‫

‬

‫
א

אو

‬
‫
دو
و אא   ‬
‫ ‬ ‫ ون ‬ ‫‬
‫א! א د‪'()K‬א&‪%‬א ‪#‬א‪$‬و‪K#‬א‪(*+‬א ‪ ,-‬وא‪-‬موא‪KE3112F
%.‬א‪$9+‬א ‪678-#‬وא‪;()<;F5$‬א‪:8‬א ‪ E(-#‬‬
‫‪٢٠١٠H 2١٣‬م ‬ ‫‪' ٢٨ J٢٦‬א‪،FG١٤٣١#.‬א‪+‬א
‪J١١D‬‬
‫

‬
‫

‬
‫

‬
‫

‬
‫

‬
‫

‬
‫

‬
‫

‬
‫

‬

‫ ‬ ‫‬

‫א
א

‬
‫
א
و

‬
‫

‬
‫

‬
‫

‬
‫

‬
‫

‬
‫

‬
‫אد

‬
‫א)('
&‪
$
%‬א‪


!
" #‬‬
‫‪
01‬א‪
-
.$/‬א‪

*+
,,‬‬

  


 
 
 W$ 
KKKQ-‫و‬87R‫و‬J-;‫و‬$(K$J-;‫م‬1‫وא‬LM‫وא‬$N‫و‬O$FFF(P‫א‬

W 45‫
א‬6&
0/‫
א‬J١
aFF%8b‫א‬cFF‫ز‬X‫ق‬FF`‫و‬FF&X?\ ]FF‫א‬Z[FF&‫ع?א‬FFUVFF‫א‬WFFGDFF-X
 K#‫ و;*مא] אو‬J-;:‫ذ‬e
‫و‬LR+‫א‬



W
‫
א‬9) :
6%
‫
=ذج‬J٢
FFG‫و‬kFFl‫] א‬FF‫א‬G9FFf
 ]FF‫;א‬MFFL‫د‬$FF ‫ذج‬FFh‫م‬FF‫א‬iFF;c$FFj
pF F-;'F%F(;M8‫א‬H NZX‫ <(ن‬mnf‫م‬%X
‫אאًو‬.n ‫א‬
JF-;‫<(ن‬F‫אא‬WFGHF % nF‫א‬HMFq‫و‬F-;DF& rF-8 $FsF 6‫د‬N581 U
EQ9F ‫א‬F-uFnF‫א‬tF+ًF%N‫ن‬F3a<F‫وא‬aF%&‫'א‬F
‫د‬$ Z[&‫وא‬KLj

 ]F‫א‬FGFyz‫عא‬F‫وא‬K9(9F
-(P:- GkW‫א‬n‫
س لא‬p $1v%‫وא‬
EQF{p |F+‫א‬FD[Fe‫א‬F-u‫ن‬F3-l1F nFf ‫م‬%X‫ و‬،E١FMutualJ(1+‫وא‬#‫אو‬
cDFPًF3 ~F‫א‬F&c}8MF ]FXF%e‫
]و‬p H3
n‫א‬:-Xt QG
FFFh2‫€ًو‬FFFfFFF9
‫ن‬FFF3-‚pWFFF‫ƒ&א‬FFF+‫א‬pFFF FFF;()FFF9-;‫م‬FFF%‫و‬KnFFF‫א‬WFFG
pF DF%q‫ذא‬2Z[F&‫نא‬3‫و‬K&ƒ+‫[א‬1n5X‫وא‬J-;:‫ذ‬H % ‫ن‬-M„‫و‬9‫و‬$
c…Fl‫א‬$1F‫و‬KnF‫א‬tF QGF8; HF  ]1 QG8; ‚D[e‫א‬-u5M
 K‫אم‬L‫ …د‬D[e‫א‬-uJ-;‫ع‬j‫א‬9(G
9.s‫א)ل‬WG‫لو;`ق‬N
p(
Kj‫†' א(ذ‬$%
H
3‫
وא‬# ‫א] א‬Q 9+‫
א(ذجא‬
F9c‡F  ‫ونא‬F*‫لو‬F+‫ ن
سא‬$%t ‫و‬Q9
-u{mnfG9j
L‫دא‬2FFh2‫و‬ZFF‫(نא‬FFU~1FFnFF‫א‬WFFGFF(9 ‫ˆن‬FF
~FF‫א‬FF&c‫و‬K‫م‬FF;HFFn
F
'F(mkWF‫Šא‬F;‫א‬G‫و‬H
3‫و;Šא‬cL‫د‬j+‫(‰ אلא‬.‚‫א] وא‬a-(;
pFF $FFJFF-;
‫א‬FF‫و‬DFF8b-HFF iFF+‫}א‬FFU‫ذجوא‬FFh‫א‬WFFG‫و‬KD[FFe‫א‬FF-uan‫א‬,FFf‫א‬
FFG?DFF-%‫(?א‬1FF‫אن‬pFF3FF‹#FF‫…אل‬FF‚kWFF‫א‬MFF‫‚אنא‬2،FF-;&‫وא‬LŠFF&3‫א‬
…Fl‫א‬$FF8XH(7p ‫و‬Z[&‫א‬D71p ‫و‬،H
3‫و;Šא‬cZ[&‫…وא‬l‫]א‬1
 K$j‫אنو‬

‫ن‬9j‫)(;א‬$G9
‫&و‬-Œy
ŽR#‫د‬8‫‚אنא] א‬2،#‫د‬8‫א] א‬Z8‫(א‬1$‫ و‬J1
Q9 … J-;DP‫و'א‬p+Z‫د
'א‬ct‫א‬,f‚‫א‬J-;E$N‫\وא‬3'()‫ن‬3H. Fًe( ً‫א‬by
 KReciprocal Insurance…- J(1‫
و
لو‬t‫א‬,f‫א‬r-8 '
‫‘د‬2jP‫دونא‬

١



W"'?‫@
א

א‬$
‫س‬BC‫
א‬DE/‫
א‬J٣
،9b1FF ‫ل‬FF)‫א‬WFFGFF;FF‫א‬FFN‫א‬pFF L’.FFnWFFy“ kFFl‫] א‬FF‫א‬JFF-;
?ً F”?F8jVp |F+‫
'א‬$FFU‫ و‬$%;kl‫א] א‬$%;‫אن‬G‫א س‬Wy]+‫א‬p3
$FFFUp |FFF+‫وא‬FFF3+‫عא‬FFF‫لو‬FFFNc<FFF‫א‬pFFF;<FFFX ]FFF‫א‬nFFFf‫…אم‬FFF‫א‬HFFF %
‫ع‬F†‫وא‬،E١FF•’.Fn U‫ و‬$%;‫‚א‬2KEa‫א‬1‫אمא‬$bR‫…وא‬l‫وא‬a+nF
FŽ‫عא‬F pF;‫م‬1F‫א‬-;9‘2ً‫אدא‬KaU‫و‬+‫دא‬%$1& ’.3‫
نאŽא‬J-;
–$FNpF 77FRcQ-1 ‫ وא‬9 Ž‫ 'א‬p;#9‫א‬cL’.n–‫د‬N
a‫و د‬$‫و‬
'F p;‫و‬LMP‫ 'א‬p;Q-‫و‬-;O‫א‬J-RO‫لא‬J9W‫;ل‬O‫א‬#ULG#

J-FRO‫لא‬FJF9W‫ل‬F'
F–$FNp #%98‫وאא‬kW‫;(א‬p ‫–א‬$N9 ‫و‬،Ž‫א‬

‫ذ‬2ً‫’א‬.Fn‫ن‬F3kWF‫א‬:F‫ذ‬FG‫د‬F%-$1F&+‫وאŽא‬KG’•‫ 'אŽو‬p;Q-‫و‬-;O‫א‬
cFFŽ‫وא‬aFU‫و‬+‫دא‬F%;c‫ن‬F3kWF‫وא‬،FŽ‫א‬ZFF pF ًF — 1F‫א‬pF H8F‚
 Kt,(-D71+‫אضא‬#G‫و‬-;‫د‬%+‫א‬
'F%XF(N‫] א‬F DF-F8b  ]‫ŽŠ نא‬2‫א] 
و‬p Ž‫…عא‬H8‚
a‫אא‬F a$R‫ونو‬R+‫Šא‬9%&‫א‬8XkW‫™جא‬+‫א‬K5Ž‫א‬Q-;cGkW‫א‬H8%1+‫א‬c
›F‫א‬aFU‫و‬+‫لא‬F)pF  ]F‫א‬$F%;HF%FG‫ج‬FP‫אא‬WFGpF ‫وج‬F™-،9%&‫אš 'א‬
aFU‫و‬+‫دא‬F%$1F& FŽ‫نא‬F-F3+‫وא‬KaF;œ‫لא‬F)‘2Ž‫א‬G‫د‬%;$1&
c# F‫א‬iF‫א‬Fb ‫ 'א‬F‫א‬# F‫א‬#F9%&‫'א‬F(š‫א‬Wy
$‫و‬،a;œ‫دא‬%;‫دون‬
FF+‫و‬Kk
FF‫אא‬WFF9 WFFy
EFFFG١٣٩٨‫ن‬8FFf‘‫א و‬FFX‫دو‬cFFFRJFF  ]FF‫]نא‬FF ‫א‬FF
‫œع‬F‫א‬H8FJF-;F
$rF-8 F3‫و‬FU‫ و‬$F%;'F ً F”Ft,F+‫
א‬$ ‫ن‬n
aF;œ‫א‬pF FnQF3s$1& $%‫אא‬W9 Ÿ ‫אŽא‬p3iH
3‫وقא‬$M
 KaU‫و‬+‫وא‬

W‫م
א

אو‬4
J٤
 ]FF‫
وא‬HFF
3‫مא‬FF*J(1FF$FF‫و‬F#‫و‬FF‫] א‬FF‫مא‬FF*‫م‬FF%:FF‫ذ‬JFF-;ŠFF
JF-;‫دع‬FXF‫دو‬an‫א‬,Ff‫
'א‬$F Q9 Hn‫…م‬-‫™ص‬f
;()‫د‬j‫و‬J-;E# ‫א‬
‫ل‬Fš‫אא‬WFGcMM™  ]Xnf$X،-%1   ‫وقذ‬$Rc‫אœع‬H8
JF-;ŠF ‫د‬$Fq‫و‬F
L‫د‬Fj+‫א אلא‬¢&7
j] n‫א‬H8J-;‫وق‬$M‫אא‬WG$X
£MFF‫אل‬FF ‫(א‬.1FFX‫و‬ZFFXpFF FF- %FF ‫و‬FFb¤‫א‬FF‫א‬n‚‫א‬a 1FFP‫א‬cFF9Xœy
pF EF%e‫א‬HF NFt,F HFnZFXnF‫א‬HF8pF kQeK‫א‬W3G‫و‬n,+‫א‬
DF&+‫وطא‬F ‫] و‬F‫א‬F%e‫و‬c‫د‬$FK6$FNH& -;'‫א<אא‬p;‫وق‬$M‫א‬:‫ذ‬

p$‫א‬a‫א‬$c{‫(
א‬.‫א‬R¦‫ و‬a  can‫א‬WG‫(وא§אط‬%‫א‬y ‫א‬Wy“+‫א‬p ‫ و‬J1
K$ `™+ً8-` 3P‫א‬

٢
ŠFFF;‫
وو‬F،?HF F
3‫وقא‬$FFFR?‫وق‬$MFFF‫אא‬WFFFGJ(1FFF‫و‬KnFFF‫وא‬t,FFF+‫א‬F F FFF9-;
 KEH
3‫א‬
‫ود‬F JF-;Eً F% b pF3i‫وאن‬F\8 #‫א] אو‬nfH(H3{‫אא‬WG‫و‬
FF ‫א‬FF3-(+‫א‬cŠFF(-‫א‬FF8nFF€GpFF L‫د‬MFF‫] א‬FF‫]نא‬FF FF(š‫א‬a‫אא‬FF%‫א‬c
#‫و‬$F‫א‬# F‫א‬#F9%&‫'א‬F(š‫وא‬# F‫א‬iF‫א‬b ‫א 'א‬#9%&‫دوאš('א‬1‫א‬
 K# ‫|—א‬+‫ *(א‬p D.8+‫א‬

W6N‫
א‬EL‫و‬F
‫وق‬5J
J٥
# F‫א‬#‫و‬F‫] א‬F‫مא‬F*5-GH
3‫و;Šא‬J(1$‫و‬H
3‫وقא‬$R
‫אد‬FF ‫ن‬FF3X،n,FF(-a<FF‫¨א‬FFRQFFXFF ‫و‬an‫א‬,FFf‚‫'א‬FF†‫د‬FFXFFˆ

 Wp H
3‫א‬EŠ;‫
وو‬F‫وق‬$R
‫س‬F ‫א‬$MF+‫א‬#FG‫و‬E ]F‫طא‬1F
FD[e‫א‬-u9 $%›‫א‬an‫א‬,f‚‫א‬r8 E١
KŠ;‫אא‬WGc‫‰ אل‬
K% 1‫א‬a‫א‬1‫א‬$ J-;،(n‫א‬,+‫©א‬1P‫א‬a`N‫ وא‬E٢
KP‫א‬L,&-‫وق‬$M‫א‬c‫(א אل‬.‫א‬$[‫ و;א‬E٣
FFG‫] و‬FF-$FF QFFe‫ن‬FFn‫ذא‬2، ]FF‫א‬$FF pFF L‫אد‬FF‫א‬a‚FF(‫وא‬a<FF‫ وא‬E٤
K8Ž‫א‬P‫א‬
K
‫א‬f‫א‬a9!‫א‬H8p U‫&و‬+‫א* א‬a`N‚‫ وא‬E٥
KL‫د‬,1+‫א‬a<‫ وא‬E٦
KŠ;‫א‬c…l;‫د‬j‫لو‬Np $+‫א‬p p1P‫ضא‬%‫ وא‬E٧
 Wp Š;‫א‬a
‫و‬M ‫ن‬3X‫و‬
Ka%&‫א‬p ‫א!…Šא س‬H.—#G‫و‬،D[e‫א‬-(P'
$X›‫א‬Z‫א‬r8 E١
kFFaFF%8b‫א‬ZFF c‫و‬KE$FF+‫א‬F ]FF‫א‬nFFfGFFU%X›FF‫א‬L‫مאدא‬FF‫ و‬E٢
KŠ;‫א‬cG$XH8‫و‬an‫א‬,f‚‫א‬r-8 Q-1X
‫عאمאدא‬b‫א‬
KŠ;‫(
אلא‬.‫א‬-(;c(.‚‫א‬$ GU%›‫ وאمא‬E٣
K ]‫א‬L‫;د‬2‫ط‬1
‫ و‬E٤
KG¬‫و‬a 1P‫'א‬j‫ א‬a
‫و‬M H. ‫وق‬$M %-+‫א‬Lf8+‫א‬a
‫و‬M+‫ وא‬E٥
K‫د‬j‫لو‬Nc‫زع‬+‫א‬Z[&‫ وא‬E٦
KE$j‫אنو‬Fp1P‫ضא‬%‫طدא‬1
‫ و‬E٧

٣
  KE$j‫אنو‬F(.‚‫
 ‡א‬p Hn‫א‬5M‫ و‬E٨

W‫@
א‬5
J٦
FFF8‫א‬jZFFF&Xk
Z[FFF
‫ض‬FFFN‫­و‬FFF-‹k
Z[FFF
‫ض‬FFFP‫א‬W©FFF‫نא‬1FFFc‫ل‬FFF
،D
$F k
Z[F
FsW‫وس‬F‫جא‬FXc‫و‬Z[F
F9
‫ض‬FP‫
ضא‬WŸ ‫א‬c‫و‬،[ ‚
 K‫م‬3‫א‬p;n&3‫א‬Z[
‫و
ن‬
‫وق‬$FFFRca
‫و‬MFFF+‫وא‬a‫אدא‬FFF‫א‬FFF ‫ق‬FFF&‫א‬FFFGZ[FFF&‫א‬، ]FFF‫}א‬-bMFFF c‫و‬
ً F 2Z[F&‫نא‬Fna
‫و‬M+‫א‬p;a‫אאدא‬a‫
ˆذאزאد‬،#+‫אمא‬9$;H
3‫א‬
 K® ‫ א‬،ً 8-Z[&‫نא‬n:‫ذ‬3;‫ن‬n‫ذא‬2‫و‬

W6N‫وق
א‬5J
N
J٧
X
‫و‬MFF FFX‫אدא‬2k‫و‬1FFX‫\אن‬FFًF ‫ن אز‬FF3‫
ن‬HFF
3‫وقא‬$FFRcHFFR ‫א‬
ŠF nF‫א‬JF-;([F%‫א‬HF8pF t‫א‬,f‚‫א‬r-8 $$q‫د‬lk‫و‬1‫אא‬WGD%7‫و‬
‫אد‬FF #FF&3X–FFsEUnderwritersF ]FF‫œאŠא‬FFyHFF(;‫و‬FF‫א‬n‚‫א‬a 1FFP‫א‬JFF-;
6$F„‚‫א‬WFGpF3‫و‬KvF%‚‫و‬L‫د‬F‫ونز‬$F F‫אدא‬MF+‫وא‬a<‫
'א‬$‫وق‬$M‫א‬
 W©8
Z[&‫دא‬jH‫و‬KZ[
‫وق‬$M‫א‬cD%7‫אن‬5-• ‫‚دאًوא‬2
H3FF `FF™+‫سא‬FFJFF-;Q9X$FF‫و‬EUnderwritersF ]FF‫œאŠא‬FFyHFF(;LFF9 K١
KD‫د‬
K‫وق‬$M‫א‬cZ[
D%q‘2k‫|د‬a
‫و‬M+‫ŽŸא‬Uc$+‫‡א‬ K٢
1FFF p(FFFU…FFF( $FFF[;a‫ذא‬a‫(א‬.FFF‫א‬c‫وق‬$MFFF‫אلא‬FFF
FFFƒXFFFj‫ذא‬2 K٣
KZ[
D%q* :‫نذ‬n ‡(1+‫™`א‬+‫א‬
‫ن‬FFnJFF-; ‫א‬$FFP‫א‬$FF;an‫א‬,FFf‚‫א‬a‫د‬$FFN‫ذא‬2an‫א‬,FFf‚‫א‬rFF8 $FF$qFF%` K٤
pF(-
F8Ž‫א‬FP‫א‬#G‫–و‬Z[
D%q‫
ˆذא‬،L,&‫א‬9cZ[
‫ً ˆد‬N:‫ذ‬
 ‫؟‬Z[&‫אא‬WG‫ن‬3

W6N‫وق
א‬5J
.$R
!
J٨
‫وق‬$MFFF#FFF%‫'א‬FFFU‫א‬$FFF$q$FFF ‚2FFFz‫|אلא‬1FFF‫א‬pFFF;FFF j‫א‬pFFF3‚
 ‫وق؟‬$M‫אא‬WGp :- WR¦‫و‬،H
3‫א‬
 ]FFF‫œאŠא‬FFFyFFF-;DFFF&X‫א‬FFF‹9<FFF 5FFF‫א‬jHFFF
3‫وقא‬$MFFF#FFF%‫'א‬FFFU-
 Kk
‫א‬cp8X‫و‬Q9 ¨y‫א‬HKG9< ‫و‬#‫אو‬
F—–FNpF $F+‫א‬nF‫א‬pF;nWF+‫وقא‬$MF‫א‬%‫א‬9
-;D&+‫ 
א‬J١
‫א‬WFGJF-;e|F‚‫و‬،‫ق‬F%P‫א‬:F-‫و‬aF ‫א‚…א‬F98jVHF(7F Ry  W
#F%‫نא‬F3 'F(‚ JaF%8b‫א‬F.n
c J‫و ق‬$MF‫אنא‬F%%N‫ل‬%‚‫א‬

٤
‫א‬WFG$F‫و‬KE$F+‫א‬nF‫א‬$F©1N&RJ-;‫א‬$h2‫و‬F،n‫א‬p;H%1+‫א‬
E©1FN‫
و‬F‫وق‬$R‫ذאن‬2#‫*مא] אو‬1[‫א‬i+‫א‬$N
#+‫لא‬%‚‫א‬
‚EkFFl‫] א‬FF‫مא‬FF*FFF$-%‫] א‬FF‫א‬nFFfcE‫م‬FFœ‫א‬F ]FF‫مא‬FF
 (<F ‫وق‬$MF‫א‬F W
EQ9F ‫א‬-uFn‫א‬t ‫
אل‬p;HM&‚‫و‬H%1
 K91&n‫ <(ن 
س لא‬Z ‫وא‚…אم‬،n‫‘ذ א‬2
Q9FF ‫א‬FF-u‫אل‬FF
FF‫وقو‬$MFF‫א‬FF9bŽ`FF™+
#‫و‬FF‫] א‬FF‫א‬cFF

 K$+‫א‬n-
-MF #F9
#‫و‬F‫] א‬F‫œאŠא‬Fy k
‫א‬c¨y‚‫א‬HK#G›‫א‬5‫ 
א!א‬J٢
:F‫\ذ‬FHF9
$F+‫א‬pF;%F‫~א‬F8e$F‫و‬F ‫א‬،‫وق‬$M‫אא‬W9 n,+‫ א‬
‫א‬WFFFGc‫אل‬FFF ‰‫س‬FFF ‫א‬$MFFF+‫אنא‬5FFF‚‫؟‬E ]1FFF+‫א‬Fn,FFF(-:FFF- FFF‫א‬
JFF-;:FF- QFF{5FFX,HF GpFF3‫و‬EQF {p |FF+‫א‬F ]1FF+‫א‬an‫א‬,FFf‫א‬FG‫وق‬$MFF‫א‬
an  ‫א‬,Ff‚‫א‬WFG'F
‫د‬JF-;5FX,HFG‫œع؟‬F‫א‬H8J-;~
‫د‬9‫لא‬P‫وقوא‬$M‫א‬
‫ذא‬2‫وق؟و‬$MF‫א‬Z[F
F8jV‫ن‬%71‫وق‬$M‫אא‬W{Q{p |(-n, 3-
 ‫؟‬D[e‫א‬-(PD71 Z[&‫لאنא‬%‫א‬$1 G(
:Wn ‫א‬p3i
 WŠ‫א‬L$;J-;]1+‫א‬WGc.N8‫¨ א‬y‚‫و'א‬



W‫ول‬C‫א "
א‬
$F%;cً”‚‫?و‬U‫א? و‬JV?‫œع‬X?G‫وق‬$M‫‘א‬2t,+‫
א‬$ ‫אن‬
‚2‫و‬#‫و‬F‫] א‬F‫مא‬F*F9-;JF ›F‫א‬L$F;%‫א‬FGHF FŽ F(G
M‫אא‬WG‫ 'و‬
FF‫א‬HFF%kF ‫ونאن‬$FF #‫و‬FF‫] א‬FF-$1FF& ’FF•FFŽ‫]نא‬FF ‫ل‬FF%‫א‬pFF3FFn
Ff ‫א‬HF
F9  ]F :W$91‫و‬K‫‘א
قوאœع‬2aU‫و‬+‫א‬p 
$‫א‬
Ff ‫?א‬W‫ل‬FF‫א‬Q-F‫و‬F-;O‫א‬J-FR;k™8‫א‬c$‫و‬$%
–$P‫א‬cŠj(n
QFFe$FFN‫©وא‬FFecQG$FF;‫ن‬FFnFF ‫א‬FF†FF$+ Q{FF;‫م‬FF`HFF‫…و
و‬FFŽ‫א‬c‫א‬FF- 
‫ذא‬2
‫د‬MF%+‫א‬F ‫œعو‬F‫א‬FGF pF3‫و‬K?Q9F 
‫و‬J Q9
1 $N‫Šوא‬2cQ9 (1‫א‬
 ‫؟‬n‫א‬,f‫א‬r-8V‫ œع‬t,+‫אنא‬Q{%
pF #Fb;
HF ‫و‬،F-;5F‚FVH<F&Xk
ŠFb ‫ن‬F
‫œع‬XW‫جאوس‬Xc‫ل‬
pF Fb;
Š#F ‫œع‬FXWvMF™+‫א‬c‫و‬،ًF;b k
ًF;œ F-
W‡7MF‫א‬c‫|אلو‬F’F•
F9%&‫;א‬F+‫א‬F
;‫و‬KLFRp Hj‫œع א‬X -
‫א‬W %‚‫א‬c‫و‬،]1‫•’אن‬
‫ض‬F;F ‫“ل‬F+‫ل
وא‬FP‫א‬c’FŽF& ‫‚ً
و‬F F-3+‫لא‬WF W‫œع‬F‫?א‬W#F-(n3‫א‬
 K;+‫مא‬nFGK
?‫אز‬jJ-;([ ‫א‬D&X‫وאœع وعא‬Kً 8•¨‫و‬+‫אœوא‬$M%
‫ق‬$± MF° HF9
]1F F ŠFb;‫و‬F-;5‚V‫ن‬1‫א‬p H<&XG‫نאœع‬n‫ذא‬2
 ‫؟‬#‫א] אو‬an‫א‬,f‫א‬J-;R‫אא‬WG

٥
Z8F‫א‬$F™1F-ً‫א‬F. FRJFNM‫אא‬WGJ-;aU‫א‬,;‚‫وא‬Wy“+‫א‬a.n
pF;‫ن‬F3F $F
F9
]1 ’•p #b‚‫و‬-;5‚V‫‚œع‬p |+‫א‬W‫א‬%

nWFF+‫א‬t‫א‬,FFf‚‫א‬rFF-8 FFGًF  ً FF% FF-;5FFjFF ]‫א‬FFbŽ-FF8-`‫ذאن‬2:FF‫ذ‬
‫ل‬F%-Ff  ‫د‬9F‚‫وאنא‬،E١FFbŽ‫א‬JF-;F- % HMF7ً F j‫و‬F
$FG:W‫و‬
F-
F ‫نאن‬F%ŠF(-‫ نא‬Q%1F‚‫œع‬F‫א‬H8J-; ]‫א‬ct,+‫
א‬$ ‫ ن‬
‡Ffck%‫א‬L$(;‫ل‬KN ‫א‬H8J-;‫ن‬nH ‫אœع‬H8J-;p3i‫ن‬f ‫א‬
FF8{‫ نא‬FF8GJ(1FF‚‫א‬WFFG‫و‬FFN ‫<ًوא‬FF Q9<FF LFF‫‚ א‬2cFF?WkFF™8‫}א‬7FFR
$FF%‫مא‬FF%‫ل‬FF8%‫©وא‬FF ‚2‫ن‬FF3X‚FF8{‫<ًא‬FF
‫و‬FFN ‫’א‬FF•:FF-(‫لوא‬FF+‫א‬:FF-—
 KE٣٧١‫ص‬١٩‫ج‬FK(9
‘2 7FFR] JFF9‫א ولא‬FF
‫œع‬FF‫א‬LFF3
JFF-;‫ض‬,FF+‫لא‬FF%+‫אא‬WFFGpFF;‫ع‬FF&XQFFe
‫…אم‬FpF”FG'
$FF F%%N‫ذאن‬2،kFl‫وא‬#‫‘אن‚
ق א] אو‬2‫ل‬%‫א‬
‫وאن‬،‫و‬FF3+‫عא‬FF‫لو‬FFNc<FF‫א‬pFF;<FF nFF‫…אمא‬FF‫א‬HFF % p ]1FF+‫א‬FF
$
 KU‫و‬+‫א‬%%7
ً;œX#
‘2#‫و‬FFF‫] א‬FF‫مא‬FF*;‫و‬FFF DFF%7FFjN‚‫ אن‬7FFFR
MFFX،#FF.‫وא‬
‫وق‬$FFFRFFF%%N‫لאن‬FFF%‫אن‬#FFF&3FFFh2‫œعو‬FFFXFFF] t‫א‬,FFFf‚‫א‬rFFF-8 FFFXc1FF‫א‬
F8{‫وא‬pFy²?F8G?FGFh2t,F HFn'
$FF(
 ]1F+‫ א‬nf‫א‬H
3‫א‬
'F
‫د‬JF-;‫א‬F%&X‫א‬n,F+‫|‚Šא‬F9
‫ض‬F‫طא‬Ff ‫א‬:-—#GŠ9%&‫א‬9
;(n
n,F+‫א‬$FN
JF-;‫و‬F3+‫عא‬F‫لو‬FNckFQFe(.F‫א‬kFt‫א‬,Ff‚‫א‬FGr-8
KF8GcًF;jF‫ونو‬Fyz‫א‬9 $F›F‫א‬F8{‫א‬pF ً‫א‬$&1F ‫وق‬$MF‫א‬:F‫ذ‬p <X
HFR 
‫
אل‬p ‫وق‬$M‫א‬c(;$…r-8 ‘2n,+‫א‬ZX‫ج‬N‫ذאא‬2‫א‬:W‫و‬
‫אن‬Q9F $FN‫وא‬HFnpF 5-b
E‫وق‬$M‫אא‬WGcŠn‫א‬J-;k
FQ9-;$+‫'א‬j‫אن‬
rF-8VF9
‫œع‬FXQ³ Fe° ‫ن‬n‫وאن‬Q9 n‫א‬H8J-;Q{:- ‫وق‬$M
KMNp $…
‫و‬F3+‫א‬F-;'F‫و‬kWF‫אא‬WF{nF‫א‬F ‫œع‬FXk
KQ9F ‫و‬F3+‫א‬F-;'F‫و‬pF+Z‫א‬
FV8FfMF‫אא‬WFG‫و‬$F+‫א‬F
Q9;‫ز‬F‚QF{DFNFG‫وق‬$MF‫א‬cZ[F
Hn:W‫و‬
L$F7+‫א‬a‚‫وא‬+
c‫ص‬yH3 L‫د‬j+‫א] א‬anfp ‫ع‬$H(‫א‬-;
 KEMutual InsuranceFJ(1X›‫وא‬


WT‫א "
א‬
‘2t,FF+‫א‬pFF ‫œع‬FFXHFF& FFGt‫א‬,FFf‚‫א‬rFF-8 ‫אن‬JFF-;MFFFF9
#FF.‫א‬k
FF‫א‬FF

ً F;œXFF9
،?©‫א‬F.‫א‬F8G?jp 3‫و‬E‫א ول‬k

‫©א‬7R
‫(ل‬nF‫وق‬$M‫א‬
‫אن‬HF % Et‫א‬,Ff‚‫א‬rF-8 #FGFF8G‫وق‬$MF-5F9Fp |+F
،<KU‫< ًو‚ و‬K

H % 2‫د‬L$+‫لא‬yn‫א‬,f‫א‬JŽ

‫ذא‬2‫و‬p … ‫  ط‬t,+‫
א‬$ ‫אن‬p QG$;:‫ذ‬J-;‫ و
دل‬J1
 Kp …‫א‬p #8‫א‬

٦
‫ًא‬$F$jk
F‫אא‬WFGF‫و‬KF-;‫و‬F3+‫عא‬F‫لو‬FNc<F‫א‬pF;<F ‫وق‬$MF‫مא‬%
 ]FF‫א‬5FF-%©‫א‬FFeFF8GFF‫א‬JFF-;‫œع‬FF‫א‬:FF‫ذ‬MFFX‫لאن‬FFpFF ‫ل‬FF‫د‬FFG$FF$!‫א‬FFh2‫و‬
 ]FF‫א‬JFF-;‫س‬FF ‫א‬WFFy]+‫א‬FFG‫א‬WFFG‫'و‬FF QGFF*c©‫א‬FF.‫א‬FF8G‫ ن‬k$FF-%X‘2#‫و‬FF‫א‬
 K#‫אو‬
‫م‬F3N
F9-;Fj
‫و‬FU‫ و‬$%;Q9< G$
©‫א‬.‫א‬8GcŠ9%&‫א‬-y‫א‬$‫و‬
EO‫א‬FFjF©‫א‬FF.‫’א‬FFŽFF8{‫א‬FF bFF FF-N c©‫א‬FF.‫א‬FF8GQ9<FF HF j‫و‬،E١F'FF8‫א‬
©‫א‬F.‫א‬F8GF
‫و‬W$9š‫אא‬$ c$fp ‫لא‬K9 Ryً 3N
{‫א‬-j:W‫'و‬8‫وא‬
58FF‫و‬FFeFF
‫لدא´ودو‬FFFF ‫و‬#
FF‫א‬FF9 ‫و‬FF&N
‫و‬:FF FFG‫ز‬j]
F 9
‫&א‬-yFF

‫ل‬Fp(.F‫لא‬9)ً p(
p(.‫لא‬9)ً ‫
و‬p(.‫لא‬9)' #GHG¨¤‫א‬
 KE٢F‫ز‬m‫ل‬p(.‫لא‬9)' 9
ip ‫زو‬m‚›‫ عאŽא‬p G
FF8G‫אن‬$FFu
‫م‬FF µ‫ل‬FF‫و‬FF3+‫א‬FF.n
FF-;FF ‘2nWFF+‫א‬DFF&‫א‬k
$1FF
 W]1+‫א‬c9 ‫ل‬$1›‫א‬Q{‫
א‬Z :2‫و‬،'8‫א‬p;&-Œ©‫א‬.‫א‬
cF&¶‫אلو‬FN ‫א‬5F•c'8Fn©‫א‬F.‫א‬89
?WE٣F‫د‬$-’83‫א‡א‬c‫ل‬
G$F;‫…م‬F-‚‫אقو‬F ‫א‬F‫א‬NF9&X‚‫و‬F-j
F9j‫و‬9FU;HF9j'F ‫ز‬FmF9 H ‫א‬
 K?‫ل‬8%‫א©وא‬
 K?©‫א‬.‫א‬8Gc ‫زא‬:Wn‫و‬KKK?WE٤F‫ن‬%‫مא‬3N
c# ‫א‬p ‫ولא‬
F9
'F ©‫א‬F.‫(א‬1FX’F•pF ‫ز‬mKK©‫א‬.‫א‬8G?WE٥F#‫وא‬$‫א‬n‫א&א‬c‫ول‬
 K?'8n
FF 3+‫א‬G‫د‬MFF%(
‫ض‬F‫א‬9FF-y‫א©وאند‬F.‫א‬FF8GKKK?WE٦FL’yWF‫א‬cc‫א‬FF%‫لא‬F‫و‬
WFGHF. F9
‫ز‬Fj:WF-
:WF$9F¨F‫وא‬1F3+‫وא‬FU‫(و‬-Z7(XQ-
‫وאدאد‬
 K?Ž‫وא‬9!‫א‬
F $Fu
pF;‫?وو‬WMFF ©‫א‬.‫א‬8G‫ ]ن‬،E٧F3‫א‬9%&‫;א‬+‫~א‬-%‫و‬
 K?'8‫مא‬3N
9
~8.X
8{‫א‬Q3N9
5-Ž‫אن‬#<%
’FF‫
ود‬QG‫א‬$FF QFFG‫~دא‬FFn‫ذא‬2©‫א‬FF.‫א‬FF8G‫لאن‬FF%‫אא‬WFFGJFF-;Z8FF‫
ودא‬$FF‫و‬
5GWF‫א‬pF;©.‫?و‚زאن‬W#‫وא‬$‫א‬n‫א&א‬c‫א ل‬98f9
L‫א…د‬#&
’$

 KO‫א‬u#
nN&‫א‬9l-G‫אز‬j‫م‬$ ‫ ًل‬G$;p ‫و‬ J 1

 K٢٦٩‫ص‬٢‫ج‬،$fp ‚$9š‫אא‬$  J 2
 K١١٦‫ص‬٤‫دج‬$-’83‫א‡א‬ J 3
 K٤٩٠‫ص‬١‫ج‬# ‫א‬p ‚‫ن‬%‫مא‬3N
 J 4
 K١٤١‫ص‬٥‫ج‬#‫وא‬$n‫א&א‬ J 5
 K٢٥٨‫ص‬٦‫ج‬c‫א‬%-L’yW‫א‬ J 6
 K٦٢‫ص‬١٦‫ج‬3‫א‬9%&‫;א‬+‫א‬ J 7

٧
:F‫ذ‬JF-;‫د‬F‫و‬،E١F?'F ©‫א‬F.‫א‬8G‫ ن‬KKy|+‫¨א‬M‫א‬p -;‫…م‬-+13;‚‫
<و‬
ً <F
F-;‫د‬F‫و‬،Fj‫و‬Hnp '8‫مא‬3N
Wy]X©‫א‬.‫א‬8G‫‘אن‬25G‫ذ‬p ‫אل‬WG‫אن‬
QFG‫دא‬JF-;HMF„pF ‫ ن‬QG‫א‬$F QFG‫دא‬F9
MF‚HF
3‫*مא‬c©‫א‬.‫א‬8G‫ ]ن‬
‫
ن‬$F 
©.'(!‫لאنא‬P‫
وא‬p $N‫وא‬J-;$…‚<‫א‬p;Z‫א‬H8J-;
WG‫(]و‬b‫ل?وא‬8‫א‬N‫?א‬GEt‫א‬,f‚‫א‬r-8 F8{‫~א‬-MN-j
p kW‫א©א‬.‫نא‬3
 Kt‫א‬,f‚‫א‬r-8 #G›‫دא‬%‫א‬p;-Œj
FF8GFFt,FF+‫א‬FF
$FF(
،#FF.‫א‬k
FF‫א‬FFG ‫א‬FFR}jFF‫و‬FF2HFFhkWFF‫وא‬
،aFU‫و‬+‫א‬F‫و‬aF;œ‫א‬FjpF JF%8X:F‫ 'ذ‬93‫و‬،©‫א‬e8G93‫و‬،<K
‫م‬F*;‫و‬F DF%qcFŽ F(G
‫وق‬$MF‫وא‬n,F+‫ א‬-‫אא™ ·אن‬W{‫و‬
?FU‫و‬+‫?א‬JF-;‫م‬F%F‫א‬kl‫*مא] א‬J-;‫אضא س‬,;‚‫ نא‬#‫א] אو‬
 K$1& ¸N
•
U‫ و‬$%;‫‚א‬2
;‫و‬F+‫א‬pF3‫ع‬F‫א‬HF(K “F DF-F FRJ  ]-5NM Ž‫وא‬
‘2aFFU‫و‬+‫لא‬FF)pFF ‫وق‬$MFF‫وא‬t,FF+‫א‬FF FF‫א‬FF-%‫ذא‬2 ]FF‫مא‬FF*DFF%7X
c#FF ‫א‬pFF ‫لא‬FF،aFF;œ‫دא‬FF%$1FF& ’FF•FFŽ‫אنא‬JFF-;‫ع‬FF†‫وא‬KaFF;œ‫لא‬FF)
‫و‬WF‫وא‬F8{‫وא‬FRn‫ض‬F‫א‬pF ‫د‬Fš‫א‬D-b+‫א‬$%‫א‬G‫و‬#.‫?و
א‬W‫ن‬%‫مא‬3N

‫~وאن‬F(‫و‬F98
DF&X‫ˆنא‬F
‫د‬F)‫œع‬FXFG‫ذ‬2¹F ’F•F
FŽ‫ نא‬HF(P‫א‬J-;‫
د‬

 KE٢F?$N
<1iWX


W* J/‫
א‬9#-V‫
א‬W

X Y‫ ق
א‬Z
J٩
#‫و‬F‫] א‬F-aF%8b‫א‬cHF
3‫وقא‬$FRcZ[F& ¨MF‫&~`قא‬-y‫א‬
HFFF(FFF(*+‫אא‬FFF%‫صא‬MFFFJFFF-;ŠFFF ‫و‬،ًFFN
HFFF
3‫א‬nFFFfFFFJFFF-;ŠFFF
 W:‫ذ‬J-;‫ذج‬h‫ود
د‬Ky
‫ن‬N
cH
3‫א‬
pFFF $FFF$‫א‬$FFFDFFF8b FFFG‫و‬HFFFR ‫אא‬WFFFG‫و‬WD[FFFe‫א‬FFF-u‘2FFF-nZ[FFF&‫'א‬FFF‫ز‬X K١
FUP‫~א‬F‫א‬cF anF‫א‬WFG‫…م‬F-‫ن‬F‫د‬Fj QF-‚‫و‬H
3‫א‬anf
ck…Fn+‫א‬:F8‫א‬HF8pF ‡,F%+‫א و‘א‬X‫د‬1F c#‫و‬F‫] א‬F‫مא‬F*v‫وאن‬
KEL‫د‬+‫א‬vFEFL‫د‬+‫א‬c‫ل‬%
:‫ذ‬J-;a‫א א‬
pF Q1FP‫א‬JF-;F L‫&د‬F‚‫א‬MF'F D[e‫א‬-u£Mً8KZ[&‫א‬$R K٢
pF 8MFF2'
$Ft‫א‬,Ff‚‫א‬$F$m‫م‬$;‫ل‬Nc‫و‬،‫א‬L,&‫א‬ct‫א‬,f‚‫א‬r-8
KZ[&‫א‬

 K٣٨٧‫ص‬٦‫ج‬#‫وא‬$n‫ א&א‬J1
 K٥٨‫ص‬٢‫ج‬،# ‫א‬p ‚‫ن‬%‫مא‬3N
 J2

٨
‫وق‬$FFR‘2$FF+‫א‬nFF‫א‬pFF ‫م‬$FF%+‫א‬p1FFP‫ضא‬FF%‫א‬$$1FFZ[FF&‫אمא‬$™FF‫א‬ K٣
K‫ض‬%‫א‬:‫ذ‬H. 9
$j›‫א‬a‚P‫א‬c‫א‬WG‫و‬،H
3‫א‬
$Fj‫و‬$F‫و‬،aF%8b‫א‬F.n
F-;F ‫א‬WG‫و‬D[e‫א‬-u‘2Z[&‫א‬p Š…j'‫ز‬X K٤
FG8X›F‫'א‬F‫אز‬51
 ¨y‫א‬H
3‫א‬anf;()J-;}1 Š‫א‬j2Z
ً F†F9] ً(-;an‫
Šא‬n‫مذ‬$;e3‫و‬%%N-.
‫م
د‬$%‫و‬
W'‫אאز‬W9 {~‫;
ذ‬fa€G¨‫א‬f2~qH(X
pFF 81FF‫ع‬FFb‫א‬JFF-;nFF‫א‬MFF%X‫و‬،n,FF(-٪١٠٠W‘‫ אš(;א و‬J١
 Kt‫א‬,f‚‫א‬r-8
٪٧٠‫و‬t‫א‬,FFFf‚‫א‬rFFF-8 pFFF Š…FFFj‫ع‬FFFb‫'א‬FFF nFFF-٪٣٠W.‫ אš(;א‬J٢
 Kn,(-
٪٣٠‫و‬t‫א‬,FFFf‚‫א‬rFFF-8 pFFF Š…FFFj‫ع‬FFFb‫'א‬FFF nFFF-٪٧٠W..‫ אš(;א‬J٣
 Kn,(-
‫و‬t‫א‬,FFf‚‫א‬rFF-8 pFF Š…FFjk
‫ع‬FFb‫مא‬$FF;'FF nFF-٪٩٠W ‫ אš(;אא‬J٤
KD[e‫א‬-(P٪١٠
W#-(n
¨M‫א‬kl
Z[&‫א‬p #8‫
א!…Šא‬
$FN‘2QFn‫א‬,XHF
3‫وقא‬$MF#F+‫…א‬Fn+‫א‬F%aF`N‫&א‬RJ-;
  J

K:‫ذ‬$ D[e‫א‬-(P-nZ[&‫ز'א‬X
$8Qe
anF‫א‬$Fj‫و‬FP‫א‬WFGc‫
و‬FU‫א‬L]F
3+‫א‬H8FJF-;$F+‫א‬-;HM„  J©
JFF-;t‫א‬,FFf‚‫א‬rFF-8 pFF nFF‫א‬FFb%XFF ‫زאد‬F(-n‫و‬،FF8 'FF‫ز‬X51FFJFF8X
anF‫א‬pF $Fl
K…
FP‫א‬H8J-;Z[&‫א‬p b%X Z&§‫א‬Lj ‫א‬H8
Z[F&‫א‬pF ٪٧٥‫و‬،L‫אدא‬JF-;LFj ‫א‬H8FJF-;t‫א‬,Ff‚‫א‬rF-8 pF ٪١'Fb%p
Z[ FF&‫א‬pFF ٪٣٠‫و‬t‫א‬,FFf‚‫א‬rFF-8 pFF ٪٣٠'FFb%pFF FF9 ‫و‬L]FF
3+‫א‬H8FFJFF-;
K&-Œ51(9 ‫و‬


W0$%/‫
א‬W
‫
א

אو‬9) :
\45]
0^_
W

X Y‫
א‬J١٠
‫م‬FF+ ‫د‬MFF‫א‬#‫و‬FF‫] א‬FF‫א‬anFFfFF8‫م א‬FF*FFW&‫א‬FF7[‫~א‬MFF
 W#- J-;Z[&‫ز'א‬X‫ ]ن‬81‫א‬9X‫ د‬cFG١٤٢٤L٦L٢c٣٢L‫م‬Q#3-+‫א‬
F HFNX‫و‬F‫א‬1F-Q9`1
Z&™ ‫
و‬Lf8 Q{p |(-٪١٠'‫ز‬XQ‫و‬KKK?
 K?(G1+‫א‬Hy‫‘[(د‬2٪٩٠81
$F ‚2#FGF nF‫نא‬2\F،Fy ‫א‬F$‫א‬aF‫ א‬FU,
‫
ˆذאא‬
‫ˆن‬FF
،n,FF(-?' FFX?‫وق‬$MFF‫אא‬WFFG‫وאن‬FFn‫سא‬FF
JFF-;HFF
3‫وقא‬$FFR$FF

٩
FF‫ذ‬2Z[F&‫א‬pF ٪٩٠FF‫א‬WFG#FGHn‫א‬Lj
‫אن‬-;5X,;
nW+ ‫א‬v‫א‬
L$F+‫א‬F9c‚2¨F‚Z[F&‫אאنא‬WFGc‫ل‬3Ff‫€ًوא‬ft‫א‬,f‚‫א‬r-8 p 'b%‫אن‬
FF9‫وقא‬$MFF nFF‫א‬FF;‫و‬KHMFFq‚FFV‫و‬HMFFqFFVHFF FF9)LFFj ‫}א‬8MFF

Z[F&‫א‬pF $+‫א‬-;HM„ ‫אن‬HR ‫لوא‬9)
‫אض‬$%;J7U]
j] $
HF
3‫وقא‬$FRL‫دא‬2‫و‬Fn‫א‬JF-;FXj
F
L]
3+‫
…وא‬P‫א‬H8J-;‫ن‬3h2
F%b‫א‬J-;‫אض‬,;‚‫و'א‬:W‫و‬K$%‫א‬c‫ل‬y$‫א‬$;L‫د‬$K‫ن و
و‬3X‫אن‬5l

 Kj‫א‬+‫وא‬H$‫א‬H8c9-‫و‬LnW+‫א‬7[‫א‬cN,%+‫א‬

9‫`'א‬a‫
א‬W
‫`

א`و‬$
0`b#/‫
א‬0`^c‫!
א‬%`d
`‫
א‬W
6‫
א‬0# Z
J١١


W*^/‫
א‬0 ‫א‬
:F8‫א‬HF8pF ‡,%+‫وא‬#‫  وع*مא] אو‬UP‫א~א‬ckm
F€G‫ل‬FypF a‫א‬F ‫א‬c ]F‫א‬anFfJF-;¨‫א‬Ff‫א‬F9jFG‫و‬#X‫א א‬k…n+‫א‬
 K?n,+‫قא‬%N?‫~;אن‬qE٢٥FQL‫د‬+‫א‬cv$‫و‬K ‫א] א‬
FF%%qZ[FF
k
pFF (G1FF+‫א‬JFF-;‡FF 
'FF‫ز‬XnFF-‫ز‬FF‚ZE٤F JE٢٥F?
 K?KKn,+‫א‬a 1N


W‫م
א

אو‬4
W
\e
Y5

)bf/‫
א‬g
‫
'د
א‬J١٢
 ]FX‫م‬F*‫ن‬F3F ‫و‬kFmً F ]X‫م‬F*‫ن‬F3F  HM& ‫אنא‬D8(


F†,‫وא‬H
3‫وقא‬$R‫و‬t,+‫א א‬8`G# ‫א(ذجא‬51Nً‫و‬X
HMF& ‫و‬Fyz‫א‬pF;(9 $N‫وא‬HnH%1  1N‫د‬j‫و‬Gn‫ذ‬+8 ‫אدאوא‬
‫ن‬Fn‫ˆن‬F
KQ9F ‫א‬F-uk
n‫א‬tVvŒyz‫وא‬n,+ vŒ‫;א ول‬
H8FFJFF-;$FF+‫א‬:FF‫وذ‬p ]1FF+‫א‬FF #FFGFF$‫א‬FF‫وא‬$FF(-:FF- ‫وق‬$MFF‫אא‬WFFG
 Kk$X$1 k
n,+‫)(عא‬J-;Z[&‫ز'א‬p3i،‫א<(ن‬
?' FFFX?FFFGHFFF
3‫وقא‬$FFFR‫وאن‬L‫אدא‬#FFFG ]FFF‫א‬nFFFfFFF(9 ‫אن‬HFFF‫ذא‬2FFF

FF‫א‬$%
‫و‬،FF8`FFlQ9FF-;Z[FF&‫'א‬FF‫ز‬X‫ن‬FFn’FF•‫
و‬:FF-+‫א‬H8FFJFF-;n,F(-
 Kً m‫ن‬3‫‘אن‬2‫©א*م‬,%JN8‫א‬WG‫…אز‬G‫‘א‬2k‫|د‬
ZF F ‫م‬%Xh2‫و‬H
3‫א‬anfJ-;M%‚
Z[
'‫ز‬X‫*אن‬N '
FF93‫و‬،#7MFF‫] א‬FF‫لא‬FF)cFFR¦‫و‬FF Ž‫ولא‬$FF‫א‬ckFFl‫] א‬FF‫א‬anFFf
'FF‫ز‬X]1FF ‫ˆن‬FF
:WFF‫و‬FF&-Œa‫א‬$FF+‫א‬FF8`‫ذאن‬2FF9-;‫…אم‬FF2’FF•pFF :FF‫ذ‬HFF&X
F F$‫א‬aF‫א‬F8`JF-;9np 9(G
$(1Xh2X‫ذא‬$sZ[&‫א‬
FFGFF9 $FF+‫א‬WFFy]FF ‫و‬D[FFe‫א‬FF-(Pً‫א‬FF% ًF%N~FFn‫ˆن‬FF
KFF ]‫א‬FF-(‫א¨א‬FF`

 ]1F+‫א‬F F$‫א‬F‫א‬F8`‫אن‬JF-;:‫
…دلذ‬P‫א‬H8J-;.n ‫‚א‬H ‫א‬

‫وق‬$FRcQ9F $FN‫وא‬HFn(G1F W‫ن‬F3X‫אن‬5F(nH& #GH
3‫א‬nf‫و‬

١٠
'F%F :WF$9K9-;D& ;b% Lj
H % $+‫א‬n‫א‬H8p ‫א‬$H
3-
‫אن‬:FFF‫ذ‬Emutual insuranceF#F F3 ‫א‬FFFj‫ذ‬hc#‫و‬FFF‫] א‬FFF‫;א‬FFFRc
a‫א‬$FFJ(1FFa‫א‬$1FF‫א‬pFF ‫ع‬FF‫א‬$FFR2‘2‫د‬FF8
HFF(‫‘א‬2ًFFN
‫ج‬FFqnFF‫א‬
#FNk$F%rF-8V-8%1F+‫א‬Z[F&‫א‬a‫אدא‬2$1 ‫م‬%X9
‫و‬surplus bondZ[&‫א‬
 K+‫א وאقא‬WG-(Pً%NZ[&‫}א‬8M
،L$[&‫&א‬RJ-;Q1P‫א‬p(<
QF9‫א‬JF-;Q9F2F*‫و‬F+‫א وאقא‬WFGF-uHF L$F7+‫א‬a‚‫א‬c‫ن‬%‫אنא‬
ً FFs$FFFkWFFF‫א‬Z[FF&-Q9X%7FFF‫א‬QFFF3sEquity holdersnFFF‫א‬:FF- ‫ن‬z‫א‬
FF:f GH
3‫ذجא‬hcZ[&-Q{p |+‫قא‬%7‫
ˆنא‬:WKn-
 KŠ;-Q93- J-;
 ،،،KQ3N
‫و‬Q-;
‘X‫و‬78O‫وא‬

١١