)Mathematics of Fiqh Al-Muamalat (MFM

: : . . : : 2012 ISBN: 9789933912901 : :

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- - - - .132 :
00963-33-2224438 :
00963-33-2224439 :
00963-95-1211079 :
:
: -00971508289982 : : -00966500886376 :
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: 600. .GDP
( )1 = 200 = 600 800
(:)4-7

()US. UT

UT

US / GDP

()5

800+

800800+

800+

200+

160000+

800+

800+

200+

0>160000+

()4-7
209

: 2 800.

.
: ( )5 .
-:

:
1 1200
. 1800. .2
:
:1 : 1800..
:2 : 1800.
.
: 600.
.GDP
( )1 = 600 = 1200 1800
(:)5-7

1800+

1800+

()US. UT

UT

US / GDP

()5

1800+

600+

1080000+

18001800+
0

1800+
()5-7
210

600+

0>1080000+

: 2 1800.

.
: ( )5 .
:


:
:1 : 1800. .
:2 : 1800. .
: 600.
GDP

.

.
( )1 = 3000- =1200 1800-
(:)6-7

211

1800+

1800-

()US. UT

UT

US / GDP

()5

1800+

3000-

5400000-

1800+
1800+

1800+

3000-

0<5400000-

()6-7

: ( )5
.
: :
1 1200.
1800. .2
:
:1 : 1800..
:2 : 1800. .
: 1200. .GDP

( )1 = 600 = 1200 1800

(:)7-7

212

1800+
1800+

18001800+
0

()US. UT

UT

US / GDP

()5

1800+

600+

1080000+

1800+

600+

0>1080000+

()7-7

: 2 1800.

.
: ( )5 .
:

.
( )1 = 600 = 1200 1800


( )200
.

213

(:)8-7

2000+

2000-

()US. UT

UT

US / GDP

()5

1800+

200-

360000-

1800+
2000+

200-

1800+

200-

0<360000-

()8-7

: ( )5 .


.

(:)9-7

1800+

1800-

UT

US / GDP

1800+

600+

()US. UT
()5
1080000+

1800+
1800+

1800+

600+

0>1080000+

()9-7

: ( )5
.

214

: :
1 800. 2
600. .
:
:1 : 800. .
:2 : 800. .
:2 : 600. .
:1 : 600. .
: GDP

.
( )1 = 0
(:)10-7

200+

200-

()US. UT

UT

US / GDP

()5

()10-7

: ( )5 .
215

: :
1 800. 2 600
. .3
:
:1 : 600. 800..
:2 : 800..
:3 : 600..
: GDP

.
( )1 = 0
(:)11-7

200-

800+

600-

()US. UT

UT

US / GDP

()5

()11-7

: ( )5 . .

216

: :
1 800. .2
:
:1 : 800..
:2 : 800..
: GDP

.
( )1 = 0
(:)12-7

800+

800-

()US. UT

UT

US / GDP

()5

()12-7

: ( )5 .
: :
1 800. .2
217

:
:1 800..
:2 800..
: GDP

.
( )1 = 0
(:)13-7

800+
1

8002

US / GDP
0

UT
0

()US. UT
()5
0

()13-7

: ( )5
.
: :
1 1000. 2
1500..

218

:
:1 : 500..
:2 : 500..
: GDP

.
( )1 = 0
(:)14-7

500+

500-

()US. UT

UT

US / GDP

()5

()14-7

: ( )5
.
: :
1 2
3 2
1000 1200.
219

100..
:
:1 : 1100..
:2 : 1200..
:3 : 100..
: GDP

.
( )1 = 0
(:)15-7

1100+

1200-

100+

()US. UT

UT

US / GDP

()5

()15-7

: ( )5 . .
: :
1 2 1200 3
220

1000
950..
:
:1 : 1000..
:2 :1 200..
:3 :2 1000..
: ( )1 = 50+ = 950 1000
(:)16-7

1000-

200-

3
1000+

()US. UT

UT

US / GDP

()5

200-

50+

10000-

()16-7

: ( )5 . .
: :
1 2 1200 3
1300
950..
221

:
:1 :1 100..
:2 :2 1300..
:3 : 1300..
: ( )1 = 350+ = 950 1300
(:)17-7

UT

US / GDP

()US. UT
()5

100-

1300-

1300+

100-

350+

35000-

()17-7

: ( )5 . .

: .
10.000
7.000
%70 .%30

222

.


( )
(.)1
%70
(:)18-7

%70+

()US. UT

UT

US / GDP

()5

%70+

%30-

()18-7

: ( )5 .
()
.



( )2
(.)3
( )1 8 .251
( )2 40
( )3 56

223

%70
(:)19-7

UT
%70+

%70+
1

US / GDP
%30-

()US. UT
()5
-

()19-7

: ( )5 .
()
.
:

( :
).1

.
( )20-7:

()US. UT

UT

US / GDP

()5

()20-7

: ( )5
.
( )1 580:

224

{ :


} ( )6 :

( ) .

(:)21-7

()US. UT

UT

US / GDP

()5

()21-7

(:)22-7

()US. UT

UT

US / GDP

()5

()22-7

: ( )5 .

225

(:)1


{ :
} ( .)5 :
.
:
{


} (.)282 :
.




.

" : "(.)2
( )1 . 2006 .108
( )2 789 :

226

.
( :
)( .)1
.

.


:
" "( )2

. " :
"(.)3

.



( )1 2417 :
( )2 2862:
( )3 2167:

227

(.)1


(:)23-7

()US. UT

UT

US / GDP

()5

()23-7

: ( )5 .

.
:

{ :

} ( .)219 :


()
.
( 450 1058 -)
.

( )1 .24

228

.

.


.



(.)3-7

()3-7

229

:


.
( .)1

" :

"( .)2
(.)3

( .)4
()5
( )6
( )7 ( )8


.


( )1 : () ( )537 ( )357
() )8/3( () )194/3( ( )157/18 ( .)333
( )2 .4674 :
( )3 ( )255 ( )253 ( .)293/5
( )4 ( )165 127 - 126/2 ( .)157/18 385/28 283/29
( )5 ( .)387/1
( )6 ( .)283/29
( )7 : : .
( )8 : .

230

.

( )5
.
.


. ( )
. .

231

( )MQAM

:



.
( )
.


.
( )




.

232

.
( )
()
.
( )
( )


.

2003


.



.

233

:
( -)


.

.
( )
( -) .
(
)
.
..
NPV


NPV

()
.

234

NPV

..
()
.
.NPV
..
IRR
NPV
()
IRR ()
.
.
IRR ()1
() ()
.


.
NPV IRR ( )2
(:)1
( )1 IRR .
(2) Eugene F. Brigham and Michael C. Ehrhardt,Financial Management Theory & Practice,
Thompson, South Western, USA, 2005, P. 351-355.

235

100 300 400 500 1000- :
PV 1000
.

100

300

400

500

-1000

Cash Flows

1000

Sum of PVs for CF1-4

Net Present Value

)(1

( -) ()


.
()
236

IRR

NPV
.
:
() :



.

.


.
( )
.
:
()

.
237

.

.
:
1.1
.
2.2 .
3.3 (
) ().
:
( )
( )

:
( )
:
: .
: .
.
238

( )

( ).


.


.
:
( )^ = (
)
()1
:
:cf
:R ()
:n
:C
( )1
239

(:)2
= ( ) ^ (
)
()2
( )2 ( )C
(:)3
()1+
= ( )
()3
( )3 (
:)R
^(( /1))1+

= ( )

()4
:
()5
:
)Rn = R1 (n
)(6
()
:
= ( )^(( /11 - ))1+
)(7
()
:
240

()8
.
()
( )


.
():
()
.
( :)1 :
() 100000
.

100000 .
:
1.1
2.2 .
3.3 %9.6

:
241

.. :
( )7 ( )1-8:

CF

Share1

1
2
3
4
5

1.30766
1.70998
2.23607
2.92402
3.82362
-

100,000
100,000
100,000
100,000
100,000
500,000

76,472.45
58,480.35
44,721.36
34,199.52
26,153.21
240,026.89

Share2

CFp
100,000.00
158,480.35
251,959.86
363,677.47
501,719.86
261,692.97 501,719.86

()1-8

() :

() .30766%
.
..
30766 .
:
() = ()

()

242

R = c n Rn

)(9
:

Rn () ( )6:
Rn = R1(n) = 1.30766<5 = 3.82362
( )9
:
(130766 = 3823 5 100000 = )5
240026
()
.
:
Share1 .
240026
100000 140026
.

.
( )11 = 140026 = 100000 240226
243

Profits1 .
:
)(12
CFp .n

:
= 261692 = 240026 - 501719
Share2 = CFpn - Share1

)(13

Share2
.
)1(20%
289469

.
.. :
=
.
( )1 60962 .

244

= 48% =500000 240026

()14
Total Share1Ratio
.
=
= 9.6% = 5 48%
Annual Share1Ratio = Total Share1Ratio n
Annual Share1Ratio
.
( )
(
.)96%


:
- 100.000 30766.
- : 56472 = )130766 30766( 240026 :
.23.53%
183552 = 56472 240026 : .76.47%
245

( :)2 :
() 1200
.

3300 3600 2400 3600 1800 .
:
: ( )7 ( )8-2:

CF

Share1

1
2
3
4
5

1.518294486
2.305218146
3.500000000
5.314030701
8.068263511

1,800
3,600
2,400
3,600
3,300
14,700

CFp

Share2

1,800.00 1,185.540761
3,361.67 1,561.674328
5,789.73 685.714286
9,467.96 677.451863
14,784.16 409.009943
10,264.77 14,784.16 4,519.391181

()2-8

() ( )7 :

() .51.82%
.
246

( :)3 ( )
:
() )C) 1200 ()n =1
( )n=5 ( )cf
().
: () ( )8
( )9 (:)8-3

+
+
+
+
+

Share1

CF

Share2

1
1
1
1
1

1,469.693846
2,078.460969
1,697.056275
2,078.460969
1,989.974874
9,313.646933

1,800
3,600
2,400
3,600
3,300

1.224744871
1.732050808
1.414213562
1.732050808
1.658312395

4,513.646933

14,700

10186.36

()3-8

( )8 :
R1 = (1800 / 1200)^(1/2) = 1.224744871
R2 = (3600 / 1200)^(1/2) = 1.732050808
R3 = (2400 / 1200)^(1/2) = 1.414213562
R4 = (3600 / 1200)^(1/2) = 1.732050808
R5 = (3300 / 1200)^(1/2) = 1.658312395
247

( )9 () :
MQAM1 = (1800 / 1200)^1/2 -1 = 0.224744871
MQAM2 = (3600 / 1200)^1/2 -1 = 0.732050808
MQAM3 = (2400 / 1200)^1/2 -1 = 0.414213562
MQAM4 = (3600 / 1200)^1/2 -1 = 0.732050808
MQAM5 = (3300 / 1200)^1/2 -1 = 0.658312395
( )10 :

(( )1) 4 1200
:
Share1= 9,313.6 4800 = 4,513.6
(:)4-8

5 +
5 +
5 +
5 +
5 +

n
5
5
5
5
5

Share1n

CF
1,800 1,185.540761
3,600 1,561.674328
2,400
685.714286
3,600
677.451863
3,300
409.009943
14,700 4,519.391181

Share2

1.518294486
2.305218146
3.500000000
5.314030701
8.068263511

()4-8
( )1 1200 4 = 4800 .

248

9280.61

() = .51.82%
( )4 :

R= (14700/1200) <(1/6 = 1.518294486

( )7 () :
MQAM = (cf C)(1/(n+1)) -1 = 0.518294486
( )10 :
Shar1 Share1
:
4,519.3 - 4,513.6 = 5.7
:


.

905.75.

.
249

() .
( :)4 ( )
:
() )C) 1200 ()n=1
( )n=5 ( )cf
().
(:)8-5

+
+
+
+
+

n
1
1
1
1
1

Share1
2,115.939508
2,115.939508
2,115.939508
2,115.939508
2,115.939508
10,579.697538
5,779.697538

()5-8

250

CF
3,731
3,731
3,731
3,731
3,731

R
1.763282923
1.763282923
1.763282923
1.763282923
1.763282923

Share2

18,655

12,875

(:)6-8

5 +
5 +
5 +
5 +
5 +

n
5
5
5
5
5

Share1n

CF

2,853.187077
2,181.902036
1,668.553925
1,275.984051
975.776255
8,955.403344

3,731
3,731
3,731
3,731
3,731
18,655

1.307660486
1.709975947
2.236067977
2.924017738
3.823622457

Share2

9,700

()6-8

:


5713
.


.

.

251

( :)5 ( )
:
() ( 1200 )C ( )n=1
( )n=5 ()cf
().
(:)7-8

+
+
+
+
+

n
1
1
1
1
1

Share1

CF

1,200.0000000
1,697.0562748
2,078.4609691
2,400.0000000
2,449.4897428
9,825.0069867

1,200
2,400
3,600
4,800
5,000

5,025.0069867

17,000

R
1.000000000
1.414213562
1.732050808
2.000000000
2.041241452

Share2

11,975

()7-8

(:)8-8

5 +
5 +
5 +
5 +
5 +

n
5
5
5
5
5

Share1n

CF
1,200
771.4420364
2,400
991.8713591
3,600
956.4640764
4,800
819.8406609
5,000
549.0100251
17,000 4,088.6281579

()8-8
252

Share2

1.555528405
2.419668617
3.763863264
5.854796217
9.107301818
12,911

:


936
.


.

.
( :)6 ( )
:
() ( 1200 )C ( )n=1
( )n=5 ()cf
().
(:)9-8

+
+
+
+
+

Share1

1
1
1
1
1

2,449.4897428
2,400.0000000
2,078.4609691
1,697.0562748
1,200.0000000
9,825.0069867

CF
5,000
4,800
3,600
2,400
1,200

R
2.041241452
2.000000000
1.732050808
1.414213562
1.000000000

Share2

17,000 5,025.0069867

()9-8
253

11,975

(:)10-8

5 +
5 +
5 +
5 +
5 +

n
5
5
5
5
5

Share1n

CF

3,214.3418182
1,983.7427183
956.4640764
409.9203304
131.7624060
6,696.2313493

5,000
4,800
3,600
2,400
1,200
17,000

1.555528405
2.419668617
3.763863264
5.854796217
9.107301818

Share2

10,304

()10-8

:


1671
.


.

.

254

( :)7
:

()
:
() )C) 1200
( )n=5 ( )cf 3600 2400 1200 :
12000 5000 4800 ()
(:)11-8

()cf
1200
2400
3600
4800
5000
12000

Share1

Share2

0
71%
57%
50%
45%
31%

0%
29%
43%
50%
55%
69%

((11-8

(:)1-8

((1-8
255

- ( )1
:
- .
- .
-
.
-
.
- 1200 ():
- 1200 . - 2400 41.4%.
- 4800 .%100 - () .

256

.
( )r %

:
= +

cfp = share1 + share2

)(16
= +

= ( + 1
).
)share1 = c (1+r
)(17
:
r
C
share1
= +

257

= (+ 1
).
)share2 = share1 (1+r
)(18
share2 :
. ( )17 ( )18 :
= ( + 1
) ( + 1 ).
= ( + 1
()1
)
.
share2 = c (1+r)2
)(19
( 17 )19 ( )16
(:)2
)cfp = c (1+r) (2+r
)(20

:
)(21

-1 =
= +

2
= ( +1 ) + ( +1 )


2
-2 )
2

= (( +1 ) +1( + )

= ( +1 ) ( +2 )

258

( :)8
:
()
100000 .

.9.6%
:
1.1 .
2.2 .
:
( )r = 96%
:

= 100000

()share1
( 109600 = )1096.
( )share2 ( 100000 = )19
( 120121 =2)1096.
( ) cfp (= 2.096 1.096 100000 = )20
229722.
( )cfp
n
= 478284.
( )12 - 8 :
()17

259

n
SHARE1 SHARE2
r
CF
1
2
3
4
5

100,000
120,122
144,292
173,326
208,202

1.096
1.096
1.096
1.096
1.096

109,600
131,653
158,144
189,965
228,189
()12 - 8

120,122
144,292
173,326
208,202
250,095

CFp
229,722
275,945
331,470
398,167
478,284

() ()13 - 8
:

SHARE2
CFp

CF

SHARE1

1
2
3
4
5

95,657
95,657
95,657
95,657
95,657

1.29802
1.68485
2.18697
2.83873
3.68473

73,694.59
56,774.65
43,739.46
33,697.08
25,960.38

95,657.00
152,431.65
241,598.68
347,296.81
476,758.32

478,285

233,866.17

476,758.32

242,892.15

()13- 8

( 12 )13

21
.
()
= .29.80%

260

( :)9
:
1000
:
: 1300 .10%
: 1050 .2.5%
( )
:
.. :
():
= 1100 = 1000 1.10
Share1
200 = 1100 - 1300 = Share2
= 20% = 1000 200
():
= (1.14 = )21(^)1000 1300

R
Share1
Share2

= 1140 = 1000 1.14

= 160 = 1140 1300
= 16% = 1000 160

1100

1140

1025

1025

200

160

25

25

()14 - 8

261

:
() ()4% = 16% - 20%
.
.. :
:
Share1
Share2
():

R
Share1
Share2

= 1025 = 1000 1.025

= 25 = 1025 1050
= 2.5% = 1000 25
= (1.025 =)21(^)1000 1050
= 1025 = 1000 1.025
= 25 = 1025 1050
= 2.5% = 1000 25

:
() ( )

.

.

.

262

( :)10 :
()

( )2.5% ( )7% .
= + r ( )
r = 7% + 2.5% = 9.5%
( )1000

= 1095 = 1.095 1000
:
= 1095 1.095
= 1200 = 1.095 1095

.
( :)11 ():
() 500000 (5000
100).
:
:1 ( .

).
:2 ().
263

:3 .
:
1.1 400000.
2.2 1000000.
3.3 50%
.
4.4 1300000 .
5.5 1000 :
250 .
750 .
:
1.1
.
2.2 ().
3.3 .
4.4 .
:
: :

:
:
400000:
() = (89%= )21( ^ )500000 400000
264

= 89 = 100 89%
( 20% )

.
: 1000000
:
() = (1.41 = )21( ^ )500000 1000000
= 141 = 100 1.41
= 41 = 100 - 141
:
:
41 : 5000 = 205000

= 102500 = 50% 205000

= 102500 = 50% 205000
: 1300000

= + (
)
= 602500 = 102500 + 500000

= 1300000
() = (1.47 = )21( ^ ))602500( 1300000
( ) = 147 = 100 1.47
265

( ) = 47 = 100 - 147
= 2500 47 = 117500
( ) = 207 = 141 1.47
( ) = 107 =100 - 207
= 2500 107 = 267500
: 1000:
= 25000 = 100 250
= ( 750
) +
= 100 + )2500 267500( 750
= 207 750

= 155250
:
( ) :

.

.
.
( )
()
( )

266

( ) .
( ) 9.6%

5 9.6%( 48%).
.
.
()
.

267

:



.
( -)

.

{ :
} (.)279 :



.
Cash Flow
.
268

.







.

) (1-9

. ()
(.)1-9
269

. ( )

( )
()





:

( )1



.


.

( )1 1973 :

270

(
).
( )
.


.


. :
1.1 ( ).
2.2 ( ).
3.3 ( ).
4.4 .
(
)


.
( -)
()
()
271

.
.
:
()1

= [ ( ) ^ ((( 1 1- ] ))+1
( = )1 ( = )2
.
()2

= ( )2
1 ( )2
= [ ( ( + ...1+ ^ )1+ ( ^ )1+ 1+ ] )1-

= ( ^)1+

=

=
^ ()+1
= ( )1+

=

()3
()4
()5
()6
( )7
()8

: 4500 5000

.:
( )
272

.


.
..
:
= = 11.11% = 4500 5000
= [ (0.054093 = 1 - ] )1/2( ^)4500 5000
= ( 5 )20.054093 = 2.16% = 0.0216372
1 :
= 1.0216372 = 1 + 0.0216372
= [ (+ 3 ^ )1.0216372( + 2^)1.0216372( + )1.0216372
(5.221103 = +1 ] 4^)1.0216372
= (5008 = 4500 5 ^ )1.0216372
= 959 = 5.221103 5008
= 4795 = 5 959
= 4217 = )5+1(^)1.0216372( 4795
= 283 = 4217 4500
.. () :
()
:
= [ ( )^ (( /11 - ] )1+
= [ (0.02168015 = 1 - ] )1/6( ^ )4217.1 4796.27
273

(:)9-1

20.355
40.278
59.779
78.866
97.548
296.825

959.254
959.254
959.254
959.254
959.254
4796.27

1.02168015
1.04383032
1.06646071
1.08958174
1.11320403

1
2
3
4
5

938.899
918.976
899.475
880.388
861.706
4499.445

()1 - 9

()
959.25
938.89 918.97

.
20.355 40.278
.296.82
:

() (
)102 :
1.1
.
2.2
.
274

(:)2-9

5000

4500

280

4220

()2 - 9

:
:
(:)3-9

20.20108
39.97663
59.33562
78.28681
96.83880
294.63895

959
959
959
959
959
4795

1.02151801
1.04349904
1.06595306
1.08889024
1.11232099

1
2
3
4
5

938.7989
919.0234
899.6644
880.7132
862.1612
4500.3611

()3 - 9

(:)4-9

500
5000

450
4500

10
10

()4 - 9

( )3-9
( )5 :
4795 294 + ( 280 + ) = 5369

275

869 = 4500 5369

( )4 :
500 = 4500 5000 .
: .

.
:
= (19.30% = 4500 )4500 5369

11.11%
()
.



.
: - :
(:)9-5

117.5000
223.2500
318.4250
404.0825
481.1743
1544.4318

1057.5000
951.7500
856.5750
770.9175
693.8258
4330.5683

()5 - 9

276

1175
1175
1175
1175
1175
5875

1.11111111
1.23456790
1.37174211
1.52415790
1.69350878

1
2
3
4
5

(:)6-9

500
5000
5555.5556
6172.8395
6858.7106
7620.7895

450
4500
5000
5555.555556
6172.839506
6858.710562

10
10
11.1111111
12.3456790
13.7174211
15.2415790

1
2
3
4
5

()6 - 9

( )6-9
.
( )5-9
( )5 :
5875 1544 + ( 280 + ) = 7699
.
3199 = 4500 - 7699 .
( )6 :
3120 = 4500 - 7620 .
:

1175
.

277

:
280 .960
.1000
: ( 7 )8 ( :)101
:

20.3853
40.3378
59.8666
78.9807
97.6890
297.2597

960
960
960
960
960
4800

939.6146
919.6621
900.1333
881.0192
862.3109
4502.7402

4500
280

1.0216955
1.0438616
1.0665087
1.0896471
1.1132875

1
2
3
4
5

()7 - 9

:

17.4068061
34.5106154
51.3167019
67.8302482
84.0563464
255.1207181

1000
1000
1000
1000
1000
5000

982.5931
965.4893
948.6832
932.1697
915.9436
4744.8792

4500
0

1.0177152
1.0357442
1.0540926
1.0727660
1.0917702

1
2
3
4
5

()8 - 9

IRR
ROI ( )9-9 :
278

ROI
IRR
-4500
1000
1000
1000
1000
1000
11.11% 3.62%

ROI
IRR
-4220
960
960
960
960
960
7.11% 4.45%

()9 - 9

( 9-7 9-8 )9-9 (9-

:)10

ROI
IRR
MAQAM

1
7.11%

2
11.11%

4.45%

3.62%

2.16%

1.77%

()10 - 9

.
() .

.

( )
.
: .
279

:
1500000 1567620
60 .
() .
:
() .

( ) .
= (( )^ 2( -1 )1/2 )
= ((1.0007431 = )1500000 2( 1 )1/2^)1500000 1567620
()
( .)104
()
.
= ()
= .1568361.8 =1500000 1.0007431
= ( (( ...)11 + ))1-
.
= 25570.71 = 61.3342965 1568361.8
= 60 25570.71 = 1534242.89
:
^ (.)1+
= ^(= )1+
280

1466278.73 = 1.0463515 1534242.89

= =
33721.26 = 1466278.73 1500000
( )11



.
( ) 33721
.1466279 = 33721 1500000 :

.

()



.

281

18.9862
37.9584
56.9165
75.8605
94.7904
113.7062
132.6081
151.4959
170.3696
189.2294
208.0751
226.9069
245.7246
264.5284
283.3183
302.0942
320.8561
339.6041
358.3382
377.0584
395.7647
414.4571
433.1356
451.8002
470.4510
489.0880
507.7111
526.3203
544.9158
563.4974
582.0653
600.6194
619.1596
637.6862
656.1989
674.6980

25,551.7286
25,532.7564
25,513.7984
25,494.8544
25,475.9245
25,457.0086
25,438.1068
25,419.2190
25,400.3452
25,381.4855
25,362.6397
25,343.8080
25,324.9902
25,306.1864
25,287.3966
25,268.6207
25,249.8587
25,231.1107
25,212.3766
25,193.6565
25,174.9502
25,156.2578
25,137.5793
25,118.9146
25,100.2638
25,081.6269
25,063.0038
25,044.3945
25,025.7991
25,007.2174
24,988.6496
24,970.0955
24,951.5552
24,933.0287
24,914.5159
24,896.0169

25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571

1.00074305
1.00148666
1.00223081
1.00297552
1.00372078
1.00446660
1.00521297
1.00595989
1.00670737
1.00745541
1.00820400
1.00895315
1.00970285
1.01045311
1.01120393
1.01195531
1.01270724
1.01345974
1.01421279
1.01496640
1.01572057
1.01647531
1.01723060
1.01798646
1.01874287
1.01949985
1.02025739
1.02101549
1.02177416
1.02253339
1.02329319
1.02405355
1.02481447
1.02557596
1.02633802
1.02710064

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36

282

693.1832
711.6548
730.1126
748.5568
766.9872
785.4040
803.8071
822.1965
840.5723
858.9344
877.2829
895.6178
913.9390
932.2467
950.5407
968.8212
987.0881
1,005.3414
1,023.5812
1,041.8074
1,060.0202
1,078.2193
1,096.4050
1,114.5772
34,242.8909

24,877.5316
24,859.0600
24,840.6022
24,822.1581
24,803.7276
24,785.3109
24,766.9078
24,748.5183
24,730.1426
24,711.7805
24,693.4320
24,675.0971
24,656.7758
24,638.4682
24,620.1741
24,601.8937
24,583.6268
24,565.3734
24,547.1336
24,528.9074
24,510.6947
24,492.4955
24,474.3098
24,456.1377
1,500,000.0000

25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
25,571
1,534,243

()11 - 9

283

1.02786383
1.02862758
1.02939191
1.03015680
1.03092226
1.03168829
1.03245488
1.03322205
1.03398979
1.03475809
1.03552697
1.03629642
1.03706644
1.03783704
1.03860820
1.03937994
1.04015226
1.04092514
1.04169860
1.04247264
1.04324725
1.04402244
1.04479820
1.04557454

37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

:
1500000
.
(:)12-9

2000000
1800000
1750000
2200000

2003200
1812102
1762371
2183265
()12 - 9

(.)13-9

2000000
1800000
1750000
2200000

2003200
1812102
1762371
2183265

3200
12102
12371
()16735

()13 - 9

() ( :105
) ( )14-9
( ).

1
2
3
4

2,000,000
1,800,000
1,750,000
2,200,000

2,003,200
1,812,102
1,762,371
2,183,265

500,000
300,000
250,000
700,000

()14 - 9

284

768014
473512
397399
1048157

1500000
.
( .)G19
: .
() ( :105 )
( )15-9 :

237,597
155,652
132,805
307,329

537,132
336,726
283,897
722,501

500,000
300,000
250,000
700,000

2,003,200
1,812,102
1,762,371
2,183,265

2,000,000
1,800,000
1,750,000
2,200,000

1
2
3
4

()15 - 9

69%

.

.

285

:
54575 37000
10 8 4 .
( )16-9 ( )106
.
: .

49.44%
49.46%
49.55%

26,981.8989
26,993.3627
27,043.78

10
8
4

()16 - 9

( )9-17 ( :
:)107

26,981.8989 49.44%
28,301.9820 51.86%
30,116.91 55.18%

10
8
4

()17 - 9

: .

.

286

:
(
)

.

.

1500000
( .120000 :)109
(:)18-9

1,507.9319
2,996.9149
4,467.1873
5,918.9840
7,352.5374
8,768.0765
10,165.8279
11,546.0150
12,908.8585
14,254.5764
15,583.3838
16,895.4934
18,191.1148
19,470.4553
20,733.7195
170,761.0765

118,492.0681
117,003.0851
115,532.8127
114,081.0160
112,647.4626
111,231.9235
109,834.1721
108,453.9850
107,091.1415
105,745.4236
104,416.6162
103,104.5066
101,808.8852
100,529.5447
99,266.2805
1,629,238.9235

120,000
120,000
120,000
120,000
120,000
120,000
120,000
120,000
120,000
120,000
120,000
120,000
120,000
120,000
120,000
1,800,000

1.01272602
1.02561398
1.03866596
1.05188404
1.06527033
1.07882698
1.09255615
1.10646003
1.12054086
1.13480088
1.14924238
1.16386765
1.17867905
1.19367894
1.20886971

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

()18 - 9

287

( )18-9 470761
.120000
110481 324079
146246 9.76% .
.

500000
.120000

4,412.8900
2,996.9149
4,467.1873
5,918.9840
7,352.5374
25,148.5136

115,587.1100
117,003.0851
115,532.8127
114,081.0160
112,647.4626
574,851.4864

120,000
120,000
120,000
120,000
120,000
600,000

1.03817805
1.02561398
1.03866596
1.05188404
1.06527033

1
2
3
4
5

()19 - 9

( )19-9 125148
.120000
103337 122556
87336 17.47% .

288

:
:
.

.
: 250000 500
. :
( )110
.27.62%
.270000
250000
500
(.)2-9

. ( )250000

.
500

250000
) (2-9

289

( )3-9

. ( 20-9 )21-9
:
500

500

250000

300000

()3-9
(3-9
)

2,750.4532
5,391.3483
7,927.0491
10,361.7460
12,699.4621
39,130.0587

254.8985
506.5484
754.9910
1,000.2673
1,242.4175
3,759.1227

66,299.5468
63,658.6517
61,122.9509
58,688.2540
56,350.5379

69,050
69,050
69,050
69,050
69,050

1.0414852
1.0846915
1.1296902
1.1765557
1.2253654

1
2
3
4
5

19,745.1015
19,493.4516
19,245.0090
18,999.7327
18,757.5825

20,000
20,000
20,000
20,000
20,000

1.012909457
1.025985568
1.039230485
1.052646386
1.066235479

1
2
3
4
5

()20 - 9

()20 - 9

290

( )
() .
(:)20-9
108180 = 58678 + 69050 .43.27%
(:)21-9
23759 = 3759 + 20000 .9.50%
.
():

:
13 6
() .
10 6
() .
- . - .
- : .:
25/11/2002 /
:
- 171600.291

- 128700. - 28600. - 48 . - 36 . - . - . - .1/11/2001 - .27/11/2002 :

- 11/2002 . - 6 : - 1 : 12/2002 -5 : 2003 - 2003 7150 12. - 59583 = 12 7150 5 .2003
- 5 2979 = 5 59583 = 2003. - 4171 = 2979 - 7150 = 2003. - : - 20034171 7150 2004

5958 2005

17279

292

16415 = % 95 17279
112285 =16415 128700 :.
() : ( )111
128600 28600
143000 . ( )22-9 :

13.2773
26.5053
39.6842
52.8141
65.8953
78.9279
91.9121
104.8480
117.7359
130.5760
143.3684
156.1132
168.8107
181.4611
194.0645
206.6210
219.1310
231.5945
244.0116
256.3827
268.7078
280.9872
293.2209
305.4093

3,561.7227
3,548.4947
3,535.3158
3,522.1859
3,509.1047
3,496.0721
3,483.0879
3,470.1520
3,457.2641
3,444.4240
3,431.6316
3,418.8868
3,406.1893
3,393.5389
3,380.9355
3,368.3790
3,355.8690
3,343.4055
3,330.9884
3,318.6173
3,306.2922
3,294.0128
3,281.7791
3,269.5907

3,575
3,575
3,575
3,575
3,575
3,575
3,575
3,575
3,575
3,575
3,575
3,575
3,575
3,575
3,575
3,575
3,575
3,575
3,575
3,575
3,575
3,575
3,575
3,575
293

1.0037278
1.0074695
1.0112251
1.0149947
1.0187784
1.0225762
1.0263881
1.0302142
1.0340547
1.0379094
1.0417785
1.0456620
1.0495600
1.0534725
1.0573996
1.0613414
1.0652978
1.0692690
1.0732550
1.0772559
1.0812717
1.0853024
1.0893482
1.0934090

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

317.5523
329.6502
341.7033
353.7115
365.6752
377.5944
389.4693
401.3002
413.0871
424.8302
436.5298
448.1858
459.7986
471.3683
482.8950
494.3788
505.8201
517.2188
528.5752
539.8894
551.1616
562.3920
573.5806
584.7277
14,743.1555

3,575
3,257.4477
3,575
3,245.3498
3,575
3,233.2967
3,575
3,221.2885
3,575
3,209.3248
3,575
3,197.4056
3,575
3,185.5307
3,575
3,173.6998
3,575
3,161.9129
3,575
3,150.1698
3,575
3,138.4702
3,575
3,126.8142
3,575
3,115.2014
3,575
3,103.6317
3,575
3,092.1050
3,575
3,080.6212
3,575
3,069.1799
3,575
3,057.7812
3,575
3,046.4248
3,575
3,035.1106
3,575
3,023.8384
3,575
3,012.6080
3,575
3,001.4194
3,575
2,990.2723
171,600 156,856.8445
()22 - 9

1.0974850
1.1015762
1.1056826
1.1098044
1.1139415
1.1180940
1.1222620
1.1264455
1.1306447
1.1348595
1.1390900
1.1433363
1.1475984
1.1518764
1.1561703
1.1604802
1.1648063
1.1691484
1.1735067
1.1778813
1.1822722
1.1866794
1.1911031
1.1955433

25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48

:
( 128700 ) ( 16415) = 112285
() :
( 128700 ) ( 13721
) = 114979
24
294

:
:
( 85800 ) ( 10530) = 75270
():
( 85800 ) ( 10871
) = 74929
()
( )
.
:
()
()
.

.
= [ ( +
^ ( 1)
) ]

.
.

:
295

= ( ^)
^
( 112).
: 12 100
300 .
() :
1.1 .
2.2 .
:
= (73.55 = 12 ^1.043 )12^1.043 100 300
[ ( + ) ]
= [ 1.043 = )12/1( ^ ] )100+73.55( 300
:
= [( ( +
)) ] ^ [ (/1 1.043 = )131( ^ )73.55 100+( 300([ = ] )1+
= 4.3%
= [( + )
)] ^ [ (/1 1.043 = )13 1( ^ ]100 )73.55 + 100([ =])1+
= 4.3%
73.55 4.3%
.
: 20000 12
40% 1300
^(/1)

296

.14740
() :
1.1 .
2.2 .
:
= (1306 = 12^1.0079 )12^1.0079 12000 14740
= [1.0079 = )12/1(^])12000+1300( 14740
:
= [(= )131(^)1300 12000+( 14740
1.0079 = 0.79%
= [(= )131(^]12000 )1300 + 12000
1.0079 =0.80%
1300 0.79%
.

297

():
( )1
()


.

()
( ) () ()

.
:
(:)9-23
/
4
4
4

6,075
7,000
7,200

2,000
2,292
2,370

()23-9

( .)108
:NPV
%10 (:)24-9
( )1 r t-.

298

263.00
263.35
310.53

6,075
7,000
7,200

NPV
10%

)FVIF(10%,4

2,000
3.169
6,338.00
2,292
3.169
7,263.35
2,370
3.169
7,510.53
()24-9

1
2
3

10%
(Future value interest
factor of $1 per period at 10% for 4 periods, Present value
)page 3.169

.
:
-
.
-
.
.

299

:
( )25-9 ():

909.58

6,075

MQAM1

107.13
208.52
304.48
395.30
1,015.42

1,892.8720
1,791.4823
1,695.5233
1,604.7044
6,984.5820

2,000
2,000
2,000
2,000
8,000

1.0565955
1.1163940
1.1795768
1.2463355

1
2
3
4

7,000

1,025.58

120.40
234.48
342.57
444.97
1,142.42

2171.5973
2057.5196
1949.4346
1847.0275
8025.5791

2,292
2,292
2,292
2,292
9,168

MQAM2

1.0554443
1.1139626
1.1757255
1.2409128

1
2
3
4

7,200

1,077.36

126.88
360.62
468.19
1,202.64
2,158.32

2,243.1235
2,123.0392
2,009.3835
1,901.8124
8,277.3586

2,370
2,370
2,370
2,370
9,480

MQAM3

1.0565624
1.1163242
1.1794662
1.2461797

1
2
3
4

()25-9

300

.
( )26 :



909.5820
2,940.42
1,025.5791
3,310.42
1,077.3586
4,438.32

NPV
263.00
263.34
310.53

()26-9

1 5.66% 6,075 8,000

2 5.66% 7,000 9,168
3 5.54% 7,200 9,480

()NPV, MAQAM
()

.
() .
:
.
(!)

( -)1
.2000 http://kantakji.com/fiqh/Files/Manage/Maintenence.:
pdf .4-2

301

:
( )1
% 70 30% .
( : )113
( ).
:
60%1.1 .
90%2.2 .
.
.
10 .
90% 10%.

.
:
1.1 10

2.2
.

( )1:
http://kantakji.com/fiqh/Files/Manage/Maintenence.pdf - - 4-2

302

:
( )1
% 70 30% .
( : )113
( ).
:
60% 1.1 .
90% 2.2 .
.
.
10
.
90% 10%.

.
:
1.1 10

2.2
.
1.1 10
20% 7%
.
( )1 .

303

. ()
.
: :
7% 423690205

. ( )27:

1,232,371

-13,000,000
-12,149,532.71
-12,149,532.71
-13,000,000
-11,354,703.47
-11,354,703.47
-13,000,000
-10,611,872.40
-10,611,872.40
166,000,000
126,640,605.20
126,640,605.20
250,000,000
178,246,544.87
200,000,000 -21,753,455.13
250,000,000
166,585,555.95
200,000,000 -33,414,444.05
250,000,000
155,687,435.47
200,000,000 -44,312,564.53
250,000,000
145,502,276.14
200,000,000 -54,497,723.86
250,000,000
135,983,435.65
200,000,000 -64,016,564.35
250,000,000
127,087,323.03
127,087,323.03
1,627,000,000 1,001,617,067.74 1,000,000,000
1,617,067.74

()27-9

( )28:

-13,000,000 -24,354,703
-26,059,533 -36,671,405
-39,238,403 87,402,202
93,520,356 71,766,901
76,790,584 43,376,140
46,412,470
2,099,905
304

1.0700
1.1449
1.2250
1.3108
1.4026
1.5007
1.6058
1.7182
1.8385
1.9672

2,246,898 -52,250,826
-55,908,383 -119,924,948
-128,319,694
-1,232,371
()28-9

:
() 2.06% :
= 172005324
= 51378214
(:)29

-12,737,605.33

-12,480,506.89

-12,228,597.77

152,998,027.59

200,000,000 25,767,897.57

200,000,000 21,210,951.96

200,000,000 16,745,984.67

200,000,000 12,371,139.20

200,000,000
8,084,596.52

203,884,574.29

1,000,000,000 403,616,461.80 423,180,878

1.0206
-13,000,000
-12,737,605.33
1.0416
-13,000,000
-12,480,506.89
1.0631
-13,000,000
-12,228,597.77
1.0850
166,000,000
152,998,027.59
1.1073
250,000,000
225,767,897.57
1.1301
250,000,000
221,210,951.96
1.1534
250,000,000
216,745,984.67
1.1772
250,000,000
212,371,139.20
1.2014
250,000,000
208,084,596.52
1.2262
250,000,000
203,884,574.29
1,627,000,000 1,403,616,461.80

()9-29

(:)30

-13,000,000
-25,480,507
-26,005,405
-38,234,003
-39,021,624 113,976,404

116,324,318 142,092,216
145,019,315 166,230,267
305

186,400,595
202,611,587
214,869,982
423,180,878

169,654,611
190,240,448
206,785,385
219,296,304

()30-9

:
() 4.52% ( )31 :
= 553350675
= 237150289

-13,000,000
-12,437,810.95

-12,437,810.95

-13,000,000
-11,899,933.93

-11,899,933.93

-13,000,000
-11,385,317.58

-11,385,317.58

166,000,000 139,094,668.51

139,094,668.51

250,000,000 200,420,897.87

200,420,897.87

250,000,000 191,753,633.63

191,753,633.63

250,000,000 183,461,187.93

183,461,187.93

250,000,000 175,527,351.64

175,527,351.64

250,000,000 167,936,616.57

167,936,616.57

250,000,000 160,674,145.21

160,674,145.21

1,627,000,000 1,183,145,438.89

1,183,145,438.89 1,346,646,403

()31-9

(:)32

-13,000,000
-24,899,934
-26,025,411
-37,410,729
-39,101,693
99,992,975
104,512,658 304,933,555
318,716,552 510,470,186
306

1.0452
1.0924
1.1418
1.1934
1.2474
1.3038
1.3627
1.4243
1.4887
1.5559

533,543,438 717,004,626
749,413,235 924,940,587
966,747,901 1,134,684,518
1,185,972,258 1,346,646,403
()32-9

( )33:
=

10

223,383,538

790,500,965

423,690,205 7.000 1,000,000,000

172,005,324 0.770
553,350,676 0.700

()33-9

( )
(
)

. .


( )
.


( )
.
307

:
-
.
-
( )
( )
.

( ):
() .
: 25000
30 28
( )

:
= 28 30 12 5 = 50400
= 25000
= ( 1.12395 = ) 6 1 ( ^ ) 25000 50400
() = 12.4% =0.12395 = 1 - 1.12395
: 11000
15 28
( )
308

:
= 28 15 12 5 = 25200
= 11000
= (1.1482 = ) 6 1 ( ^ ) 11000 25200
() = 14.82% = -1 1.1482


.
() (
) ()
.

309

.
()

.
:
" :

"(.)1

.
.
( 327 = 939)



(" :)2 :
.
.
( )1 4 .575
( )2 .22

310

.
.

.



:
.
.
.
.
.
.
:
.
.
.
".
( 728 = 1328)
" :
"(.)1
( )1 29 .520

311

( 415 = 1024) (:)1

" "
.


.
.
.
.
:



( : )(.)2



.

.
( )1 11 .57-56
( )2 .2799 :

312

:




.

.


.

(
)


. ( )1
( )
( )
.
.
( )2()IIBR
(1) LIBOR: London Interbank Offered Rate.
(2) IIBR: Islamic Interbank Benchmark Rate.

313

( )( )1
( )2
/16/

( )
. ( )IIBR
2004
/15/

( )IIBR
(.)LIBOR
()

.
(
)
( )IIBR
() ()IIBR

.

(1) http://thomsonreuters.com
(2) AAOIFI: www.aaoifi.com

314

(
) .


.


.
:
(:)1-10

/
()1
( )

()2

5
10
15
20

% 10
% 20
% 25
% 45
% 100

ROI
()2
% 6.25
% 7.00
% 8.00
% 9.60
-

()2

()3( = )2( )1
0.625%
1.400%
% 2.000
% 4.320
% 8.345

()1-10

/1,500,000/
/20/.
:

(1) ROI: Return On Investment , for details please follow the link: http://en.wikipedia.org/
wiki/Rate_of_return
( )2 Target
.

315

:
( 2 % 8.345
) = 16.69%
(

) .

1,500,000 (.)+
= 1,500,000( + 1,500,000
20 12.50%) = 5,250,000
( )- :
= 20 5,250,000 = 262,500
()
( .)1
(( )1()IRR )
( 16.7% .)2-10

0
1
2
3
4
5
6
7
8

1500000 +
()262500
()262500
()262500
()262500
()262500
()262500
()262500
()262500

(1) Internal Rate of Return, for details please follow the link: http://en.wikipedia.org/wiki/
Internal_rate_of_return

316

9
10
11
12
13
14
15
16
17
18
19
20
IRR

()262500
()262500
()262500
()262500
()262500
()262500
()262500
()262500
()262500
()262500
()262500
()262500
16,70%

()2-10

( 12.50%

)


.
()
( ) ()
()
16.7%
.
( )
()
317

0,1670 (:)3-10

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

() %
IRR

()1
1.1670000
1.3618900
1.5893200
1.8547400
2.1644800
2.5259500
2.9477900
3.4400700
4.0145600
4.6849900
5.4673800
6.3804300
7.4459700
8.6894400
10.1405800
11.8000000
13.8103457
16.1166735
18.8081580
21.9491204

(:)3-10

20 5250000
()2
262500
262500
262500
262500
262500
262500
262500
262500
262500
262500
262500
262500
262500
262500
262500
262500
262500
262500
262500
262500
5250000

1500000
()3
224935.7326
192746.9860
165164.5120
141529.1450
121276.0456
103921.2044
89049.8950
76306.6626
65387.0287
56030.0161
48012.0103
41141.3970
35253.9800
30209.0677
25886.0900
22181.7400
19007.4890
16287.4801
13956.7096
11959.4769
1500242.6500

()3-10

( )1 ()
( )1.1670
()
318

( ) .
( )2
/20/ . ( )3
( )2 (.)1
(:)3-10

( )

(
)
.
262,500 224,935
192,746
.11,959
()

.
( )3
( )2 5,250,000
3,749,757.347 = 1,500,242.65
:
2.4998 = 1,500,000 3,749,757
319

20 2.4998 = .12.50%

() %

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

1.1670000
01.361889
1.5893245
1.8547416
2.1644835
2.5259522
2.9477863
3.4400666
4.0145577
4.6849888
5.4673820
6.3804348
7.4459674
8.6894439
10.1405811
11.8340581
13.8103458
16.1166735
18.8081580
21.9491204

5250000
20
262,500
262,500
262,500
262,500
262,500
262,500
262,500
262,500
262,500
262,500
262,500
262,500
262,500
262,500
262,500
262,500
262,500
262,500
262,500
262,500
5,250,000

1500000
1,500,000
224,935.733
262,500192,746.986
262,500165,164.512
262,500141,529.145
262,500121,276.046
262,500103,921.204
262,50089,049.875
262,50076,306.663
262,50065,387.029
262,50056,030.016
262,50048,012.010
262,50041,141.397
262,50035,253.982
262,50030,209.068
262,50025,886.091
262,50022,181.740
262,50019,007.489
262,50016,287.480
262,50013,956.710
262,50011,959.477
262,500- 3,749,757.347 1,500,242.653
2.4998
16.70%
12.50%
()4-10

320

20

1,500,000
16.81%
252,150
5,043,000
6,543,000

14 - 10 - 8 - 6 - 4 - 3
20 - 16 - 15 -

IRR

16.81
1,500,000
252,150252,150252,150252,150252,150252,150252,150252,150252,150252,150252,150252,150252,150252,150252,150252,150252,150252,150252,150252,1501,500,00016.70%

6.25
1,500,000144,000
144,000
144,000
144,000
144,000
144,000
144,000
144,000
144,000
144,000
144,000
144,000
144,000
144,000
144,000
144,000
144,000
144,000
144,000
144,000
1,500,000
9.44%

12.65
1,500,000189,750
189,750
189,750
189,750
189,750
189,750
189,750
189,750
189,750
189,750
189,750
189,750
189,750
189,750
189,750
189,750
189,750
189,750
189,750
189,750
1,500,000
12.50%

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

()5-10

( ):

12.50% ( )ROI
( 9.60% ) .
9.44%
()
321

( )ROI 12.65% (.)6-10

= ROI
= ROI
% 12.65
% 9.60
))1,500,000
()1,500,000
189,750
144,000
189,750
144,000
189,750
144,000
189,750
144,000
189,750
144,000
189,750
144,000
189,750
144,000
189,750
144,000
189,750
144,000
189,750
144,000
189,750
144,000
189,750
144,000
189,750
144,000
189,750
144,000
189,750
144,000
189,750
144,000
189,750
144,000
189,750
144,000
189,750
144,000
189,750
144,000
1,500,000
1,500,000
IRR = 12.50%
IRR = 9.44%
()6-10

( ):
16.70%
( )
.12.50%
322

16.81% 16.70%
( )7-10:

% ROI = 16.81
1,500,000
()252,150
()252,150
()252,150
()252,150
()252,150
()252,150
()252,150
()252,150
()252,150
()252,150
()252,150
()252,150
()252,150
()252,150
()252,150
()252,150
()252,150
()252,150
()252,150
()252,150
()1,500,000
IRR = 16.70%
()7-10

323

( )ROI 12.65%

4.05% = 12.65% - 16.70%
.
()
( )ROI
.


.

.
22.7%

(:)8-10
/
( )
5
10
15
20

()1
45%
25%
20%
10%
100%

ROI
()2
% 11.042
% 11.230
% 11.860
% 12.500

()8-10

324

()3( = )2( )1
% 4.9689
% 2.8075
% 2.3720
% 1.2500
% 11.3984

:
( 2 % 11.3984 ) =
22.7968% (
) .
() :

0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

() %
IRR ()1
1.2279500
1.5078612
1.8515782
2.2736454
2.7919229
3.4283417
4.2098322
5.1694634
6.3478426
7.7948333
9.5716656
11.7535268
14.4327432
17.7226870
21.7625735
26.7233522
32.8149403
40.2951059
49.4803754
60.7594269

()2
()1,500,000
347,650
347,650
347,650
347,650
347,650
347,650
347,650
347,650
347,650
347,650
347,650
347,650
347,650
347,650
347,650
347,650
347,650
347,650
347,650
347,650
6,953,000
IRR = 22.79500%
()9-10

325

()3
283,114.13331
230,558.35605
187,758.74918
152,904.22996
124,519.91527
101,404.71132
82,580.48888
67,250.69334
54,766.63817
44,600.05551
36,320.74230
29,578.35604
24,087.58992
19,616.09994
15,974.67319
13,009.22121
10,594.25971
8,627.59861
7,026.01784
5,721.74587
1,500,014.2756

( )3
( )2 6,953,000
5,452,985.724 = 1,500,014.27
:
3.6353 = 1,500,000 5,452,985.724

20 3.6353 : = .18.20%
( )8-10
(
) .

()


( ) .
.
:

.
.



326

:

( .)1

.


(400
+ )

.


.

.
:
Flat rate .Diminishing rate

. 5%
9.23%
( )1 2008 :

327

.
/1000000/
5%
/8750000/ 30%
8.75%
.17.21%
8.75% 17.21% .

Flat

()1
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

()2
8.75%
17.50%
26.25%
35.00%
43.75%
52.50%
61.25%
70.00%
78.75%
87.50%
96.25%
105.00%
113.75%
122.50%
131.25%
140.00%
148.75%
157.50%
166.25%
175.00%

()3
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12

()3( )2( = )4
1.05
2.10
3.15
4.20
5.25
6.30
7.35
8.40
9.45
10.50
11.55
12.60
13.65
14.70
15.75
16.80
17.85
18.90
19.95
21.00

()4( )1( = )5
12
24
36
48
60
72
84
96
108
120
132
144
156
168
180
192
204
216
228
240

Diminishing

()10-10
328

= (2 )5( + 1( )4
16.1538%
16.8000%
17.0270%
17.1429%
17.2131%
17.2603%
17.2941%
17.3196%
17.3394%
17.3554%
17.3684%
17.3793%
17.3885%
17.3964%
17.4033%
17.4093%
17.4146%
17.4194%
17.4236%
17.4274%

.


.

.

.




.


:
1.1 :
.

.
2.2 :

329

.

.
:

( )1-10
.

.

()1-10

( ) ()

()

( )
.


.

:
.
330

:





(.)2-10

( )2-10 1425 ( )

.
:
=
= ( - )
:
1.1 .
331

2.2 .



( )
:
- :

.



. .
- : .
( )1
. :
= ( - ) ( -
)
.
(:)10-11
( )1 . 1982 .

332

()
100
90
110
95
100
()11-10

()
1000
950
1200
950
1100

0.75 :
= (12.50 =20250 = )110-90( )1200-950
: = + .
() ( )
(:)3-10
175- =1375 - 1200 = )12.50110( - 1200
175- =1125 - 950 = )12.5090( - 950

()3-10

( ) (90
)950 ( 110 )1200
= 90:
= 950 = )90 12.50( + 175- .
333

( ) = = 10.55 = 90 950
[ ]00 .1.95 = 10.55 - 12.50
( 9501.95) = 185.25 185.25 175
.10.55
()


" " :
: " ".
: " "
.
( ) "
"
.

.

( )4-10:

()4-10
334

() .
() .
() .
() () ()

() ()
() .
.
.
:
( )1


.

:
=
: 10%

( )1 . 1959 1 .279

335

10%
(.)10-5

()5-10

(:)6-10

1000 2000 3000 4000

( )6-10

(:)7-10

1
2

1000 2000 3000 4000

( )7-10
336

( )7-10

.
:
.

15=1
20=2

.
1000 2000 3000 4000

25=3
30=4

( )11-10

( )11-10
.
:
( )1 ( -
) ( -)








()12-10
( -) (.)12-10
( )1 . 1976 .342

337

: = ( - )
:
= .
= 10
= 2
= 2000
() :
= + 10 = 2 200 + = 250
250 :
= 0 = 2000 - )10-2( 250
400 = 1200 = 2000 )10-2( 400.
500 = 2000 = 2000 )10-2( 500.

= ) -( -

3
2
1

400 500

300

200

100

0
-1
-2

()12-10

:

( )
().
338

12
( 3 )
5 4 6 . 600.000
100.000 1
150.000 2
120.000 3 .

.
( )1:2:2
:
= 22+1 +2
:
[(25 = ])51( + )42( + )62
= 24000 = 25 600000 .

:
48000 = 2 24000
1
48000 = 2 24000
2
24000 = 1 24000
3

( )12-10 ()3:1:1
.27
3

339

1 23
1
2
3

3
2

100,000

150,000

120,000

25
27
24
23
25
26

2
3
1
1
1
2

2
1
2
3
1
1

1
1
2
1
3
2

48,000 24,000
72,000 22,222
24,000 25,000
24,000 26,087
24,000 24,000
48,000 23,077
()12-10

48,000
24,000
48,000
72,000
24,000
24,000

120,000
120,000
120,000
120,000
120,000
120,000

24,000
24,000
48,000
24,000
72,000
48,000

(:)13-10

3
2

()1

()2

80.000
40.000
60.000

4
2
3

()3

60.000 5 100.000
60.000 3
60.000
60.000 1
20.000
()13-10

()4

3
3
3

40.000
60.000
80.000

2
3
4

:
: ( : )
(:)14-10

+ 1 + 2

53 + 42 + 64

47

51 + 43 + 65

47

53 + 43 + 63

45

54 + 43 + 42
()14-10

44

340

:
(:)15-10

1
2
3
4

12.766
12.766
13.333
13.636

()1

()2

()3

38.298 25.532 51.064

12.766 38.298 63.830
40.000 40.000 40.000
54.545 40.909 27.273
()15-10

()3( + )2( + )1( = )3
114.894
114.894
120.000
122.727

(
).
1 27.273
63.830 .
3 12.766 54.545
.


.

.
( )
.
341

(:)10-16

20000 - 10000
40000 - 20001
150000 - 40001

15
13
11

10
10
9
7
8
8
()16-10

6
5
5

13
12
10

9
7
7

( ) (:)10-17

1
2
3
4

34
35
63
62

53
42
41
43
34
43
34
33
()17-10

35
31
45
33

342

:

.


.


( )

.
:
1.1
.
2.2 .
3.3 .

.
:
1.1


.
343

2.2

.
.




(.)14-10


.

Off-Balance Sheet .

344

()14-10

.


.
345

:



.
Lease-to-buy
( )17
( 9 )8
:
1.1 ( )
.

.
2.2
.
3.3
.
4.4



.
:
346

1.1
.
2.2

.
3.3
.
4.4
.
:
1.1
.
2.2
.
3.3
.
:
1.1
.
2.2
.
3.3 .
4.4 .
347

5.5
.
6.6 .
: 100000

25000 10000
20% (.)18-10

100000

25000

10000

20000
20%
155000

4305
= 36 155000
4305 . 4000 = 36 305 = 10980
()18-10

:
+ .
+

() () .
348

1500000
.
: ():
15 30%
. 10%
( )
12835
(:)19-10

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

30%
450000
450000
12835
105000
10%
1050000
154014
12835
105000
10%
1050000
154014
12835
105000
10%
1050000
154014
12835
105000
10%
1050000
154014
12835
105000
10%
1050000
154014
12835
105000
10%
1050000
154014
12835
105000
10%
1050000
154014
12835
105000
10%
1050000
154014
12835
105000
10%
1050000
154014
12835
105000
10%
1050000
154014
12835
105000
10%
1050000
154014
12835
105000
10%
1050000
154014
12835
105000
10%
1050000
154014
12835
105000
10%
1050000
154014
12835
105000
10%
1050000
2606196
1575000 150%
( )19-10 ()

349

5%
52500
52500
52500
52500
52500
52500
52500
52500
52500
52500
52500
52500
52500
52500
52500
735000

50%
1050000 1575000
. 1106196
7375% 15
492%.

5% .
(:)20-10

4900%

735000

2475%

371196

7375%

1106196

( )20-10 ()

( )
( )19-10 (:)21-10

15
0
1
2
3
4

30%
450000
1050000
980000
910000
840000

70%
1050000
8556
70000
8556
70000
8556
70000
8556
70000
350

450000
102676
102676
102676

5%
52500
49000
45500
42000

502500
151676
148176
144676

770000
700000
630000
560000
490000
420000
350000
280000
210000
140000
70000
8850000

5
6
7
8
9
10
11
12
13
14
15

70000
70000
70000
70000
70000
70000
70000
70000
70000
70000
70000
1050000

8556
8556
8556
8556
8556
8556
8556
8556
8556
8556
8556

141176 38500 102676

137676 35000 102676
134176 31500 102676
130676 28000 102676
127176 24500 102676
123676 21000 102676
120176 17500 102676
116676 14000 102676
113176 10500 102676
109676
7000
102676
106176
3500
102676
2307464 416500 1887464

( )21-10 ()

807464 5383%
15 359%
. (:)22-10

2777%
2606%
5383%

416500
390964
807464

( )22-10 ()

( 20-10 )22-10 ()
( 25%)
5%
49% 27.77%
.

351

: ():
15 25%
.
( )
(:)23-10

15
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

375000
1125000
1125000
1125000
1125000
1125000
1125000
1125000
1125000
1125000
1125000
1125000
1125000
1125000
1125000
1125000

25%

75000
75000
75000
75000
75000
75000
75000
75000
75000
75000
75000
75000
75000
75000
75000
1125000

11406
11406
11406
11406
11406
11406
11406
11406
11406
11406
11406
11406
11406
11406
11406

375000
136875
136875
136875
136875
136875
136875
136875
136875
136875
136875
136875
136875
136875
136875
136875
2428125

5%
56250
56250
56250
56250
56250
56250
56250
56250
56250
56250
56250
56250
56250
56250
56250
787500

( )23-10 ()

928125 6188%
15 413%
.
352

5% .
(:)24-10

5250%

787500

938%

140625

6188%

928125

( )24-10 ()

( )
( )23-10 (:)25-10

75%
25%
15
1125000 375000
0
9168
75000 1125000 1
9168
75000 1050000 2
9168
75000
975000
3
9168
75000
900000
4
9168
75000
825000
5
9168
75000
750000
6
9168
75000
675000
7
9168
75000
600000
8
9168
75000
525000
9
9168
75000
450000 10
9168
75000
375000 11
353

5%

375000
110010
110010
110010
110010
110010
110010
110010
110010
110010
110010

56250
52500
48750
45000
41250
37500
33750
30000
26250
22500
18750

431250
162510
158760
155010
151260
147510
143760
140010
136260
132510
128760

12
13
14
15

75000
300000
75000
225000
75000
150000
75000
75000
1125000 9375000

9168
9168
9168
9168

125010 15000 110010

121260 11250 110010
117510
7500
110010
113760
3750
110010
2365140 446250 1915140

( )25-10 ()

865140 5768%
15 385%
. (:)26-10

2975%

446250

2793%

418890

5768%

865140

( )26-10 ()

( 24-10 )26-10 ()
938%
2793% 5%
5250% 2975%
.
:
:
-:
:
= ( + +
)
354

() ()
:
() = 2606196 = 371196 + 735000 + 1050000.
= 17375% = 2475% + 4900% + 10000%

25%
() (:)27-10

5250%

787500

2651%

397710

7901%

11185210
( )27-10 ()

:
() = 2685210 = 397710 + 787500 + 1125000.
= 17901% = 2651% + 5250% + 10000%

() = 2428125 = 140625 + 787500 + 1050000.
= 16188% = 938% + 5250% + 10000%

- :
( ) ()
()
() 413% () 492% 527%
.

355

.
()
( 5%
- )
. 10%
.

(.)1
(
).


.
.


.
( 8/8
)8 .

.

(:)15-10
( )1 :

356

= ) + ( +

()15-10

(
)

.

. :
{
} (.)8 :
()
()
= 1500000.


= 450000.


= 1050000.

:1 :
= 2156196.
= 154014 14
= (1.0491 = )151( ^ )1050000 2156196
= 4.91%

= 1 - 1.0491

:2 :
= 1887464 = )14102676( + 450000..
357

= 1.0373

= ()161( ^ )1050000 1887464
= 3.73%

= 1 1.0373
4.92%
.3.59%

.)1(5%


.

( )1 .

358

.


.
.


.

.
: :


.
359

50
50
100 .

.

( )
.

.
)1(Financial leverage

. (
)
Debt To-Equity Ratio
.
.
( :)2
(
)

.
( )1 1 36
(2) Financial management, theory and practice, Brigham and Ehrhardt, 11th edition, Glossary,
P 964

360

.
( :)1
.
:
capitalizatio ratio - financial leverage ratio =1.0
)(1
1.1 :
:
=Financial Leverage Ratio
)(2
:
NFO .Net financial obligation
CSE .Common stock equity
2.2
:
= Capitaization Ratio
)(3
NOA .Net operating assets
:

(
)
(1) Financial statement analysis and security valuation, Stephen H.Penman, third edition, P
328

361

.
(:)1

.

.
:

.
:

.

.
Free
)Cash Flows (FCFs
:
)(4
:
:V .
:t .
(1) Financial management, theory and practice, Brigham and Ehrhardt, 11th edition,
P449,450.

362

:wacc .
(Weighted Average Cost of Capital (WACC
:
wd we
.
.rd
() .rs
(.)T
:
Wacc = wd(1 - T) rd + we rs
)(5

()FCFs
.WACC
FCFs
WACC .
:rs



.

.
:
363

.


.
.
3.3 :rd


. rd
.
4.4 :WACC

.



.
5.5 :


( Net Operating Profit After Tax (NOPT
364

( .)FCFs



( )NOPAT ( .)FCFs



.

.
:

.

:
:
Total liability to total assets :
()6

( ).
:
365

()7

.


.


.







.
: :Ability to pay interest
Times-Interest-Earned
( )TIE :

. ()
366

:
()8
:
:EBIT
.Earnings before interests and taxes
:Interest charges .



.


.
:

.



.
:
1.1
367

Leasing
.
2.2


.




.
: Ability to serve debt
EBITDA coverage ratio

.


.

)TIE) ratio :
()9
:
368

:EBITDA
.
:Lease payments .
:Interests ().
:Principal payments
.

.

.
EBITDA coverage ratio





)TIE) ratio

.




369

.

.
"

.
. ( )10%
( .)9:1
"(.)1
:


.

.

.
: :

.

( )1
.70

370

.



.

.




.

.
( )ROI ()ROA


.
.
( )ROE

.

371

.
:
500
(:)1()1-11
1000
500
1500

750
750

1500

()1-11

=
= % 3333 = 1500 500
=
= % 6666 = 750 500
ROE

(
) (:)2-11

1000

1000

500
1500

500
1500

()2-11
( )1
.

372

:
= % 3333 = 1500 500

= % 50 = 1000 500

.
: :



.



.



.




.
373

(:)1



.


.


.


.

.



GDP
.

( )1 5297 : .

374

.




.



.


.
:







375

.OMO

.
:


.
: :



.



.
:


( )

.
376

.


.




.
(:)1
20000
15 25 30000
10% .
( )3-11:

30000

33000

75000

82500

45000

49500

20000
65000

20000
69500

10000

13000

()3-11
( )1 . .239

377

10%
30% .
.
:
()10

.
.
50% .
.75%
3000000
8% 1200000
1700000 2400000
.
( )11-4( : )

1200
0

1200

1700

2400

600
600

850
850

1200
1200

( )-

2400
1700

50%

378

50%

( )-

50%



75%

( )-

50%

20%

28%

4%

1200
120
1080
540
540
36%

1700
120
1580
790
790
53%

2400
120
2280
1140
1140
76%

1200
180
1020
510
510
68%

1700
180
1520
760
760
101%

2400
180
2220
1110
1110
148%

()4-11

.
.
.
:

.
.

.
379

.
(:)1
(:)1-5


200
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%15


15
1
20
2
25
3

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()5-11

:
(.)6-11

:

: ()40%

1
15
0

20
0

15

20

25

()6

()8

()10

12
()200-0

15
()200-0

6%

7.5%

9

()200-0
4.5%

()6-11
( )1 . .242

380

25
0

15 : (.)7-11

1
15

: ()15( )15%50%200
0

0
: ()40%

20
()15

5
()2

25
()15
10
()4

3
0

()200-100( )200-100
3%
0

6
()200-100
6%

()7-11

3 : (.)8-11

15

20

: ()22.5( )15%75%200
()7.5

0
: ()40%
()2.5
()7.5

()200-150( )200-150

()22.5
()2.5
0

()15%

()5%

25

()22.5
2.5
1
1.5
()200-150
3%

()8-11

9 :
-

381

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ROA
Du Pont :
ROE = financial leverage ROA
)(11
(:)1
( .)Gearing or Leverage
" "
( )Prior Charge Capital
( ) (.)Total Capital
= /
100%
= /
()12
100%

" " .
:
:
.
:

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( )1
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382

( ).
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)

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.
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.


.


.


383

.
.
:


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.
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.
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( )1. . .106

384

.



.

.
:
1.1 (:)9-11

()9-11

2.2 (:)10-11

()10-11

385

:
3.3 (:)11-11

()11-11

4.4 (:)12-11

()12-11

.


. :
: :




.
386

: :

( )





.
:








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( :)1 :
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( )1. . .431

387

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388

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389

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390

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391

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395

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()13-11

396

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397

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398

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399

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400

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401

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402

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(1) Fundamentals of Investing, Gitman & Joehnk, Tenth Edition, P 524.

404

.
: Open-End Investment
:Companies
Mutual Funds
.

.

.


(.)NAV

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405

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406

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{ :

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411

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413

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( ) 16 1433 8 2012

414

:
.

.
5297 :.
. .

.
. . .
:
Financial management theory and practice Brigham
and Ehrhardt 11th edition Glossary.
Financial statement analysis and security valuation
Stephen H. Penman third edition.
Fundamentals of Investing Gitman & Joehnk Tenth
Edition.

415

1.1 ( -
).
2.2 (
).
3.3 1
.
4.4 2 .
5.5
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6.6 .
7.7 .
8.8 .
9.9 ( )
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1212
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416

1414
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1515
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1616
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1717
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1818

1919
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2020
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2121 ( )
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2222 .

417

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418