Hannun jari, hannayen jari da lamuni nau'i ne na kadarorin kuɗi waɗanda ba a san su ba a zamanin baya. Masana haraji da yawa suna kira da a sanya wasu haraji a kan waɗannan kadarori, ko aƙalla a kan ribar da suke samarwa.1

Stocks, shares, and bonds are forms of financial assets that were not known in the past. Many taxation specialists call for imposing certain taxes on these assets or at least on their returns.1

Hannun ko hannayen jari (shares) ko hannayen jari na gama-gari (common stocks) suna wakiltar mallakar wani kaso na babban jarin kamfani. Bond kuwa takardun bashi ne da kamfani, gwamnati, ko karamar hukuma ke karɓa. Yawanci ana biyan bond a wani lokaci da za a yi nan gaba, kuma bashin da take wakilta yana da riba. Babban bambanci tsakanin hannun jari da bond shi ne cewa na farko yana wakiltar gudummawa ga babban jari kuma yana ɗaukar riba ko asara, yayin da na biyu kayan aikin ro'o ne kawai, mai ɗauke da sharuɗɗan riba da jerin biyan kuɗi da aka riga aka ƙayyade. Yawanci masu riƙe da bond ba su da ikon sarrafa ko shugabancin kamfanin. Idan aka fitar da su, hannayen jari da bond na iya samun ƙimar kasuwa daban da ƙimar takardar su (face value). Ana cinikinsu a kasuwannin musayar kuɗi, kamar sauran kayayyaki a kasuwanninsu. Farashinsu yana tashi da faɗuwa bisa abubuwa daban-daban da ke shafar samarwa da buƙatarsu, ciki har da nasarar kamfanin da ya fitar da su, da yanayin tattalin arziƙi da siyasa na cikin gida da na duniya.2

Shares or common stocks represent ownership of a certain part of the capital of a corporation. Bonds are certificates of loans borrowed by a corporation, government, or municipality. A Bond is usually paid back at a certain future point of time, and the loan it represents carries interest. The basic difference between a share and a bond is that the first represents a contribution to the capital and carries profits or losses, while the second is only a borrowing instrument that carries predefined terms of interest and series of repayments. Usually, bond holders do not have authority of controlling of administration on the corporation. When issued, both shares and bonds may have a market value that is different from the face value. They are traded in the exchange markets, like other commodities in their respective markets. Their prices go up and down according to different factors that affect their supply and demand, including the success of the corporation that issues them and the local and international economic and political situation.2

Bayar da hannun jari, riƙe su da yada su a sigarsu ta gama-gari yana halatta a Shari'ah, sai dai idan harkar da kamfanin da ke bayar da su ke yi an haramta ta a Musulunci, kamar masana'antun giyar barasa ko kamfanonin hada-hadar kudi masu amfani da riba. A gefe guda kuwa, bonds (takardun bashi) kayan riba ne, kuma riba an haramta ta a Musulunci. Amma ba tare da la'akari da halaccin riƙe bonds ba, suna wakiltar jari da mutane ke mallaka, saboda haka dole a tattauna batun zakkarsu. Malaman zamani sun fitar da ra'ayoyi biyu manya a kan wannan batu.

The issuance, holding and circulation of shares--in their common form--is permissible in Shari’ah, except when the very activity of the issuing corporation is prohibited in Islam, such as alcoholic beverage breweries or interest-based financial corporations. On the other hand, bonds are interest-bearing instruments, and interest is prohibited in Islam. But regardless of the matter of lawfulness of holding bonds, they represent capital owned by people and their zakatability must be discussed. Two broad opinions are formulated among contemporary scholars on this issue.

Wani ra'ayi yana bambance tsakanin hannun jari da takardun bashi (bonds), kuma yana tafiya da hannun jari bisa ga yanayin harkar tattalin arzikin kamfanin da jarinsa suke wakilta.

One view distinguishes between shares and bonds and deals with shares in accordance with the nature of the economic activity of the corporation whose capital they represent.

Shaikh 'Abd al-Rahman 'Isa, a cikin littafinsa al-Mu'amalat al-Hadithah wa Ahkamuha [Mu'amaloli na Zamani da Hukuncin Shari'arsu], ya bayyana wannan ra'ayi:

Shaikh 'Abd al Rahman 'Isa, in his book al Mu'amalat al Hadithah wa Ahkamuha [Modern Transactions and Their Shari’ah Rulings] represents this opinion:

Wasu mutane da ke mallakar hannun jari a kamfanoni ƙila ba su san hukuncin Shari'a a kan zakkar su ba, ko kuma su yi tunanin cewa zakka wajibi ce a kan dukkan hannayen jarin kamfanoni, kuma wannan ma kuskure ne. Wajibi ne a bambance hannayen jari bisa ga yanayin aikin tattalin arzikin kamfanin kansa. Hannayen jarin kamfanonin masana'antu zalla waɗanda ba sa gudanar da wani aikin ciniki, kamar kamfani mai harkar sanyaya abinci, otel-otel, talla, sufurin jama'a, jigilar kaya ta teku da kuma harkokin jiragen sama, ba su da zakka, domin jarin waɗannan kamfanoni da hannayen jarin da ke wakiltarsa an saka su ne a cikin injuna, ofisoshi da gine-gine, waɗanda ba su da zakka. Amma ribar da ake rabawa a kan waɗannan hannayen jari ana ƙara ta a cikin sauran dukiyar masu hannun jari, kuma tana da zakka a ƙarshen shekara, bisa ƙa'idar zakka.

Some people who own corporation shares may not know the Shari’ah ruling on their zakatability, or think that zakah is obligated on all corporations' shares, and this too is wrong. It is imperative to distinguish between shares in accordance with the nature of economic activity of the corporation itself. The shares of purely industrial corporations that do not practice any trade activities, such as a corporation dealing with refrigeration, hotels, advertising, public transportation, shipping, and airline industries, are not zakatable, since the capital of these corporations and the shares which represent it is invested in machinery, offices, and buildings, that are not zakatable. But dividends distributed on these shares are added to the other assets of the shareholders and are zakatable at the end of the year, according to the rule of zakah.

Kamfanoni na ciniki da suke yin sayayya da sayar da kayayyaki kawai, kamar masu shigo da fitar da kaya da kasuwancin sayarwa kai tsaye, tare da kamfanonin da suka haɗa ciniki da masana'anta, kamar kamfanonin da ke sarrafa albarkatun ƙasa, waɗanda kamfanin guda ya haƙo su ko ya saye su daga wani wuri, sannan su sayar da kayayyakin ƙarshe da suka samar, suna cikin abubuwan da ake yi wa zakka dangane da hannun jarinsu. Don haka, sharadin wajabcin zakka a kan hannun jari shi ne ko kamfanin yana cikin abin da ake yi wa zakka, kuma hakan ya dogara ne da yadda ake amfani da kadarorinsa. Ana kimanta hannun jari a darajarsa ta yanzu. Ana cire kaso na jarin da aka yi amfani da shi wajen gine-gine, injuna da kayan aiki mallakar waɗannan kamfanoni. Bayan cire wannan kaso daga darajar hannun jarin ta yanzu, sauran abin da ya rage shi ne ake fitar wa zakka.

Wannan ra'ayi yana kallon dukkan hannayen jari (shares) da lamuni (bonds) daidai da juna, ba tare da la'akari da irin harkar tattalin arziki da kamfanin da ya fitar da su yake yi ba. Malamai Abu Zahrah, 'Abd al-Rahman Hasan, da Khallaf sun yi imani cewa hannayen jari da lamuni ana amfani da su wajen yawo, kamar kayayyaki, ana saye da sayarwa, galibi a farashin kasuwa wanda ya bambanta da darajar kudinsu da aka rubuta a kansu. Don haka suna kama da kayayyakin da ake saya domin sake sayarwa da riba. Kamar kowane kaya na kasuwanci, dole ne a fitar da zakkarsu.6

This opinion treats all shares and bonds alike, regardless of the economic activity of the issuing corporation. Professors Abu Zahrah, 'Abd al Rahman Hasan, and Khallaf believe that shares and bonds are used in circulation, like commodities, purchased and sold, usually at a market value that is different from its face value. They are thus like commodities that are purchased for resale at a profit. Like any other business inventory, they must be zakated.6

Wannan yana nufin cewa ana lissafin zakka a kan hannayen jari (shares) da bonds bisa ga farashinsu na kasuwa a yanzu, tare da duk ribar rabo (dividends) da riba (interest) da suka samu, idan jimillar ta kai nisab, ko kuma idan aka haɗa ta da sauran kuɗaɗen da mai hannun jarin yake mallaka, sun kai nisab aƙalla.

This means that zakah is calculated on shares and bonds on the basis of their current market value plus all their dividends and interest, provided the totals equals at least nisab, or if added to other funds owned by the same holder, they make up at least nisab.

Yawan kuɗin zakka shine kashi 2.5 cikin ɗari, kuma ana cire kuɗaɗen larura ko mafi ƙarancin kuɗin rayuwa a yanayin da hannun jari shi ne kawai tushen samun kuɗin shiga. Da alama wannan ra'ayi ya fi dacewa da masu biyan zakka, domin yana da sauƙi kuma mai sauƙin sanin ƙimar kasuwa da ƙara riba a kanta ga kowane irin hannun jari. Wannan kuwa muddin ana tambayar kowane mutum ya yi nasa lissafin, amma idan wata ƙasa ta Musulunci ta karɓi dokokin zakka, za a iya ganin ya dace a karɓi zakka kai tsaye daga kamfanoni, bisa ra'ayin farko, na Shaikh 'Isa.

The rate is 2.5 percent, and deductions for essential needs or minimum cost of living is applied in the case where shares are the only source of income. It seems to me that this opinion is more suitable to zakah payers, because it is simply and easy to know the market value and add earnings to it on all kinds of shares. This is as long as individuals are asked to make their own calculations, but if an Islamic state adopts the laws of zakah, it may be advisable to collect zakah directly from corporations, on the basis of the first opinion, that of Shaikh 'Isa.

Idan an mayar da hannun jari kamar kayan kasuwanci, aka kuma sanya musu zakka, shin ya halatta a sanya zakka a kan ribar kamfanoni kansu, baya ga zakkar da ake karba daga masu hannun jari?

If shares are treated like trade inventory and subjected to zakah, is it lawful to impose zakah on the earning of the corporations themselves, in additions to the zakah on the shareholders?

Farfesa Abu Zahrah da abokan aikinsa biyu sun yi la'akari da cewa tun da ana ɗaukar hannun jari a matsayin kayan kasuwanci da masu hannun jari ke mallaka, kamfanoni suna biyan zakka a kan ayyukansu, domin kadarorinsu kadarori ne masu girma da aka zuba a cikin kasuwanci da masana'antu, yayin da hannun jari ga waɗanda ke cinikin hannun jari suke riƙewa kawai kayan ciniki ne.7

Professors Abu Zahrah and his two colleagues consider that since shares are treated like commodities owned by shareholders, corporations are zakatable on their own activities, because their assets are growing assets invested in business and industry, while shares for those who trade shares and hold them are merely trade inventory.7

Bisa ga wannan ra'ayi, kamfanoni su biya zakka a kan ribar da suka samu kafin a raba ta, sannan masu hannun jari su ma su biya wata zakka a kan hannun jarinsu, har da ribar da aka raba musu. Wannan yana nufin cewa masu hannun jari ana yi musu zakka sau daya a kan ribar kamfani, sannan sau daya a kan dukiyarsu da ribar da aka raba musu. Irin wannan maimaita zakka an hana shi a Shari'a. Ni na yi imani cewa dole ne a yi amfani da daya daga cikin wadannan zakkoki biyu domin a guji irin wannan maimaitawa.

According to this opinion, the corporations should pay zakah on their earnings before distribution, and shareholders must also pay another zakah on their shares, including earned dividends. This means that the shareholders are zakated once on the earnings of the company and once on their own assets and distributed profits. This kind of duplication in zakah is prevented in Shari’ah. I believe that only one of these two zakahs must be applied in order to avoid such duplication.

Yana iya zama da amfani a ba da wasu misalai daga rubuce-rubucen malamai da za su taimaka wajen bayyana wannan al'amari. Mun yi nazari a babi na biyu cewa zakka wajibi ne a kan dabbobin kiwo baki ɗaya, kuma idan dabbobi suka zama kayan kasuwanci ga 'yan kasuwar dabbobi, ana fitar da zakkarsu ne ko dai bisa ƙimar dabbobin ko bisa ƙimar kayan kasuwancin, amma tabbas ba a fitar da zakka sau biyu a matsayin kayan kasuwanci da dabbobin kiwo a lokaci guda ba.

It may be useful to give some examples from jurists' writings that can shed some light on this matter. We studied in chapter two that zakah is obligated on pastured livestock unanimously, and when livestock is obtained as business inventory by livestock merchants, it is only zakated either at the rate of livestock or at the rate of business inventory, but definitely not twice as business inventory and pastured livestock at the same time.