Zakat of Joint Stock Companies and Saudi Arabian Experience
DOI:
https://doi.org/10.61841/19aky150Keywords:
Zakat, Shares, Property, Joint Stock Company, Fiqh Characterisation, Zakatable Asset.Abstract
This research aims to examine the fiqh characterization of shares and the impact of juristic debate on the fiqh characterization of shares on the zakat obligations of joint stock companies. It also examines whether legal status on shares has an impact on the determination of Shariah ruling applicable to zakat on shares. The research shed light on the juristic debate among the contemporary Shariah scholars pertaining to the fiqh characterization of shares and its effect on the zakat of shares of a joint stock company. It studies the approach of Saudi Arabia on zakat of shares in contemporary joint stock companies. Zakat regulation in Saudi Arabia makes the payment of zakat to joint stock companies mandatory. The research finds that the underlying intention behind the possession of property plays a key role in determining the zakat due to the property. It also highlights the substance of the juristic debate on the fiqh characterisation of share.
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