‫اﻻﺳﺘﺜﻤﺎر ﰲ اﻷﺳﻬﻢ ﰲ اﻷﺳﻮاق اﳌﺎﻟﻴﺔ ﺎﺑﳌﺎﻟﺪﻳﻒ‬

‫دراﺳﺔ ﺗﻘﻮﳝﻴﺔ ﰲ ﺿﻮء اﻟﻔﻘﻪ اﻹﺳﻼﻣﻲ‬

‫إﻋﺪاد‬

‫ﳏﻤﺪ ﻋﻴﺎض ﻋﺒﺪ اﻟﻠﻄﻴﻒ‬

‫ﲝﺚ ﻣﺘﻄﻠﺐ ﻣﻘﺪم ﻟﻨﻴﻞ درﺟﺔ اﻟﺪﻛﺘﻮراﻩ ﰲ اﻟﻔﻘﻪ وأﺻﻮل اﻟﻔﻘﻪ‬

‫ﻛﻠﻴﺔ ﻣﻌﺎرف اﻟﻮﺣﻲ واﻟﻌﻠﻮم اﻹﻧﺴﺎﻧﻴﺔ‬

‫اﳉﺎﻣﻌﺔ اﻹﺳﻼﻣﻴﺔ اﻟﻌﺎﳌﻴﺔ‪ -‬ﻣﺎﻟﻴﺰ�‬

‫ﻧﻮﻓﻤﱪ ‪٢٠١٢‬م‬
 ‫ﺧﻼﺻﺔ اﻟﺒﺤﺚ‬

‫ﻟﻘﺪ اﺳﺘﺤﺪث ﰲ زﻣﺎﻧﻨﺎ ﻫﺬا أﻧﻮاع ﻋﺪﻳﺪة ﻣﻦ اﳌﻌﺎﻣﻼت اﳌﺎﻟﻴﺔ ﰲ اﻻﻗﺘﺼﺎد اﳌﻌﺎﺻﺮ‪ ،‬وأﻧﺸﺌﺖ أﻧﻮاع‬
‫ﺟﺪﻳﺪة ﻣﻦ اﻟﺸﺮﻛﺎت ﻏﲑ ﻣﺎ ذﻛﺮﻩ اﻟﻔﻘﻬﺎء اﻟﻘﺪاﻣﻰ‪ ،‬وﻣﻦ أﳘﻬﺎ ﺷﺮﻛﺔ اﳌﺴﺎﳘﺔ اﻟﱵ ﻳﺸﱰك ﻓﻴﻬﺎ ﲨﻊ‬
‫ﻣﻦ اﻟﻨﺎس ﻻ ﻳﻌﺮف ﺑﻌﻀﻬﻢ ﺑﻌﻀﺎ‪ ،‬وﻳﺸﺮﻋﻮن ﰲ ﺑﻨﺎء ﻣﺸﺮوﻋﺎت ﺿﺨﻤﺔ ﺑﻮاﺳﻄﺔ ﻣﺎ ﳚﻤﻌﻮن ﻣﻦ‬
‫أﻣﻮال ﺎﺑﻫﻈﺔ‪ ،‬واﻟﱵ ﻗﺪ ﻻ ﺗﻜﻔﻲ ﰲ إﻧﺸﺎﺋﻬﺎ رؤوس أﻣﻮال ﺑﺴﻴﻄﺔ ﰲ إﻧﺸﺎﺋﻬﺎ‪ .‬وﻗﺪ ﺗﻮﺟﻪ ﻛﺜﲑ ﻣﻦ‬
‫اﻟﻨﺎس إﱃ اﻟﺒﺤﺚ ﻋﻦ ﻃﺮق ﻳﺘﻤﻜﻨﻮن ﻬﺑﺎ اﺳﺘﺜﻤﺎر ﻣﺪﺧﺮاﻬﺗﻢ‪ ،‬واﻟﱵ ﻻ ﳝﻜﻨﻬﻢ ﺑﻮاﺳﻄﺘﻬﺎ إﻧﺸﺎء‬
‫ﻣﺸﺎرﻳﻊ ﻣﺴﺘﻘﻠﺔ‪ ،‬وذﻟﻚ ﻋﻦ ﻃﺮﻳﻖ اﺟﺘﻤﺎع ﻋﺪد ﻣﻨﻬﻢ ﻟﺘﺤﺼﻴﻞ رأس اﳌﺎل اﳌﻄﻠﻮب‪ .‬وﻣﻦ ﻫﻨﺎ‬
‫وﺟﺪت اﳊﺎﺟﺔ إﱃ وﺟﻮد اﻟﺸﺮﻛﺎت ﺄﺑﻧﻮاﻋﻬﺎ ﻻﺳﻴﻤﺎ اﳌﺴﺎﳘﺔ ﻣﻨﻬﺎ‪.‬وﳑﺎ ﻳﻌﺎﱐ ﻣﻨﻪ اﺠﻤﻟﺘﻤﻊ اﳌﺎﻟﺪﻳﻔﻲ‬
‫‪-‬ﺑﻞ اﺠﻤﻟﺘﻤﻊ اﻹﺳﻼﻣﻲ ﺄﺑﺳﺮﻩ‪ -‬ﻫﻮ وﺟﻮد ﻧﻈﺎم ﻏﲑ إﺳﻼﻣﻲ ﺗﻨﺪرج ﲢﺘﻪ ﻣﻌﻈﻢ اﻟﺸﺮﻛﺎت‪ ،‬ﺣﻴﺚ ﻻ‬
‫ﺗﻠﺘﺰم ﺎﺑﻟﺸﺮﻳﻌﺔ اﻹﺳﻼﻣﻴﺔ‪ ،‬وﺗﺘﻌﺎﻣﻞ ﻣﻊ اﻟﺒﻨﻮك اﻟﺮﺑﻮﻳﺔ ﰲ ﻣﻌﺎﻣﻼﻬﺗﺎ‪ ،‬ﻣﺎ ﺟﻌﻞ اﻟﻜﺜﲑ ﻣﻦ اﳌﻠﺘﺰﻣﲔ‬
‫ﻳﺸﻜﻮن ﰱ ﺟﻮاز اﳌﺸﺎرﻛﺔ ﰲ ﻫﺬﻩ اﻟﺸﺮﻛﺎت‪ ،‬ﻓﻴﻘﺎﻃﻌﻮ�ﺎ وﻻ ﻳﺴﺎﳘﻮن ﻓﻴﻬﺎ‪ .‬وﻟﻮ رﺟﻌﻨﺎ إﱃ أﻗﻮال‬
‫اﻟﻔﻘﻬﺎء ﰲ ﻫﺬﻩ اﳌﺴﺄﻟﺔ ﳒﺪ أ�ﻢ ﳜﺘﻠﻔﻮن ﰲ اﻷﻣﺮ‪ ،‬ﺣﻴﺚ إن ﻣﻨﻬﻢ ﻣﻦ ﻳﻨﻈﺮ إﱃ ﻣﻘﺎﺻﺪ اﻟﺸﺮﻳﻌﺔ‬
‫اﻹﺳﻼﻣﻴﺔ وﻣﺎ ﻳﱰﺗﺐ ﻋﻠﻰ اﳌﻘﺎﻃﻌﺔ ﻣﻦ ﻋﻮاﻗﺐ ﻻ ﲢﻤﺪ ﻋﻘﺒﺎﻫﺎ‪ ،‬ﻓﺄﺟﺎز اﳌﺴﺎﳘﺔ ﻓﻴﻬﺎ ﺑﺸﺮوط‬
‫وﺿﻮاﺑﻂ؛ وﻣﻨﻬﻢ ﻣﻦ ﺣﺮم اﳌﺴﺎﳘﺔ ﰲ ﻫﺬﻩ اﻟﺸﺮﻛﺎت واﳌﺘﺎﺟﺮة ﰲ أﺳﻬﻤﻬﺎ ﻟﻜﻮ�ﺎ ﺗﺘﻌﺎﻣﻞ ﻣﻊ اﻟﺒﻨﻮك‬
‫اﻟﺮﺑﻮﻳﺔ‪ .‬ﻓﻬﻞ ﻳﱰﻛﻬﺎ اﳌﻠﺘﺰﻣﻮن ﺎﺑﻟﺸﺮﻳﻌﺔ ﰲ ﺣﲔ ﻳﺴﺘﻔﻴﺪ ﻣﻨﻬﺎ ﻣﻦ ﻟﻴﺲ ﻋﻨﺪﻫﻢ اﻫﺘﻤﺎم ﺄﺑﻣﻮر اﻟﺪﻳﻦ‪،‬‬
‫وﻻ ﳝﻴﺰون ﺑﲔ اﳊﻼل واﳊﺮام‪ .‬وﻫﺬا اﻟﺒﺤﺚ "اﻻﺳﺘﺜﻤﺎر ﰲ اﻷﺳﻬﻢ ﰲ اﻷﺳﻮاق اﳌﺎﻟﻴﺔ ﺎﺑﳌﺎﻟﺪﻳﻒ‪:‬‬
‫دراﺳﺔ ﺗﻘﻮﳝﻴﺔ ﰲ ﺿﻮء اﻟﻔﻘﻪ اﻹﺳﻼﻣﻲ" ﻳﻬﺪف إﱃ اﻹﺟﺎﺑﺔ ﻋﻦ اﻟﻌﺪﻳﺪ ﻣﻦ ﺗﺴﺎؤﻻت اﻟﻨﺎس اﳌﺜﺎرة‬
‫ﺣﻮل ﻣﺪى ﺗﻮاﻓﻖ ﻣﻌﺎﻣﻼت وأﻧﺸﻄﺔ ﺳﻮق اﻷوراق اﳌﺎﻟﻴﺔ ﻣﻊ أﺣﻜﺎم اﻟﺸﺮﻳﻌﺔ اﻹﺳﻼﻣﻴﺔ‪ ،‬وﺗﻘﻮﳝﻬﺎ‬
‫ﰲ ﺿﻮء اﻟﻔﻘﻪ اﻹﺳﻼﻣﻲ‪.‬‬

‫ب‬
 ABSTRACT

Different types of financial institutions which are unknown to early Islamic scholars
have appeared in contemporary economic system. The most important among them is
Share market. It is a company in which a group of people unknown to each other take
part in mega trading projects that are not possible without a big capital. There were
people with small capital searching for a way to increase their capital and to expand
their business. As the result, there were many financial institutions especially the share
market which gives an opportunity to them to attain their goal through collective
investment. The Maldivian society which is a hundred percent Muslim is suffering
from lack of shariah-based system to control business and trading companies. As these
companies operate on interest-based economy through establishing strong connection
with conventional banks, the more pious people who are serious in practicing Islam
were complaining and avoiding the share market totally. Islamic scholars have
different opinions on this particular issue. Some of them, who made their decision
from Maqasid perspective, allow participation in interest-based share market with
certain rules and conditions. According to them, non-participation of pious people
brings terrible consequence in the finance sector. The scholars who forbid the
participation of Muslims in the existing system are concerned with its connection to
conventional banking system. The question is whether they can be allowed to benefit
from those who do not seriously practice Halal and Haram or let them take part in this
system with the hope of increasing their numbers to get the majority. The majority has
the power to change to Islamic system. This research aims to find the solutions to a
number of issues raised by the Maldivian people on financial institutions and its
practices in the light of Shariah and Islamic law.

‫ج‬
 ‫‪APPROVAL PAGE‬‬

‫‪The thesis of Mohamed Iyaz Abdul Latheef has been approved by the following:‬‬

‫ــــــــــــــــــــــــــــــــــــــــــــــ‬

‫‪Supervisor‬‬

‫ــــــــــــــــــــــــــــــــــــــــــــــ‬

‫‪Internal Examiner‬‬

‫ــــــــــــــــــــــــــــــــــــــــــــــ‬

‫‪External Examiner‬‬

‫ــــــــــــــــــــــــــــــــــــــــــــــ‬

‫‪Chairman‬‬

‫د‬
 DECLARATION

I hereby declare that this thesis is the result of my own investigation, except where

otherwise stated. Other sources are acknowledged by footnotes giving explicit

references and bibliography is appended.

Mohamed Iyaz Abdul Latif

Signature…………………… Date…….…………….…

‫ه‬
 ‫اﳉﺎﻣﻌﺔ اﻹﺳﻼﻣﻴﺔ اﻟﻌﺎﳌﻴﺔ‪ -‬ﻣﺎﻟﻴﺰ�‬
‫إﻗﺮار ﲝﻘﻮق اﻟﻄﺒﻊ وإﺛﺒﺎت ﻣﺸﺮوﻋﻴﺔ اﺳﺘﺨﺪام اﻷﲝﺎث ﻏﲑ اﳌﻨﺸﻮرة‬
‫ﺣﻘﻮق اﻟﻄﺒﻊ ‪٢٠١٢‬م ﳏﻔﻮﻇﺔ ﻟـ ﳏﻤﺪ ﻋﻴﺎض ﻋﺒﺪ اﻟﻠﻄﻴﻒ‬

‫اﻻﺳﺘﺜﻤﺎر ﰲ اﻷﺳﻬﻢ ﰲ اﻷﺳﻮاق اﳌﺎﻟﻴﺔ ﺎﺑﳌﺎﻟﺪﻳﻒ دراﺳﺔ ﺗﻘﻮﳝﻴﺔ‬

‫ﰲ ﺿﻮء اﻟﻔﻘﻪ اﻹﺳﻼﻣﻲ‬
‫ﻻ ﳚﻮز إﻋﺎدة إﻧﺘﺎج أو اﺳﺘﺨﺪام ﻫﺬا اﻟﺒﺤﺚ ﻏﲑ اﳌﻨﺸﻮر ﰲ أي ﺷﻜﻞ وﺄﺑي ﺻﻮرة )آﻟﻴﺔ‬
‫ﻛﺎﻧﺖ أو إﻟﻜﱰوﻧﻴﺔ أو ﻏﲑﻫﺎ( ﲟﺎ ﰲ ذﻟﻚ اﻻﺳﺘﻨﺴﺎخ أو اﻟﺘﺴﺠﻴﻞ ﻣﻦ دون إذن ﻣﻜﺘﻮب ﻣﻦ‬
‫اﻟﺒﺎﺣﺚ إﻻ ﰲ اﳊﺎﻻت اﻵﺗﻴﺔ‪:‬‬
‫‪ -١‬ﳝﻜﻦ ﻟﻶﺧﺮﻳﻦ اﻗﺘﺒﺎس أي ﻣﺎدة ﻣﻦ ﻫﺬا اﻟﺒﺤﺚ ﻏﲑ اﳌﻨﺸﻮر ﰲ ﻛﺘﺎﺎﺑﻬﺗﻢ ﺑﺸﺮط‬
‫اﻻﻋﱰاف ﺑﻔﻀﻞ ﺻﺎﺣﺐ اﻟﻨﺺ اﳌﻘﺘﺒﺲ ﻣﻨﻪ وﺗﻮﺛﻴﻖ اﻟﻨﺺ ﺑﺼﻮرة ﻣﻨﺎﺳﺒﺔ‪.‬‬
‫ﻳﻜﻮن ﻟﻠﺠﺎﻣﻌﺔ اﻹﺳﻼﻣﻴﺔ – ﻣﺎﻟﻴﺰ� وﻣﻜﺘﺒﺘﻬﺎ ﺣﻖ اﻻﺳﺘﻨﺴﺎخ )ﺑﺸﻜﻞ اﻟﻄﺒﻊ أو‬ ‫‪-٢‬‬
‫ﺑﺼﻮرة آﻟﻴﺔ( ﻷﻏﺮاض ﻣﺆﺳﺴﻴﺔ وﺗﻌﻠﻴﻤﻴﺔ‪ ،‬وﻟﻜﻦ ﻟﻴﺲ ﻷﻏﺮاض اﻟﺒﻴﻊ اﻟﻌﺎم‪.‬‬
‫ﻳﻜﻮن ﳌﻜﺘﺒﺔ اﳉﺎﻣﻌﺔ اﻹﺳﻼﻣﻴﺔ اﻟﻌﺎﳌﻴﺔ – ﻣﺎﻟﻴﺰ� ﺣﻖ اﺳﺘﺨﺮاج ﻧﺴﺦ ﻣﻦ ﻫﺬا اﻟﺒﺤﺚ‬ ‫‪-٣‬‬
‫ﻏﲑ اﳌﻨﺸﻮر إذا ﻃﻠﺒﺘﻬﺎ ﻣﻜﺘﺒﺎت اﳉﺎﻣﻌﺎت وﻣﺮاﻛﺰ اﻟﺒﺤﻮث اﻷﺧﺮى‪.‬‬
‫ﺳﻴﺰود اﻟﺒﺎﺣﺚ ﻣﻜﺘﺒﺔ اﳉﺎﻣﻌﺔ اﻹﺳﻼﻣﻴﺔ اﻟﻌﺎﳌﻴﺔ – ﻣﺎﻟﻴﺰ� ﺑﻌﻨﻮاﻧﻪ ﻣﻊ إﻋﻼﻣﻬﺎ ﻋﻨﺪ‬ ‫‪-٤‬‬
‫ﺗﻐﲑ اﻟﻌﻨﻮان‪.‬‬
‫ﺳﻴﺘﻢ اﻻﺗﺼﺎل ﺎﺑﻟﺒﺎﺣﺚ ﻟﻐﺮض اﳊﺼﻮل ﻋﻠﻰ ﻣﻮاﻓﻘﺘﻪ ﻋﻠﻰ اﺳﺘﻨﺴﺎخ ﻫﺬا اﻟﺒﺤﺚ ﻏﲑ‬ ‫‪-٥‬‬
‫اﳌﻨﺸﻮر ﻣﻦ ﺧﻼل ﻋﻨﻮاﻧﻪ اﻟﱪﻳﺪي أو اﻹﻟﻜﱰوﱐ اﳌﺘﻮﻓﺮ ﰲ اﳌﻜﺘﺒﺔ‪ ،‬وإذا ﱂ ﻳﺴﺘﺠﺐ‬
‫اﻟﺒﺎﺣﺚ ﺧﻼل ﻋﺸﺮة أﺳﺎﺑﻴﻊ ﻣﻦ ﺎﺗرﻳﺦ اﻟﺮﺳﺎﻟﺔ اﳌﻮﺟﻬﺔ إﻟﻴﻪ ﺳﺘﻘﻮم ﻣﻜﺘﺒﺔ اﳉﺎﻣﻌﺔ‬
‫اﻹﺳﻼﻣﻴﺔ اﻟﻌﺎﳌﻴﺔ – ﻣﺎﻟﻴﺰ� ﺎﺑﺳﺘﺨﺪام ﺣﻘﻬﺎ ﰲ ﺗﺰوﻳﺪ اﳌﻄﺎﻟﺒﲔ ﺑﻪ‪.‬‬
‫أﻛﺪ ﻫﺬا اﻹﻗﺮار‪ :‬ﳏﻤﺪ ﻋﻴﺎض ﻋﺒﺪ اﻟﻠﻄﻴﻒ‬

‫‪.........................‬‬ ‫‪..........................‬‬
‫اﻟﺘﺎرﻳﺦ‬ ‫اﻟﺘﻮﻗﻴﻊ‬

‫و‬
 ‫ي اﻟﻌﺰﻳﺰﻳﻦ اﻟﻜﺮﳝﲔ؛ ﻋﺒﺪ اﻟﻠﻄﻴﻒ ﻋﻤﺮ ‪-‬ﺣﻔﻈﻪ ﷲ‪ ،-‬وﺳﻌﺎدة‬ ‫أﻫﺪي ﻫﺬﻩ اﻟﺮﺳﺎﻟﺔ‪ ،‬إﱃ واﻟﺪ ﱠ‬
‫ﳏﻤﺪ ‪-‬رﲪﻬﺎ ﷲ‪ -‬اﻟﻠﺬﻳﻦ ﳍﻤﺎ اﻟﻔﻀﻞ واﳌﻨﺔ ﺑﻌﺪ ﷲ ﺗﻌﺎﱃ ﰲ ﺗﺮﺑﻴﱵ وﺗﻮﺟﻴﻬﻲ ﺣﱴ ﺑﻠﻐﺖ ﻫﺬا‬
‫اﳌﺴﺘﻮى‪ ،‬أﺳﺄل ﷲ أن ﳚﻌﻞ ﻋﺎﻗﺒﺘﻬﻤﺎ ﺟﻨﺔ اﻟﻔﺮدوس اﻷﻋﻠﻰ ﻣﻊ اﻟﺬﻳﻦ أﻧﻌﻢ ﷲ ﻋﻠﻴﻬﻢ ﻣﻦ‬
‫اﻟﻨﺒﻴﲔ واﻟﺼﺪﻳﻘﲔ واﻟﺸﻬﺪاء واﻟﺼﺎﳊﲔ‪ ،‬وﺣﺴﻦ أوﻟﺌﻚ رﻓﻴﻘﺎ‪.‬‬

‫ز‬
 ‫اﻟﺸﻜﺮ واﻟﺘﻘﺪﻳﺮ‬

‫اﳊﻤﺪ ﻪﻠﻟ اﻟﺬي ﺑﻨﻌﻤﺘﻪ ﺗﺘﻢ اﻟﺼﺎﳊﺎت‪ ،‬واﻟﺼﻼة واﻟﺴﻼم ﻋﻠﻰ ﺧﺎﰎ اﻷﻧﺒﻴﺎء وﺳﻴﺪ اﳌﺮﺳﻠﲔ‪،‬‬
‫وﻋﻠﻰ آﻟﻪ وأﺻﺤﺎﺑﻪ وﻣﻦ ﺗﺒﻌﻬﻢ ﺈﺑﺣﺴﺎن إﱃ ﻳﻮم اﻟﺪﻳﻦ‪ ،‬وﺑﻌﺪ‪:‬‬
‫ﻓﺄﺗﻘﺪم ﺎﺑﻟﺸﻜﺮ اﳉﺰﻳﻞ واﻟﺘﻘﺪﻳﺮ اﻟﻔﺎﺋﻖ إﱃ أﺳﺘﺎذي اﻟﻌﺰﻳﺰ اﳌﺸﺮف ﻋﻠﻰ ﻫﺬﻩ اﻟﺮﺳﺎﻟﺔ‬
‫ﻓﻀﻴﻠﺔ اﻷﺳﺘﺎذ اﻟﺪﻛﺘﻮر ﻋﺎرف ﻋﻠﻲ ﻋﺎرف ‪-‬ﺣﻔﻈﻪ ﷲ ﺗﻌﺎﱃ‪ -‬وﻣﺘﻌﻪ ﺎﺑﻟﺼﺤﺔ واﻟﺴﻼﻣﺔ‪،‬‬
‫وﺎﺑرك ﰲ ﻋﻤﺮﻩ‪ ،‬ﻹﺷﺮاﻓﻪ ﻋﻠﻰ ﻫﺬﻩ اﻟﺮﺳﺎﻟﺔ‪ ،‬وﻋﻠﻰ ﻣﻼﺣﻈﺎﺗﻪ اﻟﻘﻴﻤﺔ وﺗﻮﺟﻴﻬﺎﺗﻪ اﻟﺴﺪﻳﺪة‬
‫وﺗﺼﻮﻳﺒﺎﺗﻪ اﻟﺪﻗﻴﻘﺔ وﻧﺼﺎﺋﺤﻪ اﻟﻐﺎﻟﻴﺔ؛ ﻓﻠﻪ اﻟﻔﻀﻞ واﳌﻨﺔ ‪-‬ﺑﻌﺪ ﷲ ﺗﻌﺎﱃ‪ -‬ﰲ إﺧﺮاج ﻫﺬﻩ اﻟﺮﺳﺎﻟﺔ‬
‫إﱃ ﺣﻴﺰ اﻟﻮﺟﻮد‪ ،‬أﺳﺄل ﷲ اﻟﻌﻠﻲ اﻟﻌﻈﻴﻢ أن ﻳﻜﻮن ﺳﻌﻴﻪ اﻟﻌﻠﻤﻲ ﰲ ﻣﻴﺰان ﺣﺴﻨﺎﺗﻪ ﻳﻮم اﳊﺸﺮ‪.‬‬
‫ﻛﺬﻟﻚ أﻗﺪم ﺟﺰﻳﻞ اﻟﺸﻜﺮ إﱃ إدارة "اﳉﺎﻣﻌﺔ اﻹﺳﻼﻣﻴﺔ اﻟﻌﺎﳌﻴﺔ ﲟﺎﻟﻴﺰ�"‪ ،‬ﻻﺳﻴﻤﺎ‬
‫ﻋﻤﺎدة ﻛﻠﻴﺔ ﻣﻌﺎرف اﻟﻮﺣﻲ واﻟﻌﻠﻮم اﻹﻧﺴﺎﻧﻴﺔ‪ ،‬وﺎﺑﻷﺧﺺ ﻗﺴﻢ اﻟﻔﻘﻪ وأﺻﻮﻟﻪ‪.‬‬
‫ﻛﻤﺎ أﺷﻜﺮ ﻛﻞ ﻣﻦ ﺳﺎﻋﺪﱐ وﺣﺜﲏ ﻋﻠﻰ إﳒﺎز ﻫﺬﻩ اﻟﺮﺳﺎﻟﺔ ﻣﻦ اﻟﺰﻣﻼء‪.‬‬
‫أﺳﺄل ﷲ اﳊﻲ اﻟﻘﻴﻮم‪ ،‬أن ﻳﺘﻘﺒﻞ ﻣﲏ ﻋﻤﻠﻲ ﻫﺬا وﳚﻌﻠﻪ ﺧﺎﻟﺼﺎ ﻟﻮﺟﻬﻪ اﻟﻜﺮﱘ‪ ،‬إﻧﻪ‬
‫ﲰﻴﻊ ﻗﺮﻳﺐ ﳎﻴﺐ اﻟﺪﻋﻮات‪ ،‬وﺻﻠﻰ ﷲ وﺳﻠﻢ وﺎﺑرك ﻋﻠﻰ ﺳﻴﺪ� ﳏﻤﺪ وﻋﻠﻰ آﻟﻪ وﺻﺤﺒﻪ‬
‫وﺳﻠﻢ‪.‬‬

‫ح‬
 ‫ﳏﺘﻮ�ت اﻟﺒﺤﺚ‬

‫ب‬ ‫ﺧﻼﺻﺔ اﻟﺒﺤﺚ ‪............................. ................................‬‬

‫ج‬ ‫ﺧﻼﺻﺔ اﻟﺒﺤﺚ ﺎﺑﻹﳒﻠﻴﺰﻳﺔ ‪................... ................................‬‬
‫د‬ ‫ﺻﻔﺤﺔ اﻟﻘﺒﻮل ‪............................... ................................‬‬
‫ﻫـ‬ ‫ﺻﻔﺤﺔ اﻹﻗﺮار ‪............................... ................................‬‬
‫و‬ ‫ﺣﻘﻮق اﻟﻄﺒﻊ ‪................................ ................................‬‬
‫ز‬ ‫إﻫﺪاء ‪..... ................................ ................................‬‬
‫ح‬ ‫ﺷﻜﺮ وﺗﻘﺪﻳﺮ ‪................................ ................................‬‬

‫ﻣﺪﺧﻞ إﱃ اﻟﺒﺤﺚ‪١ ........................... ................................‬‬

‫‪١‬‬ ‫اﳌﻘﺪﻣﺔ‪............................... ................................‬‬
‫‪٢‬‬ ‫إﺷﻜﺎﻟﻴﺔ اﻟﺒﺤﺚ‪.... ...................................................‬‬
‫‪٣‬‬ ‫أﺳﺌﻠﺔ اﻟﺒﺤﺚ‪.. .......................................................‬‬
‫‪٣‬‬ ‫أﻫﺪاف اﻟﺒﺤﺚ ‪....................... ................................‬‬
‫‪٤‬‬ ‫أﳘﻴﺔ اﻟﺒﺤﺚ‪.......................... ................................‬‬
‫‪٤‬‬ ‫ﺣﺪود اﻟﺒﺤﺚ‪... ......................................................‬‬
‫‪٥‬‬ ‫ﻣﻨﻬﺠﻴﺔ اﻟﺒﺤﺚ ‪....................... ................................‬‬
‫‪٥‬‬ ‫اﻟﺪراﺳﺎت اﻟﺴﺎﺑﻘﺔ‪.................... ................................‬‬

‫اﻟﺒﺎب اﻷول‪ :‬أﺿﻮاء ﻋﻠﻰ ﺣﻘﻴﻘﺔ اﻻﺳﺘﺜﻤﺎر واﻷﺳﻬﻢ واﻷﺣﻜﺎم اﳌﺘﻌﻠﻘﺔ ﻬﺑﺎ‪١٥ .......‬‬
‫اﻟﻔﺼﻞ اﻷول‪ :‬ﻣﻔﻬﻮم اﻻﺳﺘﺜﻤﺎر ﰲ اﻟﻠﻐﺔ واﻟﺸﺮﻳﻌﺔ اﻹﺳﻼﻣﻴﺔ‬
‫واﻟﺘﺸﺮﻳﻌﺎت اﻟﻮﺿﻌﻴﺔ ‪١٦ ........................ ................................‬‬
‫اﳌﺒﺤﺚ اﻷول‪ :‬ﰲ ﻣﻌﲎ اﻻﺳﺘﺜﻤﺎر ‪١٦ ...... ................................‬‬

‫ط‬
 ‫اﳌﻄﻠﺐ اﻷول‪ :‬ﻣﻌﲎ اﻻﺳﺘﺜﻤﺎر ﰲ اﻟﻠﻐﺔ‪١٧ ..............................‬‬
‫اﳌﻄﻠﺐ اﻟﺜﺎﱐ‪ :‬اﳌﻌﲎ اﻟﻔﻘﻬﻲ ﻟﻼﺳﺘﺜﻤﺎر ‪١٧ ..............................‬‬
‫اﳌﻄﻠﺐ اﻟﺜﺎﻟﺚ‪ :‬اﳌﻌﲎ اﻻﻗﺘﺼﺎدي ﻟﻼﺳﺘﺜﻤﺎر ‪٢٠ .........................‬‬
‫اﳌﺒﺤﺚ اﻟﺜﺎﱐ‪ :‬ﰲ ﺣﻜﻢ اﻻﺳﺘﺜﻤﺎر وﻣﺪى اﳊﺎﺟﺔ ﻟﻼﺳﺘﺜﻤﺎر ﰲ اﻷﺳﻬﻢ‬
‫وﻣﻘﺎﺻﺪﻩ ‪٢١ ... ................................ ................................‬‬
‫اﳌﻄﻠﺐ اﻷول‪ :‬ﺣﻜﻢ اﻻﺳﺘﺜﻤﺎر ﰲ اﻷﺳﻬﻢ وﻣﺪى اﳊﺎﺟﺔ إﻟﻴﻪ‬
‫اﳌﻄﻠﺐ اﻟﺜﺎﱐ‪ :‬ﻣﻘﺎﺻﺪ اﻻﺳﺘﺜﻤﺎر ﰲ اﻷﺳﻬﻢ ﰲ اﳌﺬﻫﺐ اﻻﻗﺘﺼﺎدي‬
‫اﻹﺳﻼﻣﻲ‬
‫اﻟﻔﺮع اﻷول‪ :‬ﻣﻔﻬﻮم اﳌﻘﺎﺻﺪ‪٢٠ .. .......................................‬‬
‫اﻟﻔﺮع اﻟﺜﺎﱐ‪ :‬ﻣﻘﺎﺻﺪ اﻻﺳﺘﺜﻤﺎر ﰲ اﻷﺳﻬﻢ ‪٢٨ . .........................‬‬

‫اﻟﻔﺼﻞ اﻟﺜﺎﱐ‪ :‬ﻣﻔﻬﻮم اﻷﺳﻬﻢ وﻣﺮاﺣﻠﻬﺎ وﺧﺼﺎﺋﺼﻬﺎ وﺣﻘﻮﻗﻬﺎ ‪٣٠ ...................‬‬

‫‪٣٠‬‬ ‫اﳌﺒﺤﺚ اﻷول‪ :‬ﺗﻌﺮﻳﻒ اﻷﺳﻬﻢ‪.......... ................................‬‬
‫‪٣٠‬‬ ‫اﳌﻄﻠﺐ اﻷول‪ :‬ﺗﻌﺮﻳﻒ اﻷﺳﻬﻢ ﻟﻐﺔ ‪.. ................................‬‬
‫‪٣١‬‬ ‫اﳌﻄﻠﺐ اﻟﺜﺎﱐ‪ :‬ﺗﻌﺮﻳﻒ اﻷﺳﻬﻢ اﺻﻄﻼﺣﺎ‪.............................‬‬
‫‪٣٢‬‬ ‫اﳌﺒﺤﺚ اﻟﺜﺎﱐ‪ :‬أﻧﻮاع اﻷﺳﻬﻢ وﻣﺮاﺣﻠﻬﺎ ‪... ................................‬‬
‫‪٣٢‬‬ ‫اﳌﻄﻠﺐ اﻷول‪ :‬أﻧﻮاﻋﻬﺎ ﻣﻦ ﺣﻴﺚ اﳊﺼﺔ اﻟﱵ ﻳﺪﻓﻌﻬﺎ اﻟﺸﺮﻳﻚ ‪...........‬‬
‫‪٣٣‬‬ ‫اﳌﻄﻠﺐ اﻟﺜﺎﱐ‪ :‬أﻧﻮاﻋﻬﺎ ﻣﻦ ﺣﻴﺚ اﻟﺸﻜﻞ ‪............................‬‬
‫‪٣٣‬‬ ‫اﳌﻄﻠﺐ اﻟﺜﺎﻟﺚ‪ :‬أﻧﻮاﻋﻬﺎ ﻣﻦ ﺣﻴﺚ ﺣﻘﻮق أﺻﺤﺎب اﻷﺳﻬﻢ ‪............‬‬
‫‪٣٤‬‬ ‫اﳌﻄﻠﺐ اﻟﺮاﺑﻊ‪ :‬أﻧﻮاﻋﻬﺎ ﻣﻦ ﺣﻴﺚ اﻻﺳﺘﻬﻼك وﻋﺪﻣﻪ ‪...................‬‬
‫‪٣٦‬‬ ‫اﳌﻄﻠﺐ اﳋﺎﻣﺲ‪ :‬أﻧﻮاﻋﻬﺎ ﻣﻦ ﺣﻴﺚ اﻟﻘﻴﻤﺔ ‪...........................‬‬
‫‪٣٧‬‬ ‫اﳌﻄﻠﺐ اﻟﺴﺎدس‪ :‬أﻧﻮاﻋﻬﺎ ﻣﻦ ﺣﻴﺚ اﻟﺘﺪاول ‪..........................‬‬
‫‪٣٨‬‬ ‫اﳌﺒﺤﺚ اﻟﺜﺎﻟﺚ‪ :‬ﺧﺼﺎﺋﺺ اﻷﺳﻬﻢ وﺣﻘﻮﻗﻬﺎ ‪..............................‬‬
‫‪٣٨‬‬ ‫اﳌﻄﻠﺐ اﻷول‪ :‬ﺧﺼﺎﺋﺺ اﻷﺳﻬﻢ ‪... ................................‬‬
‫‪٣٩‬‬ ‫اﳌﻄﻠﺐ اﻟﺜﺎﱐ‪ :‬ﺣﻘﻮق اﻷﺳﻬﻢ ‪...... ................................‬‬

‫ي‬
‫اﻟﻔﺼﻞ اﻟﺜﺎﻟﺚ‪ :‬أﺣﻜﺎم اﻷﺳﻬﻢ وﺗﻘﺴﻴﻢ اﻟﺸﺮﻛﺎت اﳌﺴﺎﳘﺔ ‪٤١ .....................‬‬
‫‪٤١‬‬ ‫اﳌﺒﺤﺚ اﻷول‪ :‬أﺣﻜﺎم اﻷﺳﻬﻢ ‪......... ................................‬‬
‫‪٤١‬‬ ‫اﳌﻄﻠﺐ اﻷول‪ :‬أﺣﻜﺎم اﻷﺳﻬﻢ ﻣﻦ ﺣﻴﺚ أﻧﻮاﻋﻬﺎ ‪.....................‬‬
‫‪٤٨‬‬ ‫اﳌﻄﻠﺐ اﻟﺜﺎﱐ‪ :‬أﺣﻜﺎم اﻟﺘﻌﺎﻣﻞ ﺎﺑﻷﺳﻬﻢ ‪..............................‬‬
‫‪٥١‬‬ ‫اﻟﻔﺮع اﻷول‪ :‬ﺣﻜﻢ اﻟﻌﻤﻠﻴﺎت اﻟﻌﺎﺟﻠﺔ اﻟﻔﻮرﻳﺔ ‪......................‬‬
‫‪٥٣‬‬ ‫اﻟﻔﺮع اﻟﺜﺎﱐ‪ :‬ﺣﻜﻢ اﻟﻌﻤﻠﻴﺎت اﻵﺟﻠﺔ ‪..............................‬‬
‫‪٥٦‬‬ ‫اﻟﻔﺮع اﻟﺜﺎﻟﺚ‪ :‬ﺣﻜﻢ ﺑﻴﻮع اﳋﻴﺎرات أو اﻻﻣﺘﻴﺎزات ‪...................‬‬
‫‪٥٨‬‬ ‫اﻟﻔﺮع اﻟﺮاﺑﻊ‪ :‬ﻃﺮﻳﻘﺔ اﻟﺪﻓﻊ ﰲ اﻟﻌﻘﻮد اﻵﺟﻠﺔ ‪........................‬‬
‫‪٦٠‬‬ ‫اﻟﻔﺮع اﳋﺎﻣﺲ‪ :‬ﺣﻜﻢ إﻗﺮاض اﻷﺳﻬﻢ‪..............................‬‬
‫‪٦٠‬‬ ‫اﻟﻔﺮع اﻟﺴﺎدس‪ :‬ﺣﻜﻢ رﻫﻦ اﻷﺳﻬﻢ ‪...............................‬‬
‫‪٦١‬‬ ‫اﻟﻔﺮع اﻟﺴﺎﺑﻊ‪ :‬ﺣﻜﻢ ﺿﻤﺎن اﻹﺻﺪار ﰲ اﻷﺳﻬﻢ ‪...................‬‬
‫‪٦٣‬‬ ‫اﻟﻔﺮع اﻟﺜﺎﻣﻦ‪ :‬ﺣﻜﻢ ﺗﻘﺴﻴﻂ ﺳﺪاد ﻗﻴﻤﺔ اﻷﺳﻬﻢ ‪....................‬‬
‫‪٦٤‬‬ ‫اﻟﻔﺮع اﻟﺘﺎﺳﻊ‪ :‬ﺣﻜﻢ إﺻﺪار اﻷﺳﻬﻢ ﻣﻊ رﺳﻮم اﻹﺻﺪار ‪.............‬‬
‫‪٦٤‬‬ ‫اﻟﻔﺮع اﻟﻌﺎﺷﺮ‪ :‬ﺣﻜﻢ اﳌﻀﺎرﺑﺔ ﺎﺑﻷﺳﻬﻢ ‪............................‬‬
‫‪٦٧‬‬ ‫اﳌﺒﺤﺚ اﻟﺜﺎﱐ‪ :‬أﻗﻮال اﻟﻌﻠﻤﺎء ﰲ ﺣﻜﻢ اﻟﺸﺮﻛﺎت اﳌﺴﺎﳘﺔ ﻣﻊ ﺑﻴﺎن أدﻟﺘﻬﻢ ‪.....‬‬

‫اﻟﺒﺎب اﻟﺜﺎﱐ‪ :‬اﻟﺸﺮﻛﺎت اﳌﺎﻟﺪﻳﻔﻴﺔ اﻟﱵ ﺗﺘﻌﺎﻣﻞ ﺎﺑﻷﺳﻬﻢ واﺳﺘﺜﻤﺎرﻫﺎ وﺑﻴﺎن ﻟﻜﻴﻔﻴﺔ زﻛﺎة‬
‫اﻷﺳﻬﻢ ﰲ اﳌﺎﻟﺪﻳﻒ ‪٨٧ ......................... ................................‬‬
‫اﻟﻔﺼﻞ اﻷول‪ :‬اﻟﺸﺮﻛﺎت اﳌﺎﻟﺪﻳﻔﻴﺔ اﻟﱵ ﺗﺘﻌﺎﻣﻞ ﺎﺑﻷﺳﻬﻢ ‪٨٩ ........................‬‬
‫‪٨٩‬‬ ‫اﳌﺒﺤﺚ اﻷول‪ :‬ﺷﺮﻛﺔ اﳌﺎﻟﺪﻳﻒ ﻟﻠﻨﻘﻞ واﳌﻮاﺻﻼت ‪.........................‬‬
‫‪٨٩‬‬ ‫اﳌﻄﻠﺐ اﻷول‪ :‬ﺄﺗﺳﻴﺲ اﻟﺸﺮﻛﺔ ‪...... ................................‬‬
‫‪٩٠‬‬ ‫اﳌﻄﻠﺐ اﻟﺜﺎﱐ‪ :‬اﻷﻧﺸﻄﺔ اﻟﺮﺋﻴﺴﺔ ﻟﻠﺸﺮﻛﺔ ‪..............................‬‬
‫‪٩٠‬‬ ‫اﳌﻄﻠﺐ اﻟﺜﺎﻟﺚ‪ :‬أﻏﺮاض اﻟﺸﺮﻛﺔ ‪..... ................................‬‬
‫‪٩١‬‬ ‫اﳌﻄﻠﺐ اﻟﺮاﺑﻊ‪ :‬اﻟﺮؤﻳﺔ واﻟﺮﺳﺎﻟﺔ ﻟﺸﺮﻛﺔ اﳌﺎﻟﺪﻳﻒ ﻟﻠﻨﻘﻞ واﳌﻮاﺻﻼت ‪........‬‬
‫‪٩١‬‬ ‫اﳌﺒﺤﺚ اﻟﺜﺎﱐ‪ :‬اﻟﺒﻨﻚ اﳌﺎﻟﺪﻳﻔﻲ‪.......... ................................‬‬

‫ك‬
‫‪٩٢‬‬ ‫اﳌﻄﻠﺐ اﻷول‪ :‬ﻧﺒﺬة ﻋﻦ اﻟﺒﻨﻚ اﳌﺎﻟﺪﻳﻔﻲ ‪.............................‬‬
‫‪٩٢‬‬ ‫اﳌﻄﻠﺐ اﻟﺜﺎﱐ‪ :‬اﻟﺘﻄﻮرات اﻟﱵ ﻃﺮأت ﻋﻠﻰ اﻟﺒﻨﻚ اﳌﺎﻟﺪﻳﻔﻲ ‪.............‬‬
‫‪٩٣‬‬ ‫اﳌﺒﺤﺚ اﻟﺜﺎﻟﺚ‪ :‬اﳌﻨﻈﻤﺔ اﻟﺘﺠﺎرﻳﺔ اﶈﻠﻴﺔ ‪.. ................................‬‬
‫‪٩٣‬‬ ‫اﳌﻄﻠﺐ اﻷول‪ :‬ﻧﺒﺬة ﺎﺗرﳜﻴﺔ ﻋﻦ اﳌﻨﻄﻤﺔ ‪..............................‬‬
‫‪٩٣‬‬ ‫اﳌﻄﻠﺐ اﻟﺜﺎﱐ‪ :‬رؤﻳﺔ اﳌﻨﻈﻤﺔ ‪........ ................................‬‬
‫‪٩٤‬‬ ‫اﳌﺒﺤﺚ اﻟﺮاﺑﻊ‪ :‬ﺷﺮﻛﺔ اﻟﺘﻨﻤﻴﺔ ﻟﻠﺴﻴﺎﺣﻴﺔ اﳌﺎﻟﺪﻳﻔﻴﺔ ‪...........................‬‬
‫‪٩٤‬‬ ‫اﳌﻄﻠﺐ اﻷول‪ :‬ﺄﺗﺳﻴﺲ اﻟﺸﺮﻛﺔ ‪...... ................................‬‬
‫‪٩٥‬‬ ‫اﳌﻄﻠﺐ اﻟﺜﺎﱐ‪ :‬ﻣﺒﺎدئ اﻟﺸﺮﻛﺔ واﺳﱰاﺗﻴﺠﻴﺘﻬﺎ‪..........................‬‬
‫اﳌﺒﺤﺚ اﳋﺎﻣﺲ‪ :‬ﺗﻘﻮﱘ اﻟﺸﺮﻛﺎت اﳌﺎﻟﺪﻳﻔﻴﺔ اﻟﱵ ﺗﺘﻌﺎﻣﻞ ﺎﺑﻷﺳﻬﻢ ﰲ ﺿﻮء اﻟﻔﻘﻪ‬
‫اﻹﺳﻼﻣﻲ ‪٩٧ ............................ ................................‬‬

‫اﻟﻔﺼﻞ اﻟﺜﺎﱐ‪ :‬زﻛﺎة اﻷﺳﻬﻢ‪١٠٠ ........ ...........................................‬‬

‫اﳌﺒﺤﺚ اﻷول‪ :‬ﺗﻌﺮﻳﻒ اﻟﺰﻛﺎة وﺣﻜﻤﻬﺎ وأﻫﺪاﻓﻬﺎ واﳊﻜﻤﺔ ﻣﻦ ﺗﺸﺮﻳﻌﻴﺘﻬﺎ‪١٠٠ .... .‬‬
‫اﳌﻄﻠﺐ اﻷول‪ :‬ﺗﻌﺮﻳﻒ اﻟﺰﻛﺎة ﰲ اﻟﻠﻐﺔ‪١٠٠ .... ................................‬‬
‫اﳌﻄﻠﺐ اﻟﺜﺎﱐ‪ :‬ﺗﻌﺮﻳﻒ اﻟﺰﻛﺎة ﰲ اﻹﺻﻄﻼح اﻟﻌﻠﻤﻲ‪١٠٠ .... ....................‬‬
‫اﳌﻄﻠﺐ اﻟﺜﺎﻟﺚ‪ :‬ﺣﻜﻤﻬﺎ واﳍﺪف ﻣﻦ ﺗﺸﺮﻳﻌﻴﺘﻬﺎ‪١٠١ ..... ......................‬‬
‫‪١٠٢‬‬ ‫اﳌﺒﺤﺚ اﻟﺜﺎﱐ‪ :‬آراء ﳎﺎﻣﻊ اﻟﻔﻘﻪ اﻹﺳﻼﻣﻲ ﰲ زﻛﺎة اﻷﺳﻬﻢ‪...........‬‬

‫اﻟﺒﺎب اﻟﺜﺎﻟﺚ‪ :‬أﺿﻮاء ﻋﻠﻰ ﺳﻮق اﻷوراق اﳌﺎﻟﺪﻳﻔﻴﺔ ‪١٠٥ ............................‬‬

‫اﻟﻔﺼﻞ اﻷول‪ :‬أﳘﻴﺔ اﻷﺳﻮاق اﳌﺎﻟﻴﺔ "اﻟﺒﻮرﺻﺔ" ووﻇﺎﺋﻔﻬﺎ ‪١٠٦ .......................‬‬
‫اﳌﺒﺤﺚ اﻷول‪ :‬أﳘﻴﺔ أﺳﻮاق اﻷوراق اﳌﺎﻟﻴﺔ )اﻟﺒﻮرﺻﺔ( ‪١٠٦ ......................‬‬
‫اﳌﻄﻠﺐ اﻷول‪ :‬ﺗﻌﺮﻳﻒ اﻟﺴﻮق ‪١٠٧ ...... ................................‬‬
‫اﳌﻄﻠﺐ اﻟﺜﺎﱐ‪ :‬ﺗﻌﺮﻳﻒ اﻟﺴﻮق ﰲ اﻻﺻﻄﻼح اﻻﻗﺘﺼﺎدي ‪١٠٧ ...............‬‬
‫اﳌﻄﻠﺐ اﻟﺜﺎﻟﺚ‪ :‬ﺗﻌﺮﻳﻒ اﳌﺎل ﻟﻐﺔ ‪١٠٨ .... ................................‬‬
‫اﳌﻄﻠﺐ اﻟﺮاﺑﻊ‪ :‬ﺗﻌﺮﻳﻒ اﳌﺎل ﰲ اﻻﺻﻄﻼح ‪١٠٨ ...........................‬‬

‫ل‬
 ‫اﳌﻄﻠﺐ اﳋﺎﻣﺲ‪ :‬أﳘﻴﺔ أﺳﻮاق اﻷوراق اﳌﺎﻟﻴﺔ )اﻟﺒﻮرﺻﺔ( ‪١٠٨ ................‬‬
‫اﳌﺒﺤﺚ اﻟﺜﺎﱐ‪ :‬اﻷﺳﻮاق اﻟﱵ ﻳﻘﺎم ﻋﻠﻴﻬﺎ اﻟﻨﺸﺎط اﻻﻗﺘﺼﺎدي ‪١١٠ ................‬‬
‫اﳌﺒﺤﺚ اﻟﺜﺎﻟﺚ‪ :‬ﺗﻌﺮﻳﻒ اﻟﺒﻮرﺻﺔ وﻧﺒﺬة ﺎﺗرﳜﻴﺔ ﻋﻨﻬﺎ‪١١٢ ............ ............‬‬
‫اﳌﻄﻠﺐ اﻷول‪ :‬ﺗﻌﺮﻳﻒ اﻟﺒﻮرﺻﺔ ‪١١٢ ..... ................................‬‬
‫اﳌﻄﻠﺐ اﻟﺜﺎﱐ‪ :‬ﻧﺒﺬة ﺎﺗرﳜﻴﺔ ﻋﻦ اﻟﺒﻮرﺻﺔ ‪١١٤ ..............................‬‬
‫اﳌﺒﺤﺚ اﻟﺮاﺑﻊ‪ :‬وﻇﺎﺋﻒ اﻟﺒﻮرﺻﺔ ‪١١٥ ........ ................................‬‬

‫اﻟﻔﺼﻞ اﻟﺜﺎﱐ‪ :‬ﻧﺒﺬة ﺎﺗرﳜﻴﺔ ﻋﻦ ﺑﻮرﺻﺔ ﲨﻬﻮرﻳﺔ اﳌﺎﻟﺪﻳﻒ‪ ،‬ووﻇﺎﺋﻔﻬﺎ‪ ،‬وﻧﻈﺮة‬

‫ﻣﺴﺘﻘﺒﻠﻴﺔ إﻟﻴﻬﺎ‪١١٨ ..... ................................ .........................‬‬
‫اﳌﺒﺤﺚ اﻷول‪ :‬ﻧﺒﺬة ﺎﺗرﳜﻴﺔ ﻋﻦ ﺑﻮرﺻﺔ ﲨﻬﻮرﻳﺔ اﳌﺎﻟﺪﻳﻒ ‪١١٨ ...................‬‬
‫اﳌﻄﻠﺐ اﻷول‪ :‬ﻧﺸﺄة اﻟﺒﻮرﺻﺔ ﰲ اﳌﺎﻟﺪﻳﻒ ‪١١٨ ............................‬‬
‫اﳌﻄﻠﺐ اﻟﺜﺎﱐ‪ :‬أﻫﺪاف ﺑﻮرﺻﺔ اﳌﺎﻟﺪﻳﻒ ورﺳﺎﻟﺘﻬﺎ ورؤﻳﺘﻬﺎ ‪١١٩ ..............‬‬
‫اﳌﻄﻠﺐ اﻟﺜﺎﻟﺚ‪ :‬ﺻﻼﺣﻴﺎت اﳍﻴﺌﺔ ‪١٢٠ .. ................................‬‬
‫اﳌﺒﺤﺚ اﻟﺜﺎﱐ‪ :‬وﻇﺎﺋﻒ ﺑﻮرﺻﺔ ﲨﻬﻮرﻳﺔ اﳌﺎﻟﺪﻳﻒ ‪١٢١ ..........................‬‬
‫اﳌﺒﺤﺚ اﻟﺜﺎﻟﺚ‪ :‬ﻧﻈﺮة ﻣﺴﺘﻘﺒﻠﻴﺔ ﻋﻠﻰ ﺑﻮرﺻﺔ ﲨﻬﻮرﻳﺔ اﳌﺎﻟﺪﻳﻒ ﻣﻊ إﻟﻘﺎء‬
‫اﻟﻀﻮء ﻋﻠﻰ ﻗﺎﻧﻮن اﻷوراق اﳌﺎﻟﺪﻳﻔﻴﺔ‪١٢٢ ...... ................................‬‬

‫اﻟﺒﺎب اﻟﺮاﺑﻊ‪ :‬اﻟﻀﻮاﺑﻂ اﻟﺸﺮﻋﻴﺔ اﳌﻘﱰﺣﺔ ﻟﻠﻤﻌﺎﻣﻼت اﳌﺎﻟﻴﺔ ﰲ ﺳﻮق اﻷوراق اﳌﺎﻟﻴﺔ‬
‫"اﻟﺒﻮرﺻﺔ" ﰲ ﲨﻬﻮرﻳﺔ اﳌﺎﻟﺪﻳﻒ ‪١٢٤ .............. ................................‬‬
‫اﻟﻔﺼﻞ اﻷول‪ :‬ﻣﻔﻬﻮم اﻟﻀﻮاﺑﻂ اﻟﺸﺮﻋﻴﺔ وﺣﻜﻢ ﺗﻌﻠﻤﻬﺎ ‪١٢٥ ........................‬‬
‫اﳌﺒﺤﺚ اﻷول‪ :‬اﳌﻘﺼﻮد ﺎﺑﻟﻀﻮاﺑﻂ اﻟﺸﺮﻋﻴﺔ ‪١٢٥ ...............................‬‬
‫اﳌﺒﺤﺚ اﻟﺜﺎﱐ‪ :‬ﺣﻜﻢ ﺗﻌﻠﻢ اﻟﻀﻮاﺑﻂ اﻟﺸﺮﻋﻴﺔ ﻟﻠﻤﻌﺎﻣﻼت ﰲ ﺳﻮق اﻷوراق‬
‫اﳌﺎﻟﻴﺔ ‪١٢٦ ................................ ................................‬‬

‫م‬
 ‫اﻟﻔﺼﻞ اﻟﺜﺎﱐ‪ :‬اﻟﻀﻮاﺑﻂ اﻟﺸﺮﻋﻴﺔ اﻟﱵ ﲢﻜﻢ اﳌﻌﺎﻣﻼت اﳌﺎﻟﻴﺔ ﰲ ﺳﻮق‬
‫اﻷوراق اﳌﺎﻟﻴﺔ ‪١٢٨ ............................... ................................‬‬
‫اﳌﺒﺤﺚ اﻷول‪ :‬ﺿﻮاﺑﻂ ﻋﺎﻣﺔ ﳉﻤﻴﻊ اﳌﻌﺎﻣﻼت اﳌﺎﻟﻴﺔ ﰲ ﺳﻮق اﻷوراق اﳌﺎﻟﻴﺔ ‪١٢٨ ..‬‬
‫اﳌﺒﺤﺚ اﻟﺜﺎﱐ‪ :‬اﻟﻀﻮاﺑﻂ اﻟﺸﺮﻋﻴﺔ ﻟﺘﺪاول اﻷوراق ‪١٣١ ..........................‬‬

‫اﻟﻔﺼﻞ اﻟﺜﺎﻟﺚ‪ :‬ﳐﺎﻃﺮ اﻻﺳﺘﺜﻤﺎر ﰲ اﻟﺒﻮرﺻﺔ ‪١٣٧ .. ................................‬‬

‫اﳌﺒﺤﺚ اﻷول‪ :‬ﻣﻔﻬﻮم اﳌﺨﺎﻃﺮة ‪١٣٧ ......... ................................‬‬
‫اﳌﻄﻠﺐ اﻷول‪ :‬اﳌﻌﲎ اﻟﻠﻐﻮي ﻟﻠﻤﺨﺎﻃﺮة ‪١٣٧ ..............................‬‬
‫اﳌﻄﻠﺐ اﻟﺜﺎﱐ‪ :‬اﳌﻌﲎ اﻟﻔﻘﻬﻲ ﻟﻠﻤﺨﺎﻃﺮة ‪١٣٨ ..............................‬‬
‫اﳌﻄﻠﺐ اﻟﺜﺎﻟﺚ‪ :‬اﳌﻌﲎ اﻻﻗﺘﺼﺎدي ﻟﻠﻤﺨﺎﻃﺮة ‪١٣٩ .........................‬‬
‫اﳌﺒﺤﺚ اﻟﺜﺎﱐ‪ :‬اﳌﺨﺎﻃﺮ اﻟﱵ ﺗﺘﻌﺮض ﳍﺎ اﻷوراق اﳌﺎﻟﻴﺔ ‪١٤٠ .....................‬‬
‫اﳌﻄﻠﺐ اﻷول‪ :‬أﻧﻮاع اﳌﺨﺎﻃﺮ اﻟﱵ ﺗﺘﻌﺮض ﳍﺎ اﻷوراق اﳌﺎﻟﻴﺔ ‪١٤٠ .............‬‬
‫اﳌﻄﻠﺐ اﻟﺜﺎﱐ‪ :‬اﳌﺨﺎﻃﺮ اﳌﺮﺗﺒﻄﺔ ﺎﺑﻷﺳﻬﻢ ‪١٤٢ .............................‬‬

‫اﻟﻔﺼﻞ اﻟﺮاﺑﻊ‪ :‬ﻛﻴﻔﻴﺔ اﻟﺘﺨﻠﺺ ﻣﻦ اﻷﺳﻬﻢ اﻟﱵ ﻓﻴﻬﺎ ﳐﺎﻟﻔﺎت ﺷﺮﻋﻴﺔ ‪١٤٥ .............‬‬
‫اﳌﺒﺤﺚ اﻷول‪ :‬اﻟﺘﺨﻠﺺ ﻣﻦ اﻷﺳﻬﻢ اﻟﱵ ﻓﻴﻬﺎ ﳐﺎﻟﻔﺎت ﺷﺮﻋﻴﺔ ‪١٤٥ ..............‬‬
‫ﲤﻬﻴﺪ ‪١٤٦ .. .........................................................‬‬
‫اﳌﻄﻠﺐ اﻷول‪ :‬ﻣﻌﲎ ﺗﻄﻬﲑ اﻷﻣﻮال اﳌﻜﺘﺴﺒﺔ ﻣﻦ ﺣﺮام ‪١٤٦ .................‬‬
‫اﳌﻄﻠﺐ اﻟﺜﺎﱐ‪ :‬ﺣﺎﻟﺔ ﻗﻴﺎم اﻟﺸﺮﻛﺔ ﺎﺑﻻﻗﱰاض ﻣﻦ اﻟﺒﻨﻮك ‪١٤٧ ................‬‬
‫اﳌﻄﻠﺐ اﻟﺜﺎﻟﺚ‪ :‬ﺣﺎﻟﺔ ﻗﻴﺎم اﻟﺸﺮﻛﺔ ﺈﺑﻗﺮاض اﻟﺒﻨﻮك )اﻹﻳﺪاع ﻓﻴﻬﺎ(‪١٤٨ .........‬‬
‫اﳌﻄﻠﺐ اﻟﺮاﺑﻊ‪ :‬ﺣﺎﻟﺔ ﻗﻴﺎم اﻟﺸﺮﻛﺔ ﺎﺑﻹﻗﺮاض واﻻﻗﱰاض ﻣﻌﺎ ‪١٤٩ ..............‬‬
‫اﳌﻄﻠﺐ اﳋﺎﻣﺲ‪ :‬ﺣﺎﻟﺔ ﻗﻴﺎم اﻟﺸﺮﻛﺔ ﺎﺑﻟﺘﻌﺎﻣﻞ اﳉﺰﺋﻲ ﰲ اﳌﻮﺟﻮدات‬
‫اﶈﺮﻣﺔ ﺷﺮﻋﺎ ‪١٥٠ ...................... ................................‬‬
‫اﳌﺒﺤﺚ اﻟﺜﺎﱐ‪ :‬ﻃﺮق اﻟﺘﺼﺮف ﰲ اﻷﻣﻮال اﳌﻜﺘﺴﺒﺔ ﻣﻦ اﳊﺮام ‪١٥٠ ................‬‬
‫اﳌﺒﺤﺚ اﻟﺜﺎﻟﺚ‪ :‬دور اﻟﺮﻗﺎﺑﺔ اﻟﺸﺮﻋﻴﺔ ﰲ ﺗﺮﺷﻴﺪ ﻣﻌﺎﻣﻼت أﺳﻮاق اﻷوراق‬

‫ن‬
‫اﳌﺎﻟﻴﺔ ‪١٥٥ ................................ ................................‬‬
‫اﳌﻄﻠﺐ اﻷول‪ :‬ﻣﻔﻬﻮم اﻟﺮﻗﺎﺑﺔ ﻟﻐﺔ ‪١٥٥ .... ................................‬‬
‫اﳌﻄﻠﺐ اﻟﺜﺎﱐ‪ :‬ﻣﻔﻬﻮم اﻟﺮﻗﺎﺑﺔ اﻟِﺸﺮﻋﻴﺔ ﰲ اﻻﻗﺘﺼﺎد اﳌﻌﺎﺻﺮ ‪١٥٦ .............‬‬
‫اﳌﻄﻠﺐ اﻟﺜﺎﻟﺚ‪ :‬ﻣﺴﻤﻴﺎﻬﺗﺎ ‪١٥٧ .......... ................................‬‬
‫اﳌﻄﻠﺐ اﻟﺮاﺑﻊ‪ :‬إﻟﺰاﻣﻴﺔ ﻫﻴﺌﺔ اﻟﺮﻗﺎﺑﺔ اﻟﺸﺮﻋﻴﺔ ‪١٥٨ ............................‬‬
‫اﳌﻄﻠﺐ اﳋﺎﻣﺲ‪ :‬أﻋﻀﺎء ﻫﻴﺌﺔ اﻟﻔﺘﻮى واﻟﺮﻗﺎﺑﺔ اﻟﺸﺮﻋﻴﺔ ﰲ اﳌﺆﺳﺴﺎت‬
‫اﳌﺎﻟﻴﺔ اﻹﺳﻼﻣﻴﺔ‪١٥٩ ................... ................................‬‬
‫اﳌﻄﻠﺐ اﻟﺴﺎدس‪ :‬اﻟﺪور اﳌﻄﻠﻮب ﻣﻦ ﻫﻴﺌﺎت اﻟﻔﺘﻮى واﻟﺮﻗﺎﺑﺔ اﻟﺸﺮﻋﻴﺔ‬
‫ﰲ اﳌﺆﺳﺴﺎت اﳌﺎﻟﻴﺔ اﻹﺳﻼﻣﻴﺔ ‪١٦٢ ...... ................................‬‬

‫اﳋﺎﲤﺔ ‪١٦٣ ...... ................................ ................................‬‬

‫اﳌﺼﺎدر واﳌﺮاﺟﻊ ‪١٦٦ ............................ ................................‬‬

‫س‬
 ‫ﻣﺪﺧﻞ ﺇﱃ ﺍﻟﺒﺤﺚ‬

‫ﺃﻭﻻ‪ :‬ﺍﳌﻘﺪﻣﺔ‬
‫ﺇﻥ ﺍﳊﻤﺪ ﷲ‪ ،‬ﳓﻤﺪﻩ ﻭﻧﺴﺘﻌﻴﻨﻪ ﻭﻧﺴﺘﻐﻔﺮﻩ ﻭﻧﺘﻮﺏ ﺇﻟﻴﻪ‪ ،‬ﻭﻧﻌﻮﺫ ﺑﺎﷲ ﻣﻦ ﺷﺮﻭﺭ ﺃﻧﻔﺴﻨﺎ ﻭﻣﻦ‬
‫ﺳﻴﺌﺎﺕ ﺃﻋﻤﺎﻟﻨﺎ‪ ،‬ﻣﻦ ﻳﻬﺪﻩ ﺍﷲ ﻓﻼ ﻣﻀﻞ ﻟﻪ‪ ،‬ﻭﻣﻦ ﻳﻀﻠﻠﻪ ﻓﻼ ﻫﺎﺩﻱ ﻟﻪ‪ .‬ﻭﺃﺷﻬﺪ ﺃﻥ ﻻ ﺇﻟﻪ ﺇﻻ‬
‫ﺍﷲ ﻭﺃﻥ ﳏﻤﺪﺍ ﻋﺒﺪﻩ ﻭﺭﺳﻮﻟﻪ‪ ،‬ﺻﻠﻰ ﺍﷲ ﻋﻠﻴﻪ ﻭﻋﻠﻰ ﺁﻟﻪ ﻭﺃﺻﺤﺎﺑﻪ ﺃﲨﻌﲔ؛ ﺃﻣﺎ ﺑﻌﺪ‪:‬‬
‫ﻓﺈﻥ ﺩﻳﻦ ﺍﻹﺳﻼﻡ ﻫﻮ ﺩﻳﻦ ﺍﷲ‪ ،‬ﻗﺎﻝ ﺗﻌﺎﱃ‪ ﴾ ML K J I H ﴿ :‬ﺁﻝ‬
‫ﻋﻤﺮﺍﻥ‪ ،١٩ :‬ﻭﻫﻮ ﺍﻟﺪﻳﻦ ﺍﻟﺬﻱ ﻳﺘﻘﺒﻠﻪ ﺍﷲ ﻣﻦ ﻋﺒﺎﺩﻩ‪ .‬ﻗﺎﻝ ﺗﻌﺎﱃ‪B A @ ? ﴿ :‬‬
‫‪ .﴾ K J I H G F E D C‬ﺁﻝ ﻋﻤﺮﺍﻥ‪ ،٨٥ :‬ﻟﺬﺍ ﻓﻬﻮ ﺩﻳﻦ‬
‫ﻳﺼﻠﺢ ﻟﻜﻞ ﺯﻣﺎﻥ ﻭﻣﻜﺎﻥ‪ ،‬ﻭﻫﻮ ﻣﻨﻬﺞ ﺷﺎﻣﻞ ﻟﻜﻞ ﺟﻮﺍﻧﺐ ﺍﳊﻴﺎﺓ ﻣﻦ ﺇﳝﺎﻥ ﻭﻋﻤﻞ ﻭﻓﻜﺮ‬
‫ﻭﺃﺧﻼﻕ‪ ،‬ﺧﻼﻓﺎ ﳌﺎ ﻳﺪﻋﻴﻪ ﺑﻌﺾ ﺍﻟﻨﺎﺱ ﺑﺄﻧﻪ ﻟﻴﺲ ﻟﻪ ﻋﻼﻗﺔ ﺑﺎﳊﻴﺎﺓ ﻭﻻ ﺑﺎ‪‬ﺘﻤﻊ‪ .‬ﻓﻤﻬﻤﺎ ﺣﺼﻞ‬
‫ﻟﻺﻧﺴﺎﻥ ﻣﻦ ﺃﻣﻮﺭ ﻣﺴﺘﺤﺪﺛﺔ ﺳﻮﺍﺀ ﺃﺗﻌﻠﻖ ﺍﻷﻣﺮ ﺑﺎﻹﻧﺴﺎﻥ ﻧﻔﺴﻪ ﺃﻡ ﺑﺘﺠﺎﺭﺗﻪ ﺃﻡ ﺑﻐﲑ ﺫﻟﻚ‪ ،‬ﻓﺈﻧﻪ‬
‫ﺳﻴﺠﺪ ﰲ ﺍﻟﺸﺮﻳﻌﺔ ﺍﻹﺳﻼﻣﻴﺔ ﺍﳊﻞ ﺍﳌﻨﺎﺳﺐ ﻟﺘﻠﻚ ﺍﻟﻘﻀﻴﺔ‪.‬‬
‫ﺇﻥ ﺍﻹﻧﺴﺎﻥ ﻣﺴﺆﻭﻝ ﻋﻦ ﻣﺎﻟﻪ ﻣﻦ ﺃﻳﻦ ﺍﻛﺘﺴﺒﻪ ﻭﻛﻴﻒ ﺃﻧﻔﻘﻪ‪ .‬ﻭﻟﺬﺍ ﻓﺈﻥﱠ ﻣﻌﺮﻓﺔ ﻃﺮﻕ‬
‫ﺍﻟﻜﺴﺐ ﺍﳌﺒﺎﺣﺔ ﻭﻃﺮﻕ ﺍﻟﻜﺴﺐ ﺍﶈﺮﻣﺔ‪ ،‬ﻣﻦ ﺃﻫﻢ ﻣﺎ ﻳﻨﺒﻐﻲ ﻣﻌﺮﻓﺘﻪ ﳌﻦ ﺃﺭﺍﺩ ﺃﻥ ﻳﺪﺧﻞ ﰲ ﺃﻳﺔ‬
‫ﲡﺎﺭﺓ ﻣﻦ ﺃﻧﻮﺍﻉ ﺍﻟﺘﺠﺎﺭﺍﺕ‪.‬‬
‫‪١‬‬
‫ﻗﺎﻝ ﻋﻤﺮ ﺑﻦ ﺍﳋﻄﺎﺏ ﺭﺿﻲ ﺍﷲ ﻋﻨﻪ‪) :‬ﻻ ﻳﺒﻊ ﰲ ﺳﻮﻗﻨﺎ ﺇﻻ ﻣﻦ ﻗﺪ ﺗﻔﻘﹼﻪ ﰲ ﺍﻟﺪﻳﻦ(‪.‬‬
‫ﻟﻘﺪ ﺍﺳﺘﺤﺪﺙ ﰲ ﺯﻣﺎﻧﻨﺎ ﻫﺬﺍ ﺃﻧﻮﺍﻉ ﻋﺪﻳﺪﺓ ﻣﻦ ﺍﳌﻌﺎﻣﻼﺕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺍﻻﻗﺘﺼﺎﺩ‬
‫ﺍﳌﻌﺎﺻﺮ‪ ،‬ﻭﻇﻬﺮ ﺃﻧﻮﺍﻉ ﺟﺪﻳﺪﺓ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ ﻏﲑ ﻣﺎ ﺫﻛﺮﻩ ﺍﻟﻔﻘﻬﺎﺀ ﺍﻟﻘﺪﺍﻣﻰ‪ .‬ﻭﻣﻦ ﺃﳘﻬﺎ‬
‫ﺷﺮﻛﺔ ﺍﳌﺴﺎﳘﺔ ﺍﻟﱵ ﻳﺸﺘﺮﻙ ﻓﻴﻬﺎ ﲨﻊ ﻣﻦ ﺍﻟﻨﺎﺱ ﺑﺄﺳﻬﻤﻬﻢ ﻻ ﻳﻌﺮﻑ ﺑﻌﻀﻬﻢ ﺑﻌﻀﺎ‪ ،‬ﰒ‬
‫ﻳﺸﺮﻋﻮﻥ ﺑﺒﻨﺎﺀ ﻣﺸﺮﻭﻋﺎﺕ ﺿﺨﻤﺔ ﺑﻮﺍﺳﻄﺔ ﻣﺎ ﳚﻤﻌﻮﻥ ﻣﻦ ﺃﻣﻮﺍﻝ ﺑﺎﻫﻈﺔ ﻭﺍﻟﱵ ﻻ ﺗﻜﻔﻲ ﰲ‬

‫‪٣‬‬
‫ﺍﻟﺘﺮﻣﺬﻱ‪ ،‬ﳏﻤﺪ ﺑﻦ ﻋﻴﺴﻰ‪ ،‬ﺳﻨﻦ ﺍﻟﺘﺮﻣﺬﻱ )ﺑﲑﻭﺕ‪ :‬ﺩﺍﺭ ﺍﻟﻔﻜﺮ‪٢٠٠٢ ،‬ﻡ(‪ ،‬ﺭﻗﻢ ‪ ،٤٨٧‬ﻭﻗﺎﻝ ﻫﺬﺍ ﺣﺪﻳﺚ ﺣﺴﻦ‬
‫ﻏﺮﻳﺐ‪.‬‬

‫‪١‬‬
‫ﺇﻧﺸﺎﺋﻬﺎ ﺭﺅﻭﺱ ﺃﻣﻮﺍﻝ ﺑﺴﻴﻄﺔ‪ .‬ﻭﻗﺪ ﺗﻮﺟﻪ ﻛﺜﲑ ﻣﻦ ﺍﻟﻨﺎﺱ ﺇﱃ ﺍﻟﺒﺤﺚ ﻋﻦ ﻃﺮﻕ ﻳﺘﻤﻜﻨﻮﻥ‬
‫‪‬ﺎ ﻣﻦ ﺍﺳﺘﺜﻤﺎﺭ ﻣﺪﺧﺮﺍ‪‬ﻢ‪ ،‬ﻭﺍﻟﱵ ﻻ ﳝﻜﻨﻬﻢ ﻣﻦ ﺧﻼﳍﺎ ﺇﻧﺸﺎﺀ ﻣﺸﺎﺭﻳﻊ ﻣﺴﺘﻘﻠﺔ‪ ،‬ﻭﺫﻟﻚ ﻋﻦ‬
‫ﻃﺮﻳﻖ ﺍﺟﺘﻤﺎﻉ ﻋﺪﺩ ﻣﻨﻬﻢ ﻟﺘﺤﺼﻴﻞ ﺭﺃﺱ ﺍﳌﺎﻝ ﺍﳌﻄﻠﻮﺏ‪ .‬ﻭﻣﻦ ﻫﻨﺎ ﻭﺟﺪﺕ ﺍﳊﺎﺟﺔ ﺇﱃ ﻭﺟﻮﺩ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﺑﺄﻧﻮﺍﻋﻬﺎ ﻻﺳﻴﻤﺎ ﺍﳌﺴﺎﳘﺔ ﻣﻨﻬﺎ‪.‬‬

‫ﺛﺎﻧﻴﺎ‪ :‬ﺇﺷﻜﺎﻟﻴﺔ ﺍﻟﺒﺤﺚ‬

‫ﻳﻌﺎﱐ ﺍ‪‬ﺘﻤﻊ ﺍﳌﺎﻟﺪﻳﻔﻲ‪-‬ﺑﻞ ﺍ‪‬ﺘﻤﻊ ﺍﻹﺳﻼﻣﻲ ﺑﺄﺳﺮﻩ‪ -‬ﻣﻦ ﻭﺟﻮﺩ ﺍﻟﻨﻈﺎﻡ ﻏﲑ ﺍﻹﺳﻼﻣﻲ ﺍﻟﺬﻱ‬
‫ﺗﻨﺪﺭﺝ ﲢﺘﻪ ﻣﻌﻈﻢ ﺍﻟﺸﺮﻛﺎﺕ‪ .‬ﻓﻬﻲ ﺷﺮﻛﺎﺕ ﻻ ﺗﻠﺘﺰﻡ ﺑﺎﻟﺸﺮﻳﻌﺔ ﺍﻹﺳﻼﻣﻴﺔ‪ ،‬ﻭﺗﺘﻌﺎﻣﻞ ﻣﻊ‬
‫ﺍﻟﺒﻨﻮﻙ ﺍﻟﺮﺑﻮﻳﺔ ﰲ ﻣﻌﺎﻣﻼ‪‬ﺎ‪ ،‬ﻣﺎ ﺟﻌﻞ ﺍﻟﻜﺜﲑ ﰲ ﲨﻬﻮﺭﻳﺔ ﺍﳌﺎﻟﺪﻳﻒ ﻳﺸﺘﻜﻮﻥ ﻣﻦ ﺟﻮﺍﺯ‬
‫ﺍﳌﺸﺎﺭﻛﺔ ﰲ ﻫﺬﻩ ﺍﻟﺸﺮﻛﺎﺕ‪ ،‬ﻓﻴﻘﺎﻃﻌﻮ‪‬ﺎ ﻭﻻ ﻳﺴﺎﳘﻮﻥ ﻓﻴﻬﺎ‪.‬‬
‫ﻭﻟﻮ ﺩﻗﻘﻨﺎ ﰲ ﻫﺬﻩ ﺍﳌﺴﺄﻟﺔ ﳒﺪ ﺃﻥ ﺍﻟﻌﻠﻤﺎﺀ ﰲ ﲨﻬﻮﺭﻳﺔ ﺍﳌﺎﻟﺪﻳﻒ ﳜﺘﻠﻔﻮﻥ ﰲ ﺍﻷﻣﺮ‪.‬‬
‫ﻓﻤﻨﻬﻢ ﻣﻦ ﻳﻨﻈﺮ ﺇﱃ ﻣﻘﺎﺻﺪ ﺍﻟﺸﺮﻳﻌﺔ ﺍﻹﺳﻼﻣﻴﺔ ﻭﻣﺎ ﻳﺘﺮﺗﺐ ﻋﻠﻰ ﺍﳌﻘﺎﻃﻌﺔ ﻣﻦ ﻋﻮﺍﻗﺐ ﻏﲑ‬
‫ﳏﻤﻮﺩﺓ‪ ،‬ﻓﺄﺟﺎﺯﻭﺍ ﺍﳌﺴﺎﳘﺔ ﻓﻴﻬﺎ ﺑﺸﺮﻭﻁ ﻭﺿﻮﺍﺑﻂ؛ ﻭﻣﻨﻬﻢ ﻣﻦ ﻣﻨﻊ ﺍﳌﺴﺎﳘﺔ ﰲ ﻫﺬﻩ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﳌﺘﺎﺟﺮﺓ ﰲ ﺃﺳﻬﻤﻬﺎ ﻟﻜﻮ‪‬ﺎ ﺗﺘﻌﺎﻣﻞ ﻣﻊ ﺍﻟﺒﻨﻮﻙ ﺍﻟﺮﺑﻮﻳﺔ‪ ،‬ﻓﻬﻞ ﻳﺘﺮﻙ ﺍﳌﻠﺘﺰﻣﻮﻥ‬
‫ﺑﺎﻟﺸﺮﻳﻌﺔ ﻫﺬﻩ ﺍﻟﺸﺮﻛﺎﺕ ﻭﺍﳌﺴﺎﳘﺔ ﻓﻴﻬﺎ ﰲ ﺣﲔ ﻳﺴﺘﻔﻴﺪ ﻣﻨﻬﺎ ﻣﻦ ﻟﻴﺲ ﻟﺪﻳﻬﻢ ﺍﻫﺘﻤﺎﻡ ﺑﺄﻣﻮﺭ‬
‫ﺍﻟﺪﻳﻦ‪ ،‬ﻭﻻ ﳝﻴﺰﻭﻥ ﺑﲔ ﺍﳊﻼﻝ ﻭﺍﳊﺮﺍﻡ‪ .‬ﻭﻣﻦ ﻧﺎﺣﻴﺔ ﺃﺧﺮﻯ ﻓﺈﻥ ﻛﺜﺮﺓ ﺍﳌﻠﺘﺰﻣﲔ ﰲ ﻫﺬﻩ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﻗﺪ ﻳﻜﻮﻥ ﳍﻢ ﺗﺄﺛﲑ ﻛﺒﲑ ﰲ ﺃﺳﻠﻤﺔ ﺍﻟﺸﺮﻛﺔ؛ ﻷﻥ ﺍﳌﺴﺎﳘﲔ ﻫﻢ ﺃﺻﺤﺎﺏ ﺍﻟﺸﺮﻛﺔ‪،‬‬
‫ﻭﻫﻢ ﺍﻟﺬﻳﻦ ﳜﺘﺎﺭﻭﻥ ﳎﻠﺲ ﺍﻹﺩﺍﺭﺓ‪ ،‬ﻭﻳﺘﻤﻜﻨﻮﻥ ﺇﻥ ﺷﺎﺅﻭﺍ ﻣﻦ ﺗﻌﺪﻳﻞ ﺍﻟﻨﻈﺎﻡ ﺍﻷﺳﺎﺳﻲ‬
‫ﻟﻠﺸﺮﻛﺔ‪.‬‬
‫ﻭﺳﻨﺤﺎﻭﻝ ﺗﻘﺪﱘ ﺍﻗﺘﺮﺍﺡ ﺣﻮﻝ ﻛﻴﻔﻴﺔ ﺩﻓﻊ ﺍﻟﺰﻛﺎﺓ ﻋﻦ ﺍﻷﺳﻬﻢ ﰲ ﺍﳌﺎﻟﺪﻳﻒ ﺑﻨﺎﺀ ﻋﻠﻰ‬
‫ﺍﻟﺮﺃﻱ ﺍﻟﺮﺍﺟﺢ ﻟﻠﻌﻠﻤﺎﺀ ﺍﳌﻌﺎﺻﺮﻳﻦ‪ ،‬ﻭﻛﻴﻔﻴﺔ ﺍﻟﺘﺨﻠﺺ ﻣﻦ ﺍﻷﺳﻬﻢ ﺍﻟﱵ ﻓﻴﻬﺎ ﳐﺎﻟﻔﺎﺕ ﺷﺮﻋﻴﺔ ﲟﺎ‬
‫ﳛﻘﻖ ﻣﻘﺎﺻﺪ ﺍﻟﺸﺮﻳﻌﺔ‪ ،‬ﻭﻳﻌﺎﰿ ﻣﺸﻜﻠﺔ ﺍﳌﺎﻟﺪﻳﻔﻴﲔ ﰲ ﺿﻮﺀ ﺍﻷﺩﻟﺔ ﺍﳌﻌﺘﱪﺓ‪.‬‬

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 ‫ﺛﺎﻟﺜﺎ‪ :‬ﺃﺳﺌﻠﺔ ﺍﻟﺒﺤﺚ‬
‫ﺍﻧﻄﻼﻗﺎ ﳑﺎ ﺳﺒﻖ ﳛﺎﻭﻝ ﺍﻟﺒﺎﺣﺚ ﰲ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺍﻹﺟﺎﺑﺔ ﻋﻦ ﺍﻷﺳﺌﻠﺔ ﺍﻵﺗﻴﺔ ﺍﻟﱵ ﺗﱪﺯ ﺣﻮﻝ‬
‫ﻫﺬﺍ ﺍﳌﻮﺿﻮﻉ‪ ،‬ﻭﻫﻲ‪:‬‬
‫ﻣﺎ ﻣﻔﻬﻮﻡ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﳌﻨﻈﻮﺭ ﺍﻟﺸﺮﻋﻲ ﻭﺍﻻﻗﺘﺼﺎﺩﻱ؟ ﻭﻣﺎ ﺣﻜﻤﻬﺎ ﻭﺃﺩﻟﺘﻬﺎ؟‬ ‫‪.١‬‬
‫ﻭﻣﺎ ﻣﻘﺎﺻﺪﻫﺎ؟ ﻭﻣﺎ ﺿﻮﺍﺑﻄﻬﺎ؟ ﻭﻣﺎ ﳐﺎﻃﺮﻫﺎ؟‬
‫ﻣﺎ ﺍﻷﺳﻬﻢ؟ ﻭﻣﺎ ﺃﻧﻮﺍﻋﻬﺎ؟ ﻭﻣﺎ ﺧﺼﺎﺋﺼﻬﺎ؟ ﻭﻣﺎ ﺣﻜﻤﻬﺎ ﺍﻟﺸﺮﻋﻲ؟ ﻭﻣﺎ‬ ‫‪.٢‬‬
‫ﺿﻮﺍﺑﻄﻬﺎ؟ ﻭﺃﻳﻦ ﺗﺘﺪﺍﻭﻝ ﺍﻷﺳﻬﻢ؟ ﻭﻣﺎ ﻣﺮﺍﺣﻠﻬﺎ؟ ﻭﻫﻞ ﻟﻠﺪﻭﻟﺔ ﺣﻖ ﰲ ﺍﻟﺘﺪﺧﻞ؟‬
‫ﻣﺎ ﺃﻧﻮﺍﻉ ﺍﻟﻌﻘﻮﺩ ﰲ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﺪﻳﻔﻴﺔ؟ ﻭﻣﺎ ﺃﺣﻜﺎﻣﻬﺎ ﰲ ﺍﻟﻔﻘﻪ ﺍﻹﺳﻼﻣﻲ؟‬ ‫‪.٣‬‬
‫ﻣﺎ ﺃﻧﻮﺍﻉ ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﱵ ﺗﺘﻌﺎﻣﻞ ﺑﺎﻷﺳﻬﻢ ﻭﺍﺳﺘﺜﻤﺎﺭﻫﺎ ﰲ ﲨﻬﻮﺭﻳﺔ ﺍﳌﺎﻟﺪﻳﻒ؟‬ ‫‪.٤‬‬
‫ﻭﻛﻴﻒ ﳝﻜﻦ ﺗﻘﻮﳝﻬﺎ ﰲ ﺿﻮﺀ ﺍﻟﻔﻘﻪ ﺍﻹﺳﻼﻣﻲ؟‬
‫ﻣﺎ ﻣﻔﻬﻮﻡ ﺍﻟﺴﻮﻕ ﺍﳌﺎﱄ ﻭﺣﻘﻴﻘﺘﻪ؟ ﻭﻣﺎ ﺃﳘﻴﺘﻪ؟ ﻭﻣﺎ ﺣﻜﻤﻬﺎ ﺍﻟﺸﺮﻋﻲ؟‬ ‫‪.٥‬‬
‫ﻣﺎ ﺍﻟﻘﻮﺍﻧﲔ ﺍﳌﺎﻟﺪﻳﻔﻴﺔ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺎﻟﺸﺮﻛﺎﺕ ﺍﻟﱵ ﺗﺒﻴﻊ ﺍﻷﺳﻬﻢ؟ ﻭﻛﻴﻒ ﳝﻜﻦ‬ ‫‪.٦‬‬
‫ﺗﻄﻮﻳﺮﻫﺎ ﰲ ﺿﻮﺀ ﺍﻟﻔﻘﻪ ﺍﻹﺳﻼﻣﻲ؟ ﻭﻣﺎ ﺍﳋﻄﻮﺍﺕ ﻟﺘﺸﺮﻳﻊ ﻗﺎﻧﻮﻥ ﻳﺘﻌﻠﻖ ﺑﺰﻛﺎﺓ‬
‫ﺍﻷﺳﻬﻢ؟‬
‫‪ .٧‬ﻣﺎ ﺍﻟﻀﻮﺍﺑﻂ ﺍﻟﺸﺮﻋﻴﺔ ﺍﳌﻘﺘﺮﺣﺔ ﻟﻠﻤﻌﺎﻣﻼﺕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺍﻟﺴﻮﻕ ﺍﳌﺎﻟﺪﻳﻔﻲ؟ ﻭﻣﺎ‬
‫ﺍﻟﻄﺮﻕ ﻟﻠﺘﺨﻠﺺ ﻣﻦ ﺍﻷﺳﻬﻢ ﺍﻟﱵ ﻓﻴﻬﺎ ﳐﺎﻟﻔﺎﺕ ﺷﺮﻋﻴﺔ؟‬

‫ﺭﺍﺑﻌﺎ‪ :‬ﺃﻫﺪﺍﻑ ﺍﻟﺒﺤﺚ‬

‫ﳝﻜﻦ ﺇﲨﺎﻝ ﺃﻫﺪﺍﻑ ﻫﺬﺍ ﺍﻟﺒﺤﺚ ﰲ ﺍﻟﻨﻘﺎﻁ ﺍﻵﺗﻴﺔ‪:‬‬
‫‪ .١‬ﺑﻴﺎﻥ ﺃﳘﻴﺔ ﺍﺳﺘﺜﻤﺎﺭ ﺍﻷﻣﻮﺍﻝ ﰲ ﺍﻹﺳﻼﻡ‪ ،‬ﻣﻊ ﺫﻛﺮ ﺃﺩﻟﺘﻬﺎ ﻭﻣﻘﺎﺻﺪﻫﺎ ﻭﺿﻮﺍﺑﻄﻬﺎ‬
‫ﻭﳐﺎﻃﺮﻫﺎ‪.‬‬
‫‪ .٢‬ﺗﻮﺿﻴﺢ ﻣﻔﻬﻮﻡ ﺍﻷﺳﻬﻢ ﻭﺃﻧﻮﺍﻋﻬﺎ ﻭﺧﺼﺎﺋﺼﻬﺎ ﻭﺿﻮﺍﺑﻄﻬﺎ ﻭﻣﺮﺍﺣﻠﻬﺎ ﻭﺣﻜﻤﻬﺎ‬
‫ﺍﻟﺸﺮﻋﻲ‪.‬‬
‫‪ .٣‬ﺍﻟﺘﻌﺮﻑ ﻋﻠﻰ ﺃﻧﻮﺍﻉ ﺍﻟﻌﻘﻮﺩ ﰲ ﺳﻮﻕ ﺍﳌﺎﻟﺪﻳﻒ ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻣﻊ ﺑﻴﺎﻥ ﺃﺣﻜﺎﻣﻬﺎ‬
‫ﰲ ﺍﻟﻔﻘﻪ ﺍﻹﺳﻼﻣﻲ‪.‬‬

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‫‪ .٤‬ﺇﻟﻘﺎﺀ ﺍﻟﻀﻮﺀ ﻋﻠﻰ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺎﻟﺪﻳﻔﻴﺔ ﺍﻟﱵ ﺗﺘﻌﺎﻣﻞ ﺑﺎﻷﺳﻬﻢ ﻭﺍﺳﺘﺜﻤﺎﺭﻫﺎ‪ ،‬ﻭﺑﻴﺎﻥ‬
‫ﻛﻴﻔﻴﺔ ﺗﻘﻮﳝﻬﺎ ﰲ ﺿﻮﺀ ﺍﻟﻔﻘﻪ ﺍﻹﺳﻼﻣﻲ‪.‬‬
‫‪ .٥‬ﺗﻮﺿﻴﺢ ﻣﻔﻬﻮﻡ ﺍﻟﺴﻮﻕ ﺍﳌﺎﱄ ﻭﺣﻘﻴﻘﺘﻪ ﻭﺃﳘﻴﺘﻪ ﻣﻊ ﺑﻴﺎﻥ ﺣﻜﻤﻬﺎ ﺍﻟﺸﺮﻋﻲ‪.‬‬
‫‪ .٦‬ﺩﺭﺍﺳﺔ ﺍﻟﻘﻮﺍﻧﲔ ﺍﳌﺎﻟﺪﻳﻔﻴﺔ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺎﻟﺸﺮﻛﺎﺕ ﺍﻟﱵ ﺗﺒﻴﻊ ﺍﻷﺳﻬﻢ‪ ،‬ﻭﺗﺸﺮﻳﻊ ﻗﺎﻧﻮﻥ‬
‫ﻳﺘﻌﻠﻖ ﺑﺰﻛﺎﺓ ﺍﻷﺳﻬﻢ‪.‬‬
‫‪ .٧‬ﺗﻮﺿﻴﺢ ﺍﻟﻀﻮﺍﺑﻂ ﺍﻟﺸﺮﻋﻴﺔ ﺍﳌﻘﺘﺮﺣﺔ ﻟﻠﻤﻌﺎﻣﻼﺕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺍﻟﺴﻮﻕ ﺍﳌﺎﻟﺪﻳﻔﻲ‪،‬‬
‫ﻭﻛﻴﻔﻴﺔ ﺍﻟﺘﺨﻠﺺ ﻣﻦ ﺍﻷﺳﻬﻢ ﺍﻟﱵ ﻓﻴﻬﺎ ﳐﺎﻟﻔﺎﺕ ﺷﺮﻋﻴﺔ‪.‬‬

‫ﺧﺎﻣﺴﺎ‪ :‬ﺃﳘﻴﺔ ﺍﻟﺒﺤﺚ‬

‫ﳝﻜﻦ ﺗﻠﺨﻴﺺ ﺃﳘﻴﺔ ﻫﺬﺍ ﺍﻟﺒﺤﺚ ﰲ ﺍﻟﻨﻘﺎﻁ ﺍﻵﺗﻴﺔ‪:‬‬
‫‪ .١‬ﻳﻌﺪ ﻫﺬﺍ ﺍﳌﻮﺿﻮﻉ ﰲ ﻛﺜﲑ ﻣﻦ ﺻﻮﺭﻩ ﻣﻦ ﺍﻟﻘﻀﺎﻳﺎ ﺍﳌﻬﻤﺔ ﰲ ﲨﻬﻮﺭﻳﺔ ﺍﳌﺎﻟﺪﻳﻒ‪،‬‬
‫ﻭﺩﺭﺍﺳﺔ ﻫﺬﻩ ﺍﳌﺴﺎﺋﻞ ﻭﺍﻟﺘﻔﻘﻪ ﻓﻴﻬﺎ ﺑﺎﺏ ﻋﻈﻴﻢ ﻣﻦ ﺃﺑﻮﺍﺏ ﺣﻔﻆ ﺍﻟﺸﺮﻳﻌﺔ‬
‫ﺍﻹﺳﻼﻣﻴﺔ ﻭﺧﺪﻣﺔ ﺍ‪‬ﺘﻤﻊ ﺍﳌﺎﻟﺪﻳﻔﻲ‪.‬‬
‫‪ .٢‬ﻳﺴﻬﻢ ﰲ ﺍﻟﺪﻋﻮﺓ ‪‬ﺪﻑ ﺍﻟﺮﺟﻮﻉ ﺇﱃ ﺍﻟﻔﻘﻪ ﺍﻹﺳﻼﻣﻲ‪ ،‬ﻭﺟﻌﻠﻪ ﺃﺳﺎﺳﺎ ﻟﻠﺘﺸﺮﻳﻊ‬
‫ﰲ ﲨﻬﻮﺭﻳﺔ ﺍﳌﺎﻟﺪﻳﻒ ﺍﻹﺳﻼﻣﻴﺔ‪ ،‬ﻭﺫﻟﻚ ﺑﺘﻘﺪﱘ ﺩﺭﺍﺳﺔ ﳍﺬﺍ ﺍﳌﻮﺿﻮﻉ ﺗﺴﻬﻞ‬
‫ﻣﻌﺮﻓﺔ ﺃﺣﻜﺎﻣﻪ‪.‬‬
‫‪ .٣‬ﻳﻌﺪ ﻫﺬﺍ ﺍﳌﻮﺿﻮﻉ ﺩﺭﺍﺳﺔ ﳌﺎ ﺗﻌﻢ ﺑﻪ ﺍﻟﺒﻠﻮﻯ ﺑﲔ ﺍﻟﻨﺎﺱ‪ ،‬ﻟﻜﺜﺮﺓ ﺗﺮﺩﺩ ﺍﻟﻨﺎﺱ ﰲ ﺑﻴﻊ‬
‫ﺍﻷﺳﻬﻢ ﻭﺷﺮﺍﺋﻬﺎ‪.‬‬

‫ﺳﺎﺩﺳﺎ‪ :‬ﺣﺪﻭﺩ ﺍﻟﺒﺤﺚ‬

‫ﻳﺪﻭﺭ ﻫﺬﺍ ﺍﻟﺒﺤﺚ ﺣﻮﻝ ﺑﻴﺎﻥ ﺣﻘﻴﻘﺔ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻷﺳﻬﻢ‪ ،‬ﻭﻛﻴﻒ ﳝﻜﻦ ﺗﻄﻮﻳﺮ ﺳﻮﻕ‬
‫ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﰲ ﲨﻬﻮﺭﻳﺔ ﺍﳌﺎﻟﺪﻳﻒ ﰲ ﺿﻮﺀ ﺍﻟﻔﻘﻪ ﺍﻹﺳﻼﻣﻲ‪ ،‬ﻣﻊ ﺍﻟﻨﻈﺮ ﰲ ﺍﻟﻘﻮﺍﻧﲔ‬
‫ﺍﳌﺎﻟﺪﻳﻔﻴﺔ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺎﻟﺸﺮﻛﺎﺕ ﺍﻟﱵ ﺗﺒﻴﻊ ﺍﻷﺳﻬﻢ‪.‬‬

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 ‫ﺳﺎﺑﻌﺎ‪ :‬ﻣﻨﻬﺠﻴﺔ ﺍﻟﺒﺤﺚ‬
‫ﺇﻥ ﺍﳌﻨﻬﺞ ﺍﻟﺬﻱ ﺳﺄﺗﺒﻌﻪ ‪-‬ﺇﻥ ﺷﺎﺀ ﺍﷲ ﺗﻌﺎﱃ‪ -‬ﰲ ﺩﺭﺍﺳﺔ ﻫﺬﺍ ﺍﳌﻮﺿﻮﻉ‪ ،‬ﻳﺘﻠﺨﺺ ﰲ ﺍﻵﰐ‪:‬‬
‫‪ .١‬ﺍﳌﻨﻬﺞ ﺍﳌﻘﺎﺭﻥ‪ :‬ﻭﺫﻟﻚ ﻣﻦ ﺧﻼﻝ ﺍﳌﻘﺎﺭﻧﺔ ﺑﲔ ﺃﻗﻮﺍﻝ ﺍﻟﻔﻘﻬﺎﺀ ﰲ ﺍﻟﺸﺮﻛﺎﺕ‬
‫ﺍﳌﺴﺎﳘﺔ‪.‬‬
‫‪ .٢‬ﺍﳌﻨﻬﺞ ﺍﻟﺘﺤﻠﻴﻠﻲ ﺍﻟﺘﻘﻮﳝﻲ‪ :‬ﻳﻌﲔ ﻫﺬﺍ ﺍﳌﻨﻬﺞ ﻋﻠﻰ ﲢﻠﻴﻞ ﺑﻴﻊ ﺍﻷﺳﻬﻢ ﰲ ﲨﻬﻮﺭﻳﺔ‬
‫ﺍﳌﺎﻟﺪﻳﻒ ﻭﺗﻘﻮﳝﻬﺎ ﰲ ﺿﻮﺀ ﺍﻟﻔﻘﻪ ﺍﻹﺳﻼﻣﻲ‪.‬‬

‫ﺛﺎﻣﻨﺎ‪ :‬ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ‬

‫ﺷﺮﻛﺔ ﺍﳌﺴﺎﳘﺔ ﻣﻦ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳊﺪﻳﺜﺔ ﺍﻟﻨﺸﺄﺓ‪ ،‬ﻭﳍﺎ ﺃﺳﺎﻟﻴﺐ ﻭﺃﺣﻜﺎﻡ ﺟﺪﻳﺪﺓ ﱂ ﺗﻜﻦ ﻣﻌﺮﻭﻓﺔ ﰲ‬
‫ﺍﻟﺸﺮﻛﺎﺕ ﺍﻟﻘﺪﳝﺔ‪ ،‬ﻭﻋﻠﻴﻪ ﱂ ﺃﺟﺪ ﻟﻠﻤﻮﺿﻮﻉ ﺫﻛﺮﺍ ﰲ ﻛﺘﺐ ﺍﻟﻔﻘﻪ ﺍﻟﻘﺪﳝﺔ‪ ،‬ﻭﺇﳕﺎ ﺗﻨﺎﻭﻟﺘﻪ ﻛﺘﺐ ﺍﻟﻔﻘﻪ‬
‫ﺍﳌﻌﺎﺻﺮ‪.‬‬
‫ﻣﻦ ﺍﻟﺪﺭﺍﺳﺎﺕ ﺍﻟﺴﺎﺑﻘﺔ ﺣﻮﻝ ﻫﺬﺍ ﺍﳌﻮﺿﻮﻉ‪ :‬ﻛﺘﺎﺏ ﺍﻟﺪﻛﺘﻮﺭ ﳏﻤﺪ ﺻﱪﻱ ﻫﺎﺭﻭﻥ ﲢﺖ‬
‫ﻋﻨﻮﺍﻥ‪) :‬ﺃﺣﻜﺎﻡ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ‪-‬ﺍﻷﺳﻬﻢ ﻭﺍﻟﺴﻨﺪﺍﺕ‪ -‬ﺿﻮﺍﺑﻂ ﺍﻻﻧﺘﻔﺎﻉ ﻭﺍﻟﺘﺼﺮﻑ ‪‬ﺎ ﰲ ﺍﻟﻔﻘﻪ‬
‫ﺍﻹﺳﻼﻣﻲ(‪٢‬؛ ﺗﻄﺮﻕ ﻫﺎﺭﻭﻥ ﺇﱃ ﻣﻔﻬﻮﻡ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭﻣﻜﺎﻧﺘﻬﺎ ﰲ ﺍﻹﺳﻼﻡ‪ ،‬ﻣﻊ ﺫﻛﺮ ﺿﻮﺍﺑﻂ‬
‫ﻟﻸﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻣﻦ ﻣﻨﻈﻮﺭ ﺇﺳﻼﻣﻲ‪ ،‬ﻭﺗﻜﻠﻢ ﻋﻦ ﺍﻷﺣﻜﺎﻡ ﺍﳌﺘﻌﻠﻘﺔ ﺑﺎﻷﺳﻬﻢ ﻭﺍﻟﺴﻨﺪﺍﺕ ﻭﺇﻣﻜﺎﻧﻴﺔ ﺗﻄﻮﻳﺮ‬
‫ﺍﻷﺩﻭﺍﺕ ﺍﳌﺎﻟﻴﺔ ﺍﻹﺳﻼﻣﻴﺔ ﰲ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﻹﺳﻼﻣﻴﺔ؛ ﻟﻜﻨﻪ ﱂ ﻳﺘﻮﺳﻊ ﻛﺜﲑﺍ ﰲ ﻫﺬﺍ ﺍﻟﻜﺘﺎﺏ‪ ،‬ﻭﳝﻜﻦ‬
‫ﺃﻥ ﻳﻌﺪ ﺍﻟﺒﺎﺣﺚ ﻫﺬﺍ ﺍﻟﻜﺘﺎﺏ ﻣﺮﺟﻌﺎ ﻟﺘﻔﺼﻴﻞ ﻫﺬﺍ ﺍﳌﻮﺿﻮﻉ‪ ،‬ﺣﻴﺚ ﻧﻘﺎﺭﻥ ﺫﻟﻚ ﺑﺎﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﰲ‬
‫ﲨﻬﻮﺭﻳﺔ ﺍﳌﺎﻟﺪﻳﻒ‪.‬‬
‫ﺗﻨﺎﻭﻝ ﺍﻟﺪﻛﺘﻮﺭ ﻋﻠﻲ ﺃﲪﺪ ﺍﻟﺴﺎﻟﻮﺱ ﰲ ﻛﺘﺎﺑﻪ‪) :‬ﺍﳌﻌﺎﻣﻼﺕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﻌﺎﺻﺮﺓ ﰲ ﺿﻮﺀ ﺍﻟﺸﺮﻳﻌﺔ‬
‫ﺍﻹﺳﻼﻣﻴﺔ(‪٣‬؛ ﻭﻫﻮ ﻛﺘﺎﺏ ﻣﻜﻮﻥ ﻣﻦ ﳎﻤﻮﻋﺔ ﲝﻮﺙ ﻭﳏﺎﺿﺮﺍﺕ‪ -‬ﺃﻋﻤﺎﻝ ﺍﻟﺒﻮﺭﺻﺔ ﺑﺼﻮﺭﺓ ﳐﺘﺼﺮﺓ‪،‬‬
‫ﻓﻀﻤﻦ ﳎﻤﻮﻋﺔ ﳏﺎﺿﺮﺍﺕ ﺧﺼﺺ ﳏﺎﺿﺮﺓ ﻓﻴﻬﺎ ﻷﻋﻤﺎﻝ ﺍﻟﺒﻮﺭﺻﺔ ﰲ ﺍﻟﻔﻘﻪ ﺍﻹﺳﻼﻣﻲ‪ ،‬ﺣﻴﺚ ﺗﻨﺎﻭﻝ‬

‫‪٢‬ﳏﻤﺪ ﺻﱪﻱ ﻫﺎﺭﻭﻥ‪ ،‬ﺃﺣﻜﺎﻡ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ‪-‬ﺍﻷﺳﻬﻢ ﻭﺍﻟﺴﻨﺪﺍﺕ‪ -‬ﺿﻮﺍﺑﻂ ﺍﻻﻧﺘﻔﺎﻉ ﻭﺍﻟﺘﺼﺮﻑ ‪‬ﺎ ﰲ ﺍﻟﻔﻘﻪ‬
‫ﺍﻹﺳﻼﻣﻲ )ﻋﻤﺎﻥ‪ :‬ﺩﺍﺭ ﺍﻟﻨﻔﺎﺋﺲ‪ ،‬ﻁ‪١٤١٩ ،١‬ﻫـ‪١٩٩٩ /‬ﻡ(‪.‬‬
‫‪٣‬ﺍﻟﺴﺎﻟﻮﺱ‪ ،‬ﻋﻠﻲ ﺃﲪﺪ‪ ،‬ﺍﳌﻌﺎﻣﻼﺕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﻌﺎﺻﺮﺓ ﰲ ﺿﻮﺀ ﺍﻟﺸﺮﻳﻌﺔ ﺍﻹﺳﻼﻣﻴﺔ )ﺍﻟﻜﻮﻳﺖ‪ :‬ﻣﻜﺘﺒﺔ ﺍﻟﻔﻼﺡ‪ ،‬ﻁ‪،١‬‬
‫‪١٩٨٦‬ﻡ(‪.‬‬

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‫ﰲ ﳏﺎﺿﺮﺗﻪ ﺃﻋﻤﺎﻝ ﺍﻟﺒﻮﺭﺻﺔ ﺑﺼﻮﺭﺓ ﻭﺟﻴﺰﺓ‪ ،‬ﻭﺑﲔ ﺣﻜﻢ ﺍﻟﺸﺮﻉ ﰲ ﺑﻌﺾ ﺍﳌﻌﺎﻣﻼﺕ ﺍﻟﱵ ﲡﺮﻱ ﰲ‬
‫ﺍﻟﺒﻮﺭﺻﺔ ﻣﻦ ﻏﲑ ﺍﳋﻮﺽ ﰲ ﺍﻟﺘﻔﺎﺻﻴﻞ‪ .‬ﻭﺳﻴﺴﺘﻔﻴﺪ ﺍﻟﺒﺎﺣﺚ ﻣﻦ ﻫﺬﺍ ﺍﻟﻜﺘﺎﺏ ﻃﺒﻌﺎ‪.‬‬
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‫ﺑﻴ‪‬ﻦ ﺍﻟﺸﻴﺦ ﻋﻠﻲ ﺳﻌﻴﺪ ﻋﺒﺪ ﺍﻟﻮﻫﺎﺏ ﺍﳌﻜﻲ ﰲ ﻛﺘﺎﺑﻪ‪) :‬ﲤﻮﻳﻞ ﺍﳌﺸﺮﻭﻋﺎﺕ ﰲ ﻇﻞ ﺍﻹﺳﻼﻡ(‬
‫ﺃﻥ ﺍﻟﺒﻮﺭﺻﺎﺕ )ﺳﻮﻕ ﺍﻷﺳﻬﻢ( ﻫﻲ ﺇﺣﺪﻯ ﺃﺩﻭﺍﺕ ﺍﻟﺘﻤﻮﻳﻞ ﺍﳊﺪﻳﺜﺔ‪ ،‬ﻭﺗﻄﺮﻕ ﺇﱃ ﺗﻌﺮﻳﻒ ﺍﻟﺒﻮﺭﺻﺔ‬
‫ﻭﻭﻇﺎﺋﻔﻬﺎ ﻭﺧﺼﺎﺋﺼﻬﺎ‪ ،‬ﻛﻤﺎ ﺗﻨﺎﻭﻝ ﻭﺟﻪ ﺍﻟﺸﺒﻪ ﺑﲔ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺍﻟﺴﻮﻕ ﰲ ﻋﻬﺪ ﺍﻟﺮﺳﻮﻝ ﺻﻠﻰ ﺍﷲ ﻋﻠﻴﻪ‬
‫ﻭﺳﻠﻢ‪ .‬ﻭﱂ ﻳﺘﻄﺮﻕ ﰲ ﻫﺬﺍ ﺍﻟﻜﺘﺎﺏ ﺇﱃ ﺗﻔﺎﺻﻴﻞ ﻫﺬﺍ ﺍﳌﻮﺿﻮﻉ‪ ،‬ﻭﳝﻜﻦ ﺍﻻﺳﺘﻔﺎﺩﺓ ﻣﻦ ﻫﺬﺍ ﺍﻟﺒﺤﺚ‪.‬‬
‫ﻭﻗﺪ ﺗﻨﺎﻭﻝ ﺍﻟﺪﻛﺘﻮﺭ ﻋﻠﻲ ﳏﻲ ﺍﻟﺪﻳﻦ ﺍﻟﻘﺮﻩ ﺩﺍﻏﻲ ﰲ ﲝﺚ ﻟﻪ ﲢﺖ ﻋﻨﻮﺍﻥ )ﺃﺛﺮ ﺩﻳﻮﻥ ﻭﻧﻘﻮﺩ‬
‫ﺍﻟﺸﺮﻛﺔ ﺃﻭ ﺍﶈﻔﻈﺔ ﻋﻠﻰ ﺣﻜﻢ ﺗﺪﺍﻭﻝ ﺍﻷﺳﻬﻢ ﻭﺍﻟﺼﻜﻮﻙ ﻭﺍﻟﻮﺣﺪﺍﺕ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ(‪ ٥‬ﻓﺬﻛﺮ‬
‫ﺍﻷﺳﻬﻢ ﻭﺍﻟﺴﻨﺪﺍﺕ ﻭﺍﻟﺼﻜﻮﻙ ﻭﺍﻟﻮﺣﺪﺍﺕ‪ ،‬ﻭﺑﻴ‪‬ﻦ ﺗﻌﺮﻳﻔﻬﺎ ﻭﻧﺸﺄ‪‬ﺎ ﻭﻣﺮﺍﺣﻠﻬﺎ‪ .‬ﻭﻗﺪ ﻗﺎﻝ ﰲ ﲝﺜﻪ ﻫﺬﺍ ﺃﻥ‬
‫ﺍﻷﺳﻬﻢ‪ ،‬ﻭﺍﻟﺴﻨﺪﺍﺕ‪ ،‬ﻭﺍﻟﻮﺣﺪﺍﺕ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ﻟﻠﺼﻨﺎﺩﻳﻖ‪ ،‬ﺗﻌﺪ ﻣﻦ ﺍﻟﻮﺳﺎﺋﻞ ﺍﳌﺘﺎﺣﺔ ﻟﺘﺴﻴﻴﻞ ﺭﺅﻭﺱ‬
‫ﺍﻷﻣﻮﺍﻝ ﺑﺴﺮﻋﺔ ﻭﺳﻬﻮﻟﺔ‪ .‬ﻛﻤﺎ ﺑﻴ‪‬ﻦ ﺍﳊﻠﻮﻝ ﻟﻠﻤﺸﺎﻛﻞ ﺍﻟﱵ ﺗﺘﺮﺗﺐ ﻋﻠﻰ ﺍﻟﺒﻨﻮﻙ ﻭﺍﻟﺸﺮﻛﺎﺕ ﺍﻹﺳﻼﻣﻴﺔ‬
‫ﻭﺍﳌﺴﺘﺜﻤﺮﻳﻦ ﺍﳌﺴﻠﻤﲔ ﺑﻌﺪ ﺍﻻﺷﺘﺮﺍﻙ ﰲ ﺗﻠﻚ ﺍﻟﻌﻤﻠﻴﺎﺕ‪ .‬ﻭﻛﻴﻒ ﺃﻥ ﻫﺬﻩ ﺍﻟﻮﺣﺪﺍﺕ ﺃﻭ ﺍﻷﺳﻬﻢ‪ ،‬ﲢﻮﻝ‬
‫ﺑﻌﺾ ﻣﻮﺟﻮﺩﺍ‪‬ﺎ ﺇﱃ ﺩﻳﻮﻥ ﻭﻧﻘﻮﺩ‪ ،‬ﻭﻗﺪ ﺗﺰﻳﺪ ﻧﺴﺒﺘﻬﺎ ﻣﻨﻔﺮﺩﺓ ﺃﻭ ﳎﺘﻤﻌﺔ ﻋﻠﻰ ﺍﻷﻋﻴﺎﻥ ﻭﺍﳌﻨﺎﻓﻊ‬
‫ﻭﺍﳊﻘﻮﻕ‪ .‬ﻓﻬﻞ ﻳﻄﺒﻖ ﻋﻠﻰ ﺫﻟﻚ ﻗﻮﺍﻋﺪ ﺍﻟﺼﺮﻑ ﰲ ﺣﺎﻟﺔ ﺯﻳﺎﺩﺓ ﺍﻟﻨﻘﻮﺩ‪ ،‬ﺃﻭ ﻗﻮﺍﻋﺪ ﺑﻴﻊ ﺍﻟﺪﻳﻦ ﰲ ﺣﺎﻟﺔ‬
‫ﺯﻳﺎﺩﺓ ﺍﻟﺪﻳﻮﻥ؛ ﻭﻋﻠﻴﻪ ﻓﺈﻥ ﻫﺬﻩ ﺍﻟﺪﺭﺍﺳﺔ ﺳﺘﻘﺎﺭﻥ ﺫﻟﻚ ﺑﺎﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﰲ ﲨﻬﻮﺭﻳﺔ ﺍﳌﺎﻟﺪﻳﻒ‪.‬‬
‫ﺗﻨﺎﻭﻝ ﺍﻟﺪﻛﺘﻮﺭ ﻳﻮﺳﻒ ﺑﻦ ﻋﺒﺪ ﺍﷲ ﺍﻟﺸﺒﻴﻠﻲ ﰲ ﺍﻟﺒﺎﺏ ﺍﻟﺮﺍﺑﻊ ﻣﻦ ﻛﺘﺎﺑﻪ )ﺍﳋﺪﻣﺎﺕ‬
‫ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ﰲ ﺍﳌﺼﺎﺭﻑ ﻭﺃﺣﻜﺎﻣﻬﺎ ﰲ ﺍﻟﻔﻘﻪ ﺍﻹﺳﻼﻣﻲ‪ :‬ﺍﻟﺼﻨﺎﺩﻳﻖ ﻭﺍﻟﻮﺩﺍﺋﻊ‬
‫ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ(‪ ٦‬ﺃﺳﺎﻟﻴﺐ ﺍﺳﺘﺜﻤﺎﺭ ﺍﻷﻣﻮﺍﻝ ﰲ ﺍﳋﺪﻣﺎﺕ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ﰲ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ؛ ﻓﻔﻲ‬
‫ﺍﻟﻔﺼﻞ ﺍﻷﻭﻝ ﺫﻛﺮ ﺗﻌﺮﻳﻒ ﺍﻷﺳﻬﻢ ﻭﺣﻜﻢ ﺗﺪﺍﻭﳍﺎ‪ ،‬ﰒ ﺗﻄﺮﻕ ﺇﱃ ﺍﳉﺎﻧﺐ ﺍﻟﺘﻄﺒﻴﻘﻲ ﻟﺘﺪﺍﻭﻝ‬

‫‪ ٤‬ﻣﻜﻲ‪ ،‬ﻋﻠﻲ ﺳﻌﻴﺪ ﻋﺒﺪ ﺍﻟﻮﻫﺎﺏ‪ ،‬ﲤﻮﻳﻞ ﺍﳌﺸﺮﻭﻋﺎﺕ ﰲ ﻇﻞ ﺍﻹﺳﻼﻡ )ﺩﺍﺭ ﺍﻟﻔﻜﺮ ﺍﻟﻌﺮﰊ‪ ،‬ﺩ‪.‬ﻁ(‪.‬‬
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‫ﺍﻟﻘﺮﺓ ﺩﺍﻏﻲ‪ ،‬ﻋﻠﻲ ﳏﻲ ﺍﻟﺪﻳﻦ‪ ،‬ﺃﺛﺮ ﺩﻳﻮﻥ ﻭﻧﻘﻮﺩ ﺍﻟﺸﺮﻛﺔ‪ ،‬ﺃﻭ ﺍﶈﻔﻈﺔ‪ ،‬ﻋﻠﻰ ﺣﻜﻢ ﺗﺪﺍﻭﻝ ﺍﻷﺳﻬﻢ ﻭﺍﻟﺼﻜﻮﻙ‬
‫ﻭﺍﻟﻮﺣﺪﺍﺕ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ )ﺍﻟﺪﻭﺣﺔ‪ :‬ﺩﺍﺭ ﺍﻟﻜﺘﺐ ﺍﻟﻘﻄﺮﻳﺔ(‪.‬‬
‫‪ ٦‬ﺷﺒﻴﻠﻲ‪ ،‬ﻳﻮﺳﻒ ﺑﻦ ﻋﺒﺪ ﺍﷲ‪ ،‬ﺍﳋﺪﻣﺎﺕ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ﰲ ﺍﳌﺼﺎﺭﻑ ﻭﺃﺣﻜﺎﻣﻬﺎ ﰲ ﺍﻟﻔﻘﻪ ﺍﻹﺳﻼﻣﻲ‪ :‬ﺍﻟﺼﻨﺎﺩﻳﻖ‬
‫ﻭﺍﻟﻮﺩﺍﺋﻊ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ )ﺩﻣﺎﻡ‪ :‬ﺩﺍﺭ ﺍﺑﻦ ﺍﳉﻮﺯﻱ‪٢٠٠٥ ،‬ﻡ(‪.‬‬

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‫ﺍﻷﺳﻬﻢ ﻭﻣﻮﻗﻒ ﺍﻟﺸﺮﻳﻌﺔ ﻣﻨﻪ‪ ،‬ﻣﺒﻴﻨﺎ ﻃﺮﻕ ﺗﺪﺍﻭﻝ ﺍﻷﺳﻬﻢ ﰲ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺍﻟﺜﺎﻧﻮﻳﺔ ﻭﺍﳊﻜﻢ‬
‫ﺍﻟﺸﺮﻋﻲ ﳍﺎ‪ .‬ﻭﺳﻴﺴﺘﻔﻴﺪ ﺍﻟﺒﺎﺣﺚ ﻣﻦ ﻫﺬﺍ ﺍﻟﻜﺘﺎﺏ‪.‬‬
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‫ﻭﺟﺎﺀ ﰲ ﻛﺘﺎﺏ‪):‬ﺃﺳﻮﺍﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭﺩﻭﺭﻫﺎ ﰲ ﲤﻮﻳﻞ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ(‬
‫ﻟﻠﺸﻴﺦ ﲰﲑ ﻋﺒﺪ ﺍﳊﻤﻴﺪ ﺭﺿﻮﺍﻥ‪ ،‬ﺫﻛﺮ ﻓﻴﻪ ﻣﻔﻬﻮﻡ ﺳﻮﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭﻭﻇﺎﺋﻔﻬﺎ ﻭﻃﺮﻕ‬
‫ﺗﻨﻔﻴﺬ ﺍﻟﻌﻤﻠﻴﺎﺕ ﰲ ﳐﺘﻠﻒ ﺍﻟﺒﻮﺭﺻﺎﺕ‪ ،‬ﰒ ﺗﻜﻠﻢ ﻋﻦ ﻣﻮﻗﻒ ﺍﻟﺸﺮﻳﻌﺔ ﺍﻹﺳﻼﻣﻴﺔ ﻣﻦ ﺷﺮﻛﺔ‬
‫ﺍﳌﺴﺎﳘﺔ‪ ،‬ﻣﺒﻴﻨﺎ ﺍﻵﺛﺎﺭ ﺍﳌﺘﺮﺗﺒﺔ ﻋﻠﻰ ﺻﻴﻎ ﺍﻟﻌﻘﻮﺩ ﰲ ﺃﺳﻮﺍﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭﻣﻮﻗﻒ ﺍﻟﻔﻘﻪ‬
‫ﺍﻹﺳﻼﻣﻲ ﻣﻨﻬﺎ‪ ،‬ﻭﺧﺘﻢ ﻛﺘﺎﺑﻪ ﻫﺬﺍ ﺑﺘﻮﺻﻴﺔ ﺇﻧﺸﺎﺀ ﺳﻮﻕ ﺇﺳﻼﻣﻴﺔ ﻟﻸﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﺗﺸﺎﺭﻙ ﻓﻴﻬﺎ‬
‫ﻛﺎﻓﺔ ﺍﻟﺪﻭﻝ ﺍﻹﺳﻼﻣﻴﺔ ﻻﺳﺘﺜﻤﺎﺭ ﳑﺘﻠﻜﺎ‪‬ﺎ ﰲ ﳐﺘﻠﻒ ﺍﻟﻮﺣﺪﺍﺕ ﺍﻹﻧﺘﺎﺟﻴﺔ ﺍﻟﱵ ﺗﻌﺎﱐ ﻣﻦ ﺍﻟﻌﺠﺰ‬
‫ﰲ ﻣﻮﺍﺭﺩﻫﺎ ﺍﳌﺎﻟﻴﺔ‪ .‬ﻭﻗﺪﻡ ﺍﳌﺆﻟﻒ ﺑﻌﺾ ﺍﳌﻘﺘﺮﺣﺎﺕ ﻟﺘﻄﻬﲑ ﺳﻮﻕ ﺍﻷﺳﻬﻢ ﻣﻦ ﺃﺩﺭﺍﻧﻪ‪ ،‬ﻭﺿﻤﺎﻥ‬
‫ﺳﻼﻣﺔ ﺍﻟﺒﻴﻮﻉ ﻭﺍﻟﻌﻘﻮﺩ ﺍﻟﱵ ﺗﻨﻌﻘﺪ ﰲ ﻫﺬﻩ ﺍﻟﺴﻮﻕ؛ ﻭﻟﻜﻨﻪ ﱂ ﻳﺘﻄﺮﻕ ﺇﱃ ﲢﺪﻳﺪ ﺷﺮﻭﻁ ﺇﻗﺎﻣﺔ‬
‫ﺳﻮﻕ ﺃﻭﺭﺍﻕ ﻣﺎﻟﻴﺔ ﺇﺳﻼﻣﻴﺔ‪ ،‬ﻟﺬﻟﻚ ﻣﺎ ﻳﻘﺪﻣﻪ ﺍﻟﺸﻴﺦ ﺭﺿﻮﺍﻥ ﻫﻮ ﺗﻔﺼﻴﻞ ﻣﺎ ﳚﺮﻱ ﰲ‬
‫ﺍﻟﺒﻮﺭﺻﺔ ﻣﻦ ﻋﻤﻠﻴﺎﺕ ﻭﻣﻌﺎﻣﻼﺕ‪ ،‬ﻭﲢﻠﻴﻠﻬﺎ ﻣﻦ ﻣﻨﻈﻮﺭ ﺇﺳﻼﻣﻲ‪ .‬ﻭﺳﻮﻑ ﻳﻘﻮﻡ ﺍﻟﺒﺎﺣﺚ‬
‫ﲟﻘﺎﺭﻧﺔ ﺫﻟﻚ ﺑﺎﺳﺘﺜﻤﺎﺭ ﺍﻷﺳﻬﻢ ﰲ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﰲ ﲨﻬﻮﺭﻳﺔ ﺍﳌﺎﻟﺪﻳﻒ‪.‬‬
‫ﺗﻄﺮﻕ ﺍﻟﺪﻛﺘﻮﺭ ﻣﻌﺒﺪ ﻋﻠﻲ ﺍﳉﺎﺭﺣﻲ ﰲ ﲝﺜﻪ‪) :‬ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺿﻮﺀ ﻣﺒﺎﺩﺉ‬
‫ﺍﻹﺳﻼﻡ(‪ ٨‬ﺇﱃ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻣﻦ ﻭﺟﻬﺔ ﺍﻟﻨﻈﺮ ﺍﻹﺳﻼﻣﻴﺔ ﺑﺘﻘﺪﱘ ﻋﺮﺽ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ‬
‫ﺍﳌﻌﺎﺻﺮﺓ ﻭﻣﺸﻜﻼ‪‬ﺎ‪ ،‬ﻭﺧﺘﻢ ﻭﺭﻗﺘﻪ ﺑﺬﻛﺮ ﺑﻌﺾ ﺍﻟﻘﻮﺍﻋﺪ ﻭﺍﻟﻀﻮﺍﺑﻂ ﺍﻟﺴﻠﻮﻛﻴﺔ ﻭﺍﳍﻴﺎﻛﻞ‬
‫ﺍﳌﺆﺳﺴﻴﺔ ﺍﻟﱵ ﳝﻜﻦ ﺍﺳﺘﺨﺪﺍﻣﻬﺎ ﻋﻨﺪ ﺇﻧﺸﺎﺀ ﺍﻟﺴﻮﻕ ﺍﳌﺎﻟﻴﺔ ﺍﻹﺳﻼﻣﻴﺔ‪ .‬ﻭﺳﻴﻘﺎﺭﻥ ﺍﻟﺒﺎﺣﺚ ﺫﻟﻚ‬
‫ﺑﺎﺳﺘﺜﻤﺎﺭ ﺍﻷﺳﻬﻢ ﰲ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﰲ ﲨﻬﻮﺭﻳﺔ ﺍﳌﺎﻟﺪﻳﻒ‪.‬‬
‫ﺗﻨﺎﻭﻝ ﺃﲪﺪ ﳏﻤﺪ ﻟﻄﻔﻲ ﺃﲪﺪ ﰲ ﻛﺘﺎﺑﻪ‪) :‬ﻣﻌﺎﻣﻼﺕ ﺍﻟﺒﻮﺭﺻﺔ ﺑﲔ ﺍﻟﻨﻈﻢ ﺍﻟﻮﺿﻌﻴﺔ‬
‫ﻭﺍﻷﺣﻜﺎﻡ ﺍﻟﺸﺮﻋﻴﺔ(‪ ٩‬ﻣﻮﺿﻮﻉ ﺍﻟﺒﻮﺭﺻﺔ ﻭﺍﻟﻮﻇﺎﺋﻒ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﳍﺎ‪ ،‬ﻭﺃﻃﺮﺍﻑ ﺍﻟﺘﻌﺎﻣﻞ ﻓﻴﻬﺎ‪،‬‬

‫‪٧‬ﲰﲑ‪ ،‬ﻋﺒﺪ ﺍﳊﻤﻴﺪ ﺭﺿﻮﺍﻥ‪ ،‬ﺃﺳﻮﺍﻕ ﺍﻷﻭﺭﺍﻕ ﺍﳌﺎﻟﻴﺔ ﻭﺩﻭﺭﻫﺎ ﰲ ﺍﻟﺘﻨﻤﻴﺔ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ‪ :‬ﺩﺭﺍﺳﺔ ﻣﻘﺎﺭﻧﺔ ﺑﲔ ﺍﻟﻨﻈﺎﻡ‬
‫ﻭﺍﻷﺣﻜﺎﻡ ﺍﻟﺸﺮﻳﻌﺔ ﺍﻹﺳﻼﻣﻴﺔ )ﺍﻟﻘﺎﻫﺮﺓ‪ :‬ﺍﳌﻌﻬﺪ ﺍﻟﻌﺎﳌﻲ ﻟﻠﻔﻜﺮ ﺍﻹﺳﻼﻣﻲ‪ ،‬ﺩ‪.‬ﻁ‪١٩٩٥ ،‬ﻡ(‪.‬‬
‫‪٨‬ﺍﳉﺎﺭﺣﻲ‪ ،‬ﻋﻠﻲ‪ ،‬ﻣﻌﺒﺪ‪ ،‬ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﰲ ﺿﻮﺀ ﻣﺒﺎﺩﺉ ﺍﻹﺳﻼﻡ )ﺟﺪﺓ‪ :‬ﻣﻄﺒﻮﻋﺎﺕ ﺍﳌﻌﻬﺪ ﺍﻹﺳﻼﻣﻲ ﻟﻠﺒﺤﻮﺙ‬
‫ﻭﺍﻟﺘﺪﺭﻳﺐ(‪.‬‬
‫‪٩‬ﻟﻄﻔﻲ‪ ،‬ﺃﲪﺪ ﳏﻤﺪ ﻟﻄﻔﻲ ﺃﲪﺪ‪ ،‬ﻣﻌﺎﻣﻼﺕ ﺍﻟﺒﻮﺭﺻﺔ ﺑﲔ ﺍﻟﻨﻈﻢ ﺍﻟﻮﺿﻌﻴﺔ ﻭﺍﻷﺣﻜﺎﻡ ﺍﻟﺸﺮﻋﻴﺔ )ﺍﻹﺳﻜﻨﺪﺭﻳﺔ‪ :‬ﺩﺍﺭ‬
‫ﺍﻟﻔﻜﺮ ﺍﳉﺎﻣﻌﻲ‪ ،‬ﻁ‪٢٠٠٦ ،١‬ﻡ(‪.‬‬

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‫ﻭﺧﺘﻢ ﻛﺘﺎﺑﻪ ﺑﺬﻛﺮ ﺑﻌﺾ ﺍﻟﺘﻄﺒﻴﻘﺎﺕ ﻟﻠﻤﻌﺎﻣﻼﺕ ﺍﻟﻌﺎﺟﻠﺔ ﻭﺍﻵﺟﻠﺔ‪ .‬ﻭﺳﻴﺘﻨﺎﻭﻝ ﺍﻟﺒﺎﺣﺚ ﻫﺬﺍ‬
‫ﺍﳌﻮﺿﻮﻉ ﺑﺎﳌﻘﺎﺭﻧﺔ ﻣﻊ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﰲ ﲨﻬﻮﺭﻳﺔ ﺍﳌﺎﻟﺪﻳﻒ‪.‬‬
‫ﺍﺳﺘﻌﺮﺽ ﺍﻷﺳﺘﺎﺫ ﺳﺎﻣﻲ ﺣﺴﻦ ﲪﻮﺩ ﰲ ﲝﺜﻪ‪) :‬ﺍﻷﺩﻭﺍﺕ ﺍﻟﺘﻤﻮﻳﻠﻴﺔ ﺍﻹﺳﻼﻣﻴﺔ‬
‫ﻟﻠﺸﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ(‪ ١٠‬ﻭﺍﻗﻊ ﺍﳊﺎﻝ ﺑﺎﻟﻨﺴﺒﺔ ﺇﱃ ﺳﻨﺪﺍﺕ ﺍﻟﻘﺮﺽ ﻭﺗﻘﺪﱘ ﻣﺎ ﳝﻜﻦ ﺃﻥ ﳛﻞ‬
‫ﳏﻠﻬﺎ ﻣﻦ ﺃﺩﻭﺍﺕ ﲤﻮﻳﻠﻴﺔ ﺇﺳﻼﻣﻴﺔ ﺗﺴﺪ ﺣﺎﺟﺔ ﺍﻟﺸﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ ﰲ ﺇﻃﺎﺭ ﺍﻟﺘﻮﺍﻓﻖ ﻣﻊ‬
‫ﺍﻷﺣﻜﺎﻡ ﺍﻟﺸﺮﻋﻴﺔ‪ ،‬ﻭﺍﻟﻀﻮﺍﺑﻂ ﺍﻟﻔﻘﻬﻴﺔ ﺍﳌﻼﺋﻤﺔ ﻟﺘﺴﻮﻳﻖ ﻫﺬﻩ ﺍﻷﺩﻭﺍﺕ ﻭﺗﺪﺍﻭﳍﺎ ﻭﻓﻖ ﺍﻟﻘﻮﺍﻋﺪ‬
‫ﺍﳌﺮﻋﻴﺔ ﰲ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ‪ .‬ﻭﺳﻴﺴﺘﻔﻴﺪ ﺍﻟﺒﺎﺣﺚ ﻣﻦ ﻫﺬﺍ ﺍﻟﻜﺘﺎﺏ ﺍﺳﺘﻔﺎﺩﺓ ﲨﺔ‪.‬‬
‫ﻛﺘﺐ ﺍﻷﺳﺘﺎﺫ ﺣﺴﻦ ﻋﺒﺪ ﺍﷲ ﺍﻷﻣﲔ ﲝﺜﺎ ﲢﺖ ﻋﻨﻮﺍﻥ‪) :‬ﺯﻛﺎﺓ ﺍﻷﺳﻬﻢ ﰲ‬
‫ﺍﻟﺸﺮﻛﺎﺕ‪ :‬ﻣﻨﺎﻗﺸﺔ ﺑﻌﺾ ﺍﻵﺭﺍﺀ ﺍﳊﺪﻳﺜﺔ(‪ ١١‬ﻳﺘﻜﻠﻢ ﻓﻴﻪ ﻋﻦ ﺃﺳﻬﻢ ﺍﻟﺸﺮﻛﺎﺕ ﺫﺍﺕ ﺍﻟﻨﻈﺎﻡ‬
‫ﺍﳌﺴﺘﺤﺪﺙ ﺍﻟﺬﻱ ﻧﺸﺄ ﺑﻌﺪ ﻋﻬﺪ ﺍﻟﻌﻠﻤﺎﺀ ﺍﻟﺬﻳﻦ ﺃﺳﺴﻮﺍ ﺍﳌﺬﺍﻫﺐ ﻭﻭﺿﻌﻮﺍ ﻗﻮﺍﻋﺪ ﺍﺳﺘﻨﺒﺎﻁ‬
‫ﺍﻷﺣﻜﺎﻡ‪ ،‬ﻭﻛﺬﻟﻚ ﰲ ﺃﻭﺿﺎﻉ ﺍﻷﻣﻮﺍﻝ ﺍﳌﺴﺘﺤﺪﺛﺔ ﺍﻟﱵ ﺃﺻﺒﺤﺖ ﲤﺜﻞ ﺃﺻﻮﻻ ﻣﺎﻟﻴﺔ ﺛﺎﺑﺘﺔ ﻳﺘﻮﻟﺪ‬
‫ﻣﻨﻬﺎ ﺍﳌﺎﻝ ﺩﻭﺭﻳﺎ‪ .‬ﻭﻗﺪ ﻗﺪﻡ ﰲ ﻫﺬﺍ ﺍﻟﺒﺤﺚ ﺍﻹﺟﺎﺑﺔ ﻋﻦ ﺗﺴﺎﺅﻻﺕ ﺍﻟﻔﻘﻬﺎﺀ ﺍﶈﺪﺛﲔ‪ ،‬ﻣﺜﻞ‪ :‬ﻫﻞ‬
‫ﲡﺐ ﺍﻟﺰﻛﺎﺓ ﰲ ﻫﺬﻩ ﺍﻷﻣﻮﺍﻝ؟ ﻭﻛﻴﻒ ﺗﺰﻛﻰ؟ ﻭﻫﻞ ﲡﺐ ﰲ ﺍﻷﺻﻮﻝ ﻭﺍﻷﺳﻬﻢ؟ ﻭﻋﻠﻰ ﺃﻱ‬
‫ﺃﺳﺎﺱ؟ ﻭﺳﻴﻘﺎﺭﻥ ﺍﻟﺒﺎﺣﺚ ﺫﻟﻚ ﺑﺎﺳﺘﺜﻤﺎﺭ ﺍﻷﺳﻬﻢ ﰲ ﺍﻷﺳﻮﺍﻕ ﺍﳌﺎﻟﻴﺔ ﰲ ﲨﻬﻮﺭﻳﺔ ﺍﳌﺎﻟﺪﻳﻒ‪.‬‬
‫ﺃﻟﹼﻒ ﺍﻟﺸﻴﺦ ﻳﺎﺳﺮ ﺑﻦ ﻃﻪ ﻋﻠﻲ ﻛﺮﺍﻭﻳﻪ ﻛﺘﺎﺑﺎ ﲰﺎﻩ‪) :‬ﺍﳌﻌﺎﻣﻼﺕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﻌﺎﺻﺮﺓ ﰲ‬
‫ﺍﻟﻔﻜﺮ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺍﻹﺳﻼﻣﻲ(‪١٢‬؛ ﺑﻴ‪‬ﻦ ﻓﻴﻪ ﺃﻥ ﺍﻹﺳﻼﻡ ﻗﺪ ﻭﺿﻊ ﺍﻷﺳﺲ ﺍﻟﻌﺎﻣﺔ ﻟﻼﻗﺘﺼﺎﺩ‬
‫ﺍﻹﺳﻼﻣﻲ‪ ،‬ﻭﻫﻲ ﺃﺳﺲ ﺗﺘﺴﻖ ﻣﻊ ﻃﺒﻴﻌﺔ ﻫﺬﺍ ﺍﻟﺪﻳﻦ ﻭﻣﻊ ﺃﺧﻼﻗﻴﺎﺕ ﻫﺬﺍ ﺍﻟﺪﻳﻦ‪ ،‬ﻣﺒﻴﻨﺎ‬
‫ﺍﻟﻀﻮﺍﺑﻂ ﺍﻟﺸﺮﻋﻴﺔ ﰲ ﺍﳌﻌﺎﻣﻼﺕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﻌﺎﺻﺮﺓ‪ ،‬ﰒ ﻗﺪﻡ ﺑﻌﺾ ﺍﻟﺼﻮﺭ ﻟﻠﻤﻌﺎﻣﻼﺕ ﺍﳌﺎﻟﻴﺔ‬
‫ﺍﳌﻌﺎﺻﺮﺓ‪ ،‬ﻣﻊ ﺑﻴﺎﻥ ﺣﻜﻤﻬﺎ ﺍﻟﺸﺮﻋﻲ‪ .‬ﻛﻤﺎ ﺗﻄﺮﻕ ﺇﱃ ﻣﻮﺿﻮﻉ ﺍﻟﺒﻮﺭﺻﺎﺕ ﻭﻣﺎ ﳚﺮﻱ ﻓﻴﻬﺎ؛‬
‫ﻟﻜﻨﻪ ﱂ ﻳﻔﺼﻞ ﻓﻴﻪ ﻛﺜﲑﺍ؛ ﻭﳝﻜﻦ ﺍﻻﺳﺘﻔﺎﺩﺓ ﻣﻦ ﻫﺬﺍ ﺍﻟﻜﺘﺎﺏ‪.‬‬

‫‪١٠‬ﲪﻮﺩ‪ ،‬ﺳﺎﻣﻲ ﺣﺴﻦ‪ ،‬ﺍﻷﺩﻭﺍﺕ ﺍﻟﺘﻤﻮﻳﻠﻴﺔ ﺍﻹﺳﻼﻣﻴﺔ ﻟﻠﺸﺮﻛﺎﺕ ﺍﳌﺴﺎﳘﺔ )ﺟﺪﺓ‪ :‬ﻣﻄﺒﻮﻋﺎﺕ ﺍﳌﻌﻬﺪ ﺍﻹﺳﻼﻣﻲ‬
‫ﻟﻠﺒﺤﻮﺙ ﻭﺍﻟﺘﺪﺭﻳﺐ(‪.‬‬
‫‪١١‬ﺍﻷﻣﲔ‪ ،‬ﺣﺴﻦ ﻋﺒﺪﺍﷲ‪ ،‬ﺯﻛﺎﺓ ﺍﻷﺳﻬﻢ ﰲ ﺍﻟﺸﺮﻛﺎﺕ‪ :‬ﻣﻨﺎﻗﺸﺔ ﺑﻌﺾ ﺍﻵﺭﺍﺀ ﺍﳊﺪﻳﺜﺔ )ﺟﺪﺓ‪ :‬ﺍﳌﻤﻌﻬﺪ ﺍﻹﺳﻼﻣﻲ‬
‫ﻟﻠﺒﺤﻮﺙ ﻭﺍﻟﺘﺪﺭﻳﺐ‪١٩٩٣ ،‬ﻡ(‪.‬‬
‫‪١٢‬ﻛﺮﺍﻭﻳﻪ‪ ،‬ﻳﺎﺳﺮ ﺑﻦ ﻃﻪ ﻋﻠﻲ‪ ،‬ﺍﳌﻌﺎﻣﻼﺕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﻌﺎﺻﺮﺓ ﰲ ﺍﻟﻔﻜﺮ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺍﻹﺳﻼﻣﻲ )ﺟﺪﺓ‪ :‬ﻣﻄﺒﻮﻋﺎﺕ ﺍﳌﻌﻬﺪ‬
‫ﺍﻹﺳﻼﻣﻲ ﻟﻠﺒﺤﻮﺙ ﻭﺍﻟﺘﺪﺭﻳﺐ(‪.‬‬

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‫ﺃﻟﹼﻒ ﺳﻌﺪ ﺑﻦ ﺗﺮﻛﻲ ﺍﳋﺜﻼﻥ ﻛﺘﺎﺑﺎ ﲰﺎﻩ‪) :‬ﻓﻘﻪ ﺍﳌﻌﺎﻣﻼﺕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﻌﺎﺻﺮﺓ(‪ ،١٣‬ﺗﻜﻠﻢ‬
‫ﻓﻴﻪ ﻋﻦ ﻛﺜﲑ ﻣﻦ ﺍﻟﻘﻀﺎﻳﺎ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﳌﻌﺎﺻﺮﺓ‪ ،‬ﻣﺒﻴﻨﺎ ﺃﳘﻴﺔ ﻣﻮﺿﻮﻉ ﺍﳌﻌﺎﻣﻼﺕ ﺍﳌﺎﻟﻴﺔ‬
‫ﺍﳌﻌﺎﺻﺮﺓ؛ ﺇﺫ ﺇﻧﻪ ﳝﺜﻞ ﺍﻟﻔﻘﻪ ﺍﻟﻌﻤﻠﻲ ﻟﻠﻨﺎﺱ‪ ،‬ﻭﻫﺬﻩ ﺍﳌﻌﺎﻣﻼﺕ ﲢﺘﺎﺝ ﺇﱃ ﺗﻘﻌﻴﺪ ﻭﺇﱃ ﺗﺄﺻﻴﻞ‬
‫ﻭﺇﱃ ﻣﻌﺮﻓﺔ ﺍﻟﻌﻠﻤﺎﺀ ﺍﳌﻌﺎﺻﺮﻳﻦ ﻓﻴﻬﺎ‪ ،‬ﻭﺳﻴﻘﺎﺭﻥ ﺍﻟﺒﺎﺣﺚ ﺫﻟﻚ ﺑﺎﺳﺘﺜﻤﺎﺭ ﺍﻷﺳﻬﻢ ﰲ ﺍﻷﺳﻮﺍﻕ‬
‫ﺍﳌﺎﻟﻴﺔ ﰲ ﲨﻬﻮﺭﻳﺔ ﺍﳌﺎﻟﺪﻳﻒ‪.‬‬
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‫ﺗﻄﺮﻕ ﻳﻮﺳﻒ ﺑﻦ ﻋﺒﺪ ﺍﷲ ﺍﻟﺸﺒﻴﻠﻲ ﰲ ﻛﺘﺎﺑﻪ‪) :‬ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻷﺳﻬﻢ ﻭﺍﻟﺴﻨﺪﺍﺕ(‬
‫ﺇﱃ ﺍﻷﺳﻬﻢ ﻭﺣﻜﻢ ﺍﳌﺘﺎﺟﺮﺓ ‪‬ﺎ‪ ،‬ﻣﺒﻴﻨﺎ ﻛﻴﻔﻴﺔ ﺗﺪﺍﻭﻝ ﺍﻷﺳﻬﻢ ﰲ ﺍﻷﺳﻮﺍﻕ ﻣﻊ ﺫﻛﺮ ﺍﻷﺩﻟﺔ‬
‫ﻭﻣﻨﺎﻗﺸﺘﻬﺎ‪ ،‬ﻟﻜﻦ ﺑﺸﻜﻞ ﳐﺘﺼﺮ‪ .‬ﻭﺳﻴﺘﺤﺪﺙ ﺍﻟﺒﺎﺣﺚ ﻋﻦ ﻫﺬﺍ ﺍﳌﻮﺿﻮﻉ ﻣﻘﺎﺭﻧﺔ ﺑﺎﻷﺳﻮﺍﻕ‬
‫ﺍﳌﺎﻟﻴﺔ ﰲ ﲨﻬﻮﺭﻳﺔ ﺍﳌﺎﻟﺪﻳﻒ‪.‬‬
‫ﺗﻨﺎﻭﻝ ﳏﻤﺪ ﺍﻟﻘﺮﻱ ﰲ ﻣﻘﺎﻟﺔ ﻟﻪ ﲢﺖ ﻋﻨﻮﺍﻥ‪) :‬ﺻﻨﺎﺩﻳﻖ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﻹﺳﻼﻣﻴﺔ(‪،١٥‬‬
‫ﺃﻋﻤﺎﻝ ﺻﻨﺎﺩﻳﻖ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺑﺸﻜﻞ ﻣﻮﺟﺰ‪ ،‬ﻛﻤﺎ ﺗﻄﺮﻕ ﺇﱃ ﺗﻌﺮﻳﻒ ﺻﻨﺎﺩﻳﻖ ﺍﻻﺳﺘﺜﻤﺎﺭ ﻭﻣﻴﺰﺍ‪‬ﺎ‬
‫ﻭﻋﻤﻠﻴﺎ‪‬ﺎ‪ ،‬ﻣﺒﻴﻨﺎ ﺃﳘﻴﺔ ﺍﻟﺼﻨﺎﺩﻳﻖ ﺍﻻﺳﺘﺜﻤﺎﺭﻳﺔ ﰲ ﺍﻟﻨﻈﺎﻡ ﺍﻻﻗﺘﺼﺎﺩﻱ ﺍﻹﺳﻼﻣﻲ؛ ﻭﻋﻠﻴﻪ ﳝﻜﻦ ﺃﻥ‬
‫ﺗﻌﺪ ﻫﺬﻩ ﺍﳌﻘﺎﻟﺔ ﺃﺣﺪ ﺍﳌﻔﺎﺗﻴﺢ ﺍﳌﻬﻤﺔ ﰲ ﻣﻮﺿﻮﻋﻨﺎ‪.‬‬
‫ﺍﺳﺘﻌﺮﺽ ﺍﻟﺸﻴﺦ ﻋﺜﻤﺎﻥ ﺑﺎﺑﻜﺮ ﺃﲪﺪ ﰲ ﻛﺘﺎﺑﻪ‪) :‬ﺍﻟﺘﻄﺒﻴﻘﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻹﺳﻼﻣﻴﺔ‬
‫ﺍﳌﻌﺎﺻﺮﺓ(‪ ١٦‬ﻣﺴﺎﺋﻞ ﺗﺘﻌﻠﻖ ﺑﺎﻟﺘﻄﺒﻴﻘﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﳌﻌﺎﺻﺮﺓ ﰲ ﳎﺎﻻﺕ ﺍﻟﺘﻤﻮﻳﻞ ﻭﺍﳌﺼﺎﺭﻑ‬
‫ﻭﺻﻨﺎﺩﻳﻖ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﻹﺳﻼﻣﻴﺔ؛ ﻟﻜﻨﻪ ﱂ ﻳﻔﺼﻞ ﻛﺜﲑﺍ ﰲ ﺫﻟﻚ‪ ،‬ﻭﳝﻜﻦ ﺍﻻﺳﺘﻔﺎﺩﺓ ﺃﻳﻀﺎ ﻣﻦ‬
‫ﻫﺬﺍ ﺍﻟﻜﺘﺎﺏ‪.‬‬
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‫ﻭﰲ ﻛﺘﺎﺏ )ﻣﺸﻜﻠﺔ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻟﺒﻨﻮﻙ ﺍﻹﺳﻼﻣﻴﺔ ﻭﻛﻴﻒ ﻋﺎﳉﻬﺎ ﺍﻹﺳﻼﻡ(‬
‫ﻟﺼﺎﺣﺒﻪ ﳏﻤﺪ ﺻﻼﺡ ﳏﻤﺪ ﺍﻟﺼﺎﻭﻱ‪ ،‬ﻧﺎﻗﺶ ﻗﻀﻴﺔ ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﳌﺼﺎﺭﻑ ﺍﻹﺳﻼﻣﻴﺔ‪ ،‬ﻭﲨﻊ‬

‫‪١٣‬ﺍﳋﺜﻼﻥ‪ ،‬ﺳﻌﺪ ﺑﻦ ﺗﺮﻛﻲ‪ ،‬ﻓﻘﻪ ﺍﳌﻌﺎﻣﻼﺕ ﺍﳌﺎﻟﻴﺔ ﺍﳌﻌﺎﺻﺮﺓ )ﺟﺪﺓ‪ :‬ﻣﻄﺒﻮﻋﺎﺕ ﺍﳌﻌﻬﺪ ﺍﻹﺳﻼﻣﻲ ﻟﻠﺒﺤﻮﺙ ﻭﺍﻟﺘﺪﺭﻳﺐ(‪.‬‬
‫‪١٤‬ﺍﻟﺸﺒﻴﻠﻲ‪ ،‬ﻳﻮﺳﻒ ﺑﻦ ﻋﺒﺪ ﺍﷲ‪ ،‬ﺍﻻﺳﺘﺜﻤﺎﺭ ﰲ ﺍﻷﺳﻬﻢ ﻭﺍﻟﺴﻨﺪﺍﺕ )ﺩﻣﺎﻡ‪ :‬ﺩﺍﺭ ﺍﺑﻦ ﺍﳉﻮﺯﻱ‪ ،‬ﻁ‪١٤٢٥ ،١‬ﻫـ(‪.‬‬
‫‪ ١٧‬ﺍﻟﻘﺮﻱ‪ ،‬ﳏﻤﺪ‪ ،‬ﺻﻨﺎﺩﻳﻖ ﺍﻻﺳﺘﺜﻤﺎﺭ ﺍﻹﺳﻼﻣﻴﺔ )ﻣﻄﺒﻮﻋﺎﺕ ﺍﳌﻌﻬﺪ ﺍﻹﺳﻼﻣﻲ ﻟﻠﺒﺤﻮﺙ ﻭﺍﻟﺘﺪﺭﻳﺐ(‪.‬‬
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‫ﺃﲪﺪ‪ ،‬ﻋﺜﻤﺎﻥ ﺑﺎﺑﻜﺮ‪ ،‬ﺍﻟﺘﻄﺒﻴﻘﺎﺕ ﺍﻻﻗﺘﺼﺎﺩﻳﺔ ﺍﻹﺳﻼﻣﻴﺔ ﺍﳌﻌﺎﺻﺮﺓ )ﻣﻄﺒﻮﻋﺎﺕ ﺍﳌﻌﻬﺪ ﺍﻹﺳﻼﻣﻲ ﻟﻠﺒﺤﻮﺙ‬
‫ﻭﺍﻟﺘﺪﺭﻳﺐ(‪.‬‬
‫‪ ١٧‬ﺻﺎﻭﻱ‪ ،‬ﳏﻤﺪ ﺻﻼﺡ ﳏﻤﺪ‪ ،‬ﻣﺸﻜﻠﺔ ﺍﻻﺳﺜﺘﻤﺎﺭ ﰲ ﺍﻟﺒﻨﻮﻙ ﺍﻹﺳﻼﻣﻴﺔ ﻭﻛﻴﻒ ﻋﺎﳉﻬﺎ ﺍﻹﺳﻼﻡ )ﺟﺪﺓ‪ :‬ﺩﺍﺭ ﺍ‪‬ﺘﻤﻊ‬
‫ﺍﳌﻨﺼﻮﺭﺓ‪ :‬ﺩﺍﺭ ﺍﻟﻮﻓﺎﺀ‪١٩٩٠ ،‬ﻡ(‪.‬‬

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