07.46
Muhsinah
Legal judgment concerning dealing in shares:
A share indicates any of the equal interests or rights into which the entire capital stock of a corporation is divided. Holding shares is regularly evidenced by one or more certificates. It is liable to gain or loss. A shareholder is free to sell his shares whenever he likes.
A share has a par value, determined when first issued, and a market value determined on the basis of supply and demand in the banknote markets in which the shares are circulated.
Holding shares in a joint-stock company is judged on the basis of the kind of company activities. Thus, sharing in a company that has usurious dealings or produces prohibited commodities such as alcoholic drinks is unlawful. Likewise, sharing in a company that applies certain prohibited kinds of transactions such as usurious on credit sale or aleatory transactions is also unlawful.
How to pay Zakah on shares?
In case the company pays Zakah on its shares, the shareholder is not obliged to pay Zakah on his shares to avoid twice giving Zakah.
Otherwise, a shareholder will be obliged to pay Zakah on his shares as follows:
In case the shareholder exploits his shares in trade, the amount of Zakah due on his shares would be 2.5%, according to the market value at the time Zakah becomes due.
However, if shares are invested to obtain annual revenues, Zakah is paid in the following way:
a) If the shareholder managed to examine the accounts of the company and know the amount of Zakah due on his shares, he would have to pay a quarter of the tithe (2.5%) as Zakah on this basis.
b) If he does not have knowledge of the company accounts, he may simply add the share revenues to the total sum of his property counted for Zakah and pay a rate of 2.5% as Zakah after the lapse of a full year since the wealth has reached the allotted Nisab.
A share indicates any of the equal interests or rights into which the entire capital stock of a corporation is divided. Holding shares is regularly evidenced by one or more certificates. It is liable to gain or loss. A shareholder is free to sell his shares whenever he likes.
A share has a par value, determined when first issued, and a market value determined on the basis of supply and demand in the banknote markets in which the shares are circulated.
Holding shares in a joint-stock company is judged on the basis of the kind of company activities. Thus, sharing in a company that has usurious dealings or produces prohibited commodities such as alcoholic drinks is unlawful. Likewise, sharing in a company that applies certain prohibited kinds of transactions such as usurious on credit sale or aleatory transactions is also unlawful.
How to pay Zakah on shares?
In case the company pays Zakah on its shares, the shareholder is not obliged to pay Zakah on his shares to avoid twice giving Zakah.
Otherwise, a shareholder will be obliged to pay Zakah on his shares as follows:
In case the shareholder exploits his shares in trade, the amount of Zakah due on his shares would be 2.5%, according to the market value at the time Zakah becomes due.
However, if shares are invested to obtain annual revenues, Zakah is paid in the following way:
a) If the shareholder managed to examine the accounts of the company and know the amount of Zakah due on his shares, he would have to pay a quarter of the tithe (2.5%) as Zakah on this basis.
b) If he does not have knowledge of the company accounts, he may simply add the share revenues to the total sum of his property counted for Zakah and pay a rate of 2.5% as Zakah after the lapse of a full year since the wealth has reached the allotted Nisab.
Posted in: Resources Of Zakat
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