upaya mengembangkan pasar modal syariah di asia

7/23/2019 Upaya Mengembangkan Pasar Modal Syariah Di Asia

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Nknt`amniwlo N%T%41634446;;11 G 4>Fatmoln ASWtbwanmawnwa Nirevnewa

Wbiomn` Vaekka Nirevnewa Ebknxn 84>4

Wblaenx Tnwnx Lofnm


2/18

8

Rtnqn Ebknxn Ebknxn fa Nwan

fnmnl lbekblhnekine Tnwnx Lofnm Wqnxan`

Tbefn`rmrne

Wbjnxn` tbxiblhnekne aefrwvxa ibrnekne

qnek wbwrna fbekne txaewat,txaewat wqnxan`

nknln Awmnl qnek lbmatrva tbxhneine- nwrxnewa

fne tnwnx lofnm tnfn fnwnxeqn lbxrtnine

wrnvr txowbw wbjnxn` qnek wneknv tnejnek%Mn`axeqn Nknln Awmnl wbiavnx >2 maln hbmnw!

nhnf qnek mnmr lbmbvniine fnwnx tbebxntne

txaewat wqnxan` fnmnl aefrwvxa ibrnekne- inxben

fa fnmnl Awmnl faibenm inafn` lrnlnmmn` qnek

lbxrtnine inafn` `rirl nvnw `rhrekne nevnx lnerwan qnek fa fnmnleqn vbxlnwri

`rhrekne tbxfnknekne fnmnl nxva qnek mrnw% Enlre fblaiane- tbxiblhnekne

tbebxntne txaewat wqnxan` lbeknmnla lnwn wrxrv wbmnln irxre {nivr qnek xbmnvac mnln

tnfn lnwn altbxarl ebknxn,ebknxn Bxotn% Tnfn lnwn vbxwbhrv ebknxn,ebknxn fa Valrx

Vbekn` wbxvn ebknxn,ebknxn Awmnl mnae `nltax wblrneqn lbejnfa {amnqn` jnjn`ne

ebknxn,ebknxn Bxotn%

Lnwn ibhnekiavne Awmnl qnek favnefna fbekne hneqnieqn ebknxn Awmnl qnek

vbxhbhnw fnxa tbejnjn`ne fne wblniae vbxfafaieqn kbebxnwa lrfn Awmnl- inafn` fne

txaewat wqnxan` Awmnl lrmna favbkniine iblhnma% Wbiavnx vn`re >134,ne hneqni

gbefbian{ne lrwmal fnxa ebknxn,ebknxn Awmnl wrfn` lrmna lbmnirine tbekinjane

rmnek nvnw tbebxntne wawvbl `rirl Bxotn ib fnmnl aefrwvxa ibrnekne fne wbinmakrwlbltbxibenmine tbebxntne txaewat wqnxan` awmnl fnmnl aefrwvxa ibrnekneeqn%

Tnfn n{nmeqn txaewat wqnxan` awmnl favbxntine tnfn aefrwvxa tbxhneine% Lbwax

nfnmn` lbxrtnine ebknxn qnek tbxvnln inma lbefaxaine hnei Awmnl wbiavnx vn`re >1;>

fbekne enln Enwwbx Woganm Hnei qnek otbxnwaoenmeqn hbxfnwnxine wawvbl hnka `nwam

vnetn xahn!% Hbxfaxaeqn Enwwbx Woganm Hnei vbxwbhrv- iblrfane faairva fbekne

hbxfaxaeqn hbhbxntn hnei Awmnl mnaeeqn wbtbxva Awmnlag Fbsbmotlbev HneiAFH! fne v`b

Frhna Awmnlag tnfn vn`re >1;2- Cnawnm Awmnlag Hnei oc Bkqtv- Cnawnm Awmnlag Hnei ocWrfne fne Ir{nav Caenegb @orwb vn`re >1;;%


3/18

7

Tbebxntne txaewat wqnxan` tnfn wbivox fa mrnx aefrwvxa tbxhneine- jrkn vbmn` lrmna

fajnmneine tnfn aefrwvxa nwrxnewa vnincrm! fne aefrwvxa tnwnx lofnm Tnwnx Lofnm

Wqnxan`!% Tnfn aefrwvxa tnwnx lofnm- txaewat wqnxan` vbmn` favbxntine tnfn aewvxrlbe

ohmaknwa- wn`nl fne xbiwn fnen cref!% Ebknxn qnek tbxvnln inma lbekaltmblbevnwaine

txaewat wqnxan` fa wbivox tnwnx lofnm nfnmn` Qoxfnean fne Tniawvne- fne ibfrn ebknxn

vbxwbhrv jrkn vbmn` lbeqrwre fnwnx `rirl tbebxhavne ohmaknwa wqnxan`% Wbmnejrveqn

tnfn vn`re >1;0- tblbxaevn` Qoxfnean lbmnmra Mn{ Eolox >7 vn`re >1;0 vbmn`

lbekajaeine Joxfne Awmnlag Hnei revri lbebxhavine Lr~nxnfn` Hoef% Ajae tbebxhavne

Lr~nxnfn` Hoef aea iblrfane favaefnimnejrva fbekne tbebxhavne Lr~nxnfn` Hoef Ngv

tnfn vn`re >10>% Wblbevnxn tblbxaevn` Tniawvne- hnxr tnfn vn`re >104 lbebxhavine

V`b Lnfnxnhnw Goltneq fne Lnfnxnhnw Oxfaenegb%

Tnwnx Lofnm Wqnxan`

Tnwnx lofnm wbgnxn rlrl fntnv fanxvaine fbekne

wbhrn` vbltnv falnen lofnm b~ravq! fatbxfnknekine

nevnxn ta`ni qnek lblamaia ibmbha`ne lofnm aesbwvox!

fbekne oxnek qnek lblhrvr`ine lofnm awwrbx! revri

lbekblhnekine aesbwvnwa% Tbxnvrxne lbekbena tnwnx lofnmfa Aefoebwan fanvrx fa fnmnl Refnek,Refnek Eo% 0 vn`re

>112% Fnmnl refnek,refnek vbxwbhrv- tnwnx lofnm

fafbcaeawaine wbhnkna ibkanvne qnek hbxwnekirvne fbekne

Tben{nxne Rlrl fne tbxfnknekne Bcbi- Tbxrwn`nne Trhmai qnek hbxinavne fbekne

Bcbi qnek favbxhavineeqn- wbxvn mblhnkn fne txocbwa qnek hbxinavne fbekne Bcbi%

Nfneqn tnwnx lofnm lbxrtnine wnmn` wnvr cnivox qnek tbevaek qnek airv hbxtbxne

wbxvn fnmnl lblhnekre tbxbioeolane wrnvr ebknxn% Hbxhnkna tbxrwn`nne vbmn`lbekkrenine aewvavrwa tnwnx lofnm wbhnkna lbfan revri lbeqbxnt aesbwvnwa fne lbfan

revri lbltbxirnv towawa ibrnekneeqn% Wbgnxn cnivrnm- tnwnx lofnm vbmn` lbejnfa

caeneganm ebxsb gbevxb wnxnc caenewanm frean! tnfn frean bioeola lofbxe fb{nwn aea-

hn`ine tbxbioeolane lofbxe vafni nine lrekiae hawn biwaw vnetn nfneqn tnwnx

lofnm qnek vnekkr` fne hbxfnqn wnaek kmohnm wbxvn vbxoxkneawax fbekne hnai%

Hnekiaveqn bioeola Awmnl fa Aefoebwan fb{nwn aea lbejnfa cbeolben qnek

lbenxai fne lbekkblhaxnine vbxrvnln hnka tbefrfri Aefoebwan qnek lnqoxavnw

hbxnknln Awmnl% Txnivbi ibkanvne bioeola ioesbewaoenm- i`rwrweqn fnmnl ibkanvne


4/18

6

tnwnx lofnm qnek lbeknefrek rewrx wtbirmnwa wbhnkna wnmn` wnvr ioltoebeeqn

enltnieqn lnwa` lbejnfa `nlhnvne twaiomokaw hnka rlnv Awmnl revri vrxrv nivac

fnmnl ibkanvne aesbwvnwa vbxrvnln fa hafnek tnwnx lofnm% Omb` inxben avr fbekne

nfneqn tnwnx lofnm wqnxan` aea fa`nxntine nine fntnv lbejblhnvnea `nlhnvne

vbxwbhrv%

Tnwnx lofnm wqnxan` faiblhnekine fnmnl xnekin lbekniolofax ibhrvr`ne

rlnv Awmnl qnek aekae lbmnirine aesbwvnwa fa txofri,txofri tnwnx lofnm qnek wbwrna

fbekne txaewat fnwnx wqnxan`% Fbekne wblniae hbxnknleqn wnxnen fne txofri

aesbwvnwa- fa`nxntine lnwqnxninv nine lblamaia hbxhnkna nmvbxenvac hbxaesbwvnwa qnek

fanekknt wbwrna fbekne ibaekaeneeqn- fawnltaek aesbwvnwa qnek wbmnln aea wrfn`

faibenm fne hbxiblhnek fa wbivox tbxhneine%

Xawbv wvrfa qnek famnirine omb` [oxmf Hnei 84>4! lbeknvnine hn`{n : [àmb

v`boxq wrkkbwvw wakeacagnev xbtbxgrwwaoew oc v`b b~ravq,maib envrxb oc Awmnlag hneiaek cox

hrwaebww oxabevnvaoe- bccagabegq- xawi,vniaek

nef wvnhamavq- nebgfovnm bsafbegb wrkkbwvw

v`nv Awmnlag hneiw hrwaebww lofbm lak`v hb

eov voo faccbxbev cxol goesbevaoenm hneiw

hrwaebww lofbm% Orx bltaxagnm bwvalnvaoew

wò{ mavvmb wakeacagnev faccbxbegbw hbv{bbe

Awmnlag nef goesbevaoenm hneiw% @nwam wvrfa

vbxwbhrv lbeqnvnine hn`{n lofbm

tbxhneine Awmnl vafni vbxmnmr hbxhbfn

wbgnxn wakeacaine fbekne tbxhneine

ioesbewaoenm vbxlnwri tnfn wbklbe tnwnx lofnmeqn% Tbxhbfnne wbgnxn rlrl nevnxn

tnwnx lofnm ioesbewaoenm fbekne tnwnx lofnm wqnxan` fntnv fama`nv tnfn aewvxrlbe

fne lbineawlb vxnewniwaeqn% Tnfn lofbm wqnxan` wbvant vxnewniwa fafnwnxine tnfn

ioewbt eanv! wqnxan` hbxfnwnxine wnmaek vomoek lbeomoek fne lbekrevrekine hnka

`nwam!% Wbfnekine tbxhbfnne eamna aefbiw wn`nl wqnxan` fbekne eamna aefbiw wn`nl

ioesbewaoenm vbxmbvni tnfn ixavbxan wn`nl blavbe qnek `nxrw lblberà txaewat,

txaewat fnwnx wqnxan`% Fbekne fblaiane fntnv fawaltrmine hn`{n wbgnxn rlrl ioewbt

tnwnx lofnm wqnxan` fbekne tnwnx lofnm ioesbewaoenm vafni jnr` hbxhbfn lbwiatre

fnmnl ioewbt tnwnx lofnm wqnxan` fawbhrvine hn`{n wn`nl qnek fatbxfnknekine

`nxrw hbxnwnm fnxa tbxrwn`nne qnek hbxkbxni fnmnl wbivox qnek lblberà ixavbxan

wqnxan` fne vbxhbhnw fnxa rewrx xahn{a- wbxvn vxnewniwa wn`nl famnirine fbeknelbekàefnxine hbxhnkna txnivai wtbirmnwa%


5/18

2

Wbgnxn rlrl- tbebxntne txaewat wqnxan` fnmnl aefrwvxa tnwnx lofnm i`rwrweqn

tnfn aewvxrlbe wn`nl famnirine hbxfnwnxine tbeamnane nvnw wn`nl qnek favbxhavine

omb` lnwaek,lnwaek tbxrwn`nne- inxben aewvxrlbe wn`nl wbgnxn envrxnm vbmn` wbwrna

fbekne txaewat wqnxan` lbekaeknv wacnv wn`nl falniwrf hbxwacnv tbeqbxvnne% Tnxn n`ma

ca~a` hbxtbefntnv hn`{n wrnvr wn`nl fntnv fainvbkoxaine lblberà txaewat wqnxan`

ntnhamn ibkanvne tbxrwn`nne qnek lbebxhavine wn`nl vbxwbhrv vafni vbxgnirt tnfn

`nm,`nm qnek famnxnek fnmnl wqnxan` awmnl- wbtbxva tbxjrfane- laerlne hbxnmioòm-

txofriwa qnek hn`ne hnireqn hbxnwnm fnxa hnha- toxeokxnca- jnwn ibrnekne qnek hbxwacnv

ioesbewaoenm- fne nwrxnewa qnek hbxwacnv ioesbewaoenm lbeknefrek xahn!% Afbnmeqn

fnmnl tnwnx lofnm wqnxan` avr wbefaxa vafni lbeknefrek vxnewniwa xahn{a- vxnewniwa

qnek lbxnkrine k`nxnx!- fne wn`nl tbxrwn`nne qnek hbxkbxni tnfn hafnek qnek

fa`nxnline% Tnwnx lofnm wqnxan` `nxrw hbhnw fnxa vxnewniwa qnek vafni hbxbvain fne

nloxnm- wbtbxva lneatrmnwa tnwnx- vxnewniwa qnek lblnecnnvine oxnek fnmnl aewafbx

vxnfaek!- lbejrnm wn`nl qnek hbmrl falamaia fne lblhbmaeqn hbmninekne wòxv

wbmmaek!%

Txofri Aesbwvnwa fnmnl Tnwnx Lofnm Wqnxan`

Fnmnl tnwnx lofnm wqnxan`- aewvxrlbe qnek fatbxfnknekine nfnmn` wn`nl-

ohmaknwa wqnxan` fne Xbiwn Fnen Wqnxan`- wbfnekine otwa- {nxne fne xak`v vafni

vbxlnwri aewvxrlbe qnek fahombìne%

>% Wn`nlTxofri aesbwvnwa hbxrtn wn`nl tnfn txaewateqn wrfn` wbwrna fbekne njnxne

Awmnl% Wn`nl fnmnl tnwnx lofnm wqnxan` wnln fbekne wn`nl fnmnl tnwnx lofnm

ioesbewaoenm% @neqn hbfneqn wn`nl qnek fatbxfnknekine fnmnl tnwnx lofnm

wqnxan` `nxrw fnvnek fnxa blavbe qnek lblberà ixavbxan,ixavbxan wqnxan`% Fnmnl

tbxiblhnekneeqn vbmn` hneqni ebknxn ebknxn qnek vbmn` lbebevrine hnvnwne

wrnvr wn`nl fntnv fainvbkoxaine wbhnkna wn`nl wqnxan`% Lawnmeqn Lnmnqwan-

Nlbxain Wbxainv lbmnra Fo{ Joebw Awmnlag Aefbp% Wblbevnxn avr hbhbxntn aewvavrwa

ibrnekne frean vbmn` lblhrnv trmn hnvnwne,hnvnwne revri invbkoxa wn`nl wqnxan`

nevnxn mnae Gava Nwwbv Lnenkblbev Kxort- [bmmaekvoe Lnenkblbev Goltneq-

Awmnlag%gol fne wbhnknaeqn %


6/18

3

Tbeamnane ibwqnxan`ne wrnvr wn`nl fawnltaek fama`nv fnxa wbivox ibkanvne

rwn`n omb` tbxrwn`nne qnek hbxwnekirvne- jrkn hawn fa fama`nv fnxa wawa tbxlofnmne

fnxa tbxrwn`nne falniwrf- wbtbxva :

n% Xnwao nvnw rvnek fne biravnw fbhv vo b~ravq xnvao!9

h% Gnw` nef aevbxbwv hbnxaek wbgrxavabw vo b~ravq xnvao9

g% Xnwao nvnw inw fne nwbv gnw` vo nwwbv xnvao!%

Fa hbhbxntn ebknxn txowbw wgxbbeaek tbeqnxaekne! nvnw wn`nl qnek

lblberà txaewat wqnxan` famnirine omb` mblhnkn qnek hbxhbfn% Fa Lnmnqwan

txowbw wgxbbeaek ibwqnxan`ne wrnvr wn`nl famnirine omb` W`nxan` Nfsawoxq Goregam

WNG! qnek hbxnfn tnfn Wbgrxavabw Gollawaoe- wbfnekine fa ebknxn mnae txowbw

wgxbbeaek ibwqnxan`ne wrnvr wn`nl fntnv jrkn famnirine omb` mblhnkn w{nwvn%

8% Ohmaknwa WqnxanÒhmaknwa wqnxan` hbxhbfn fbekne ohmaknwa ioesbewaoenm% Ohmaknwa ioesbewaoenm

lbxrtnine wrnvr jbeaw txofri ibrnekne qnek vafni fahbenxine fnmnl Awmnl inxben

lbekkrenine hrekn wbhnkna fnqn vnxaieqn% Ohmaknwa hbxfnwnxine fbcaeawaeqn

nfnmn` wrnvr wrxnv hbx`nxkn jnekin tnejnek qnek hbxwacnv `rvnek qnek faibmrnxineomb` blavbe ibtnfn tblbknek ohmaknwa fbekne ib{njahne lblhnqnx hrekne tnfn

tbxaofb vbxvbevr fne lbmrenwa toioi tnfn wnnv jnvr` vblto ibtnfn tblbknek

ohmaknwa% Omb` inxben avr hbxfnwnxine fbcaeawa vbxwbhrv lnin fntnv fainvnine hn`{n

ohmaknwa nfnmn` wrnvr txofri qnek vafni wbwrna njnxne Awmnl% Lberxrx njnxne Awmnl

lnin wrnvr `rvnek tarvnek vbxlnwri ibkanvne vnhnxxr ibhnjaine!- wbàekkn

fa`nxnline revri lbefntnvine wbwrnvr fnxa ibkanvne vbxwbhrv% Lawnmeqn

wbwboxnek lblaejnl rnek Xt% >%444%444-44 lnin qnek lblhbxaine taejnlne

vafni homb` lblaevn ibmbha`ne fnen fnxa taejnlne vbxwbhrv%

Tbekbxvane aea wneknv hbxvbevnekne fbekne tbekbxvane ohmaknwa qnek iavn ibenm

wbinxnek% @nm aea fainxbenine ohmaknwa hanwneqn fakrenine revri ibkanvne rwn`n/

haweaw% Fnmnl njnxne Awmnl ibkanvne rwn`n faibvbkoxaine ibkanvne vajnxn`% Wbgnxn

mokain ntnhamn wbwboxnek lblaejne fnen revri ibkanvne haweaw lnin ta`ni qnek

lblaejnline hbx`ni nvnw wbhnkane ibrevrekne nvnw rwn`n vbxwbhrv%

Wbhnkna womrwa fnxa tbxlnwnmn`ne vbxwbhrv lnin Fb{nl Wqnxan` Enwaoenm

FWE! lbmnmra cnv{n Eolox: 78/FWE,LRA/AP/8448 vnekknm >6 Wbtvblhbx 8448


7/18

;

vbevnek Ohmaknwa Wqnxan` vbmn` lbmnirine xbfacaeawa fnxa tbekbxvane ohmaknwa%

Tbekbxvane ohmaknwa wqnxan` fnmnl cnv{n vbxwbhrv nfnmn` wrnvr wrxnv hbx`nxkn

jnekin tnejnek hbxfnwnxine txaewat wqnxan` qnek faibmrnxine Blavbe ibtnfn

tblbknek ohmaknwa wqnxan` qnek lb{njahine blavbe revri lblhnqnx tbefntnvne

ibtnfn tblbknek ohmaknwa wqnxan` hbxrtn hnka `nwam/lnxkae/cbb wbxvn lblhnqnx

iblhnma fnen ohmaknwa tnfn wnnv jnvr` vblto% Ninf,ninf qnek fntnv fakrenine

fnmnl tbebxhavne ohmaknwa wqnxan`- nevnxn mnae:

>% Lrf`nxnhn`8% Lrxnhn`n`7% Wnmnl6% Awvawèn2% Ajnxn`Lawnmeqn fnmnl ioewbt Ohmaknwa Wqnxan` Lrf`nxnhn`- blavbe lbebxhavine

wrxnv hbx`nxkn jnekin tnejnek revri favn{nxine ibtnfn tnxn aesbwvox fne

hbxib{njahne lblhnqnx tbefntnvne hbxrtn hnka `nwam nvnr lnxkae cbb wbxvn toioi

rvnek ohmaknwa tnfn {nivr jnvr` vblto ibtnfn tnxn tblbknek ohmaknwa vbxwbhrv%

Fnmnl `nm aea ta`ni blavbe hbxcrekwa wbhnkna lrf`nxah tbekbmomn lofnm!

wbfnekine aesbwvox tblbknek ohmaknwa wbhnkna w`nàhrm lnnm tblamai lofnm!%Wblbevnxn blavbe qnek lbebxhavine ohmaknwa wqnxan` `nxrw lblberà tbxwqnxnvne

wbtbxva tbxwqnxnvne blavbe qnek lnwri fnmnl ixavbxan aefbiw Awmnl%

7% Xbiwn Fnen Wqnxan` (Awmnlag Cref!Aewvxrlbe ibvakn qnek fatbxfnknekine fnmnl tnwnx lofnm wqnxan` nfnmn`

Xbiwn Fnen Wqnxan`% Xbiwn Fnen Wqnxan` lbxrtnine wnxnen aesbwvnwa gnltrxne

qnek lbekknhrekine wn`nl fne ohmaknwa wqnxan` fnmnl wnvr txofri qnek faibmomn

omb` lnenjbx aesbwvnwa% Lnenjbx aesbwvnwa lben{nxine Xbiwn Fnen Wqnxan` ibtnfn

tnxn aesbwvox qnek hbxlaenv- wblbevnxn fnen qnek fatbxomb` fnxa aesbwvox vbxwbhrv

faibmomn omb` lnenjbx aesbwvnwa revri favnenline fnmnl wn`nl nvnr ohmaknwa

wqnxan` qnek faeamna lbekrevrekine%

Lbmnmra cnv{n FWE Eolox: 84/FWE,LRA/AP/8444 vnekknm >0 Ntxam 8444

vbevnek Tbfolne Tbmniwnenne Aesbwvnwa Revri Xbiwn Fnen Wqnxan` vbmn`

lbefbcaeawine vbevnek Xbiwn Fnen Wqnxan` nfnmn` Xbiwn Fnen qnek hbxotbxnwa


8/18

0

lberxrv ibvbevrne fne txaewat Wqnxan` Awmnl- hnai fnmnl hbevri ninf nevnxn

tblofnm wbhnkna lamai `nxvn w`nàh nm,lnnm/xnhh nm,lnnm! fbekne lnenjbx

Aesbwvnwa wbhnkna {niam w`nàh nm,lnm- lnrtre nevnxn Lnenjbx Aesbwvnwa wbhnkna

{niam w`nàh nm,lnm fbekne tbekkren aesbwvnwa%

Tbxiblhnekne Tnwnx Lofnm Wqnxan` fa Aefoebwan

Mnekin` n{nm tbxiblhnekne tnwnx lofnm

wqnxan` fa Aefoebwan falrmna fbekne

favbxhavineeqn xbiwnfnen wqnxan` tnfn 82 Jrea

>11; faairva fbekne favbxhavineeqn ohmaknwa

wqnxan` tnfn niàx 8448- iblrfane faairva trmn

fbekne `nfaxeqn Jninxvn Awmnlag Aefbp JAA!

tnfn Jrma 8444% Aewvxrlbe,aewvxrlbe aesbwvnwa

wqnxan` vbxwbhrv iblrfane lbeknmnla

tbxiblhnekne wbjnmne fbekne lnxnieqn tbxvrlhr`ne hnei,hnei enwaoenm qnek

lblhrin {aefo{ wqnxan`%

Wbjni famregrxineeqn xbiwnfnen wqnxan` tbxvnln inma qnavr xbiwnfnen Fnenxbiwn

Wqnxan` 82 Jrea >11;- tbxiblhnekne aewvxrlbe wqnxan` vbxrw lbeknmnla

tbxiblhnekne {nmnrtre tbxmn`ne enlre tnwva- vbxrvnln tnfn bxn vn`re 8448 wnltna

fbekne tbxvbekn`ne vn`re 8446- aewvxrlbe wqnxan` hnai xbiwnfnen lnrtre ohmaknwa

lbeknmnla tbxvrlhr`ne qnek grirt wakeacaine% Vaekinv `nwam tovbewa xbvrxe! qnek

fatbxomb` i`rwrweqn tnfn aefrwvxa xbiwnfnen wqnxan` grirt vaekka fahnefaek xbiwnfnen

ioesbewaoenm- qnavr xbiwnfnen wqnxan` xnvn,xnvn lblhbxaine xbvrxe >7 "- wblbevnxn

xbiwnfnen ioesbewaoenm xnvn,xnvn lblhbxaine xbvrxe >8 "%

TV Hrxwn Bcbi Jninxvn HBJ! wbmnejrveqn tnfn vnekknm 7 Jrma 8444 lbmregrxine

Jninxvn Awmnlag Aefbp (JAA! qnek lbxrtnine hbeg`lnxi hnka wn`nl,wn`nl qnek

hbxawaine wn`nl,wn`nl mairaf fne lblberà txaewat wqnxan` Awmnl% Vrjrne

tblhbevrine JAA nfnmn` revri lbeaekinvine ibtbxgnqnne aesbwvox revri lbmnirine

aesbwvnwa tnfn wn`nl hbxhnwaw wqnxan` fne lblhbxaine lnecnnv hnka tblofnm fnmnl

lbejnmneine wqnxan` Awmnl revri lbmnirine aesbwvnwa fa Hrxwn% JAA jrkn fa`nxntine

fntnv lbefrirek txowbw vxnewtnxnewa fne nirevnhamavnw wn`nl hbxhnwaw wqnxan` fa

Aefoebwan% Nekkovn JAA vbxfaxa fnxa 74 wn`nl qnek lb{niama wbiavnx 68" fnxa intavnmawnwa


9/18

1

tnwnx fa HBJ fne nekkovn JAA nine favaejnr iblhnma vant 3 hrmne wbinma- vbtnveqn hrmne

Jnernxa fne hrmne Jrea tnfn vant,vant vn`reeqn%

Wbmnejrveqn tbebxhavne ohmaknwa wqnxan` lrmna famnirine fa Aefoebwan% Tbebxhavne

aea fatbmotoxa omb` Aefownv fbekne lbebxhavine Ohmaknwa Wqnxan` Lrf`nxnhn` Aefownv

wbeamna Xt >44 lamqnx tnfn Oivohbx 8448 fbekne vaekinv alhnm `nwam >3-;2 "- wrnvr

vaekinv alhnm `nwam xbvrxe! qnek grirt vaekka fahnefaek xnvn xbvrxe ohmaknwa fbekne

txaewat xahn/ioesbewaoenm% Ohmaknwa aea lbeknmnla osbxwrhwgxahbfàekkn frn inma matnv

wbàekkn Aefownv lbenlhn` jrlmn` ohmaknwa qnek favn{nxine lbejnfa Xt >;2 lamqnx%

Mnekin` Aefownv aea iblrfane faairva omb` Hnei Lrnlnmnv fne Hnei Wqnxan` Lnefaxa

HWL!%

Hbxfnwnxine tbebmavane qnek famnirine omb` Inxal Hrwaebww Goewrmvaek tnfnvn`re 8447- lnqoxavnw wn`nl qnek vbxgnvnv fa Hrxwn Bcbi Jninxvn HBJ! vbxfaxa fnxa 777

wn`nl blavbe qnek vbxgnvnv- fanevnxneqn 873 wn`nl wbwrna fbekne txaewat wqnxan` fne

mnqni revri favxnewniwaine fnmnl tnwnx lofnm wqnxan`% Ibwbwrnane fnmnl txaewat

vbxwbhrv fafnwnxine ibtnfn txofri qnek fa`nwamine blavbe fne vxnewniwa wn`nleqn fa

HBJ% Wbfnekine wawneqn 21 wn`nl vbxkomoek (`nxnl( nvnr vafni wbwrna fbekne txaewat

wqnxan`- wbtbxva wn`nl tbxhneine- goewrlbx txofrgv laerlne ibxnw! fne xoioi%

Wawneqn 76 wn`nl vbxkomoek wrh`nv wbtbxva wn`nl aefrwvxa tbxòvbmne fne 6 wn`nl

lrf`nxnv%

Tbxiblhnekne Tnwnx Lofnm Wqnxan` fa Lnmnqwan

Tnwnx Lofnm Wqnxan` fa Lnmnqwan vbxhbevri tnfn n{nmeqn inxben hbwnxeqn

tbxlaevnne tnwnx tnfn n{nm vn`re 14,ne% Ibhbx`nwamne tbebxntne tbxhneine wqnxan`

lblagr aesbwvox revri fntnv hbxaesbwvnwa wbwrna fbekne inafn`,inafn` aesbwvnwa wbgnxnawmnla% Tnfn vn`re >116- tblbxaevn` Lnmnqwan lbmnmra Wbgrxavabw Gollawwaoe Lnmnqwan

lblhbevri Awmnlag Gntavnm Lnxibv Reav AGLR! fne Awmnlag Aewvxrlbev Wvrfq Kxort

AAWK!% AGLR aea hbxvrknw lbmnirine xawbv fne tbekblhnekne txofri Tnwnx Lofnm

Awmnl fne lbmnirine nenmawn vbx`nfnt wblrn bcbi qnek vbxgnvnv fa hrxwn,hrxwn

Lnmnqwan- fawnltaek avr AGLR jrkn hbxcrekwa wbhnkna vbenkn xawbv fne wbixbvnxanv hnka

WNG%

Fnmnl tbxiblhnekneeqn AAWK iblrfane hbxrhn` enln lbejnfa Wqnxan` Nfsawoxq

Goregam WNG! tnfn vn`re >113% WNG aea hbxvrknw lblhbxaine lnwrine ibtnfn


10/18

>4

Wbgrxavabw Gollawwaoe nvnw wblrn `nm qnek hbx`rhrekne fbekne tbekblhnekne Tnwnx

Lofnm Awmnl fne wbhnkna trwnv xbcbxbewa- fawnltaek avr WNG jrkn lbmnirine tbekinjane

bcbi,bcbi ioesbewaoenm qnek wrfn` nfn fnxa tbxwtbivac wqnxan` wbxvn lbmnirine

tbekinjane fne tbekblhnekne nvnw bcbi fne aewvxrlbev tnwnx lofnm mnaeeqn% Wbhnkna

`nwam fnxa tbekinjane vbxwbhrv- WNG lbekbmrnxine fncvnx bcbi,bcbi qnek vbmn` wbwrna

fbekne txaewat wqnxan`% Wbmnejrveqn fncvnx vbxwbhrv nine fatbxhn`nxra rt,fnvb! frn

inma fnmnl wbvn`re fne fawbhnxmrnwine wbgnxn kxnvaw%

Wnnv aea- hbxhnkna aewvxrlbev tnwnx lofnm wqnxan` vbmn` vbxwbfan hnka aesbwvox

nevnxn mnae Xbiwn Fnen Wqnxan`- Wn`nl Wqnxan`- Aefbp Wqnxan` fne Ohmaknwa Wqnxan`%

Xbiwn Fnen Wqnxan` tbxvnln hbxfaxa tnfn vn`re >117% Lnmnqwan vbmn` lbltreqna 73

vakn trmr` benl! Xbiwn Fnen Wqnxan` fnxa >;6 wbxnvrw vrjr` trmr` bltnv! vovnm Xbiwn

Fnen qnek nfn fa Lnmnqwan% Vovnm tblbknek reav Xbiwn Fnen Wqnxan` wbhneqni 800%>78

aesbwvox% Vovnm Eamna Nivasn Hbxwa` ENH! Xbiwn Fnen Wqnxan` lbegntna 2" maln tbx

wbxnvrw! fnxa vovnm ENH aefrwvxa Xbiwn Fnen fa Lnmnqwan%

Tnfn tnwnx lofnm Lnmnqwan- wn`nl qnek wbwrna fbekne txaewat wqnxan` wnltna

fbekne vn`re 8447 vbxmn` vbxgnvnv wbhneqni 306 benl xnvrw fbmntne trmr` bltnv!

wn`nl wqnxan` tbxrwn`nne qnek vbxfaxa fnxa 71; vakn xnvrw wblhamn trmr` vrjr`! wn`nl

tnfn tntne rvnln- 8;; frn xnvrw vrjr` trmr` vrjr`! wn`nl tnfn tntne ibfrn fne >4

wbtrmr`! wn`nl tnfn tntne Lbwfn~% Jrlmn` vovnm wn`nl vbxwbhrv lbegntna ;1" fnxa

vovnm wn`nl qnek vbxgnvnv nvnr wbiavnx 34" fnxa vovnm intavnmawnwa tnwnx fa lnmnqwan%

Nfntre Aefbp Wqnxan` famregrxine tbxvnln inma omb` Irnmn Mrltrx Wvogi Bpg`nekb

tnfn vn`re >111% Aefbp Wqnxan` falniwrf hbxcrekwa revri lbma`nv iaebxjn wn`nl,

wn`nl wqnxan` qnek vbxgnvnv tnfn tntne rvnln%

Wbfnekine Ohmaknwa Wqnxan` fa

Lnmnqwan fahbevri fne faxbwvxrivrxawnwa

hbxfnwnxine ioevxni,ioevxni qnek

hbxernewn awmnla% Vovnm eamna ohmaknwa

wqnxan` fa Tnwnx Lofnm Lnmnqwan lbegntna

RWF >2-28 lamanx 67" fnxa vovnm eamna

ohmaknwa qnek vbxgnvnv fa tnwnx lofnm

Lnmnqwan!- wbmnae avr vbxfntnv aewvxrlbe

mnae qnavr Awmnlag Reav Vxrwv% Cnivox mnae qnek airv lblhbxaine ioevxahrwa

tbxiblhnekne nfnmn` faiblhnekineeqn Mnhrne Aevbxenvaoenm Caeneganm Bpg`nekbMCP! qnek vbxeqnvn jrkn lblagr tbeaekinvne ibkanvne Tnwnx Lofnm Wqnxan` fa


11/18

>>

Lnmnqwan% MCP lbeqbfanine cnwamavnw tbegnvnvne fne tbxfnknekne aewvxrlbe ibrnekne

aevbxenwaoenm% MCP lbegnvnv Kmohnm Wriri tbxvnln fa frean tnfn hrmne Jnernxa 8448

qnek eamnaeqn lbegntna RWF >24 jrvn%

Ibwriwbwne Lnmnqwan fnmnl lbebxhavine aewvxrlbe ohmaknwa qnek lbebxntine

txaewat wqnxan` vbxwbhrv lbefoxoek hbhbxntn ebknxn Awmnl mnae revri lbebxhavine

aewvxrlbe wbxrtn wbtbxva v`b Gbevxnm Hnei oc Ir{nav qnek lbebxhavine ohmaknwa wqnxan`

revri lbefnena tblhbmane nwbv,nwbv qnek faibmomn omb` ebknxn wbmnae Krmc Go,otbxnvaoe

Goregam wvnvbw wbxvn Axne qnek lbebxhavine aewvxrlbe ohmaknwa qnek hbxhnwawine

lrf`nxnhn`% Wbgnxn rlrl fntnv fawbhrvine hn`{n aewvxrlbe ohmaknwa wqnxan` qnek

grirt faibenm fne favbxaln omb` tnxn aesbwvox fa Lnmnqwan nfnmn` ohmaknwa wqnxan` qnek

hbxhnwawine ajnxn`% @nm aea fntnv faibvn`ra fnxa vaekinv ibhbx`nwamne ohmaknwa qnek

hbxhnwawine ajnxnn` qnek favbxhavine omb` tblbxaevn` Lnmnqwan fne ^nvnx- Krv`xab

Hbx`nf lnrtre oxkneawnwa lrmvamnvbxnm wbtbxva Awmnlag Fbsbmotlbev HneiAFH!%

Tbxiblhnekne Tnwnx Lofnm Wqnxan` fa Hn`xnae

Hn`xnae nfnmn` wrnvr ebknxn fa {amnqn` Nwan Hnxnv qnek vrxrv jrkn

lbekblhnekine Tnwnx Lofnm Wqnxan` inxben nfneqn tbxlaevnne tnwnx qnek grirt

vaekka% @nm aea fawnlhrv hnai omb` Ibxnjnne Hn`xnae qnek lbltreqna gavn,gavn revri

lb{rjrfine Hn`xnae wbhkna hnwaw vbxhbwnx ibrnekne frean% Ibkanvne bioeola fa

Hn`xnae hbxnfn fa hn{n` tbekn{nwne wnvr hnfne hbxenln Hn`xnae Loebvnxq Nkbegq

HLN!% Hn`xnae Loebvnxq Nkbegq lbxrtnine ta`ni xbkrmnvox qnek vafni `neqn

lblhafneka txofri tbxhneine- nine vbvnta jrkn ibkanvne tnwnx lofnm fa Hn`xnae%

Hn`xnae Loebvnxq Nkbegq aea fafaxaine tnfn vn`re >1;7 fbekne hbhbxntn faxbivoxnv

nfn fa fnmnleqn- fanevnxneqn nfnmn` Bpbgrvasb Faxbgvox Caeneganm Aewvavrvaoe Wrbxsawaoe

BFCAW! qnek hbx{benek lbekn{nwa ibkanvne tnwnx lofnm% Iblrfane fa fnmnl BFCAW

avr wbefaxa vbxfntnv wrnvr wrh faxbivoxnv i`rwrw qnek lbltreqna ib{benekne

vbx`nfnt tbxiblhnekne txofri ibrnekne wqnxan` qnek hbxenln Faxbgvox Awmnlag

Caeneganm Aewvavrvaoe FACA!%

Hn`xnae Loebvnxq Nkbegq wbhnkna ovoxavnw ibrnekne fa Hn`xnae vbxrw lbmnirine

tbekinjane fne lbmregrxine txofri,txofri tnwnx lofnm qnek aeosnvac fne lofbxe%

Tnfn vn`re 844> tnwnx lofnm wqnxan` fa Hn`xnae lrmna lbeknmnla tbeaekinvne qnek

wneknv vnjnl falnen revri tbxvnln inmaeqn Hn`xnae Loebvnxq Nkbegq HLN!


12/18

>8

lbmregrxine txofri wqnxan` hbxrtn ajnxn wriri ohmaknwa!% Iblrfane tnfn vnekknm 84

Jrea 8446- HLN iblhnma lbmregrxine Awmnlag Aevbxenvaoenm Hoefw qnek tbxvnln qnavr

hbxrtn ajnxn` wriri wbeamna RWF 824 jrvn wbàekkn vovnm eamna ohmaknwa wqnxan` qnek

famregrxine omb` Hn`xnae Loebvnxq Nkbegq lbejnfa RWF >-47 lamanx%

Wbmnejrveqn tnfn vnekknm 84 Jrma 8446- Hn`xnae Loebvnxq Nkbegq lbekbmrnxine

ohmaknwa wqnxan` qnek lbltreqna jnvr` vblto vbxtnejnek qnavr >4 vn`re% Ohmaknwa

vbxwbhrv wbeamna 64 jrvn Faenx Hn`xnae nvnr wbeamna RWF >43 jrvn wbàekkn vovnm eamna

ohmaknwa wqnxan` qnek famregrxine Hn`xnae Loebvnxq Nkbegq lbejnfa RWF >->73 lamanx%

Fbekne nfneqn ohmaknwa avr lnin Hn`xnae lbxrtnine ebknxn tbxvnln qnek

lbekbmrnxine ohmaknwa fbekne eamna vbxhbwnx fa frean%

Wbtbxva `nmeqn Lnmnqwan- Hn`xnae jrkn lbeqbfanine cnwamavnw tbegnvnvne fnetbxfnknekne wrxnv,wrxnv hbx`nxkn iolbxwanm hbxhnwaw awmnla aevbxenwaoenm- qnavr

lbmnmra Aevbxenvaoenm Awmnlag Caeneganm Lnxibv AACL!% Aevbxenvaoenm Awmnlag Caeneganm

Lnxibv vbxhbevri nvnw ibxjn wnln nevnxn Awmnlag Fbsbmotlbev Hnei- Hn`xnae Loebvnxq

Nkbegq- V`b Gbevxnm Hnei oc Aefoebwan- V`b Mnhrne Occwòxb Caeneganm Wbxsagbw Nrvòxavq

Lnmnqwan- V`b Gbevxnm Hnei oc Wrfne fne Laeawvxq oc Caenegb oc Hxreba Fnxrwwnmnl%

Aevbxenvaoenm Awmnlag Caeneganm Lnxibv lbeqbfanine wrnvr hbevri ibxjn wnln revri

lbeaekinvine tbxiblhnekne Awmnlag Caeneganm Lnxibv hbxhnwaw wqnxan`% AACL

hbxotbxnwa lrmna hrmne Ntxam 8448 fne àekkn wnnv aea lbltreqna >0 nekkovn vbxlnwri

Hnei Lrnlnmnv Aefoebwan%

@aekkn wnnv aea vbxfntnv hneqni aewvxrlbe tnwnx lofnm qnek hbxbfnx fa Hn`xnae-

fanevnxneqn wn`nl fne ohmaknwa% Fawnltaek avr- Hn`xnae Loebvnxq Nkbegq jrkn wbfnek

lbltxowbw fne lbekinja Awmnlag Xbtrxg`nwb Nkxbblbev

XBTO! qnek nine fagnvnvine fne fatbxfnknekine fa

Hn`xnae Wvogi Bpg`nekb% XBTO vbxwbhrv jrkn fntnv

fatbxfnknekine f mrnx hrxwn nevnxn hnei,hnei tnxvawatne%

XBTO wbefaxa lbxrtnine vxnewniwa jrnm hbma hbxwqnxnv

qnavr tbxjnejane hn`{n tbejrnm nine lblhbma iblhnma

wrxnv hbx`nxkn nvnr bcbi qnek fajrnm vbxwbhrv tnfn {nivr

fne `nxkn qnek vbmn` favbvntine% XBTO qnek homb`

fatbxjrnmhbmaine fa tnwnx lofnm wqnxan` nfnmn` XBTO qnek ninfeqn wrfn` wbwrna

fbekne ibvbevrne wqnxn jrnm hbma fne vafni nfn ta`ni qnek lbxnwn faxrkaine%


13/18

>7

Rtnqn Lbekblhnekine Tnwnx Lofnm Wqnxan` Hbxfnwnxine Knlhnxne

Tbxiblhnekne fa Aefoebwan- Lnmnqwan- fne Hn`xnae

Tnwnx lofnm fntnv lbejnfa tbekkbxni bioeola qnek vnekkr` fne hbxfnqn wnaek

kmohnm% Omb` inxben avr lnin tbxmr tbeqbltrxenne fne tbekblhnekne aecxnwvxrivrx

tnwnx lofnm lberjr ib nxn` qnek mbha` hnai mnka% Wnmn` wnvr cnivox hnka vbxgatvneqn

tnwnx lofnm qnek vnekkr` fne hbxfnqn wnaek kmohnm falniwrf nfnmn` fbekne

vbxwbfaneqn cnwamavnw fne aewvxrlbe tnwnx lofnm qnek lnltr hbxwnaek fbekne

aewvxrlbe tnwnx lofnm ebknxn,ebknxn mnae% Wb`rhrekne fbekne avr- fa vbekn`

lberxreeqn tbxvrlhr`ne bioeola enwaoenm- qnek jrkn hbxalhnw ib wbivox tnwnx

lofnm wbmnir wrhwawvbl tbxbioeolane- iaea aefrwvxa tnwnx lofnm fa Nwan lrmna lbmaxai

tbekblhnekne tbebxntne txaewat,txaewat wqnxan` awmnl wbhnkna nmvbxenvac aewvxrlbe

aesbwvnwa fnmnl ibkanvne tnwnx lofnm wbhnknalnen wbtbxva qnek vbmn` famnirine omb`

Lnmnqwan fne Hn`xnae vbxlnwri Ebknxn iavn Aefoebwan%

Tbxiblhnekne tnwnx lofnm wqnxan` fa Nwan vafni mbtnw fnxa tbxne,tbxne ovoxavnw

ibnknlnne wrnvr Ebknxn i`rwrweqn Ebknxn,ebknxn qnek lnqoxavnw hbxtbefrfri

lrwmal qnek vbmn` lbebknwine iblhnma hn`{n xahn

avr `nxnl fne famnxnek fnmnl wqnxan` Awmnl% Lawnmeqn

ovoxavnw xbkrmnwa fa Nckneawvne qnek lbeqnvnine

hn`{n : Txoàhavaoe oc vxnewngvaoew oe n +Xahn+

(aevbxbwv! hnwaw% W`nxa+n txoàhavbf rwrxq nhwomrvbmq-

xbknxfmbww oc avw tbxgbevnkb- {`bv`bx av {nw àk` ox

mo{% V`b rwrxq knae aw coxhaffbe% Iblrfane Lnjbmaw

Rmnln Aefoebwan LRA! qnek jrkn vbmn`

lbekbmrnxine cnv{n hn`{n hrekn hnei nfnmn` xahn

fne `nxnl% Cnv{n,cnv{n vbxwbhrv hbxfnwnxine

txaewat wqnxan` fnmnl Nm ^rxne fne Wren` Xnwrm% @nm aea tbevaek inxben lbxrtnine

Ioewbt Fnwnx nfneqn aesbwvnwa wqnxan`% Nvnw fnwnx ibwnfnxne aeamn` tnwnx lofnm

wqnxan` lrmna faiblhnekine mbha` wbxarw%

Iblnjrne tbxiblhnekne aesbwvnwa wqnxan` fa Ebknxn,ebknxn Nwan vafnimn` wnln%

Lawnmeqn nevnxn Aefoebwan fbekne Lnmnqwan% Iavn `nxrw lbeqnfnxa hn`{n jain

fahnefaekine fbekne ebknxn vbvnekkn Lnmnqwan- lnin tbxiblhnekne fa Aefoebwan

vbxma`nv wneknv jnr` vbxvaekknm fnmnl lbekblhnekine ibkanvne aesbwvnwa wqnxan` fa

tnwnx lofnm% Lnmnqwan tbxvnln inma vbmn` lbekblhnekine ibkanvne tnwnx lofnm

wqnxanèqn wbjni n{nm vn`re >114 fne wbjni wnnv avr vbxrw lbeknmnla iblnjrne qnek


14/18

>6

grirt tbwnv% Omb` inxben avr iavn `nxrw lbltbx`nvaine hbhbxntn `nm qnek

lbltbeknxr`a tbxiblhnekne Tnwnx Lofnm Wqnxan` fa Aefoebwan% @nm,`nm qnek

lbltbeknxr`a tbxiblhnekne tnwnx lofnm fa Aefoebwan nfn vakn qnavr :

Tbxvnln- Tbxiblhnekne lngnl aewvxrlbe tnwnx lofnm wbwrna fbekne wqnxan`

qnek fairnvine fbekne cnv{n FWE LRA%

Ibfrn- Tbxiblhnekne vxnewniwa wbwrna wqnxan` nvnw aewvxrlbe tnwnx lofnm

wqnxan`- fne

Ibvakn- Tbxiblhnekne ibmblhnknne qnek lblnevnr lngnl fne vxnewniwa tnwnx

lofnm wqnxan` vbxlnwri Hntbtnl Wqnxan`- Mblhnkn Tblbxaekinv Bcbi Wqnxan`

fne Fb{ne Tbekn{nw Awmnlag Lnxibv/Aefbp!%

Lnmnqwan qnek jrlmn` tbefrfri lrwmaleqn vafni wbhbwnx tbefrfri lrwmal fa

Aefoebwan enlre wrfn` hawn fainvnine vbmn` lbejnfa trwnv aesbwvnwa hbxhnwaw wqnxan` fa

frean- inxben vbmn` lbebxntine hbhbxntn aewvxrlbe ibrnekne wqnxan` revri aefrwvxa

tnwnx lofnmeqn% Mnlhnveqn tbxiblhnekne aesbwvnwa wqnxan` fa tnwnx lofnm Aefoebwan

vbxwbhrv fainxbenine lnwa` nfneqn hbhbxntn tbxlnwnmn`ne lbefnwnx qnek lbejnfa

ibefnmn% @nwam wvrfa aesbwvnwa wqnxan` fa tnwnx lofnm Aefoebwan vbmn` hbx`nwam

lbekafbevacainwa hbhbxntn tbxlnwnmn`ne lbefnwnx qnek fanekknt lbejnfa ibefnmn

fne nvnr `nlhnvne fnmnl tbekblhnekne% ibkanvne aesbwvnwa wqnxan` fa tnwnx lofnm

Aefoebwan% Nfntre ibefnmn fne nvnr nlhnvne falniwrf fanevnxneqn nfnmn` :

>% Vaekinv tbekbvn`rne fne tbln`nlne vbevnek tnwnx lofnm wqnxan`%8% Ibvbxwbfanne aecoxlnwa vbevnek tnwnx lofnm wqnxan`%7% Laenv tblofnm nvnw bcbi wqnxan`%6% Ibxnekin tbxnvrxne vbevnek tbebxhavne bcbi wqnxan`%2% Tomn tbekn{nwne fnxa wawa wqnxan`! omb` mblhnkn vbxinav%3% Txn,txowbw tbxwantne! tbebxhavne Bcbi wqnxan`%;% Ibmblhnknne nvnr Aewvavrwa qnek lbeknvrx fne lbekn{nwa ibkanvne tnwnx

lofnm wqnxan` fa Aefoebwan%

Ibefnmn,ibefnmn vbxwbhrv tnfn rlrleqn jrkn vbxjnfa fa ebknxn,ebknxn mnaeeqn

i`rwrweqn fa Nwan% Ibefnmn qnek tnmaek rlrl wbtbxva lnwa` hbmrl lbxnvneqn

tbln`nlne fne nvnr tbekbvn`rne lnwqnxninv Nwan vbevnek aesbwvnwa fa tnwnx lofnm

qnek hbxhnwaw wqnxan` fainxbenine vafni wblrn tbefrfri ebknxn fa Nwan hbxlnqoxavnw


15/18

>2

hbxnknln Awmnl vafni wbtbxva Lnmnqwan lnrtre Hn`xnae wbàekkn wrmav lbln`nla ntn

avr txaewat wqnxan`% Wbmnae avr jrkn inxben nfneqn nfneqn nekkntne hn`{n revri

lbmnirine aesbwvnwa fa tnwnx lofnm wqnxan` fahrvrìne hanqn qnek xbmnvac mbha` ln`nm

ntnhamn fahnefaekine fbekne aesbwvnwa tnfn wbivox ibrnekne mnaeeqn% Ibeqnvnne mnae

qnek fa`nfnta omb` tnwnx lofnm wqnxan` àekkn wnnv aea nfnmn` laealeqn jrlmn`

tblofnm qnek lbmnirine aesbwvnwa wqnxan` inxben irxnekeqn tbln`nlne- vbxrvnln

jain fahnefaekine fbekne jrlmn` tblofnm qnek nfn tnfn wbivox tbxhneine% Enlre

iaea rtnqn revri lbekbmalaeax ibefnmn,ibefnmn vbxwbhrv vbmn` lrmna famnirine%

Wbhnkna knlhnxneeqn fa Aefoebwan- rtnqn revri lbekblhnekine fne lbenlhn`

tbln`nlne lbekbena tnwnx lofnm wqnxan` vbxrvnln hnka ovoxavnw tnwnx lofnm fne

aewvavrwa vbxinav mnaeeqn vbmn` famnirine lbmnmra wvrfa xawbv hbxfnwnxine wrxsbq fnxa tnxn

tbmnir tnwnx lofnm qnek famnirine omb` Hnfne Tbekn{nw Tnwnx Lofnm HNTBTNL!

kren fnmnl lbecnwamavnwa aecxnwvxrivrx ibkanvne aesbwvnwa wqnxan` fa tnwnx lofnm

Aefoebwan% Fnxa `nwam wrxsbq vbxwbhrv- fnmnl xnekin lbefoxoek fne lbekblhnekine

ibkanvne aesbwvnwa wqnxan` fa tnwnx lofnm Aefoebwan- tbxmr famnirineeqn `nm,`nm wbhnkna

hbxairv :

>% Tbeqrwrene ibxnekin tbxnvrxne qnek mbha` jbmnw fnmnl xnekin tbebxhavne bcbiwqnxan` fne ibkanvne aesbwvnwa wqnxan` fa tnwnx lofnm%

8% Lblhbevri tomn ibmblhnknne `rhrekne nevnxn Hntbtnl- WXOw- FWE- fneTxocbwa! qnek bcawabe fnmnl crekwa fne tbxne revri lbeknvrx- lblhaen-

lbekn{nwa- vbx`nfnt tbmnir fnmnl lbejnmneine ibkanvne aesbwvnwa wqnxan` fa

tnwnx lofnm%

7% Lbeaekinvine wbgnxn aevbewac txokxnl wowanmawnwa vbevnek ibkanvne aesbwvnwawqnxan` fa tnwnx lofnm qnek lbegnirt nevnxn mnae : txaewat,txaewat fnwnx-

txofri- lbineawlb vxnewniwa- tbxnvrxne fne tomn tbekn{nwneeqn%

Fbekne famnirineeqn `nm,`nm vbxwbhrv fa nvnw- lnin fa`nxntine fntnv lblngr

wblrn ta`ni- hnai tblofnm lnrtre tbmnir nivac lbmnirine ibkanvne aesbwvnwa fa tnwnx

lofnm wbàekkn fntnv lbejnfa nmvbxenvac womrwa revri lbefoxoek wawa tben{nxne

wrttmq! lbmnirine tbebxhavne bcbi wqnxan`%

Wvrfa mnae qnek jrkn famnirine omb` Aevbxenvaoenm Oxkneaznvaoe oc Wbgrxavabw

Gollawawoew AOWGO! jrkn lbmntoxine `nwam qnek `nltax wbxrtn fbekne wvrfa qnek fa

mnirine omb` HNTBTNL Aefoebwan% @nwam wvrfa vbxwbhrv lbeqnvnine hn`{n revri mbha`

lbekblhnekine tnwnx lofnm wqnxan` fatbxmrine nfneqn wrnvr tbxnvrxne nvnr


16/18

>3

tbfolne i`rwrw qnek lbeknvrx tnwnx lofnm Awmnl wtbganmawbf krafbmaebw cox Awmnlag

gntavnm lnxibvw!% AOWGO lbeqnvnine hn`{n fatbxmrine wrnvr xbkrmnwa qnek wtbwacai wbhnkna

tnefrne fnmnl txnivai wqnxan` (kmohnm hbwv txngvagbw! wbtbxva vnvn gnxn wbxvacainwa Wqnxan`-

tblhbevrine Fb{ne Wqnxan`- tbebevrne irnmacainwa tbenwa`nv Wqnxan` (W`nxan` nfsawoxw!-

fne txaewat ibvbxhrinne (fawgmowrxb! fnmnl tnwnx lofnm wqnxan`% @nm vbxwbhrv tbxmr famnirine

revri lbeqbxnknline tbxnvrxne fnmnl txnivai tnwnx lofnm wqnxan` (reacoxlavq ae

xbkrmnvaoe nef txngvagbw! wbàekkn nine lbeqbfanine ibjbmnwne qnek mbha` ( txosafb crxv`bx

gmnxavq! ibtnfn tbmnir tnwnx (lnxibv txngvavaoebxw! fne lblhbxa ibwbltnvne ibtnfn tnxn

aesbwvox revri hbxvblr wbgnxn bcbivac% Nxvaeqn fbekne nfneqn toefnwa tbxnvrxne qnek jbmnw

fne wbxnknl lnin nine lbeaekinvine tbln`nlne aesbwvox lbekbena txofri,txofri wqnxan`

qnek niàxeqn nine lbefoxoek mbha` mnejrv nivasavnw fa wbklbe tnwnx aea%

Lberxrv AOWGO- txaewat ibvbxhrinne jrkn tbevaek% Niwbwahamavnw aesbwvox vbx`nfnt

aecoxlnwa wbklbe tnwnx lofnm wqnxan` fne txofri qnek fntnv faaesbwvnwa (aesbwvnhmb

txofrgv! fntnv lblhrin taevr aesbwvnwa wbgnxn mbha` mrnw% Omb` inxben avrmn` ixbfahamavnw fne

irnmavnw aecoxlnwa qnek hnai `nxrw vbxwbfan% @nm aea tbevaek nknx tbekblhnekne tnwnx

ibrnekne wqnxan` fntnv hbxjnmne fbekne vbxvah wbxvn vbxhrin kren lblhbxaine tbxmaefrekne

ibtnfn tnxn aesbwvox%

Wbmnae avr mntoxne AOWGO jrkn lbebineine hn`{n ibxjnwnln aevbxenwaoenm fne

iomnhoxnwa qnek ioltxb`bewac fatbxmrine fnmnl tbekbehnekne tnwnx lofnm wqnxan` revri

lblhrnv vbxohowne tbeqbmbwnane vbx`nfnt hbxhnka awr,awr qnek vbxinav% Vnevnekne mnae qnek

jrkn fa`nfnta nfnmn` nfneqn ibwbejnekne ibvbxnltamne tnxn tbmnir tnwnx qnek jrkn

lbxrtnine fnbxn` ixavaw qnek lblhrvrìne tbx`nvane kren lbejnkn tbxvrlhr`ne qnek

hbxibmnejrvne (wrwvnaenhmb kxo{v`! fnxa wbklbe tnwnx aea% Tnfn vaekinv tbxnvrxne

aevbxenwaoenm- jrkn vbmn` nfn hbxhnkna oxkneawnwa qnek vbmn` fahbevri wb`rhrekne fbekne

aefrwvxa jnwn ibrnekne Awmnl wbtbxva Nggorevaek nef Nrfavaek Oxkneaznvaoe cox Awmnlag

Caeneganm Aewvavrvaoew (NNOACA! qnek hbxibfrfrine fa Hn`xnae (Iaekfol oc Hn`xnae!-

Awmnlag Caeneganm Wbxsagbw Honxf(ACWH! qnek nfn fa Lnmnqwan fne Aevbxenvaoenm Awmnlag

Caeneganm Lnxibv(AACL! qnek jrkn hbxibfrfrine fa Hn`xnae% AACL wbefaxa fafaxaine wbgnxn

hbxwnln,wnln omb` Gbevxnm Hnei oc Hn`xnae- Hnei Aefoebwan- Gbevxnm Hnei oc Wrfne-

Mnhrne Caeneganm Wbxsagbw Nrvòxavq (Lnmnqwan!- Laeawvxq oc Caenegb (Hxreba Fnxrwwnmnl!

nef Awmnlag Fbsbmotlbev Hnei(aewvavrwa lrmvamnvbxnm hbxtrwnv fa Wnrfa Nxnhan! wbhnknalnen

vbmn` fajbmnwine tnfn hnkane tbxiblhnekne tnwnx lofnm wqnxan` fa Hn`xnae% Ibwblrn

oxkneawnwa aevbxenwaoenm avr coirw tnfn mblhnkn ibrnekne Awmnl kren lbekniolofax

tbxiblhnekne wbklbe aefrwvxa jnwn ibrnekne Awmnl qnek wblniae tbwnv%


17/18

>;

Ibwaltrmne

Tnwnx lofnm wqnxan` tnfn fnwnxeqn vafni jnr` hbxhbfn wbgnxn

wakaeacaine fbekne tnwnx lofnm ioesbewaoenm% @nm qnek

lblhbfnine nfnmn` tnfn ioewbt fne lbineawlb vxnewniwaeqn%

Tnfn tnwnx lofnm wqnxan` ioewbt fne lbineawlb vxnewniwaeqn

`nxrw wbwrna fbekne inafn`,inafn` fne txaewat wqnxan` Awmnl qnek

fafnwnxine nvnw wnmae lbekrevrekine- vafni homb` nfn ta`ni qnek

lbxnwn faxrkaine% Txofi,txofri aesbwvnwa wqnxan` qnek fntnv

fatbxfnknekine fa tnwnx lofnm nevnxn mnae wn`nl qnek wbwrna txaewat wqnxan`- ohmaknwa

wqnxan`- fne xbiwnfnen wqnxan`%

Tbxiblhnekne tnwnx lofnm wqnxan` fa Ebknxn,ebknxn Nwan hbxhbfn,hbfn% Aefoebwanlnwa` hawn fahamnek wbfaiav vbxvaekknm hamn fahnefaekine fbekne Lnmnqwan fne Hn`xnae inxben

ibfrn Ebknxn vbxwbhrv vbmn` mbha` frmr lbekblhnekine tnwnx lofnm qnek hbxhnwaw wqnxan`%

Hbxhnkna ibefnmn qnek vbxjnfa fnmnl tbekblhnekne tnwnx lofnm wqnxan` qnek `nxrw

fatbx`nvaine nevnxn mnae vaekinv tbekbvn`rne fne tbln`nlne vbevnek tnwnx lofnm wqnxan`-

ibvbxwbfanne aecoxlnwa vbevnek tnwnx lofnm wqnxan`- laenv tblofnm- ibxnekin tbxnvrxne

vbevnek tbebxhavne bcbi wqnxan`- tomn tbekn{nwne (fnxa wawa wqnxan`! omb` mblhnkn vbxinav- txn,

txowbw (tbxwantne! tbebxhavne bcbi wqnxan`- fne ibmblhnknne nvnr aewvavrwa qnek lbeknvrx fne

lbekn{nwa ibkanvne tnwnx lofnm wqnxan` fa Aefoebwan%

Rtnqn,rtnqn revri lbeknvnwa ibefnmn,ibefnmn vbxwbhrv vbmn` famniwnenine% Hbxhnkna

wvrfa fne xawbv qnek famnirine kren lbekblhnekine tnwnx lofnm wqnxan` wbtbxva `nwam wvrfa

fne xawbv fnxa HNTBTNL Aefoebwan fne AOWGO lbek`nwamine xbiolbefnwa qnek vafni jnr`

hbxhbfn% Hbhbxntn `nm qnek fanekknt fntnv lbefoxoek fne lbekblhnekine ibkanvne

aesbwvnwa wqnxan` fa tnwnx lofnm- qnavr tbxmr famnirineeqn rtnqn nevnxn mnae: txokxnl

wowanmawnwa wbgnxn aevbewac vbevnek ibkanvne aesbwvnwa wqnxan` fa tnwnx lofnm qnek lbegnirt

nevnxn mnae- txaewat,txaewat fnwnx- txofri- lbineawlb vxnewniwa- tbxnvrxne fne tomn

tbekn{nwneeqn- tbeqrwrene ibxnekin tbxnvrxne qnek mbha` jbmnw fnmnl xnekin tbebxhavne

bcbi wqnxan` fne ibkanvne aesbwvnwa wqnxan` fa tnwnx lofnm- fne lblhbevri tomn

ibmblhnknne (Lawnmeqn fa Aefoebwan wbtbxva `rhrekne nevnxn Hntbtnl- WXOw- FWE- fne

Txocbwa! qnek bcawabe fnmnl crekwa fne tbxne fnmnl lbeknvrx- lblhaen- lbekn{nwa- fne

lbejnmneine ibkanvne aesbwvnwa wqnxan` fa tnwnx lofnm Aefoebwan% Wbmnae avr jrkn tbxmr

famnirine ibxjn wnln aevbxenwaoenm hnai lbmnmra coxrl lnrtre oxkneawnwa ibrnekne awmnl

wbtbxva NNOACA- ACWH- lnrtre AACL kren lbeqbxnknline tnefnekne fne tbxnvrxne fa

hafnek aesbwvnwa wqnxan` wbxvn revri lbejblhnvnea awr,awr qnek hbxiblhnek fnmnl ibkanvne

aesbwvnwa ibrnekne wqnxan` aea%


18/18

>0

Fncvnx Trwvnin

Hbgi- Vòxwvbe- Fblaxk,Irev- Lbxxorg`b% 84>4% Awmnlag sw% Goesbevaoenm Hneiaek :

Hrwaebww Lofbm- Bccagabegq nef Wvnhamavq% Eb{ Qoxi : V`b [oxmf Hnei Fbsbmotlbev

Xbwbnxg` Kxort

@na{nf- Nhfrmmn`% 8440% Awmnlag Hneiaek Wqwvbl- Awmnlag Hneiaek Goegbtv- Awmnlag

Hneiaek- Nck`neawvne- Inefn`nx% Nckneawvne : Inefn`nx Vbgèagnm Wgòom

Val Wvrfa Aesbwvnwa Wqnxan`% 8446% Wvrfa vbevnek Aesbwvnwa Wqnxan` fa Tnwnx Lofnm

Aefoebwan% Jninxvn : HNTBTNL

Awmnlag Gntavnm Lnxibv Vnwi Coxgb oc AOWGO% 8446% Awmnlag Gntavnm Lnxibv : Cngv Caefaek

Xbtoxv% Lnfxaf- Wtneqom : Aevbxenvaoenm Oxkneaznvaoe oc Wbgrxavabw Gollawwaoew

Hnxrxo- Wòmainva% 844;% Vaejnrne @rirl Awmnl vbx`nfnt Imnrwn Vxnewniwa Xbtrxg`nwb

Nkxbblbev (XBTO! WHAW tnfn Hnei Aefoebwan Wrxnhnqn% Wrxnhnqn : ANAE Wrene

Nltbm`vvt://{awerwrfahjo%{oxftxbww%gol/8440/>4/84/vbmnn`,ixavaw,tnwnx,lofnm,wqnxan`/

`vvt://qnenevo%{oxftxbww%gol/8440/41/87/tnwnx,lofnm,wqnxan`/
http://wisnusudibjo.wordpress.com/2008/10/20/telaah-kritis-pasar-modal-syariah/http://wisnusudibjo.wordpress.com/2008/10/20/telaah-kritis-pasar-modal-syariah/http://yananto.wordpress.com/2008/09/23/pasar-modal-syariah/http://yananto.wordpress.com/2008/09/23/pasar-modal-syariah/http://yananto.wordpress.com/2008/09/23/pasar-modal-syariah/http://wisnusudibjo.wordpress.com/2008/10/20/telaah-kritis-pasar-modal-syariah/

upaya mengembangkan pasar modal syariah di asia

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