al-√p-Iƒ; kmº-ØnI kzm{i-b-Xz-Øns‚ CkvemanI IWn-I-Iƒ

Poh-cm-in-bn¬ Hcp \yq\sØ Hgn-®p-≈-hsb A√mlp kaq-l-ß-fm-bmWv krjvSn-®-Xv. a\p-jy\pw kmaq-ln-I-

ambn Ahs‚ Poh-k-‘m-cWw km[n-°-W-sa∂v Ah≥ \n›-bn-®p. apkvenan\v A√mlp Xr]vXn-s∏´p \¬Inb Pohn-X-
am¿§-Øns‚ \n¿ΩnXn Ahs‚ ASn-ÿm-\-_m-[y-X-bmb \a-kvImcw \n¿Δ-ln-°p-∂-Xn-\p-th≠n ]Sp-Øp-b¿Ø-s∏´ `h-
\-߃°p Np‰p-am-I-W-sa-∂Xv B \n›-b-Øns‚ `uXn-Im-hn-jvIm-c-am-Wv. apkvenan\v Xs∂bpw Xs‚ Pohn-X-hy-h-lm-c-
ß-sfbpw X\n-°S- p-Øp≈ A√m-lp-hns‚ `h-\Ø - n¬ \n∂pw AS¿Øn-am-‰pI Akm-[y-am-Wv. Xß-fpsS kao-]Øv AØ-
c-samcp `mh-\-an-s√-¶n¬ AXv sI´n-∏-Sp-°pI F∂Xv Xß-fpsS Aÿn-Xz-Øns‚ {]mY-an-Im-h-iy-ambn apkvenwIƒ
F∂pw Icp-Xn-t∏m-∂n-´p-≠v.
al-√p-I-fpIsS {]m[m\yw apkvenw t_m[-a-fi-e-Øn¬ kPo-h-am-ImØ Ah-ÿ-bp-s≠-¶n¬ AXn\p ImcWw
AXns‚ km[m-c-W-Xz-am-Wv. Ign-°p∂ `£-W-sØ-°p-dn®v KmV-ambn Nn¥n-°mØ a\p-jy-a-\- ns‚ Ae-kX Xs∂-
bmWv Cu kwhn-[-\-Øns‚ al-Xz-sØ-°p-dn®pw \sΩ hnkvar-Xn-bn-em-°p-∂-Xv. \a-kvImcw apX¬ \ΩpsS {]h¿Ø\
]cn-t—-Z-ß-fn-te-s°√mw ssZhn-I-`-h-\-ß-fpsS ioX-f-—mb hym]n-t°-≠-Xp-≠v.
`cW-]-chpw kmº-Øn-I-hp-amb ]cn-t{]-£y-Øn-eqsS Z¿in-°p-tºmƒ al-√p-Iƒ°v A\yq-\-amb Hcp Xm{¥nI
kz`m-h-ap-≠v. `c-W-˛-\n-b-{¥W kwln-X-Iƒ tI{μo-I-cWw (Centralization) F∂ kt¶-X-Øns‚ Bcw-`-Z-i-bnse KpW-
^-e-߃ A\p-`-hn-®-Xn\p tijw hyh-ÿn-Xn-bpsS hnIm-k-Øn¬ AXns‚ ]cm-P-b-a-dn-™p. XZv^-e-ambn hntI-{μo-I-c-
Ww (Decentralization) F∂ Xnbdn DZv`-hn-®p. F∂m¬, Ckvemw AXns‚ P\n-X-I-tc-J-bn¬ Xs∂ tI{μo-IrX hntI-
{μo-I-cWw (Centralized Decentralization)F∂ t]mÃv tamtU¨ amt\-Pvsa‚v Xnb-dnsb kzmwio-I-cn-®n-cn-°p-∂p. `q{]-
tZ-i-ß-fpsS hnkvXr-Xn-I-fn-eq-sSbpw \navt\m-∂-Xn-I-fn-eq-sSbpw hym]n®v AX-Xns‚ X\-Xmb hnIm-k-£-aX \ne-\n¿Øn-
s°m≠p Xs∂ H∂n®p tN¿∂v Htc-I-I-Øn¬ tI{μo-I-cn-°p∂ al-√p-I-fpsS Xm{¥n-IX hnkva-b-I-c-am-Wv. {]hm-N-
Is‚ aZo-\-bnse ]≈n apX¬ CkvemanI Jnem-^-Øp-I-fn-se√mw Xs∂ al-√p-I-fm-bn-cp∂p `c-W-b-{¥-Øns‚ ASn-
ÿm\ Ah-b-h-߃.
apkvenw cmjv{S-am-bn-cp∂ Dkvs_-°n-ÿm-\n¬ \nb-{¥-W-ap-d-∏n-°m≥ tkmhn-b‰v bqWn-b≥ D]-tbm-Kn-®Xpw
al√v LS-\-sb-bm-Wv. 1924˛¬ Dkvs_°v tkmhn-b‰v bqWn-b-\n¬ ebn-∏n-®-Xn\p tijw CkvemanI kwkvIm-c-Øns‚
\mVo-hyq-la- m-bn-cp∂ al-√p-Isf XI¿°p-hm≥ ITn-\{- i-aß - ƒ \S-Øn. AXn¬ X߃ hnP-bn-°p-Ib - n√ F∂p t_m[yw
h∂-t∏mƒ Ckvemans‚ Rc-ºp-I-fn-eqsS tkmhn-b‰v AXns‚ c‡-sam-gp-°p-hm≥ Xocp-am-\n®p. ‘HIvtkm-tImƒkv’
(Oqsoqols) F∂-dn-b-s∏-´n-cp∂ ]c-º-cm-KX al√v t\Xr-Xz-ß-fpsS Xe-∏Øv ]m¿´n-bn¬ \n∂pw HutZym-Kn-I-ambn hnc-
an® Imc-W-h-∑msc Ah-tcm-[n-®p. tkmhn-b‰v A\-¥c Dkvs_-°n¬, 1989 apX¬ Iayq-WnÃv ]m¿´n-bpsS {]Ya sk{I-
´-dn-bm-bn-cp∂ Ckvemw Icn-tamhpw Xs‚ ]m¿´n X{¥w Xs∂ {]tbm-Kn-°p-∂p. al-√p-I-fpsS LS-\m-imkv{Xw D]-tbm-
Kn®v Kh¨sa‚ n-s\-Xn-cmb at\m-\ne sh®p-]p-e¿Øp-∂-hsc Is≠-ØpIbpw Kh¨sa‚n-s\-Xnsc Db¿∂p hcp∂
CkvemanI kwL-S-\-I-fpsS hocyw Ipd-°p-∂-Xn\p th≠n IpSpw-_-ßsf \n¿_-‘n®p am‰n-Øm-a-kn-∏n-°p-Ibpw sNøp-
∂p. Xs‚ A[n-Imcw kwc-£n-°m-\m-h-iy-amb coXn-bn¬ al-√p-Isf ]p\x{Iao-I-cn-°p-∂-Xn\p th≠n 2003 s\ al-√p-
I-fpsS h¿j-ambn BN-cn-®p. al-√p-Iƒ LS-\m-]-c-ambn F{X-am{Xw X{¥-{]-[m-\-am-sW-∂Xv CØcw Ncn{X hkvXp-X-
Iƒ \sΩ Hm¿Ωn-∏n-t°-≠-Xp-≠v.
CkvemanI kmº-ØnI {Iao-I-c-W-Øn¬ al-√p-I-fpsS ÿm\w
ss_Xp¬ amepw kº-Øns‚ {]`-h-tI-{μ-ß-fmb al-√p-Ifpw XΩn-ep≈ At`-Zy-amb _‘-amWv CkvemanI
ÿqe kmº-ØnI LS-\-bpsS (Islamic Macro Economic System) B-Wn-°-√v. apkvenwI-fpsS s]mXp-hm-bXpw Hcp
apkvenan-s‚bpw DS-aÿ- X
- b
- n¬ hcm-ØX - p-amb F√m kzØp-°fpw ss_Xp¬ amens‚ `mK-am-bn-cp-∂p. kzØv ss_Øp¬
amen-t‚-Xmbn IW-°m-°s- ∏-SW- s- a-¶n¬ AXv ss_Xp¬ amen¬ ebn-®n-cn-°Ww F∂v \n¿_-‘a- n-√. Imc-Ww, ss_Xp¬
am¬ Bi-b-X-e-Øn¬ Ipdn-°p-∂Xv AXns‚ Xs∂ Ccn-∏n-S-sØ-b√; AXns‚ Ah-Im-i-amb kzØp-°-fpsS e£y-
ÿm-\-sØ-bm-Wv. AXn-\m¬, apkvenwI-fpsS s]mXp XmXv]-cy-Øn¬ \S-tØ≠ sNe-hp-I-sf√mw Xs∂ AXns‚ _m[y-
X-bmbn KWn-°-s∏-Sp-Ibpw AsX-hn-sS-h®v sNe-h-gn-°-s∏-´mepw ss_Øp¬ amen¬ \n∂v sNehgn°-s∏-´-Xmbn ]cn-
K-Wn-°p-Ibpw sNøpw. sNe-hp-Iƒ ss_Xp¬ amen¬ FØn AXn¬ ebn®p Ign™ kº-Øn¬ \n∂m-h-sWsa-∂n-√.
AXn-\m¬ Hmtcm al√pw kzbw ss_Øp¬ amens\ {]Xn-\n-[o-I-cn®v \ne-sIm-≠p.
CkvemanI kmº-ØnI {Iaw AXns‚ G‰hpw hnI-kn-X-amb cq]w ssIs°m-≠Xv Dkvam-\n-b (Ottoman) Jn-
em-^-Øn\p Iogn-em-Wv. Dkvam\nb Jnem-^-Øns‚ ‘knhn¬ tImUm-’bn-cp∂ ‘aP-√-bn¬’ Jnem-^-Øns‚ kmº-ØnI
\bw A©n-\-ß-fn-embn kwt£-]n-®n-cn-°p∂p:˛
1. F√m sNe-hp-I-fp-sSbpw am\-Zfiw P\-t£-a-am-Wv.
2. `qcn-]-£-Øns‚ s]mXp XmXv]cyw \yq\-]-£-Øns‚ ]cn-anX XmXv]-cy-sØ-°mƒ ap≥K-W-\-b¿ln-°p-∂p.
3. thZ-\bpw ImTn-\y-hp-a-I-‰pI F∂Xv kuI-cy-߃ krjvSn-°pI F∂-Xn-t\-°mƒ ap≥K-W-\-b¿ln-°p-∂p.
 4. Hcp s]mXp\jvShpw kzIm-cy-\-jvShpw G‰p-ap-´p-tºmƒ sXsc-s™-Sp-t°-≠Xv kzImcy \jvShpw; c≠p
\jvS-߃ G‰p-ap-´p-tºmƒ sXsc-™-Sp-t°-≠Xv henb \jvS-Øn\p ]Icw sNdnb \jvS-hp-am-Wv.
5. KpW-t`m-‡m-°-fmWv KpW-Øns‚ hne-sbm-Sp-t°-≠-Xv.
Jnem-^-Øn\p Iogn¬ \S-∂n-cp∂ Bb-hy-b-K-W-\ (Budgeting) B[p-\nI cmjv{S-ß-fp-tS-Xn\v t\¿hn-]-co-X-am-
bn-cp-∂p. B[p-\nI Bb-hy-b-K-W\m coXn-bn¬ (Budgeting Methodology) sN-e-hp-Iƒ BZyw IW-°m-°-s∏-Sp-∂p.
A[n-Ir-Xc- psS `mh-\m-hn-em-kß
- ƒ°pw cmjv{Sob XmXv]c- y-߃°p-a\ - p-kc- n®p \n¿Ωn® sNe-hp-Iƒ \nI-Øm≥ XpS¿∂v
hcp-am\ am¿§-ß-f-t\z-jn-°p-∂p. IqSnb Bkq-{XnX hyb-ß-fpw (Projected Expenditure) Ipd™ km[y-amb hcp-am-
\-hpw (Possible Revenue) XΩn-ep≈ A¥-csØ s]mXp-[-\-°-Ωn (Budget Deficit) F∂p \ma-I-cWw sNbvXv P\-
ß-fpsS ta¬ ASn-t®¬]n-°p-∂p. [\-°Ωn \nI-Øp-∂-Xn\p th≠n h¿≤nX \nIp-Xn-Iƒ, ]en-im-[n-jvTn-X-amb B¥-cn-
I-˛-_mly IS-߃, bYm¿∞ apX-ep-I-fpsS ]n≥_-e-an-√mØ \mWb {]k-c-Ww (Currency Printing) XpS-ßnb hn\m-
i-I-c-amb am¿§-߃ kzoI-cn-°p-∂p. Ch BXy-¥n-I-ambn sNs∂-ØpI \mW-b-s∏-cp-∏w (Inflation), kmº-ØnI amμyw
(Economic Depression), km-º-ØnI XI¿® (Economic Crisis) F∂n-h-bn-em-Wv.
Jnem-^-Øn¬ _UvP-‰nwKv XpS-ßn-bn-cp-∂Xv tZio-b-h-cp-am-\-Øns‚ {i‘m-]q¿Δ-amb ]T-\-tØmSp IqSn-bmbn-
cp∂p. al-√p-I-fm-Ip∂ kq£va-Z¿in-\n-I-fp-t]m-Kn®v {]mtZ-inI hcp-am-\-Øns‚ IW-s°-Sp∏n-eqsS bmYm¿∞ym-[n-jvTn-
X-amb tZiob hcp-am-Øn-se-Øn-t®-cp-∂p. tI{μo-IrX _UvP‰v D≠m-°p-∂Xv h¿jm¥w anX-amb Hcp an®w (Surplus)
D≠m-Ip∂ coXn-bn-em-Wv. ASn-b-¥-c-L-´-ß-fn¬ t]mepw Hcp ‘_me≥kvUv _UvP‰v’ F∂-Xn-ep-]cn ‘sU^n-kn‰v _UvP-
‰p’-I-fp-≠m-hm-Xn-cn-°m≥ A[n-Ir-X¿ {]tXyIw {i≤n-®n-cp-∂p.
CØ-c-Øn¬ kmº-ØnI Bkq-{X-Ww (Planning), kam-l-cWw (Collection), hy-bw (Expenditure) F∂o
s]mXp[\-im-kv{X-Øns‚ aq∂v XqWp-I-sfbpw Xmßn \n¿Øp∂ i‡-amb ASn-Ø-d-bmbn al√v hyhÿ CkvemanI
Jnem-^-Øn¬ \ne-\n-∂p.
B[p-\nI kmº-ØnI {Ia-Øn¬ al-√p-I-fpsS ÿm\w
Imem-¥-c-Øn¬ kmº-ØnI hyh-ÿm-hn-ti-j-ß-fn¬ h∂ am‰w hºn-®-XmWv. G‰-hpw henb am‰w krjvSn-®Xv
‘Ita-gvky¬ _m¶nwKv’ BWv. ‘Ita-gvky¬ _m¶nwKv’ [\-Øns‚ kq£n-∏v, hn\n-tbm-Kw, Nw{I-aWw XpS-ßnbhsb-
sb√mw hºn® am‰-߃°p hnt[-b-am-°n. kwL-SnX [\-Imcy ÿm]-\-ß-fpsS Bhn¿`m-h-tØmsS {Ib-hn-{I-b-߃°v
henb tXmXn¬ _m¶nwKv D]-I-c-W-߃ (Banking Instruments) D]-tbm-Kn-°-s∏´p XpS-ßn. k¿tΔm-]-cn, kwL-SnX
[\-Im-cy-ÿm-]\ - ƒ hym]-Ia- m-bn-Øo¿∂-tXmsS AhbpsS {]m]y-X (Access) ]c-a{- ]-[m-\a- m-bn. ]eni F∂ ]W-Øns‚
- ß
Ir{Xn-a-hne ]W-Øns‚ {]mIr-Xn-I-amb Nw{I-a-W-sØ hen-sbm-c-f-thmfw XS-bp-Ibpw sNbvXp. h¿Ø-am\ ImesØ
Zmcn-{Zy-Øns‚ Zqjn-Xh-e-b-Ø-ns‚ (Vicious Circle of Poverty) ASn-ÿm-\-Im-cWw kwL-SnX kmº-ØnI ÿm]-\-ß-
fpsS tkh-\-߃ Zcn-{Z-P-\-hn-`m-K-߃°v {]m]y-a-√m-Ø-Xm-sW∂v Stuart Rutherford X-s‚ “The Poor and Their
Money”F∂ {KŸ-Øn¬ \nco-£v®n-´p-≠v. C¥y-bn¬ [\-Im-cy-ÿm-]-\-ß-fpsS tkh-\-߃ G‰hpw IqSp-X¬ A{]m-
]y-am-bn-´p-≈Xv cmPysØ G‰hpw Zcn-{Z-c-cmb apkvenwIƒ°m-sW∂v 2006¬ {]kn-≤-s∏-Sp-Ønb k®m¿ IΩn‰n dnt∏m¿´v
Nq≠n-°m-´p-∂p.
h¿Ø-am\ kml-N-cy-Øn¬ al-√p-I-fpsS kmº-ØnI LS\ ]p\-cm-hn-jvI-cn-°-s∏-tS≠ H∂m-Wv. kpkw-L-Sn-
X-amb `c-W-kz-`mhw \jvS-s∏-´-Xn-\m¬ h¿Ø-am\ kml-N-cy-߃°-\p-tbm-Py-amb coXn-bn¬ CXp sNøp-hm≥ hyXncn-
‡-amb Hcp kao-]\w Xs∂ kzoI-cn-t°-≠n-bn-cn-°p-∂p. kwL-SnX [\-Imcy ÿm]-\-߃ ta[m-hnXzw ]pe¿Øp∂
Hcp Ime-L´- Ø - n¬ apkvenwIfpsS kmº-ØnI kzm{i-bX - zhpw kzXzhpw hos≠-Sp-°p-∂X - n-\p≈ kbp-‡n-Ia- mb am¿§w
Ah-cpsS kmaq-lnI Pohn-X-Øns‚ {]`-h-tI-{μ-ß-fmb al-√p-Isf kwL-SnX [\-Im-cy-ÿm-]-\-ß-fmbn ]cn-h¿Øn-∏n-
°pI F∂Xpw; {]kvXpX ÿm]-\-ßsf Htc-I-I-Øn¬ Iq´n-t®¿°pI F∂-Xp-am-Wv.
apkvenw kwcw-`ß
- f- n¬ hnc-fa- mbn am{Xw {]mtbm-Kn-Ih
- X
- vIc- n-°s- ∏-Sp-∂X
- mWv ÿqe ÿm]-\h - X- vIc- W
- w (Macro
Institutionalization). ÿqe ÿm]-\-h-XvI-c-W-Øn-eqsS km[n-°p∂ Db¿∂ Af-hn-ep≈ {]h¿Ø-\-߃ D]-t`m-
‡m-°f- n-te-s°-Øp-hm-\p≈ sNe-hp-Iƒ Npcp-°p-∂p (Economies of Scale). ÿqe ÿm]-\h - X
- vIc- W- Ø
- n\v Ahiyw
th≠ hnh-c-km-t¶-XnI hnZy-bpsS D]-tbm-K-Ønepw apkvenw ÿm]-\-߃ Gsd ]n∂n-em-sW∂v ]T-\-߃ sXfn-bn-
°p-∂p. h¿Ø-am\ C¥y≥ kml-N-cy-Øn¬ \ne-hn-ep≈ \nb-a-߃°p-≈n¬ \n∂p Xs∂ Hcp B[p-\nI [\-Imcy
ÿm]\w ssIImcyw sNøp∂ AXn-{][m-\-amb _lp-`q-cn-`mKw {]h¿Ø-\-ßfpw al-√p-Iƒ tI{μo-I-cn®v \S-Øp-hm≥
km[n°pw F∂Xv \ΩpsS kPo-h-{i-≤-bn¬ htc≠ Imcy-am-Wv.
al-√-[n-jvTnX kmº-ØnI {Iao-I-c-W-ß-fpsS ASn-ÿm\ cq]-tcJ
al-√p-I-fn¬ kmº-Øn-I-amb sI´p-d-∏n\v F¥mWv th≠Xv F∂p Xocp-a-\n-°p-∂-Xn\p apºv, kmº-Øn-I-amb
Bh-iy-ß-fpsS ASn-ÿm\ kz`mhw F¥v F∂Xv _‘-s∏-´-h¿ IrXy-ambn a\- n-em-°pI F∂Xv hfsc {][m-\-am-Wv.
Ãph¿´v dpX¿t^m¿Uv; Zcn-{Zcpw Ah-cpsS [\hpw F∂ Xs‚ ]pkvX-I-Øn¬ kmº-Øn-Im-h-iy-ßsf \membn Xcw
Xncn-®n-cn-°p∂px˛
1. Pohn-X-N{I Bh-iy-߃ (Lifecycle Needs)x˛ hn-hm-lw, ac-Wm-\-¥c NS-ßp-Iƒ, P\-\w, hnZym-`ym-kw, `h-
\- \n¿Ωm-Ww, hn[-hm-Xzw, hm¿≤-Iyw...
2. sshb-‡nI {]Xn-k-‘n-Iƒ (Personal Emergencies)x˛ tcmKw, A]-I-Sw, sXmgn¬cm-ln-Xyw...
3. Zpc-¥-߃ (Disasters)x˛ Xo-∏n-Sn-Øw, {]f-bw, sskt¢m-Wp-Iƒ, bp≤-߃...
4. \nt£-]m-h-k-c-߃ (Investment Opportunities)x˛ I®-h-Sw, hyh-km-bw, `qan, b{¥-km-a-{Kn-Iƒ, `h\
\ho-I-c-Ww, sXmgn¬ kºm-Z-\w...
CØ-c-Øn-ep≈ kmº-Øn-Im-h-iy-߃ aq∂p Xc-Øn-ep≈ kmº-ØnI hn\n-a-b-Øn-eq-sS-bmWv ]q¿Øo-I-cn-
°s∏SpIx˛
1. Xncn-s®-Sp-°mØ D]-t`mK [\w (Non Refundable Consumption Finance)
2. hmbv]m [\w (Debt Finance)
3. \nt£] [\w (Investment Finance)
Cu aq∂p hn`m-K-ß-fn¬ D]-bp-‡-amb X\-Xmb CkvemanI kmº-ØnI D]-I-c-W-߃ ( Islamic Financial
Instruments) {]tbm-P-\-s∏-Sp-tØ-≠-Xp-≠v. D]-I-c-W-ß-fpsS Ckveman-IX Ah Adn-b-s∏-Sp∂ t]cp-I-fn-e√; D]-I-c-
W-ß-fn¬ A¥¿eo-\-amb DS-º-Sn-I-fpsS kz`m-h-Ø-em-Wv. AXn-\m¬, DS-º-Sn-Iƒ Ckveman-I-amWv F∂p-d∏p hcp-Øn-
s°m≠v \ne-hnse \nb-a-߃°-\p-kr-X-amb ]Zm-h-en-I-fp-]-tbm-Kn®p sIm≠v DS-º-Sn-Iƒ \nb-a-km-[p-X-bp≈ tcJ-I-fm-
°m-hp-∂-Xm-Wv.
Hcp al-√n¬ CØ-c-Øn-ep≈ hym]-I-amb kmº-ØnI {]h¿Ø-\-߃ \S-Øp-∂-Xn\v \ne-hn-ep≈ \nb-a-߃
A\p-im-kn-°p∂ Hcp LS\ (Legal Structure) A\n-hm-cy-am-bn-Øo-cp-∂p. {Ib-hn-{I-b-ß-fpsS `{Z-X°pw AXm-h-iy-am-
Wv. hnhn[ Xe-Øn-ep≈ Bfp-I-fpsS hnhn-[-ß-fmb Bh-iy-ß-tfmSv {]Xn-I-cn-°p-∂-Xn\pw \nIp-Xn-bn-f-hp-Iƒ t\Sn-sb-
Sp-°p-∂-Xn\pw G‰hpw A\p-tbm-Py-amb LS\ kl-I-cW skmssk-‰n-I-fm-Wv (Co-operative Societies). Hmtcm al-
√n-epw- k-lIW skmssk-‰n-Iƒ cq]o-I-cn-°p-Ibpw Hcp tI{μ skmssk-‰n-bnte°v AXv cPn-ÿ sNøp-Ibpw thWw.
B[p-\nI amt\-Pvsa‚n-ep-]-tbm-Kn-°p-∂ “Enterprise Resource Planning” F∂ kmt¶-XnI hnZy-bpsS klm-b-
tØmsS hyXn-cn-‡-amb Cu skmssk-‰n-IfpsS {]h¿Ø-\-ßsf GIo-I-cn-°p-hm≥ km[n-°pw. CXv henb Af-hn-
ep≈ kmº-ØnI hn\n-ab - ß
- ƒ \S-Øp-∂X - n\pw ^≠p-Iƒ D]-tbm-Kn-°m-\h
- k
- c- a- n-√msX InS-°p∂ {]tZ-iß
- f- n¬ \n∂pw
AXm-h-iy-ap≈ {]tZ-i-ß-fn-te°v IrXy-ambn hym]n-∏n-°p-∂-Xn\pw klm-bn-°pw. skmssk-‰n-I-fpsS samØw {]h¿Ø-
\-߃°p]-bp-‡-am-Ip∂ coXn-bnepw GXp Xe-Øn¬ s]´ Bfp-I-sfbpw Dƒs°m-≈p∂ coXn-bnepw skmssk-‰n-
bpsS ss_tem-Iƒ {i≤m-]q¿Δw D≠m-t°-≠-Xm-Wv.
skmssk-‰n-I-fpsS [\-k-am-l-cWw
[\-k-am-l-c-W-Øn\v Hcp {Xnam\ amXr-I-bm-Wv (Three Tier Model) kzo-I-cn-°p-∂-Xvx˛
1. kImØv [\wx˛ skmssk-‰n°p Iogn¬ Hcp kImØv ^≠v cq]o-I-cn-°p-Itbm al-√nse kImØv ^≠v
skmssk-‰n°p Iogn¬ sIm≠p-h-cn-Itbm sNøp-I. Cu ^≠n¬ \n∂p≈ D]-tbmKw kImØv [\w D]-tbm-
Kn-°m≥ A\p-hm-Z-ap≈ taJ-e-I-fn¬ am{X-am-bn-cn-°pw.
2. hJ^v (∞bh)/sF—nI Zm\-߃x˛ hJ-^ns‚ F√m km[y-X-Ifpw D]-tbm-K-s∏-Sp-Øn-s°m≠v ]Ww, `qan,
km[-\-km-a-{Kn-Iƒ, sI´n-S-߃ XpSßn {]tbm-P-\-{]-Z-amb F¥pw hJ-^p-I-fmbn kzoI-cn-°mw. Cßs\ hJ-^p-Iƒ
kzoI-cn-°p-tºmƒ AXv skmssk-‰n-bpsS {]h¿Ø-\-߃°-\p-Kp-W-amb coXn-bn¬ D]-tbm-Kn-°p-∂-Xn-\p≈ kΩXw
hmJn^p-I-fn¬ \n∂pw hmtß-≠-Xp-≠v. hJ^v ( ∞bh )/ sF—n-I-Zm-\-ß-fpsS Imcy-Øn¬ kIm-Øn-t‚-Xp-t]mse IrXy-amb
Ah-Im-in-Iƒ C√m-Ø-Xn-\m¬ al-√p-hmkn-I-fpsS s]mXp-hmb im‡o-I-cW {]h¿Ø-\-߃°v Ah D]-tbm-Kn-°m-
hp-∂-Xm-Wv.
3. a‰p t{kmX- p-Iƒx˛ BZysØ c≠p KW-Ønepw s]Sm-Øh skmssk-‰n-bpsS em`-I-c-amb {]h¿Ø-\-ß-
fn¬ D]-tbm-K-s∏-Sp-Øm-hp-∂-Xm-Wv. \nt£-]-߃ kam-l-cn-°p-∂-Xn\v Xmsg ]d-bp∂ CkvemanI D]m-[n-Iƒ kzoI-cn-
°mw.
a) hmZnAx ( áYOGh ) / J¿Zv lk≥ ( ø°ùM ¢Vôb ) x˛ kpc-£n-X-amb kq£n-∏nt\m \n›nX ImesØ D]-tbm-K-
Ønt\m th≠n G¬]n-°s- ∏-Sp∂ XpI-If- m-Wn-h. ÿm]-\Ø - ns‚ em`-Øn¬ ]¶m-fn-bm-hp-∂X
- n-\p≈ Ah-Im-itam \jvS-
Øn¬ ]¶m-fn-bm-hp-∂-Xn-\p≈ _m[y-Xtbm CØcw XpIIƒ°n√. \n›nX kabw ]q¿Øo-I-cn-°p∂tXmsStbm Bh-
iym-\p-k-c-Wtam Cu XpI-Iƒ ]n≥h-en-°m-hp-∂-Xm-Wv. Cu XpI-Iƒ D]-tbm-Kn-®p≈ {]h¿Ø-\-ß-fn¬ \n∂p≈ em`-\-
jvS-߃ ]q¿Æ-ambpw ÿm]-\-Øn-t‚-Xm-bn-cn-°pw.
b) apZm-d_ ( áHQÉ° e )x˛ Cu ASn-ÿm-\-Øn¬ \nt£-]n-°p-∂-h¿ ÿm]-\sØ Ah-cpsS apZm-cn_v (Fund
Manager) Bbn \n›-bn-®p-sIm≠v Icm-dn-te¿s∏-S-Ww. ÿm]-\-Øns‚ {]h¿Ø-\-^ew em`-am-sW-¶n¬ ap≥Iq´n
\n›-bn-°-s∏´ tXmXn¬ hoXn-°-s∏-Sp-∂p. \jvS-am-sW-¶n¬ \nt£-]-I≥ B\p-]m-Xn-I-ambn \jvS-ta¬°m≥ _m[y-
ÿ-\m-Wv.
kmº-ØnI t{kmX- p-I-fpsS hcp-am-\m-[n-jvTnX hn\n-tbmKw
I. hmbv]m D]-I-c-W-߃
]en-im-[n-jvTnX apJy-[mcm hmbv]m D]-I-c-W-ß-fpsS CkvemanI _Z¬ Nc-°p-I-fpsS D]-tbm-Ktam DS-a-ÿm-
h-Im-itam ssIam-dp∂ hmWn-Py-Øntem ]m´-Øntem A[n-jvTn-X-amb hmbv]m D]-I-c-W-ß-fm-Wv.
a) apdm-_-l ( áëHGôe ), apkm-h-a ( áehÉ°ùe )x˛ Hcp apX-ens‚ Bh-iy-IX t\cn-Sp-Ibpw; AXn-\p≈ XpI samØ-
ambn HSp-°p-hm≥ C√m-Xn-cn-°p-Ibpw sNøp∂ Ah-k-c-Øn¬ Hcmƒ°v ÿm]-\sØ kao-]n-°m-hp-∂-Xm-Wv. ÿm]\w
apX¬ samØw XpI apS°n hmßp-Ibpw AXn-t∑¬ em`-sa-SpØv Bh-iy-°m-c\v hn¬°p-Ibpw sNøp-∂p. km[-\-
Øns‚ hnebpw em`hpw hy‡-am-°p∂ DS-ºSn apdm-_-lbpw hy‡-am-°m-ØXv apkm-h-a-bp-am-Wv. CS-]mSv A\p-h-Z-\o-
b-am-Ip-∂-Xn-\v, apX¬ ÿm]-\-Øns‚ DS-a-ÿ-X-bn¬ hcn-I, apX-en\v samØw HSp-t°≠ hne hy‡-am-°p-I, Xh-W-
Iƒ hy‡-am-°pI F∂nh ]q¿Øo-I-cn-®n-cn-°-Ww. D]-t`m-K-km-a-{Kn-Iƒ°mWv CØ-c-Øn-ep≈ hmbv]m D]-I-c-W-߃
A\p-tbm-Py-am-Ip-I.
b) CPm-d ( IQÉLEG ) x˛ Im¿jn-I˛ hymh-km-bn-Im-h-iy-߃°p≈ b{¥-km-a-{Kn-Iƒ ÿm]\w ]m´-Øn\p \¬Ip-
∂p. hnebpw ]m´ Imem-h[ - n-°p≈ hmS-Ibpw IW-°m°n Xh-WI - ƒ \n›-bn-°p-∂p. DXv]m-Z\- ]
- c- a- mb Bh-iy-߃°mWv
Cu D]-I-cWw IqSp-X¬ A\p-tbm-Py-am-hpI
c) _bv-Av kew ( º∏°S ™«H ) x˛ {lkz-Ime hmbv]-Iƒ Bh-iy-ap≈ I¿j-Icpw I®-h-S-°mcpw Irjn-bpsS DXv]-
∂tam Nc-°p-Itfm ap≥Iq-dmbn ÿm]-\-Øn\p hn¬°p∂p. Hcp `mhn Xob-Xn-bn¬ ssI]-‰p∂ Nc-°p-Iƒ ÿm]\w
hn]Wn hne-bn¬ hn¬]\ \S-Øp-∂p. ÿm]\w HSp-°p∂ hnebpw hn]-Wn-hn-ebpw XΩn-ep≈ A¥-c-amWv em`w.
d) _bv-Av CkvXn-kv\ ( ´Éæ°üà°SG ™«H ) x˛ X\-Xmb KpW-K-W-ß-tfmSp IqSnb kma-{Kn-Iƒ (^¿Wo-®-dp-Iƒ, b{¥-
߃, hoSp-Iƒ) \n¿Ωn®p \¬Ip∂ DS-ºS- n-bm-Wn-Xv. hne ap≥Iq´n \n›-bn®v Xh-WI - f- mbn \¬Im-hp-∂X - m-Wv. \n¿ΩmWw
ÿm]-\-Øn\v Hcp aq∂mw I£nsb G¬]n-°m-hp-∂-Xm-Wv.
e) _bv-Av CkvXn-Pvdm¿ ( QGôéà°SG ™«H ) x˛ Cu D]-I-cWw G‰-hp-a-[nIw D]-Im-c-s∏-Sp-∂Xv henb kw`-cW kuI-
cy-ß-fn-√mØ I®-h-S-°m¿°m-Wv. CXn¬ Nc°v Xh-W-I-fmbn ssI]-‰p-Ibpw hne Hcp `mhn-Xn-b-Xn-bn¬ \¬Ip-Ibpw
sNøp-∂p.
II. hmbvt]-Xc D]-I-c-W-߃ (Non Credit/ Equity Instruments)
a) apZm-d-_ ( áHQÉ° e )x-˛-ÿm-]\w aqe-[\w \¬Ip-Ibpw Ign-hp≈ kwcw-`-I¿ kwcw-`-߃ \S-Øp-Ibpw sNøpw.
kwcw-`-Øns‚ {]h¿Ø-\-ß-sf-°p-dn® dnt∏m¿´pw IW-°p-Ifpw ÿm]-\-Øn\p \¬tI-≠-Xp-≠v. ÿm]-\-Øn\v B¥-
cnI HmUn-‰nwKv (Internal Auditing) \S-Øp-hm-\p≈ A[n-Im-c-ap-≠m-bn-cn-°pw. em`w ap≥Iq´n \n›-bn-°-s∏´ tXmXn¬
\S-°p-∂p. \jvS-am-sW-¶n¬ ÿm]-\-Øn\v kmº-ØnI \jvShpw kwcw-`-I\v A[zm\ \jvS-hp-am-Wp-≠m-hp-I.
b) apim-d-I ( ácQÉ°ûe )x˛ ÿm]-\hpw kwcw-`-Icpw tN¿∂v apX¬ apS-°p-∂p. em`w ap≥\n-›-bn-°-s∏´ tXmXn¬
hoXn-°mw. \jvSw apX¬ apS-°ns‚ tXmXn¬ am{Xta hoXn-°m-hq.
c) apkm-dAx ( áYQGõe ) x˛ ÿm]-\-Øn\p Iogn¬ Xcn-imbn InS-°p∂ `qan-bn¬ \n›nX Ime-tØ°v hnf-hp-I-
fn-ep≈ Ah-Im-i-Øns‚ tXmXv \n›-bn®p sIm≠v ]m´-a-\p-h-Zn-°m-hp-∂-Xm-Wv.

* Waqif -˛ hJv^v Zmb-I≥

* Muzakki ˛ kImØv Zmb-I≥
1. skmssk-‰n°p Iogn¬ Hcp kImØv ^≠v cq]o-I-cn-°p-Itbm \nehnep≈ kImØv ^≠ns\ skmssk-
‰n°p Iogn¬ sIm≠p hcn-Itbm sNøp-∂p.
2. skmssk‰n Bfp-I-fn¬ \n∂pw hJv^p-Iƒ kzoI-cn-°p-∂p. D]-tbmKw sIm≠v DSs\ \in®p t]mImØ
{]tbm-P-\-{]-Z-amb GsXmcp hkvXphpw kºØpw hJ^v Bbn kzoI-cn®v AXn¬ \n∂p≈ {]tbm-P\w
s]mXp XmXv]-cy-߃°p th≠n hn\n-tbm-Kn-°m-hp-∂-Xm-Wv. al-√n\p Iogn¬ ssIImcyw sNø-s∏-Sp∂ a‰p
hJ^v kzØp-°-fp-s≠-¶n¬ Ah {]tbm-P-\-{]-Z-amb coXn-bn¬ D]-tbm-Kn-°p-hm-\p≈ A\p-hmZw _‘-s∏-
´-h¿°v \¬Im-hp-∂-Xm-Wv. CØcw hJ^v kzØp-°-fp-]-tbm-Kn®v sXmgn¬ ]cn-io-e-\w, hnZym-`ymkw XpS-
ßnb {]h¿Ø-\-߃ \S-Øp-∂-Xn-\p≈ kml-N-cy-ß-fp-≠m-°mw.
3. al-√nse Zcn-{Z-cn¬ Zcn-{Z-cmb Bfp-Isf Is≠Øn kImØv ^≠n¬ \n∂p≈ Hcp `mKw D]-tbm-Kn®v Ah-
cpsS ASn-ÿm-\m-h-iy-߃ ]q¿Øo-I-cn-°p-I.
4. {]Xyp-Zv]m-Z-\-{]-h¿Ø-\-ß-fn-te¿s∏-Sm≥ Ign-bm-Ø-h¿°p th≠n hJ^v kzØp-°fpw al-√n¬ e`y-amb
a‰p kzØp-°fpw D]-tbm-K-s∏-SpØn sXmgn¬ ]cn-io-e-\-ßfpw am\h hn`-h-tijn hnI-k\ {]h¿Ø-
\-ßfpw \S-ØpI.
5. CØcw {]h¿Ø\ßfpsS ^e-ambn al-√nse am\h hn`-h-tijn hnI-kn-°p-∂-tXmSp IqSn Ch¿°v {]Xyp-
Zv]m-Z-\-]c-amb {]h¿Ø-\-ß-fn¬ G¿s∏-Sm≥ km[n-°p-∂p.
6. kmº-ØnI {]h¿Ø\ßfn-te¿s∏-Sp-∂-h¿°v ÿm]-\-Øns‚ apI-fn¬ hnh-cn® CkvemanI kmº-
ØnI D]-I-c-W-߃ {]tbm-P-\-s∏-Sp-Øm-hp-∂-Xm-Wv.
7. CØcw kmº-ØnI {]h¿Ø-\-ß-fn¬ \n∂p-ap-≠m-Ip∂ hcp-am\w DS-º-Sn-Iƒ {]Imcw ÿm]-\-hp-ambn
]¶p-sh-°-s∏-Sp-∂p.
8. hmbv]m D]-I-c-W-ß-fn-ep≈ \jvS-ß-fn¬ A¿l-am-bXv kImØv ^≠n¬ \n∂pw hI-bn-cp-Øm-hp-∂-Xm-Wv.
9. saº¿am-cpsS kmº-ØnI \ne-hmcw sa®-s∏-Sp-∂-tXmSp IqSn Ah-cn¬ \n∂pw IqSnb \nt£-]-߃
skmssk-‰n°p e`y-am-hpw.
10.hy‡n-KX-ambn hmbv]m D]-I-c-W-߃°v aXn-bmb Dd∏v ( Guarantee) \¬Ip-hm≥ Ign-bm-Ø-hy-‡n-Isf
{Kq∏p-I-fm-°p-Ibpw; {Kq∏n-ep≈h¿ ]c-kv]cw ÿm]-\-Øn\v Dd∏v \¬Ip-Ibpw sNøp∂p ( Group
Guarantee System ).
11. BI-kvan-I-amb kmº-Øn-Im-h-iy-ßsf t\cn-Sp-∂-Xn\p th≠n ÿm]-\-Ønse AwK-ß-sf√mw Hcp “XIm-
^p¬” ^≠n-te°v (CkvemanI C≥jq-d≥kv) Xß-fpsS hnln-X-߃ \¬Ip-∂p.

]n. F. jao¬ k÷mZv

shameelsajjad.pa@zirvabs.com
d^-d≥kv
1. Muhammadan Theories of Finance; Nicolos P. Aghnides

2. Islam and the Economic Challenge; M. Umer Chapra

3. Principles of Islamic Financing: A Survey; Monzer Kahf and Tariqullah Khan

4. Introduction to Islamic Microfinance; Dr. Mohammed Obaidullah

5. Why So Much Centralization? A Model of Primitive Centripetal Accumulation; Jean-Paul Faguet, London School of Economics and
Political Sciences

6. A Theory of Decentralization; Peter Klibanoff and Michel Poitevin

7. The Poor and Their Money; Stuart Rutherford

8. Fundamentals of Islamic Economic System; Dr. Muhammad Sharif Chaudhry

9. CkvemanI kmº-ØnIimkv{X {]mY-anI ]mT-߃; tUm:F.sF dlvaØp√

10. On the Determinants of Fiscal Centralization: Theory and Evidence; Ugo Panizza, Journal of Public Economics 74 (1999)

11. From House to House – Abuses by Mahalla Committees; Human Rights Watch, Vol. 15, No. 7(D)

12. Sociological Realism: An Islamic Paradigm; Ilyas Ba-Yunus, The American Journal of Islamic Social Sciences, Vol. 8, No.1, 1991

13. http://en.wikipedia.org/wiki/Mahalla_(Uzbekistan)

14. http://en.wikipedia.org/wiki/Mahalle

15. http://www.dateyvs.com/gener02.htm