اشكالات عقد الاجارة المنتهية ي المصارف الاسلامية القطرية
اشكالات عقد الاجارة المنتهية ي المصارف الاسلامية القطرية
a • \;oo
.r- o\A.O •
QATAR UNIVERSITY
ISSN 5545-2305
~Y • 'o-Y • 't/' H'"\- A' t ~o~_,;o:. -Y .).WI -~Y ..lb:wJI
'='~' _;~ ~ ~u .J
4.-~~t ul.wai_;JJI_, ~~t ~
_;W~'+
DOl: 12816/0009575
~4 ~I oJ~'jl ~ .:.r~~!
Abstract
This study is about leasing contracts that end with ownership as
applied by Islamic banks in Qatar. This study touches on the concept of
leasing and its conditions, and the concept of leasing contracts that end
with ownership and the ruling regarding such contracts according to
Islamic jurisprudence. Finally this study carries out detailed critical
research on the clauses of leasing contracts that end with ownership as
applied by the Islamic banks of Qatar, while clarifying the violations to
both Shariah and law that stem from the contract's clauses. This is
followed with a clarification of the possible ways to avoid such
violations and replacing them with alternatives. This study relies upon
both analytical and critical approaches in studying the . theoretical
legislations related to leasing contracts that end with ownership in
addition to their practical applications.
J/~1~1
~~ ~~~ J OJ~~~
,~~~ .J ..r:-i .:.r ~~ L.. J"'J ' ?-~ ..r:-i .:.r : o.J~.>.-)'1 :.J_p .:;.I Jt; ..u
11
w L..! (\)
<'~" .1 ,_.., t, t '.J.)l.,.. .Jb '..::...J_r-.!) -.,.~~1 ~w 'r.f..-. .:r. ..L..,s:. '.JF ..:;.1 = t>-~
. ''uP' tc
.vtuP , 'oc <r, "'"' r ,.1 . .) ,-.;_r1.1 .Jb :..::...J.ft!) .1~1 ,...l..i'-i .:r. ..L..,s:. ,~.r-11 ('I')
,~\~I),) :..::...J.ft!) _r ...l..i'-i .J# ,~JI c_r ~ ._;itJ.UI y) ,~\ ('l")
.VVuP ' \ : (r'l' • • • ,\.1
a.;_r ~~ ~L-~1 JitA:.- ~Y a,;u. ll a,;1~11 ~~~~ 'r"~; ..:;. ..L..,s:. 't.L.,..) : t""~ <t)
.n "uP (-" 'r o. , '.1 ,~, ~~ :..::...Jfr.) a,;IJI'
, r.1 ,~1 .Jb :..::...J.ft!) ~ c.r J J.:L:J' ~'-"" ,..L..,s:. .:r. ..L..,s:. , ...,.J\.k~l (0)
_,,y_
~~) <'>. "uPY" W.:... d:U" ~~ -~L!JI if- <,?)_,.01 ~~ ~_,
(T) . "~ ~ .i>.y 4_..~ 4.>-~ w.:_.. J>- _w." :~~ ~\.J.I if ',?)L>..J-1
:J,_,r.JI ~if ,4#- c).>. 'J I ..w. ~ ......o__,:; J,Y c~ ~4-U-J I _?~
J_rll ~ oi Ji <> ~~~_, ~~~l · c.lll .)..~..s; oi JJ.) J;ll l..i.A ~_,.,.\.::.....1
0
wr. _,. , , oc ,..;;\.... t:-r ,~1 o.W.J ~lbll ;;..pJJ , '(,.>J_,JI (')
. o t 1.._,.., , ic_ (~I ~I ).3 :-::..Jft!) tU~I (.r J tl.:.ill J\..!.S' '(,.>Ji.>.J..I ('I' )
. 111 '"c ,..;;\.... t:-r '~'>~'....;..!5 ,~1 (i)
'"c ,..;;\.... t:-r '~'.)'>~' ~ r.r ,~~~ (t)
. "t ".._,..,
~ 'J t.y....,. .t,;_,s' c).,.)II ..?r lJ. .1_M" :;;...l..u J.l J~ ,..LWI l)_,hl
Ws. pu J...,;,JLA.. ~ l) :_,py-" o_r \II 0\1 ..:lbJ <'>. "\.;Jb:. .;.J.b l)
(l)·"~\5"
<0>."~ ~ f>IY
if ..LWI ~ 0i ..LWI l)}> if t,?\1 j)'f- 'J ~j Lj'J .t,;_,s' ~)
~ ..!.....>! :~ ,~lj !JYI ,...Ll'-i .:r. ..!.....>! 'd',;JI .1AJ" '"C (r\O.O,t
,...Ll'-j <f...!.....>!'~ \t10,,J' '"C (r\O,M ,'1'.1 'if')...,..')ll)_;.ll ).) :..:..o).ft')
."., ,"c <r' a. Aa. ,.1 . .) ,}:.AJ1 ).) :..;...w.) J.=L-- ~ c.ro .}.Lo!JI ~
1' r o J" , 'o c ,.yL.. C::"f" ,J,.,._.JI ,~.;-lt <t)
. t tAJ" 'oC ,~L.. C::".r" ,~1 ,:t,.I.U .:r-1 (o)
·.-'I JL...,.;:....I i. f <./'·./"
lJ.:"-'
:lj 0 C 0f a.h, • ,.1 U .:1
'r- !f" r - .}'::"'
· .. lj ~. •· 0f .J:r:·
lJ.:"-' .?"")'
· •.:: : l,;~
.
·r~ li
~ J. ,~ ~ \fL...,.;:....I o_r:-_;.\.1 ~I~ 0f _r:-h.....JJ ~_? )~ \' : l::J~
:ttyf ~~ 6.;~\
'~ c")lpb.'JJL. )...~.>.a...~.;~ ,;...\e...l>. ~ Jl cb; 'l' L. :LA..l>i
-~ .r-sU ~)
<.,S)lJ.I '...L...i! .:.r. ~ '<.S.)J)Ll.l \\ "'vP '\ Oc_ 'J!L.. t:"'f ,.J:,_,._.JI ,~_;-JI (\)
,~1 ~I ).> :-:.>Jp.) J>yv Js- :# ,~\.!JI ~\.a~\ ~.l.o ~ J ~\
'j_, ....,..,~ LJ. ._r:l ·~b .?'i .:>~ ,..l.WI .:>),; JLL 4-:JJ c.~ o)..s- :~81
.~~....,..,~
( \) L I
. II .?'~..:...-.~.\ \.-_
~ Y? :..,Jl . .
o...U. if'-~ ~ J) :~.'l
" II "I'
.1Jt.? J''-' (
0 •
,.r\11 l..i.A j:l. ~.'ll.Ai_, .j:-.JI ~if~ _,i ~ c3_, J) 'jJ 'oJL>.-~1
,.,.. J, '1/'j._,'Ji ~I :..;;Jft!) ~I o..WJ ~!J:aJI 4-pJJ ,.._;r- ..:r. ~ ~t.S_,_,JI (\)
· n · cf 'o c <r' "'"' '
'" c <r' "'""" '' J, ,..,.£1, t ~ :..;;_,ft!) ~*"' c.r e:- ~' ,};.,..J\ ..:r.' = e-!r- <".)
,.t, ~ =~ 'rlfo.J' c.A rb.J' ~ ,,LJ. ..:r. ..v-i,~, \'I"\ 'cf
. A..:>..::.....i•
I.T __ J
,. It
'-UA.l'-!
.
...,_-.
_; •
O_;>. {rill
:i u· 'I .~.r--
. •II fi
WI.~ ..::.>.r:._,
.<'' (Y}II
4,.:,.
o:.~ j_,f.:;l ;;_;.JJ ;;?f.:;1 0~ 0i ~~~ A,j~ ,;;~ ;;?f.:;1 0§'~l> l? :l.......ti
<1>. ~~ ~ .,.;._;... :.~I 4.:ll::ll ..::.>~1 l? )~-' 'r_F &-
:o~u~~ :Ju ~ ,l)I}JI -:r-.lll Y4-!- L.o._?::, o).>.- 'jl l? 4.-~ ;;~u u :~~
0
< >.
11
4,j)._,.1 ..::.>jl>. ""'-:! jl>. ~ ~ c:-JI J>- ~ ;;JL>.'JI
~ ·~~1 LA_r-_Y- LC!) 'o.;l>.- ~I o.M ~lj l) ~ ~ ~li>-1 0).) J'UJ LA_r-_Y-)
.J:l.l o_r-i ~
A.kL_,ll Jwi i f ~ \1" lj~ \~I o.;l>.-)'1 ~ \1 ir.JI J}....J.~
.;JJ£ ~. 4.Jll.l
. A.kLy.I\..,. •~• A.kL) J'.J \1 lj i \;;. 4.....,. ")._, \1 I j
• < )
WI, (I) II 4.Jll.l
•
J wi -L-. tv
~~,..vJ
..;:, \....::,• ~~
•• o') 6,.')'1
<
-L-. 0i \;;. ) .~1
~ ••
o') l>.-'-'1
~~
• 1-" \f
..lf..li ,~}) _rPIAJI ~I, 4$""j,...?j\ .u1iJI .;r:1 o}-':·"}1 'J:!yJI-¥ ~ ,...l,!j (\)
.J5' L.l.b cfJ '.r:-_;l. ;J.,.T '-.)\... ~ · .r:-i..:.....l.l ._.) ~ JJ .py 'Y .u lii L.S' ,\,JL.
1
_,'\/\-
L. ~ ~ ~y)l JJWI L.i <'>."~1 o}>-)'1" Ji Financing Lease
~_,.;.~ ~I jii ~ \.s,_,.;. c:-JI 0\1 \~y)i JJWI ~ -.,>.ill Jk-11 ..:;.,1.)
~
" t Ct:
.1_,.;. IV~ \~ Lr" -.,>PI c:-- .1M)
'
w..... ~)1 ~ Jl
.:
jy.; ~) ''.?~
. ..u.JI~~~
(._,.;L:.II O;_,..UI ,~'j.._.,'il 4..UJI ~ -.1; <O_rPIA.JI lfi~J o}~~\ ,~ •c)'b o_;.ll (\)
C:! e;:-- r+-'-' ,;;JL>.. ')I ~ ~ L~;:-- ~~ ...l&-_,!1 ~w..;1 e;:-- .:_;. ~ ,~~
.~LA:ll .y .:.iJ~ ~ J1 '.?"LJJ ~I o..,.J>f 0f e;:-- r+-'J ''-.?fJ ~~I
<0J} L._, ~I ~I J~ ~\.AS~\ G..>-~1 )T ,~~) ~LA:ll dt o~)
_).l :.Jw) ~_r.JIJ .w.li ~~ J O_;-PIAJI 4WI .:J~IAJI '<..J"~ ~ '~./"" ....Ji (')
-IJilj .,rllo J.;- Wlj j..P~I J l+i~ ~!JI~ ../' L.J 4J Jl.u ..ill ~ .y-
<'>.·~...\;i ~ .J ij')\s. 'J I/~ -=?~L.aoil
.1 o, uP <r" ... , , c ,_r..s- ~l!ll )..w1 o_r..s- ~l!ll 0;_,...U1 '~/':}._,.')I ....w1 ~ 4.1; <,)
:ci::.W4 ~I o}~~IJ ~I ~I [t]
·~I) ~"j...... 'jl _}_;il ~ ,y- ~I J_,..UI ~"j...... 'jl A..Ull ~ ~ J..l..<'f
,dJ..U ~ir<' ~_, ....Q <'>"~__,..=. )G:- ~ ~~ ~~ o)G:-'jl ..w. 0i ~ ~
:jl_,.,l:-1 ~L,o" :Jl; ~
.o)G:-'jl o..,L. a.lj l) ~~ ...~>-_, :;,Y"-' _,i ,;;JG:- 'jl ..w. ~ ~~ ..w.
~ t.J ..\k..JI 0~ 'j 0i (,>i ,c_:-U o;L. ~_, ~ o)G:-'jl 0~ 0f : ~~
.(,>pi Jj oJ_y.dL ~I J)y ~ '(:;:! ..W.
::.; 0i :~1 ~w," :Ju ~ •r/1 O;t.,. 'JI ..w. ~w, _?::. ~~ 0i ~~ .J~J <1)
...WI~~ :C::""!r- . "...~..>~ .r) 0 o...l>~ ~ ..)>- ...~.>-~ c.i_, 0 0~ 0~
-~lit
.)I..L. ~ J1.... .J (::! ..w. c: A-._,1.-. o..l.lJ A-._,1.-. o_;>.~ ~ ~ o}>-) : ~~
.~1 l) -.:;...;) Jj JL,a.,. )j ,A..._,LJ.I o..l.ll j')l.>. 4-#- ._;dl o_;>. \II ~
JJ ~r 0_f...J '?-Jll tL..aJ .1rJI )~ (::! "'< .:>fiG ~ o}.>.J ..w. : t:J~
(r)".).f-~1 ..w. ;;..v _,>I y-/ .)~ J}> J>.i
if" :Ju ~ ,o_;\J:-1 ~~ ~~ o}>.- 'JI ..w. JY ..:.JJ~ ~ _?~ {
:o)\J:-1 ..l.WI JY
..;;UI t"'"}I ( \ )
LJ.;AJI C::-' ~_, "'-! .Jfl~ ,o_r:-_;..1.1 LJ.;AJ~ t.U:;')II if _r:-UI ~ o}>--1 ..w. :l:l~
0 .JL;)JI ~ ~ ~ o_r:-':;1 J-t.S' .:oi..L... ~ r-L....u o_r:-_;..1.1
~ " ~,. ~
_r:-l::......JJ _r:-_;..1.1 ~J ,o_r:-_;..1.1 LJ.;AJ~ t.U:;')II i f _r:-UI 0-"-"· o}>--1 ..w. :~~
-
...
-y
o.yUIC:"'"}I(\)
~WI~I
..u.JI t)/ o.:l~! .;...A::JI ..w ,~t,.L:. -AP~ ru)~ bi}>J ~t...) ~_,; WI
lh Js- &_,::11 b}j i f i~ ,(-) ..LWI o..L.o 0~ 0i Js- 0u)JI JAjl : t:J~
~Lb. ty1 ,y rj':>'JI J...lill ~ J..u; .~.lb_, ,~ u"4 'Y J~ ..lWI .._,P~ ::..u; ( \)
.6.:_,;Jll
J)JI wy ~j .f""T '-)}> Jj ..l.WI ~.J=! Jl <GL.\)1 Ji .U_,A.> ~
-?\.:JI J)JI r_rl! .1_rjl l..iA! JJ\.:..:.)11 d.Jl>- LJJ ·LJ.~.:JIJ-1 85' L) JJ~I
d.J4J;.I) d.J4>-- js:J ~\.; ~\..v <\)) 0_;>.-_;.\.1 WI J~ ...;i -?\.:)1 J)JI _;. :L.)L..
.LJ.
J.$~ ~I JL:ill ~) -.::.>y.j) .)_,;) .y WI ~ ~J~ tr -y
..:U~ Jj L.)
.J_,\11
,..t.WJ o~l} J_,i ~ ts).ill LJA~ J1 _;~l:=' tiv-J\.. !./"-' ,4-:1s- ~~ ~ A...~
,~4-UJI o_;} La l..l.!._, ,...LA.JI (:!y ~); i f i~ ...LiJI o.,.L.. .)j ...LiJI cJ ~l>.
A...~ o_;l>.-1 _,i .J:? o?i c:; of"'~~ ~~~ : J~ ~1 ~~ ~~ ~_,i if-'
11
o...l,.. -4~ ~~~ ~ ~l>. ~ ,~_rll ft!WI 4 d1_;} La l..l.!._, <'>. ...LiJ~
<Y>. llr_,.l.v J>.i J>- 0u)JI ~ ~ La ...LA.JI ~_;\; i f ~_;1~1 0~_, ,o_;l>. 'jl
•
_,VA-
'-:?i ,oft-j.J' ~~ ~ J ~u :Jy:-J ~~ clJ.) ~ ~Ji ~ &J
,~ o_r:-_;.1.1 L;:Ji ~ l) _r.:>-G .!)L;;. ~ t La ...LWI e:!i C: f...y o_r:- ~~ 0i
~IS. b) w...JI 4J~ :J1W~ V'UI J~~ S\s'f 4J~ J_ra11 o.b:-4 La 0~ \11)
J. ...LW~ & \1 o_r:- ~1" :~4-UJt Ju .!JJ.UJ ,~1 J~i .1.:. ~ Jfr" a1 ~
_r:-_;.1.1 0~ ~~ ~ t 1.)~ <'>."4,j ~~ Jf ~~\~~ Ji 4A Jj ~~
Jlf-'jl ~ i~ ._:.,\flll ~ l)" :U?-Wi ...\>.i J~ .!JJ;, lJJ ,o_r:- ~~ ~ \1
~~ :...LWI .1;s. o.fol:...J.I l.,yJI ~ ~ .Ji .!J].U .1_;..;.1 4,j~ ,...LW\ ~ &,c
(1"). "...LWI ·. · 1..LJI ·~ ..:.U.\.1 ...::..-.:..; t.p) 1...... ~"
~ ~ . '-? .•
~\.>.. A..ls;) ~"iw-')1 ~_,...:11 o)L>.-')1 JL.. ~ 1/'_r.. J# ,~L~> ~ ,JW' ('I')
. ''I' '-"' '' t n r -vv (-"' 't r. fr 'I' •• "' ,~"Jw-')1 .>L..:ci)ll :y,.;Ju.,.~ &\.1
. A\ '"lc_ ,.y,L.. C::"/ :~JI .y- ~ ('r)
~l>. ~ ,~\..i. 0_,-4 ~I Jl ~ o_r:-jll ~I ~ .)f ..l.WI t) _;(~
~~ J oft"_j4.ll a$_;JI ~ ~~ "\!JI ~__,bjl JiJI J__,bJI ~ :..LWI t)
.:r Ji .1w\11 "-J .:r -4J- ..u o_.r.A=.\.1 o..r:- ~4 J-1...:.!1 .;i J.$' ~.Y r-'! ....;_,.....) en
. ~.M
~_,J~ .j£v ';; __,h.; ~ ~YL ')I J}...all ~ oi Jl ~I ~ ~_,
~ 1_,_r.... ~I.YI b ~ ~ ~I ~ (}y J ,..lWI ~li ~ w...JI C:;.-1 i)ll
<'>.~ ;;J~ .1W~I JL-51
..1W~I i f
t~.>.-_;.....1 if J~l ~ L. ..G:-y. ~ ~~ ,~LJI J-..r}l'l .)>- ~.)~j :..:.JI.:ll r~'
.~1 i f a.....Lll
Y' J-.All Jr:JI I..J\ i f 1.?? J_;; Ll Wl> ~ .1_rjl I..U I..J~ ,\>.? L.l
J-.All Jr:JI 1..J i ~_rJ I ft! WI y ~ 1.>.- , ~ ..!'-"_, a.....Lll ~ ~ ..!'-" LP.< L. J _;All
11 I • IL., ~ ~ ·, ~~~ 11 ·' Y'
··..r-· T ..r'Y
· 1- · (\)
<..)) · ~".J-' . ..r"
':JI ol I •· · · •
.J'::""' ~ d) a.....LJ\ · 0.r-
11
_!:? C: ..lA.JI y A....pi\ of""~~ lA! .)_y_,.l.l of"" ~I LP.< J_;Ajl Y' :jUll Jr:JI )...LU
(). 11-A?i_,JI
~I ·~)) _rP\AJI ~" !$"')...,.~\ WJ\ !,):!! OJ~~\ , j<yJI ...1.,Y ~ •..l.J.j (i)
if" :t.l..u J.l $ Jt; w ,o)..l..a.! J. ~ ~ ;.i ~ l) ~); 4-15' ;;? \II
m."U..ts-;;?\11 ~) .w ~ ~ 4.li.,Y ~ ;;...v1~ ?L1
·?U1 J1 ;;?\II
. ~UI O)Lll '1.)\!ll j..aAJI ('I' • ·A It :~J) ..:..o~LWI J4;1 .:>G., .:>yli ( \)
._ili ~~) if C:}~ 0i 'J' ,..b_O ~ c}J ~ill J_r<JI ~ 0i (4J~ ,y- ....Ali
~~ .r-- LP.--1 J)..A.ll A.i~ ~_rll fi:!WI ~ 4.j".)...l> ..U ~I J.r<J~ ,j.:..-JI
:if_,:All )..,.JI .:;.1 J~ ,~ .J_,.JI 0_;>:- \... ~ .r-Jll .)i \s.r- J_;; ..U
_r->- .:;.1 .?~) (r) _" j f )i o.)~ ~ ..:..>_;>:- \... j) J')U,')I C: ?"Y ~ ~) "
~ ~ ~ ,U.L.!JI li)..~" :~ ~I Oy,?':"G ~ .r-Jll .)i ~I
o..U J!.o o\J ~?: ~ .Ji ~}).1 p ..j~ ~ J....:;; <0i 1..5_1- ...!...>-l,ll J~ ~ Lr"J (\)
'"c <r'a.a.r ,,.1 .~~ tLY :...:..>Jft!) ~-*-' c..r ~ ~~ ,Jw1 .:.r-1 <">
·""'' -"'
~ ,,,b..lll l,?"';A....'JI <LUll~ OJ} L.. I.:V.) <'>. 0~ )i Y' ~ 'Cl>.J o.)~b
11
l..lylAJI ~ ~ ,tr-U ._;;1y .W t,_;Li J_;; L.. L..~ ,~r- J_;; L.. I.:V.
l) ~t.,. ~ , _r:-_;11 <Y~ J>- c}-i o_r:-_;11 ~ ~L ~I 4.;~1 I..Ji J>- (,>}UJI
.~o \ t "\' \ '-:-"'"J J! .~o \ t "\' \ of'" \II (.5.>~ "\' o .y '~.)_,.....ll ~,r-JI ~I ~ ..}>4)4
.(\"1'/t) ,,. ~J)}<r"· .. ~ "I'A-'tr)
. '\,...... L}~I ~I ~l._,..,> :J~ 0i ~~I (f)
11
.J_,.;LAJ~ ~rJI .f.:!WI 4_, ~4-UJI J~i i f ~ t... ...JJli \.A~ I.A~~ tJ
~ ..l>.y. ')_, ,~\ Jl ~yU 6.j~\ .J_,_;.;. ~ ~ ~ '~r"' Llt> <,?)=.ill
- o}.>. 'i' ..w. tJ ~L>. ~ ,4.i~l t~i i f U _,i ~?- (>i J_ra.\.1 j!>. ...l>~
6.i~\ jW.i ~~~ ~I r~ .0i - _):; tJ ~":)w, 'jl JJWI o~ <.,?.UI
11
~~r-- W' ~")\.)~ .y- J_,j-.1.1 o...l>-' ~\ .)~II ..uLJI JrJI ~ c~'i~
~ Jl db ~.r- 0LS' _,J_, o~ _,i .Jl.Jbl .y- ~u~ ,t;?- ri ~ ls"'J~.A 0LS'i
~')UI I.:U. tJ ~\ ~ OJ)~ e::-.r- .Ji .J_, 4.:...J c!~ ~ (j~ Jl::l4_, '?-)1
'II <1,>.) ..:.U.U .JLS' 01
.;,.l!)\ i f _,i <.,?}).1 J_ra.\.1 i f t...l ..;u. '1'~ Jl cl::i 4.k...~l o.:U.
:..;..Jft.) t""l.S"rJ l;L.. ~J '4J·~ll ~~I JJ--P~I 'a..JJ...UI ~~I J~\'1 4..J:. (')
ooVVJ" 'J!L.. t;-/ ,~L>.)'I '.}Y ,f S\.o; o'ViJ" (' '\Ai ,~')Wj r-Wi ).>
o'\i'-"" ''c ,~J' c~ ~ ._;;1!..\li? ,~,('I')
0 o~,j\) .:,l5J.i 'J!UI .:,l5J.i (i)
0lS'I~) )i ,;;_f.._;.l.l -:,yo.)~~ 'j J_,.>-\11 J~l 0y~ •c;;_. ~ \... _jJ
0i f""L..Jj jy.S 'j ~ <'>~1 .)Jb:.~ ~ o?-_;.1.1 ~I j~1
:08L> ~..u 0~ I~~) 'J..r'"~ ~
?_;.!.I w\y 'i) \J.~I J..r'"~ ~ 0i f""L..Jj jy.S 'j ~ ,·~ f""h..J.I
~ ~ !. .; :::; f -
81~) ~ ~ .1_rll I~ 0~ ,14_14.- • J')b:.~ }-.:;; 'i o?-_;.1.1 LJ:All ._:..jl5)
JG 'i ..:...itS' J) o?-_;.1.1 LJ:All 0i ~4-UJI _?~ ..:,U..iJ) ,~~ ~ f""h..J.I r~ 'i)
~)" :~1 rL.)'I J~ ,S\.1~ 0~ ?-_;.1.1 ~ 0~ 14_1 •• - • Jjb:.~ ~
Ju) <~">_"op&- ~ Ji 4.! J.>.~ ~ .1_r. } L.S" ,oJdi ~ ~ ~ 'i
0~ ~~~ ~ 'i ~ .J)..UlS' J-:-11 Jjb:.~ .....A.b; 'i ~" :~)1
<t>_"._:..)LA:ll r..w ~ 'i -~-•-H
S::~ ~ ~ ~
~ ~ . >!:'
·t: <:.;-
t •- ·~ v· {
'
(· ') t~ f
I
S::.
.t-
~·
~ >!:' ~ t 1
;_
'~ ~
- ·L. 1-
<ir::: ~·t:
Ot L ~
i;:. ·t. f ')
·- ·- ' ~t' ''
.b ~
t·t'
l{ l~t~t· t ~· rt ~·" \t· ·~ ·-r- t
I 1 ' ~~-}"~·,h.~ ~
~ ~~ ~(·~~·C.·
~·
t- f.(• t-· ~ '-'
,.Ia . ~.\\ - ~ ,c_(·~v ~
(• 1_ c_ .... h. 1: 1 0 - ' ~ 1...:
-. •C - c;- ~~
t t ':. l E
I ~ 0 ~ ~ . .!: <1:.- ·~ - ~" ). ~ ~.
1" .G:· ~. f
v~
~-·1
sec; ~\ ~(• i~
~ 'b
1. l(.. 1={-c· '~-:- ~G\ ~
f' ~' 1- ~
(.,
.'f .C"
f
~
~
1- ~
\~. C.·"
- .. -
(..·\\
,t• ~ 1 't ~ f. r r·
t ~·
~ ·{; ~
~ t ,· ~~c;~t T .~.· :f l. ~ ..c (.,• c. f
...!''
•t' - .t_ f.: re. - ~~' ~· ~- ~ 1-- ·~
~ c.v ·~
E =
.. f. ~ t 1 ·- ' ~
~: ~ = .c- , . _: ·C. ~ C.·" ·~ ~
l(.-. 1.: ~ ~· ~ •C-- (. t (.. 'tt' f ': - ~ 'P .' ~·
(• I!- . {'\;-- -·Z ~ (•
(. ~ •C.· (. g ' t f - t ~ ...!
•C . ~ ·£; ~·'
<ir::: ~) .~
~ E" f ~~
{ t .s. 1'
·C.· .c- "- \..i - J
t {~ ~ - ~ t ~
~ L.. J'J ~>'~)'~ .._,Jl1 Ll. J_,...d.l .;...~~if~ t# ,4-:))_;-... i f .s~~
.<~.J "~)'I ._,.J.1 Jj c_b; ~ 4.W "}\ J>- ~
..:,~ .;...W,r:)l o.U ~I ~ Jft?. J_,...d.l ~~ ,__,..i i f ~ 4)
."o..UI J~ J\kJ~ tU::;~~ JP~Il) ~ <-:->-t..,"
.U u-) J_,...d.l ~~ lf"J!. _r-_;;::)1 li.o; J_,...d.l Ji Y'J ,.f""T J~! ~.:.A L!. {
Ll. J)L;;! I..U_, ,U:JI ~ J~ ~I..WI .y- j.:.-ll Jli .y- ~WI J~l
~ 0i (4J~ .:/ Jli ~i) J,L.J\11 JLS'l .:/ J:.-ll ...Ji ..u_,
Jr<J~ ,j.:.-ll ...Ji ~~) if C}f.-o 0i ~ ,Jw 4s- (!J ~.UI J.r<JI
43~t.s::..;.l o_;>J 1);z; .:fJ_, ~4 ~~ o)= )'I ..w. .h.J j~ j.P\11 :~'J
...LWI I..U .y- y')L.. )'I JJWI j..L.,aj 0i <..>;. ~~I 0~ 4)u_, ~
:~L:ll ~~ill_,~ J....u 0i _,i
J_,..:ll ~ ~ ,~ 'i).j-! ~I r-_;ll 0~ 0i :JJ'jl ~L..a)l
_,~Y-
~~ ,~ ~~I)._;.. ~ .)~\II if ~ \1) JlS' J1 \.J\!.11 ~\..all
J5' ..L:s- ~r"' ·~l:>-1 ~I .Jl:>-1 ()l;ll oh ~ 4
,o~l ~~ YL)I J~l dl-' ~ ~J ,fr.iU
~~~\II~ \1 ~~ ~l!ll o?~l Y'J ,dj.) US' .}.-l? _;>T Jl:> .!lb. : L..\:J:.
~y..lll ~l-!.;1 ~-l? b ,(fixed Rate)~~ e'JI J~ J. ,_?_;.ll ~
. 4J4;:;1 Jl ~I ~
~I_,JI
:..:..>J_.r.:!) ~I .r"'\..i # ,.::J~~' ..;..::5 ,~1~ J. .:.r""") -¥ ,~1 -'
.. (i"l'. ·"I' ,,.1 ,~')L..)'I )~I).)
·(i\"''H ,;.1
. <i' "'"' t
. (i\ "'"'i ,.1 ..) ,a;_,.J.I ).) :..:..>Jfi) .k_,_JI ,..u--i J. ~ ,~_rll -A
. "" i -vv (--" 't i. fr " .. ~ 'l$"~'il .)\...,.ci~l :y.yJI.y> ..!.illl ;;.....G,.
r--"l5'"f-J 4L. :V:.j ,4J_,.UI ~~I J)"J'~I '4J..UI ~~\ Jy\11 a..:J:. -\A
.(\ ~Ai '0:.!'.>W.l r-WI Jb :...:.>Jp.)
. (i'f • • • '\C.'? l)l.!ll .)..W\ o? ~I.!J\ oJ)..UI 'if~'jl ...WI e:_J: ~ -'f \