patronise Islamic banks?, International Journal of Bank Marketing, Vol. 25 No. 3, pp. 142-60,


5. El-Gamal, M. (2004), “Interest and the paradox of contemporary Islamic law and finance”, IMEFM Fordham International Law Review, December, pp. 108-49.

6. El-Gamal, M. (2006), “Overview of Islamic finance”, Occasional Paper No. 4, Office of International Affairs.

7. Ghafour, A. (2008), “Islamic finance panacea for global crisis”, Arab News, The Middle East’s Leading English Language Daily, 23 October, available at: www.arabnews.com/

8. Ghannadian, F.F. and Goswami, G. (2004), “Developing economy banking: the case of Islamic banks”, International Journal of Social Economics, Vol. 31 No. 8, pp. 740-52.

9. Kahf, M. (2002), “Waqf and its socio political aspects”, available at: www.awqafsa.org.za/

10. Pollard, J. and Samers, M. (2007), “Islamic banking and finance: postcolonial political economy and the decentring of economic geography”, Transactions of the Institute of British Geographers, Vol. 32 No. 3, pp. 313-30.

11. Stern, J. (1982), “Ribit: a halachic anthology”, Journal of Halacha and Contemporary Society,p. 46.

12. Udovitch, A.L. (1970), Partnership and Profit in Medieval Islam, Princeton University Press, Princeton, NJ.

Av‡iv covi Rb¨:

Ghannadian, F.F. and Gautam, G. (2004), “Developing economy banking: the case of Islamic banks”, International Journal of Social Economics, Vol. 31 No. 8, pp. 740-52.

Khan, M. (1992), A Simple Model of Income Determination: Growth and Economic Development in the Perspective of Interest-free Economy, Islamic Research & Training Institute of IDB, Jeddah.

Quran, 57:25

What is Islamic Banking? Institute of Islamic Banking and Insurance, available at: www.islamicbanking.com/ibanking/whatib.php

Wall Street Journal, available at: www.newhorizon-islamicbanking.com/index.cfm? section

academic articles & action

view&id

10733 www.hm-treasury.gov.uk./newsroom_and_speeches/

speeches/econsecspeeches/speech_est est_ 290307.cfm

www.imf.org/external/pubs/ft/survey/so/2007/RES0919A.htm

www.guardian.co.uk/business/2008/oct/08/creditcrunch.marketturmoil

www.foxbusiness.com/story/markets/economy/timeline-financial-crisis/

www.iht.com/articles/ap/2008/09/19/america/Financial-Meltdown-Timeline.php

http://news.bbc.co.uk/2/hi/in_depth/business/2008/downturn/default.stm

http://news.bbc.co.uk/2/hi/business/7521250.stm www.tourismeconomics.com/docs/financial_crisis_update ( jan09).pdf


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MÖvn‡Ki hw` BRvivwfwË‡Z wKQy cÖ‡qvRb nq Zvn‡j Dc‡iv³ Qwe †gvUvgywUfv‡e GKB iKg

†_‡K hv‡e|1 Z‡e MÖvnK hw` K‡qK ai‡bi †jb‡`‡b Znwe‡ji eënvi K‡ib Z‡e Bmjvgx

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gykvivKv †hwU myweavRbK g‡b Kiv nq †mwU AbymiY Kiv †h‡Z cv‡i|

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BmjvgxAvw_©KDcKi‡YiRbÄvw_©K ÔU¨vMÕ-GicÖ‡qvRb †Zgb †KvbBmy¨ n‡q`vuovq bv|

KviY, GLv‡b msL¨v wnmve K‡i †`Lv‡bv hvq †h Bmjvgx A_©vq‡bi e¨q my`wfwËK A_©vq‡b hy³

e¨‡qi g‡Zv GKB i‡q †M‡Q|

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my`wfwËK e¨vswKs I A_©bxwZi †P‡q †kÖô n‡e|

1.2 w¯’wZ

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hvq| GwU e¨vsK‡K FY eë¯’vcbvq †h‡Z eva¨ K‡i| AvgvbZKvix‡ì we`¨gvb `v‡qi ¯’‡j GwU

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GBcÖwµqvwUwbgœgywLZviMwZ‡KAv‡ivevwo‡q†`qGesA_©bxwZicybiæ×vi‡Ke¨vnZK‡i|

1 Aek¨B,G†ÿ‡Îe¨vsKGesMÖvnKBRvivPzw³weµqPzw³‡ZcÖwZ¯’vcbKi‡e|Avi,G‡Zmve-wjwRsmswkøó_vK‡j†m†¶‡Îe¨vsK

ImieivnKvixiµqPzw³GKwUwjRPzw³w`‡qcÖwZ¯’vwcZn‡e|

2 my`wfwËKe¨vsKFY†jb‡`‡bwewfbœaibeënvinq|G¸‡jvZv‡ìA_©vqbAby‡ivacÖK…wZ†_‡Km„óRwUjZvigvÎviwfwË‡Z

Avjv`v nq|


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cybiæ×viGeswbgœgywLZvcÖwZ‡iv‡aGwUKvh©Kif~wgKviv‡L|

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weKín‡Zcv‡i|Ó

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A_©vq‡bi mv‡_ my`wfwËK FY A_©vqb‡K Zzjbv Ki‡j †`Lv hv‡e my`wfwËK FY A_©‰bwZK

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n‡e bv|

cwi‡k‡l iæZ¡c~Y©welqwUn‡jv,Bmjvgxe¨vswKs‡qA_©vqbGesZnwejeënv‡iicÖZ¨ÿms‡hvM

gv‡b n‡e my`wfwËK A_©bxwZ‡Z †h FY A_ev wkw_j bM` †`Lv hvq Zvi cwimgvwß|3 myZivs,

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†ÿ‡Î Kg©ms¯’vb m„wó n‡e| G‡Z GB Abywm×v‡šÍ DcbxZ nIqv hvq †h, Bmjvgx e¨vswKs‡q

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1.3 cwiP‡qi cÖwZ P¨v‡jÄ

Avgiv gyivevnv A_©vq‡bi cÖwZ `„wó †`B| GB wewµ‡Z A_©vqb Kiv nq wejw¤^Z cwi‡kv‡ai

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Gese¨vs‡Kiga¨Kvim¤ú‡K©iQweG‡m‡Q|e¨vsKcÖ_g wRwbmwU wKb‡eGesZviciGKB

wRwbmMÖvn‡KiKv‡QwewµKi‡e|GBmnRwRwbmwUKivn‡ewb‡gœv³fv‡e:

3 BmjvgxA_©bxwZ‡Zwejw¤^Z†jb‡`‡bimv‡_hy³cwiewZ©ZFYm„wón‡Zcv‡i|Z‡emvaviYfv‡eFYej‡ZhveySvqZvn‡ebv|


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GLv‡b(K)mieivnKvixicÖwZe¨vs‡KievaëvaKZvGesMÖvn‡Kiwecix‡Z vwem„wóig‡a¨†Kvb

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Aby‡jøL‡hvM¨|

Dc‡iiGBAv‡jvPbviwecix‡ZeZ©gv‡bgyivevnvA_©vqbAwaKvsk†ÿ‡Îwb‡gœv³fv‡eKvRK‡i:

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MÖvnKe¨vsK†_‡KcÖkœmv‡cÿwRwbm¸‡jv†K‡bhvMÖvn‡Kibv‡gA_©vqbmyweavm„wóK‡iGes

mieivnKvixiKvQ†_‡Kmivmwi†KbviAby‡gv`b†`q(hwÌe¨vs‡KiAv‡`‡k)|2.MÖvnK

cÖ‡qvRbxq wRwbm wK‡b Ges e¨vs‡K †c‡g›U GWfvBm ev cwi‡kva wb‡`©kbv cvVvq, hv e¨vsK

Kvh©Ki K‡i|

2. MÖvnK mivmwi mieivnKvixi KvQ †_‡K cY¨ mieivn †bq|

3. hw`cY¨wU†µZviKv‡Q_v‡KZvn‡je¨vsKIMÖvn‡Kig‡a¨GKwUµq-weµqPyw³n‡e|

hv‡ZMÖvnKcY¨ (Zvimv‡_Av‡M †_‡KBi‡q‡Q) wKb‡ZcÖ¯ÍveKi‡eGese¨vsKGKB

wRwbmwewµKi‡Zm¤§Zn‡e|

4. weµqKvixe¨vs‡KZvicwi‡kv‡ai†hevaëvaKZvZvMÖvnKcvjbKi‡e|

Dc‡iv³cÖwµqvimv‡_eZ©gv‡bmy`wfwËKe¨vswKs‡qcÖPwjZmieivnKvixiF‡Yimv‡_Av`‡Z

†Kvb cv_©K¨ †bB| hZw`b gyivevnv A_©vqb Dc‡iv³fv‡e KvR Ki‡e ZZw`b Av‡M ev c‡i Gi

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mgv‡jvPbvK‡ibwdKvnweìv|Bmjvgxe¨vs‡KiM„nxZwKQyAvw_©KDcKiYm¤ú‡K©GiKgcÖkœ


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1.4 AvgvbZKvix I mÂqx‡ì Av¯’v

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GKwU e¨vsK Lye fv‡jv Avw_©K wfwË wb‡q Pj‡Z cv‡i| Z‡e AvgvbZKvixiv hw` Rvb‡Z cv‡ib †h

e¨vsKwUkixÔAvn&ÕiûKzgj•NbK‡i‡QZvn‡jZv‡ìAv¯’vbón‡qhv‡e|ZvivAvgvbZcÖZ¨vnvi

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w`‡Zcv‡ihvA_©‰bwZKDbœqb‡KûgwKim¤§ywLbKi‡e|Ó

†h †KD Gi mv‡_ †hvM Ki‡Z cv‡ib mvdj¨‡K bó Kiv mywe‡ePbvi KvR n‡e bv| AZGe A_©vqb

†ÿ‡Î Bmjvgx e¨vs‡Ki †jb‡`‡b kixÔAvn& Abymi‡Yi wel‡q †Kvb iKg m‡›`n m„wói wel‡q

mveavbZvAej¤^bKi‡Zn‡e|

2. Bmjvgx e¨vswKs I A_©vq‡bi m¤¢ve¨ fwel¨r iƒc

2.1 weï× Avw_©K cÖwZôvb wn‡m‡e Bmjvgx e¨vsK

Bmjvgxe¨vsKGgbGKweï×Avw_©KcÖwZôvbn‡ehvcÖK…ZA_©‰bwZK†jb‡`‡bigva¨‡gZ…Yg~j

ch©v‡qAvw_©Kk~b¨Zvc~iYKi‡e|wbgœwjwLZA_©‰bwZKKviYGBDbœqbNUv‡e:

Bmjvgx e¨vswKs-GiAbykxjbKvixiv `ÿZvI we‡klvwqZ nevi¯^xK…wZAR©bKi‡Zcv‡ib|

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wRwb‡mi e¯‘MZ wbqš¿Y, eëmv ev BRvivwfwËK A_©vq‡b e¨vs‡Ki MÖvnK wb‡RB Z…Zxq cÿ wn‡m‡e

Zv wb‡Zcv‡i|GwUNU‡Zcv‡iGBRb¨†hA_©‰bwZK†¯‹‡jiKvi‡Ywe‡klvwqZcÖwZôv‡bi

Z…Zxq cÿ e¨vs‡Ki cwiPvjb LiP Kgv‡Z cv‡i| cwi‡k‡l GK ch©v‡q Bmjvgx e¨vs‡Ki Kv‡Q

A_©‰bwZK A½‡b †KejgvÎ Avw_©K cwiKíbvi cÖZ¨vkv Kiv n‡e †hfv‡e A_©‰bwZK G‡R›U KvR

K‡i†miKgLuvwUAvw_©KcÖwZôv‡big‡Zv|

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Bmjvgx e¨vsK, eëmvqx, BRviv`vZv ev Askx`vi wnmv‡e `„k¨c‡U G‡m A_©vqb Ki‡e| GB

d¨v±iwUZv‡ìeoai‡biZnwejRgvKivi¶gZvq†bwZevPKcÖfve†dj‡Zcv‡i|†hgb,

Bmjvgx e¨vs‡Ki eëmv cwiPvjb AvIZvi Dci †Kvb hvPvB‡qi eë¯’v bv _vK‡j Ges †U«wWs

Acv‡ikbwbqš¿YKivbvn‡j¶y`ªeëmvqx‡ìmy‡hvMbóK‡ieoeëmvqxivGK‡PwUqv`Lj

cÖwZôv Ki‡e| Bmjvgx e¨vs‡Ki f~wgKv ïaygvÎ A_©vq‡bi g‡a¨ mxwgZ ivLvi mgm¨v wbim‡bi

gva¨‡g GB GKvwacZ¨ mgm¨vi myivnv Kiv †h‡Z cv‡i|


D`vniY¯îƒc,Z…Yg~jch©v‡qGKwUµqIweµ‡qi†jb‡`bmnRZiKiviRbëëmvqxwn‡m‡e

GKwU †jb‡`‡b cÖ‡ek Kivi AbygwZ w`‡Z cv‡i e¨vsK| Zv‡ì wb‡R‡ì Rb¨ wRwbm †Kbv‡ePvi

AbygwZ †Ìqv DwPZ bq|

2.2 Bmjvgx e¨vsK‡K cÖv_wgKfv‡e n‡Z n‡e ˆbwZK cÖwZôvb

Bmjvgxe¨vswKs‡KA‡bK¸‡jvig‡a¨wb‡gœv³Kvi‡YIˆbwZKe¨vswKsKi‡Zn‡e:

(1)e¨vsK‡KBmjvgxe¨vsK†hgb,g`Drcv`b,Avw_©KA_evdUKvevwRKvh©µ‡gAvw_©K

mnvqZvig‡ZvkixÔAvn&-wbwl×Kvh©µ‡gA_©vqb†_‡K`~‡i_vK‡e|

(2)Mvivi(RyqvigZAwbðqZv)e¨vcv‡ikixÔAvn&wb‡`©kbviKvi‡YMÖvnK,AvgvbZKvix‡ì

cvkvcvwk Znwej cÖZ¨vkx‡ì m‡½ †jb‡`‡b ¯^”QZv eRvq ivL‡Z n‡e|

Bmjvgxe¨vsKGQvovIhvKvZ-Gigva¨‡gA_©bxwZimvgvwRKDbœq‡bAe`vbivL‡e|Z‡eGi

evB‡ie¨vsKmvaviYfv‡egybvdviRb¨Zv‡ìgvwjKØvivcÖwZwôZweï×A_©‰bwZKcÖwZôvb|

Aek¨, Avjv`vfv‡e e¨vs‡Ki gvwjK‡ì ag©xq A½xKv‡ii Kvi‡Y wKQy Bmjvgx e¨vsK AskMÖnYg~jK

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m¤§wZmv‡c¶GBAby‡gv`b|

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2.3 Bmjvgx Avw_©K c‡Yï gvb wba©viY

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cÖwgZKiYKi‡Zmvnvh¨K‡i|†klch©šÍeoGes`xN©†gqvw`ZnwejA½xKv‡iigZe¨wZµgx

cwiw¯’wZ QvovGes/A_evA‡bK ai‡biAvw_©K cÖ‡KŠkj hy³ n‡jB †Kej g~j¨ cÖwZ‡hvwMZv

Bmjvgx e¨vswKs wkí‡K kvmb Ki‡e|

4†KDZvie¨w³MZm¤ú‡ìevB‡i`vbKi‡j¯^vfvweKfv‡eGwUNU‡e


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bKkvi e¨vcv‡i †gŠwjK kixÔAvn& bxwZgvjvi †ÿ‡Î HKgZ¨ cÖwZôvi cÖ‡qvRb n‡e| GwU bv n‡j

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2.4 BmjvwgK Avw_©K wkí MVb

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fv‡M fvM Kiv †h‡Z cv‡i|

DbœqbA_©vqbcÖwZôvb`xN©†gqvwèoAvKv‡iiA_©vqbPvwn`v†gvKv‡ejviRb¨wefvR¨Ges

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miKvwi†KŠk‡jiKvi‡YI¶z`ªA_©vqbcÖwZôv‡biDÌvbn‡Zcv‡i|

jvf m‡PZb AvgvbZKvix me mgqB _vK‡e| Zviv wewb‡qvM I Znwej cÖZ¨vnv‡ii †ÿ‡Î me©vwaK

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m‡e©v”Pmvovw`‡ZwM‡qïaygvÎBmjvgx÷Kgv‡K©‡UigZ†m‡KÛvwigv‡K©‡U(Bmjvgx†kqv‡ii

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g‡Wj G ai‡bi Avw_©K cÖwZôv‡bi Rb¨ bgybv wnmv‡e KvR Ki‡e e‡j cÖZ¨vkv Kiv n‡”Q| kixÔAvn&

AbymiYwe‡ePbvAb¨vbëxgviAvjv`vcÖwZôvbDbœq‡beva¨Ki‡ee‡jIAvkvKivhvq|†hgb,

AwMœexgv†Kv¤úvwbiRbÄv¸‡biNUbvGov‡Z wbivgqeë¯’vMÖnYKivcÖ‡qvRbn‡Zcv‡i|

`yN©Ubvexgvi†ÿ‡ÎKvi,evmIU«vKexgviRbÄvjv`-AvwK¡jvêwkó¨ØvivwbiƒwcZKivn‡Z

cv‡i| Gfv‡e Ab¨vb¨ †ÿ‡ÎI cwieZ©b Avm‡e|


3. Bmjvgx e¨vswKs I A_©vq‡bi Rb¨ fwel¨r P¨v‡jÄ

GBai‡biwKQyP¨v‡j‡Äibgybvbx‡PD‡jøLKivn‡jv:

3.1 RwUj †¶Î¸‡jv‡Z Avw_©K D™¢veb

Bmjvgxe¨vswKsGiAMÖMwZwb‡gœv³†ÿ‡ÎD™¢veb¶gZviDciwbf©iKi‡e:

• Abv_, weaev, †cbkb‡fvMx Ges mgv‡RiAb¨vb¨ `ye©jAs‡kiRb¨ w¯’wZkxjAvq-

cÖevng~jK Avw_©K DcKiY|

• miKv‡ii Avw_©K Pvwn`v c~i‡Yi Rb¨ Avw_©K DcKiY|

• A_©vq‡bi wbivcËvi Rb¨ RvgvbZ, we‡klZ `vq cwi‡kv‡a †Ljvwc nevi Rb¨

kixÔAvn&m¤§ZweKíRwigvbv|

• Bmjvgx Avw_©K c‡Yï g~j¨ wba©vi‡Yi Rb¨ m~Î|

3.2 cÖwZ‡hvwMZv

Bmjvgx e¨vsK¸‡jv‡K ïay wb‡R‡ì g‡a¨ cÖwZ‡hvwMZvq wjß bv †_‡K my`wfwËK e¨vsK¸‡jvi

m‡½IAvšÍ:wkícÖwZ‡hvwMZviRb¨cÖ¯ÍyZ_vKvDwPZ|ZvivB‡Zvg‡a¨BmjvgxAvw_©Kc‡Yï

cÖ¯ÍveKi‡ZïiæK‡i‡Q|G‡ZcÖwZ‡hvwMZvAviIevo‡ee‡javiYvKivhvq|

3.3 Bmjvgx e¨vswKs-Gi Aceënvi

Kvh©KihvPvBGesch©‡e¶Ybv_vK‡jKv‡qgx¯^v_©ev`xivmy‡ìwewawb‡laD‡c¶vK‡iBmjvgx

e¨vswKs‡K eënvi Ki‡Z cv‡i| †hgb, we`¨gvb gyivevnv A_©vq‡b e¨vsK¸‡jv †µZv wn‡m‡e

mivmwi`„k¨c‡UAv‡mbv|KviY,GLv‡b†µZvBfwel¨rmieivnKvix|G‡ZKwíZµq†`wL‡q

AmvayZnwejcÖv_©x‡ìe¨vsK †_‡KFYcvIqvimy‡hvMm„wónq|ZvQvov,Kvh©KihvPvBGes

ch©‡e¶Ybv_vK‡je¨vsKviiv Pv‡cc‡oK…wÎg †jb‡`‡bigva¨‡gZnwejcÖ`v‡bcÖjyän‡Z

cv‡ib| †hgb, GKRb e¨w³ GKwU e¨vsK †_‡K 1000 Wjvi †c‡Z cv‡i Ggb wKQy †Kbvi Rb¨

wewb‡qvM wb‡q MÖvn‡Ki cwiwPZ †Kvb e¨w³i KvQ †_‡K 1000 Wjv‡ii A‡bK Kg g~‡jï wRwbm

wK‡bZvMÖvn‡KiKv‡QAwaK`v‡gwewµKi‡Zcv‡i|

4. A_©bxwZ I A_©‰bwZK Rxe‡b Bmjvgx e¨vswKs Gi cÖfve

G‡ÿ‡Îwb‡gœv³cÖfvecÖZ¨vkvKivhvq:

• my` wfwËK A_©bxwZi Zyjbvq Bmjvgx A_©bxwZ‡Z cÖK…Z LvZ I Avw_©K LvZ fv‡jvfv‡e

mgwš^Z n‡e|


• miKvi hv K‡i Ges †h Dcv‡q G KvR m¤úv`b K‡iÑ GB Dfq †ÿ‡ÎB cwieZ©b

Avm‡e|GBcwieZ©‡big~jKviYn‡e,Zviv†e‡a†`qvKiivR¯^QvovPj‡Zcvi‡e

bve‡jmiKviGcÖ‡qvRbweï×FY†jb‡`bQvovïaygvÎA_©‰bwZK†jb‡`‡bigva¨‡g

c~iYKi‡Zcv‡i|hvmiKviGesA_©vqbKvixim¤úK©wba©viYKi‡e|`xN©†gqv‡`GB

A_©‰bwZKwe‡ePbvqax‡iax‡iÒmiKv‡iiRb¨wdKvn&Ó-GiDbœqbn‡e,hvmiKv‡ii

A_©‰bwZK Kvh©Kjvc wbqš¿Y Ki‡e|5

• AvšÍ:e¨vsKgvwbgv‡K©UGes†K›`ªxqe¨vs‡Kie¨vswKsbZybiƒc†b‡e|kixÔAvn&m¤§Z

wefvR¨ I evwYR¨ Dc‡hvMx Avw_©K DcKiY Ges Pyw³i kixÔAvn&wfwËK gvb`Ð GB bZyb

iƒc cwiMV‡b mvnvh¨ Ki‡e|6

GmehLbNU‡eZLb wbqš¿Kiv Bmjvgx e¨vswKs-GiAvšÍR©vwZKMÖnY‡hvM¨ZviRb¨ e¨v‡mj

AbyewZ©Zvi cÖ‡qvRbxq kZ© cwicvjbI wbwðZ Ki‡Z PvB‡e| kixÔAvn& Ges e¨v‡mj kZ© cwicvj‡b

†hLv‡b†Kvbwe‡iva†bB†mLv‡b†Kvbmgm¨vn‡ebv|wKš‘†hLv‡bG‡ÿ‡ÎmsNvZ†`Lvw`‡e

†mLv‡b:

(1)e¨v‡mjGicÖ‡qvRbxqk‡Z©icwicvjbhv‡ZkixÔAvn&m¤§ZnqZvibKkvˆZwiKi‡Zn‡e|

Ges

(2)AvšÍR©vwZKwbqš¿K‡ìG‡ZivwRKiv‡bv†PóvPvjv‡Zn‡e|

• wnmveGesAvw_©Keë¯’vcbvq iæZ¡c~Y©cwieZ©bAvm‡Zcv‡i|GiKviYnjgvwjKvbv,

†jb‡`‡biwbqgGesAvw_©KDcKiYeënviwb‡qBmjv‡giwfbœAe¯’vbi‡q‡Q|

• Bmjvgx e¨vswKs eëmvi ˆbwZKZv‡K DrmvwnZ Ki‡e| KviY cÖPwjZ e¨vsK¸‡jv ïaygvÎ

A_©‰bwZKfv‡e †UKmB A_©vqb Aby‡iva MÖnY K‡i| D‡jøL Kiv †h‡Z cv‡i †h, Bmjvgx

e¨vswKsGiRb¨mgv‡Ric~e©vci bwZKDbœqbQvovIGBiƒcvšÍiNU‡Zcv‡i|Bmjvgx

Avw_©K DcKi‡Yi mZK©fv‡e Kiv bKkv Amvay Znwej cÖZ¨vkx‡ì ¯^v_©v‡š^lx AvPiY

wbiærmvwnZ Ki‡e|

5. wewfbœ wWwmwcø‡b Bmjvgx e¨vswKs-Gi cÖfve

wdKvn:G‡ÿ‡ÎGKwUcwieZ©bBwZg‡a¨ïiæn‡qwM‡q‡Q|nvbvdx,gvwjwK,nv¤^wj,kvdxGes

RvdwiwdKvn&wPšÍvavivig‡a¨msKxY©bv†_‡KmgKvjxbwdKvn&we‡klÁivGKwÎZn‡qeZ©gv‡bi

5 †KviAvbGesmybœvnÕiAvnKvgev wb‡`©kbvcÖv_wgKfv‡ee¨w³ch©v‡q|AZx‡Z, wdKvn&weìvkvm‡biRb¨ wbqg-Kvby‡biLmov

K‡iwQ‡jb|wKš‘†m¸‡jviaib wQjeva¨Zvg~jKbvn‡qmycvwikg~jK|BmjvgxAvw_©Keë¯’viDciAvBAvBBÕieøywcÖ‡›Ui5g

Aa¨v‡q miKv‡iiRb¨ wdKvn& Dbœq‡bi GKwU MÖnYxq cÖqvm †bqv nq| (Bmjvgvev`: B›Uvib¨vkbvj Bbw÷wUDUAe BmjvwgK

BKbwg·, 1999)

6 D`vniY†`Lyb,AvBAvBBÕieøywcÖ‡›Ui7gAa¨v‡q|GLv‡bBivb,my`vbIgvjqwkqvqDbœq‡biZyjbvg~jKAa¨qbcÖ‡qvRb


Pvwn`v¸‡jvc~i‡Yi†PóvKi‡Qb|IAvBwmÕiwdKvn&GKv‡WgxGesGGIAvBGdAvBG†ÿ‡Î

AvšÍR©vwZKcøvUdg©wn‡m‡ef~wgKvivL‡Q|

cÖwZwUBmjvgxe¨vs‡KikixÔAvn&†ev‡W©nqAvšÍR©vwZKcÖwZwbwa_v‡KA_evZvivAvšÍR©vwZK

cÖfv‡eiRb¨wb‡R‡ìDb¥y³iv‡Lb|

wnmve weÁvb, Avw_©K eë¯’vcbv, gv‡K©wUs I e¨vsK eë¯’vcbv:kixÔAvn&Õic~Y©v½¸iæZ¡¯^xK…Zn‡j

Gme†ÿÎe`‡jhv‡e|Ab¨vb¨d¨v±iQvovIDÏxcbvAvm‡eBmjv‡giÔAwaKviÕ(Bmjv‡gi

†Pv‡LgvwjKvbvev¯^Z¡vwaKvi)GiaviYvGes†jb‡`‡biBmjvgAby‡gvw`ZAeqe†_‡K|

A_©bxwZ: bZyb A_©‰bwZK ¯’vcbvi Rb¨ bZyb A_©bxwZi DÌvb n‡e| mgwóK I gy`ªv A_©bxwZi

†ÿ‡ÎAwaKj¶YxqcwieZ©b†`Lvhv‡e|

miKvwi bxwZ:miKvihvKi‡Zcv‡iGeswKfv‡eZv‡ìKvRKivDwPr-Gme†ÿ‡ÎMZvbyMwZKZv

cwieZ©‡bid‡jGK†civWvBgwkdUevAvg~jcwieZ©bNU‡Zcv‡i|

6. wKQz ¸iæZ¡c~Y© Bmy¨

6.1 Bmjvgxe¨vswKs-GbvbvAR©‡bimv‡_mv‡_kixÔAvn&m¤§ZAvšÍR©vwZKA_©vqb‡KAšÍf©y³

K‡i†bqvGesAvšÍR©vwZKevwY‡RïwbqgbZzbK‡i†jLviP¨v‡jÄmvg‡bAvm‡Zïiæ

K‡i‡Q|G‡¶‡Î†ekwKQyKvRn‡jIAv‡ivA‡bKwKQyKivcÖ‡qvRb|

ivó«xqch©v‡qBmjvgxA_©vqbM„nxZn‡jAvšÍ:miKviAvw_©KcÖev‡niaibGesAvKvi

Dfq †ÿ‡ÎB cwieZ©b Avm‡e|

6.2 w¯’Zve¯’veRvqivLvikw³¸‡jvmemgqGBcwieZ©‡bi weiæ‡×_vK‡e|GLbKvicÖwZ

gyn~‡Z© Ges Gici my` wK Ges wK bqÑ G wb‡q bvbv Bmy¨ DÌvwcZ n‡e|

6.3 hZ¶Ybvch©vßA_©vqbDcKiYD™¢vweZnqGesmiKv‡iiA_©‰bwZKImvgvwRKf~wgKv

wb‡q HKgZ¨ ˆZwi bv nq ZZÿY Bmjvgx e¨vswKs‡q miKvwi A_©vqb GKwU mgm¨v n‡q

_vK‡e|

6.4 Bmjvgx e¨vswKs-GhwÌA_©vq‡bicÖwZ †ekx¸iæZ¡ †`qv n‡”Q, Bmjvgx e¨vs‡Ki`vq

msµvšÍwelqfwel¨‡ZBmy¨n‡Zcv‡i|wewfbœAvgvbZKvixMÖæ‡ci¯^v_©†hfv‡eBmjvgx

e¨vsK †`L‡Q Ges Avm‡jB Zviv hv Ki‡Z cv‡i Gme welq GK mgq Bmy¨ n‡q †`Lv w`‡Z

cv‡i|7

7 AvBAvBBÕiPZy_©Aa¨v‡qGmswkøóBmy¨‡ZwKQyaviYv†`qvn‡q‡Q


Dcmsnvi

D”Pch©v‡qiˆbwZK,mywbqwš¿ZGesKj¨vYg~jKBmjvgxAvw_©K†mŠaM‡o†ZvjvLyeBm¤¢e|

cÖK…Zc‡¶,Kvh©KiK‡c©v‡iUe¨e¯’vcbvimv‡_AwaKZi¯^”QZvim‡½GB †¶‡ÎKvRKi‡j

GesmswkøóAvšÍR©vwZK,AvÂwjKIRvZxqcÖwZôv‡bimv‡_fv‡jv†hvMv‡hvMImsjvc_vK‡j,

hviv ¯^ ¯^ Kgy¨wbwU Z_v mviv we‡k¦i Kj¨v‡Y Ae`vb ivL‡Z Pvb wbtm‡›`‡n Zv‡`i mevB‡K mvnvh¨

Ki‡e|8

Abyev`: kv`gvb mvwKe

8 †RÏvqAvBwWweÕiÔW.Zvwni†gw¤§ÕiKv‡Q†jLKGBch©‡eÿY†i‡L‡Qb

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