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CONTENTS
Section
1:
Section
2:
Section
3:
Industry Spotlight
Need for innovation
Standardisation
Regulatory streamlining
Opportunities
7
8
8
9
9
Section
4:
Section
5:
Section
Section
Section
6:
7:
8:
10
10
11
13
14
16
16
18
23
25
26
27
28
30
32
33
33
34
37
37
40
42
DISCLAIMER
Praesidium LLP has developed this guide to assist those parties interested
in learning about Islamic finance generally as well as to gain an
understanding of the operating environment of the DIFC in respect of
Islamic finance. This guide provides a summary of the underlying concepts
in Islamic finance and examines the issues facing the Islamic financial
services industry, both in the DIFC and beyond; now and in the future.
This guide also sets out the DFSA regulatory environment for Islamic
finance and the scope for application of such requirements to new product
offerings, such as Sharia-compliant REITs.
This guide provides an introduction to Islamic finance as well as a summary
of the regulatory requirements and the applicable operating environment
for the offer of Islamic finance in or from the DIFC.
This document does not constitute Sharia or financial advice, nor does it
replace the regulatory requirements of the DFSA or DIFC. It should be read
in conjunction with the detailed requirements of the DFSA and DIFC
to form a definitive view in terms
of the application of the relevant operating environment in the DIFC
to each individual set of circumstances.
The contents of the Guide do not necessarily represent the views
or opinions of the DIFC.
This guide was prepared in December 2007 and to the best of the authors
knowledge was based on information current and accurate at that time.
The Dubai International Financial Centre (DIFC), the worlds fastest growing
global financial hub, was declared open for business in 2004. The DIFC is
ideally located to bridge the gap between existing financial centres of
London and New York in the West and Hong Kong and Tokyo in the East
and services a region with the largest untapped emerging market for
financial services.
The vision of the DIFC is to shape tomorrows financial map as a global
gateway for capital and investment. Its mission is to be a catalyst for
regional economic growth, development and diversification by positioning
the DIFC as a globally recognised financial centre.
Critical to the DIFCs success is Dubais established track record of realizing
projects of scale in an environment that is safe, vibrant and exciting. HH
Sheikh Mohammed Bin Rashid Al Maktoum, the Prime Minister of the UAE
and Ruler of Dubai, has continued to lead efforts that have established the
Emirate as one of the fastest growing cities in the world. During the period
2000-2006, Dubai GDP grew by cumulative annual growth rate (CAGR) of 13
per cent in real terms.
Dubai has a well-diversified economy based on international trade,
banking and finance, information and communication technology,
tourism and real estate. In 2005, oil contributed less than 6% of Dubais
GDP; down from around 50% in 1985 and 24% in 1993. In contrast, by
2010 the share of oil in the economy is expected to be less than 1% of
GDP. This economic diversification is continuing with the establishment
of new industries, private sector growth through acquisition and
increased regional economic integration. The establishment of the DIFC
is the next logical step in Dubais economic development and aims to
cement the Emirate as the regions main financial hub.
The DIFC has been designed to:
Attract regional liquidity back into investment opportunities within the
region and contribute to its overall economic growth.
Facilitate planned privatisations in the region and enable initial public
offerings by privately owned companies, giving impetus to the programme
of deregulation and market liberalization throughout the region.
Create added insurance and reinsurance capacity.
Develop a global centre for Islamic finance - this is now an over $400
billion international market serving large Islamic communities stretching
from Malaysia and Indonesia to the United States.
Since its launch, DIFC has attracted international firms such as Morgan
Stanley, Goldman Sachs, BNY Mellon, Barclays Capital, Credit Suisse and
Deutsche Bank who have all received a licence to operate from the DIFC.
Institutions receive a number of benefits when joining the DIFC, including:
100 per cent foreign ownership
Zero per cent tax rate on income and profits.
A wide network of double taxation treaties available to the UAE
incorporated entities.
No restrictions on foreign exchange.
Freedom to repatriate capital and profits without restrictions.
High standards of rules and regulations
Ultra-modern office accommodation and sophisticated infrastructure.
Operational support and business continuity facilities of uncompromisingly high standards.
Unlike offshore tax havens, the DIFC is a fully fledged onshore capital
market, comparable to Hong Kong, London, and New York.
The DIFC focuses on several sectors of financial activity: Banking &
Brokerage Services, Capital Markets, Re-insurance & Captives, Islamic
Finance, Wealth Management and Ancillary Service Providers.
Financial services in the DIFC are regulated to international standards by
the Dubai Financial Services Authority (DFSA).
DIFC
Judicial
Authority
Registrar of Securities
Jurisdictions across the globe, including the DIFC, are seeking to become
the hub for Islamic finance.
The DIFC is a proven success story. It has a number of distinct advantages
in maintaining that position, namely:
Its unitary, risk-based Sharia Systems Regulator;
Regulations based on international standards, duly modified for
Islamic finance
A legal environment based on common law that provides certainty and
familiarity
An impressive list of authorised firms, including international
conventional institutions, Islamic institutions and Islamic windows where
expertise and skills can be shared and developed
DIFC is in the heart of the Middle East, the home of Islamic Finance
DIFCs strength is not just to become the centre of Islamic finance, but in
the true essence of Islam, to share that knowledge and experience with
other financial centres to facilitate the sustainable growth of the Islamic
financial services industry for the benefit of all.
The DIFC is a key catalyst to position Islamic Finance in the global arena,
not just through the creation of an international financial centre, but
through its commitment to Islamic finance as evidenced by the creation of
the DIFC Islamic Finance Advisory Council (IFAC) which aims to tackle the
real issues and impediments facing the Islamic financial services industry.
DIFC has also provided an impressive infrastructure for developing human
capital in the field of Islamic finance with its introduction of training programmes for Islamic finance practitioners, including the CASS MBA and is
at the forefront of new initiatives to benefit Islamic Finance, such as the
pioneering Waqf project of the DIFC, and the Hawkamah Institute which
is promoting good governance across the region in conventional and
Islamic institutions.
Section 7 of this guide sets out the strengths of the DIFC in providing the
most conducive operating environment for Islamic Finance supporting its
aspirations to become the centre of excellence in Islamic finance.
The DIFCs forward thinking and continuous support for Islamic finance as
described in this guide provides a conducive environment for Islamic
finance to evolve and secure its place in the global arena.
Funds
Sukuks
Takaful
Worlds Muslim
population
*Figures courtesy of HSBC Amanah , S&P, Eurekahedge Data 2007, Islamic Finance
News, ICMIF, IFIS, Grail Research
their market which can act as a useful aid to those structuring Islamic
financial transactions.
Collation of fatwas may also facilitate innovation in the industry,
particularly if there is a general understanding of how basic transactions
should be structured. Innovative concepts could then be introduced and
discussed with the Sharia scholars.
The work of the IFSB and AAOIFI is important in not only encouraging and
facilitating standardisation, but in raising the international profile of
Islamic finance.
Regulatory streamlining
To aid the growth of the Islamic financial services Industry, greater
streamlining and co-ordination of regulatory requirements may facilitate
the growth of the industry.
The DFSA entered into a mutual recognition arrangement with Malaysia
for the cross border flow of Islamic funds. This initiative was recognised in
November 2007 with the award for Best Regulator being awarded jointly
to the DFSA and SC, Malaysia.
This arrangement itself has much potential, including providing a model
for other jurisdictions or be furthered by a full passporting arrangement,
similar to that operating across Europe for Islamic funds across the MENA
region which could present a unique opportunity for the industry.
Opportunities
Although there are key challenges facing the industry, the opportunities, at
this juncture are endless. New products are being structured continuously,
from Sharia- compliant hedge funds based on Arboun and Salam structures,
to Sharia-compliant ETFs and REITs. There is also a growing interest in
providing Sharia-compliant finance at a micro level through the structuring
of certain Islamic contracts into models for Sharia-compliant microfinance.
The DIFC, as indicated in this document, is promoting the importance of
Islamic finance and has already put in place a framework conducive
to its development.
These are just the foundations and much more can be done for the sustainable
development of the Islamic financial services industry. As a financial centre, the
DIFC has clearly indicated its ability and its commitment for it to become the
centre of excellence for Islamic finance.
10
2. Prohibition on Riba.
11
12
3. Avoidance of
speculation (Maisr)
and uncertainty
(Gharar).
4. Prohibition on dealing
in items which are
Haram and the
requirement to
deal only in Halal items.
13
Even with the differences in Sharia opinions and the common analogies
with conventional products, there is clearly an objective and legitimate
purpose that Islamic finance is fulfilling which is not being met by the
conventional markets. How the Islamic financial services industry evolves
from this point forward will influence the perception and credibility of
Islamic finance.
Future of Islamic finance the principle of Tayyab
The underlying principles discussed earlier have formed the basis of Islamic
finance since its inception 35 years ago. There are other concepts and
principles established in the Quran which are applicable to Islamic finance
and which can facilitate greater Sharia compatibility of finance transactions.
The industry stands at a very important junction in terms of its development,
success and credibility for the future. The industry, although a key
component in the global financial system, must ensure that it can justify its
legitimacy as an industry. Such legitimacy is to be found in ensuring that the
underlying spirit of Sharia is complied with as the industry faces pressure to
innovate new Sharia-compliant financial products.
Complying with the letter and spirit of Sharia provide greater opportunities
to promote greater Sharia-compliance than has been the case in respect of
some of the current Islamic financing structures. In essence, Islamic finance is
an equity-based, not a debt-based system. Some practitioners, such as RHT
Partners in Dubai are pioneering the future direction of Islamic Finance to
encourage adherence to both the letter and spirit of Sharia by taking a
holistic view on Sharia- compliant finance by applying the additional
principle of Tayyab.
Tayyab is the underlying principle associated with consumption of that which
is wholesome and more beneficial, not just compliant. In the context of
Islamic finance, Tayyab ensures that Islamic financial products are developed
with a focus on holistic, equitable Islamic criteria of transparency,
accountability, and fairness to ensure the credibility of the Islamic finance
industry as a whole is maintained.
The future of Islamic finance depends on ensuring compliance with the
underlying principles and purposes of Sharia, not just the letter of Sharia
but the spirit too.
The DIFC provides a forum for such innovation and development in the
field of Islamic Finance. The Sharia systems regulatory infrastructure
provides the necessary degree of flexibility to encourage greater
innovation in Islamic finance. In the absence of a centralized Sharia Board,
14
15
16
17
18
3. In or from concept
When considering which activities an applicant intends to offer, the
requirement to be authorised applies where the financial services are to be
offered by a DFSA authorised firm in the DIFC or from the DIFC.
4. Authorisation process
The Authorisation Department of the DFSA will assess all applications for
authorisation to ensure that the proposed business has a clear strategy, is
managed effectively and prudently, and intends to operate in compliance
with the DIFC laws and DFSA regulations. The Authorisation Department,
will, among other things, consider the collective suitability, fitness and
properness of those involved in the business.
The same authorisation approach applies to both Islamic and conventional
firms. Once satisfied, the DFSA will authorise the applicant to offer
financial services in or from the DIFC.
5. Single licence structure
Once approved, the DFSA will issue a single licence which lists the
financial services that the firm can offer in or from the DIFC. The DFSA
does not issue licences by category, although there is a common
reference to the prudential category which the authorised financial
services lead to (See Figure 6).
Figure 6: Explanation of the Single Licence process and categorisation
of Authorised Firms
19
6. Prudential categories
The financial services shown below are those that determine which
prudential category is applicable to the firm ie, where the applicant
identifies a range of financial services to offer in or from the DIFC, if the
selection includes one of the financial services below, that will determine
the prudential category for the firm (the determinant).
Figure 7: Prudential Categories as set out in the PIB Module of the DFSA Rulebook
20
21
22
23
24
25
Islamic Funds are usually required to comply with industry and financial filters.
The industry filters are in place to ensure that prohibited stocks, ie those that
are Haram are not included in the investments. Financial filters are in place to
ensure that certain thresholds are maintained, for example common financial
filters will prohibit investments to be made in companies that have certain
financial positions, including but not limited to certain debt to equity ratios
and certain interest income thresholds.
Other fund structures may track Islamic indexes, such as the Dow Jones
Islamic Index, or FTSE Islamic Index. Such indices are also subject to
approval by a SSB.
Sharia-compliant REITs
In the context of Sharia compliant funds, REITs are becoming increasingly
popular fund structures that can be offered in accordance with Sharia.
Sharia-compliant REITs are essentially listed collective investment schemes
where funds from investors are pooled and invested in a portfolio of
Sharia-compliant real estate assets, or real estate related assets. These
assets are usually leased out to a third party (commonly under an Ijara
structure) and rentals from the leased assets form the income of the REIT
which can be distributed to Unitholders.
Recent Sharia-compliant REIT structures have used Ijara as the basis of the
investment. The typical Ijara REIT structure is set out in Figure 11 below.
Figure 11: Summary of an Ijara based REIT
26
27
28
29
30
Regulatory Law
Markets Law
Trust Law
Investment Trust Law
Collective Investment Law
These laws, particularly those pertaining to the legal vehicles which are
permitted in the Centre are equally applicable to Islamic Finance. The DIFC
was one of the first jurisdictions in the Gulf to introduce specific Trust Laws
which were internationally recognised by the prestigious Society of Trust
and Estate Practitioners (STEP) body.
31
The DIFC provides scope for the offer of securities in or from the DIFC,
and listing on its own exchange, the Dubai International Financial
Exchange DIFX which was authorised by the DFSA as an Authorised
Market Institution (AMI) on 26th September 2005.
Offers of Securities In or From the DIFC
Securities can be offered in or from the DIFC. The DIFC Markets Law
prohibits the offer of securities in or from the DIFC unless the offer
is made in accordance with the relevant provisions of the DIFC Markets
Law and offered as either a full prospectus offer or exempt offer.
Where the offer is made in the DIFC, i.e. if the offer is directed at
or received by a person in the DIFC at the time of making the offer and
is capable of acceptance by such an offeree, then the offer can either
be a Prospectus offer or an Exempt offer. Such offers are subject to the
DIFC Markets Law and the DFSA Offered Securities Rules Module (OSR).
An exempt offer is an offer of securities which are offers of Securities
made by the following offerors:
(a) by recognised governments or other persons on the list of exempt
offerors maintained by the DFSA in the Offered Securities Rules;
(b) made to and directed at Professional Investors;
(c) made in connection with a takeover offer; or
(d) as may be prescribed by the Offered Securities Rules. The DFSA OSR
prescribes in detail what type of offers are Exempt offers.
Where the offer is not an exempt offer and falls within the
requirements, a full Prospectus offer must be made.
A full Prospectus offer of securities requires the appointment
of a Sponsor and Underwriter.
Where the offer is made from the DIFC i.e. if the person making the offer
is located inside the DIFC, the person to whom the offer is made is located
outside the DIFC and the offer is capable of being accepted by that person,
the person making the offer must notify the DFSA providing the relevant
information as set out in the DFSA OSR Module including details of the
jurisdiction to be targeted and confirmation that the offeror will comply
with the relevant obligations in that target jurisdiction.
32
Prospectus Offer
Exempt Offer
33
and business requirements. The DIFX has therefore implemented the DIFX
Listing Rules and DIFX Business Rules.
The DIFX currently provides a platform for the listing and trading of
securities which are admitted to the official list of securities maintained
by the exchange. Currently the DIFX provides a platform for the listing
and trading of:
Equity
Debentures
Certificates
Units of Funds
Index products
Islamic Securities
Designated Investments
The DIFX permits primary and secondary listings. When an issuer proposes
to list securities the requirements of the DIFX must be adhered to. The
DIFX is then under an obligation to notify the DFSA of its intention to list
the securities at which point the DFSA may object to the admission of the
securities to the official list of securities maintained by the exchange.
Sukuks in or from the DIFC
The DIFC is recognised as being home to the largest sukuk market in the
world. Several sukuks have been offered in or from the DIFC, and listed
on the DIFX.
Sukuks are often referred to or associated with conventional bonds.
However there are some key differences with this association, namely that
sukuks are asset-backed or based and the certificate holders, or sukuk
holders, are deemed to be owners of the underlying assets and therefore
entitled to the profit generated from those assets.
A common sukuk structure is based on an underlying Ijara contract (lease
structure), whereby initial funds are raised from sukuk holders with the
asset(s) identified as part of the structure leased out.
The rental income from such a lease is used to pay periodic returns, which can
be variable although based on a fixed formula (tantamount to coupons), to
the sukuk holders at fixed periods. Other sukuk models are being offered into
the market the Sukuk-Al-Ijara has been the most the common structure to
date although newer structures such as Sukuk-Al-Musharaka, and the DIFC
Investments own Sukuk (issued by the Dubai Sukuk Centre) are introducing
new Sukuk structures to the market.
34
DIFC
Investments LLC
OBLIGOR
profit
Obligor rated
A+ S & P
A1 Moodys
Capital is
passed to
the
Mudarib to
invest in
accordance
with an
agreed
Investment
Plan
Declaration of
Trust established
to protect the
investments on
behalf of the
Certificate holder
Periodic Distribution
and Final
dissolution amounts.
Certificate holders
35
Aside from being the largest Sukuk market in the world, the DIFX is also
seeking to provide a conducive environment for Islamic Finance more generally and also offers products such as the Islamic Certificate Index products
and recently developed a family of indices with HSBC, including the Sukuk
Indices (SKBI), Middle Eastern Conventional Bond Indices (MEBI), and
Middle Eastern Aggregate Indices (MEAG).
36
37
38
39
40
Issue
DIFC Initiative
Promote greater
liquidity in Islamic
Finance
Industry
benchmarks
Shortage of Talent
Standardisation
Passportability
of Islamic Products
41
SECTION 8: GLOSSARY
42
AAOIFI
DFSA
DIFC
DIFCA
Hadith
Ijara
Ijma
Consensus of scholars.
IFSB
Ijtihad
Interpretation of scholars.
Istisnaa
Mudaraba
Murabaha
Musharaka
Qiyas
Analogical reasoning.
Quran
Riba
43
44
Salam
Sunnah
Sukuk
Takaful
Tayyab
Reference materials:
DIFC Regulatory Law DIFC Law Regulating Islamic Financial Business
DIFC Markets Law ISF Module CIR Module GEN Module AUT Module
PIB Module OSR Module PIN Module AAOIFI GSIFI IFSB Standard
AMI Module SUP Module DIFX Listing Rules DIFX Business Rules
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SSCG G Y Fa CH j -dG HQ-2
Ggh .OGdG Y NCdG M Vn j dGh aG
Y jG Y dEG Qjo dG g HdG e dG
.IFdG
dG Y J CG ,IcDeh a J CG dG Y
M QJ eSEG dG eda .dGh
OY MCHh Se UCG Y J a eJ
fc e GPEG q G q e k dZh .a d aT
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jdGh (G) dG q -3
(QdG)
J dG OGH edG -4
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gZ hO G
dOdG edG ee -5
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14
17
:jdG jJ -3
:FG-2
:eG -1
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S LJ dG Od
edG JM G
.fl QOe jdh
W /de eN aJ
de e
:jdG QOe -4
:VdG OG -5
:jd SSCG OG -6
d jdG Oe J
dGh dGh eSG
jdG AY b e
eq G -CG
HdG
jG
adG YUh MdG
dGh dG
YGfCG H SCG
jdG dG eG
Z edGh dG
IcDG
dG gGh QdG
HdG cQG Oe -
,he Z AGK ,IQGh
dGdGh ,fEGh
dG ed HO d dG dG
bh ,dG G HO c G dG dG dG ed HO S
Y dG ed HO S Jh .2004 d 9 bQ HO fb L fCG
q dG cdG
,dG G HO ce N e hCG dG JeN q J dG NG
bdc ,b e NG cd IOq fi YGO eN jhJ Y J c
d 1 bQ dG dG G HO ce fb q jh .ffdG eGh SGh
Va dq j c ,dG GAGLEGh LG Vh dG ed HO S 2004
.LG g J
J S{ J CG EG ,HbdG SS QWEG ,dG ed HO S Jh
q cdG NGO WG Y cq S fCG CG ,zWG AQO Y Fb
b e NG
UG dG GgCG Yh dG G HO ce Y WG g SfGh
.(3 dG fG) .dG ffb Y
q cd WG SfG :3 dG
dG ed HO d dG GgCG Y Ne
:dG GgCG
`` `adGh `` ` `fEG `` ` jQGSG `` `Vh `` ` `J
`dG HO ce NGO dG eG b YdGh
dG
dG eG H dG `jQGSG `Vh `J
dG G HO ce
`` d `` `dG QG`` SG `` jQGSG ``Vh `` J
dP ` ,`dG `dG `HO `ce `dG eG
dG fGH JG WG J
`j `b hCG q `j `S CG OQh `ch hO `dG
`eG `H hCG dG G HO ce H QdG
,`SG `F`SdG G`SH dPh ,`cG `NGO `dG
HY Va V eh
HO `ce `dG `eG `b `ee `jM
jTG Zh e jTG ,dG G
`eG ``d `dG ``d `dG ``dG ``jJ
dG G HO ce NGO dG
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cG fb L dG G HO
dG WG
fCG e J
cdG
e qNG
HO S
dG ed
18
dG IQb ie QNG
e aGdG Y NGdG
; CG jdG MCG
19
WG bGeh J
LGG
LQG jQdGh
jdG MCH G
g JYCG dGh
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dG ed HO S gO c eSG G dG Y H
q cdG OYG W dG ed HO S J
IjG cdGh NG
Y dh .dG G HO ce N e hCG eSEG de eN aJ J dG
,UdG e jd .fOCG G
edG OYG Y a e H fEa ,dBG g
q
.dG ed HO S f e NdG H LGe Lj
dG eG QNG -1
dG G HO ce N e hCG de eN aJ J dG cdG Y Lj
q
HO S e NJ Y CG ,dG ed HO S e Ofi g k ah
dG fCG Y UJ cdG g Y N J CG jh .dG ed
f e edG GAGLEG H AL c ,dG eH bY ieh dhGS
.dG ed HO S
N e Ac ,NdG H eG cdG S ,eSEG G dG h
dG ed k ah eGSG S dG eSG OdG hCG dG T EG ,Y
.dG ed HO S e IOG
dG eG -2
G eN aJ
FG eN jhJ
G eN JJ
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QSG dG hCG FG JJ
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dG eG
YL QSG hU J
20
eCdG IQGOEG
FG hCG dG H UN GQSG J
jH hGJ f J
bdG eG jhJ
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UQH J
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cc dEG QG
1 dG e
M dG ed
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J Fh edG
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hCG
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2 dG e
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G HO ce N
OQh c dG
edG GAGLEG H
HO S f e
dG ed
hCG
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cc dEG QG
3 dG e
hCG
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4 dG e
hCG
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edH eSEG
hCG
J F
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SDG
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dGh edH
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4 jQYG dG
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FGOdG b
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eCdG IQGOEG
f J
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edH
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G
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bdG
jOU feCG J
q cd
SDc dG hGJ dGh dG ed HO S e NG
.jQYG dG g EG J CG ,eSEG Iaf H hCG edH eSEG de
q dG G HO ce fd k ah
de cd ,eSG dG ed G
de cc OYG Y UM J e eSEG de k YCG hGJ CH zjdG{
cdG Y ,k hCG :Xh g zjdG{ CGh .eSEG Iac hCG edH eSEG
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j CGh RdG OYG Y CG eSEG dG eG e eSG
.jdG MCG e aGdG bG HG fCG jd
24
d gOYG dG SDG e Yf dG ed HO S O
EG .eSG IadGh edH eSG cdG :jdG e aGe de eN
L ,jdG MC k ah dYCG ac hGJ dG g edH eSG cdG
e k jCG q J jJ de SDe a ,eSG IadG eCG .SCdG FKh
.jdG dG Gh eG fL EG jdG e aGJ de eNh
25
YdG HbdG g d jO AY KK J
26
5 IG
WG IQGOEG
j WG IQGOE Se fCG eSG aGdGh edH eSEG cdG CG j
e aGdG Y Wfl dP ,jdG e aGG YCG Y CJ b dG WG e edG d
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.ddG dG fVh zHdGzh zjG eg{ e
6 IG
aEG
GP dG FG L Y aEG J CG eSEG aGdGh edH eSG cdG Y
g M UJ J dP ,Gh dG AdG e JJGh JSGe c dG
j .jdG MCG e aGJ e cCd jJ j dG G Y oJ dG YdG HbdG
G HEG je L HG eG Y aEG eSEG aGdG Y j fCG ,dP EG
;eSG dG SDd LGGh SG g b e G (FAS18) dhdG
7 IG
SG
Yh ,eSG dG SDd LGGh SG g je OYG edH eSG cdG Y
LGGh SG g Me AL c (IFRS) dhdG G HEG je OYG eSG aGdG
g e IG zFAS{ je J j ,eSG jOdG EG dHh .eSG dG SDd
.eSG dG SDd LGGh SG
jdG T
fCG P KJ
T Y jdG
ed NGO SS
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27
jQH GbG
dG eG
dG G HO ce N e hCG eSEG hU J
SCdG FKdG J S
FN EG cG Gfh
MCG e aGG hdG
eSG jdG
dG G eSG hdG
G HO ce DhfEG
dG
jOd HG HbdG
G HO ce edG eSG
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q cdG) q G
e NG
(dG ed HO S
YdG Hbd g q G j
q
AY d jdG f q G j
hdG Y GTEG e jdG
QWEG OG jdG f q G j
d eSEG dG eG SS
jdG MCG e aGdG jQGSG
28
IQLEG JJ
hU
bh
QSG
QY
hdG g j
jh eY e hc
:eEG ffdG dBG J CG
hU hCG jQSG cT
QSG bh
fCG q `j CG G Y
q`Ve g c jdG
j M ,YCG 10 dG
k aGe hdG j CG
,jdG MCG e
YT HbQ g J dP
bdG hU Y d
aGG QdG QSG
CG jh .jdG MCG e
MGe ,jdG f
Hbd UGGh dhCG
NGdG Sd ,YdG
dG eSEG dG ed
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ac G j
Y dhDG
dP ,hdG
fi hU SCJ
dG G HO ce
bdG hU
QSG
QdG
GMdG eM
hd G S
q
QY QSG bh
HO ce Y fi
GTEG dG G
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hd FdG dG
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dG NdG e bCG Y
GMdG eM Y boG
jOU LCJ j b
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IQLEG CGe Y IJG
ah dK GWCG EG
h .IQLEG g
Y QjEG NO jRJ
hU GMdG eM
jQdG GQSG bh
jdG MCG e aGG
dG G HO ce
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q dG jOdG L EG dH
Yh ,dG ed HO S e Ne cT b e jdG Y J j
e h .zJdGh GQSG eN ad{ NH q bCG Y CG cdG g
W Y J CG NG cdG Y ,LCG jOdGh G jOdH j
.``d``G `e`d `HO ```S ``Y `
q J ``c ``gD`e `je `Y EG G`M`dG
,(eSEG jOdG a ) LCG jOdGh G jOdG `dEG ``d`Hh
dG dG j dG ed HO S EG S HQ jJ J j
.GMdG
G eSG dG G HO ce jOU jJ .1
G HO ce gDhfEG j
q dG J CG) LCG jOdG jJ EG dH
q cd ,(dG
GMh Jh q J CG dG ed HO S e NG
e Fb UNG e IOfi jOU{ J eY K LCG jOU
q .IOG Z jOdG jH G eG q J jOU{ hCG ,zH
eG Jh
Y Wd LGe e q H dGh dG ed HO S f ee fOCG
.edG UdG
33
UNG Gg HG eH hdG j g
OGaCG AdG Y GMdG g d FdG
fl LCG eSEG hU jJ :1 QG
Ofi Z eSEG hU jJ :2 QG
e hCG hdG jJ
dG G HO ce N
HO ce N e hCG OG Z hdG jJ
hdG cG If J CG jh .dG G
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Z e jOU gQYH G
jOd IOfi aVEG ee k jCG LJ
q
.gQhH jdG jOdG Y G Jh .fOCG dG aUe
dG G HO ce YCG dhG fdG QWEG
gjJ dG dG G HO ce fGb
dG ed HO S
GMd G dG fb jQdG eCG fb fdG jM fb IOhG cGdG fb cdG fb dG G fb HO ce fGb H G fdG (H dG IOYEGh jJ H) dG G
dG fb eGdG fb hdGh OdG G hdG G
jdGh QGVCG fb dG fb fG fGdG H G fdG jQdGh
dG G HO ce fGb J fb IOhG dhDG GP cGdG fb OdG fb QYEG fb dG fb cG fb edG cGdG fb -
eSEG dG GhOCGh G Y H :6 dG
dG G HO ce N e hCG
G HO ce N e hCG dG GQhCG d e
q dG G HO ce aj
G zdG HO UQH{ gh ,d HdG UQdG dG GQhCG J QOEGh ,dG
26 IQOdG dG ed HO S NQ L d e GSCG SDc
.2005 S
dG G HO ce N e hCG dG GQhCG W
g k ah ec cG If e
ed HO S fCG Y Ue
MhG dG GQhCH UG dG
cG If SSCG Y W
f SSCG Y W
cEG
k ah e W H e
fCG Y Ue g
UG dG ed HO S
MhG dG GQhCH
e W
G HO ce W
dG
HO ce N e W
dG G
g k ah dG ed HO S QNEG
dG GQhCG YGb P Y Ue
dG ed HO S b e MhG
eSG dG GQhCG W
dG HO UQH GQOEG
d S cCG J dG UG dG UQH dG G HO ce
ed HO S fCGh GSCd dG G HO ce fb MCG Lh .dG
e J dG ed HO S Ea ,d G GSCG SD UG dG
,dP Y AHh .YCG dhGeh GQOEd SG eG Vh dG HO UQH
.dG HO UQH GQOEG YGb J EG UQdG Y
Fb QWEG QJ dG dG GQhCG hGJh GQOE k bS k dM dG HO UQH aJh
:gh ,UQdG LQG SdG dG GQhCG
dhCG edG HcG
HdG NdG GP dG GQhCG
jOdG
eSG dG GQhCG
GTDe Y GOdG
IQe L J ea .jfdGh FdG GQOEG H dG HO UQH Jh
HO UQH Jh .dG HO UQH e J CG d q H ,de GQhCG GQOEG
h ,dG GQhCG GQOEG eH dG ed HO S H ee FY dG
dG GQhCG Fb Y dG GQhCG GQOEG Y VGYG dG ed HO d
.UQdG LQG SdG
:ddG dG HO UQH ee ASG e q H fEa ,GQOEG EG dG Yh
GQ J
jQSG H J
Sfi J
efi J
eY bY Ach J
(eSEG dG GQhCG M ) jT AY J
FG cdG cM HGJ J
HG GQOEG FKh OGYEG
(aEG S ) Iq Gh dhCG eG ASG
38
dG G HO ce N e hCG dG
GOdG eM
GOT QGUEG
dG
UCG j
QG /bGG
oG
GOdG eM
aO Y
QjEG
QjEG aO
QG /bGG
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GOdG eM
GOT QGUEG
dG
jeCG QhO
QG /bGG
j IOYEG
UCG
oG
jeCG QhO
d HO ce e HQG U 14 dG
d HO ce U
jeCG QhO Qe 1,25
SCGQ f j
EG G
QG
d
k ah
jQSG
Y e
QSd DIFC cT
P T
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eG HQG bJG
jeCG QhO DIFC cT b e
QG h QSd
HQCG
DIFC cT
QSd
P T
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d HO ce
QoG
jRdG
Gh QhdG
FdG
QhO
jeCG
SCJ YEG
j bh hU
Y Hf GQSG
GOdG eM
G J
fBG OQfS +A
RQH
jOe A1
GOdG eM
40
HO c eSG dG eG f :7 dG
fQe dM :dG G
jdG fCG P .1
eSG dG eH UG dG dG ed HO S g EG Qjo
GAGLEGh HGVh fCG J cdG Y j
s fCG j ,zjdG f{ IQH
.jdG MCG e MhG dG Gh eG aGJ J Se
s cdG jdG fCG P jo h
dG ed HO S b e NG
dG ed HO S aq Jh .jdG MCG e aGdG d Fe fCG H
cG je J Vj fCG c ,fCG g q J CG j e M UdG
V H AAOIFI eSEG dG SDd LGGh SG g id IG
.jdG MCG e Gh hCG aGdG
hGJ dG dG cd ,k hCG :jQe e FGa jdG fCG P ajh
aGdG Ph dYCG J CG dhdG dG jG e aGe de GSCG k YCG
e Oq G jdG f J Y f dH dG G HO ce EG H UG
WG IQGOEGh aGdH UG dG d q e H dG ed HO S b
15 dG Vj e Ggh .jdG H AGLEG IYGe e ,dG G dG
.fOCG
Fb UNG k YCG hGJ dG dG cd a ,dG QG eCGh
(YdG HbdG J IQhV Y dG eG J
q M) FQ eSEG
Oq jh .dG ed HO S ee J H H UG aGdG P jJ
jdG MCG e aGdGh HbdG f c
m H dG ed HO S f
ce N e hCG jdG MCG e aGe de eN d cdG gDj dG
.dG G HO
ad UCG M k s eo k dhO k J k LP dG ed HO S Qs W bh
MCG eh H ,dG jG e a d aGdG d Fe J g
.k jCG jdG
42
dG ja
aGdG GAGLEG
dGh bGG HGV
QhdG
aGdG JJ
gDe jT AY IQGOEG J
q
.YT HbQ g d
WG IQGOEG
NGdG HGdG
WG IQGOEG f
WG bGeh jd
e dGh
dG Ks G eSG G AGLEG J S
jRJh IQOdG idG J c Oq j
AGLEG OS c .cdG b e Jh
LGGh bdG Y IQGOEG c Ks G
jdG MCG e aGd IG NGdG
HbdG d LQG LGG EG ,aVEH
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ITdG cG
IG
Gh JGSG
jQYG IQGOEG
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dG eGh ,eCdGh ,aG YCGh ,dG GSCGh ,UCG IQGOEG dP
q CG dG ed HO d ,dHh .eSG
dG hDdG Y J
C ,Yb J S CG e Ya cCG H Jh Oq CGh ,dG q c
,dP EG j .iNCG Yd dG GAGLEG HJ e J b INCG
J ,G S a .Yb Iq Y Y H RJ eSG G H CG
G e k je ,(PSIA) ce HQCH jQSG HG e ,G H
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jb IQKEG NG cdG Y q J CG IMG
s dG CT e ,Q Qe eh
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b q H UG dG dG e jdG aGeh jQJ Y d dG
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45
dG G HO ce IQOe
dCG
cCG e EG LG
Gk QHG
dG ddG jJ
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dG GTDe
GQG f
jG MJ
G jJ feEG
eSG
46
G :8 dG
AAOIFI
J dG G dG dG -dG ed HO S
s cdG Y GTEG MH
YGdG eG Oheh NG
.dG G HO ce N e hCG YCG dhGj jdG
DFSA
DIFC
DIFCA
47
IFSB
IQLEG
LEG
.jdG AY e e J
OLG
SG
HQG
HGG
cQG
.G HdH SG
SdG
dG dG gh , fi dG Y MdG dfCG dG G c
.d dH
BGdG
HdG
48
49
dG
dG
o
dG
.jN jOU Yc k e j e k dZ Oe YO fl
aJ hU EG (cQG ge)
q J aH k cQe OdG jh
IY Jge/Jge GSH OdG L j Y
cQe q jh Gh UCd dOe jM adG eq Dj .jNBG
j adG EG .cQG e CH J IQN CG M WG
Qjo h .Y eq DG dch eq DG g AYCG CG G eCdG
.zeSEG eCdG{ IQH fk MCG adG EG
adG
q dG
:LGG
UG dG dG G HO ce fb dG dG G HO ce fb
dG eG H GSCd dG G HO ce fb eSEG dG eH
GAGLEG H edG GAGLEG H G SCGQ GQSG LGe H eSEG
J F bdGh LGG GAGLEG H edG eG H NdG
eG je eSEG dG SDd LGGh SG g eG
.eSEG dG