股票、股份和债券是过去不为人知的金融资产形式。许多税务专家主张对这些资产或至少对其收益征收某些税款。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

股票或普通股代表对公司资本中某一部分的所有权。债券是公司、政府或市政当局借款的凭证。债券通常会在未来某个特定时间偿还,其所代表的借款附带利息。股票与债券的根本区别在于:前者代表对资本的投入,并承担利润或亏损;后者仅是一种借贷工具,附有预先确定的利息条款和一系列还款安排。通常,债券持有人对公司的管理没有控制权。股票和债券在发行时,其市场价值可能与面值不同。它们像各自市场中的其他商品一样,在交易所市场上进行交易。其价格会因影响供求的各种因素而涨跌,这些因素包括发行公司的经营状况以及当地和国际的经济与政治形势。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

在伊斯兰教法中，股份的发行、持有和流通（以其通常形式而言）是允许的，但发行股份的公司本身的业务如果是伊斯兰教所禁止的，例如酿酒厂或以利息为基础的金融公司，则不在此列。另一方面，债券是附带利息的金融工具，而利息在伊斯兰教中是被禁止的。但是，无论持有债券是否合法，债券代表的是人们拥有的资本，因此必须讨论其是否应当缴纳天课。当代学者对这一问题大体形成了两种主要观点。

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.

一种观点区分股份与债券，并依据股份所代表的公司经济活动的性质来处理股份。

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.

谢赫·阿卜杜勒·拉赫曼·伊萨在其著作《现代交易及其伊斯兰教法裁决》[al Mu'amalat al Hadithah wa Ahkamuha]中提出了这一观点:

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:

有些持有公司股份的人可能不了解这些股份在伊斯兰教法中是否应缴纳天课，或者认为所有公司的股份都须缴纳天课，这同样是错误的。必须根据公司自身经济活动的性质来区分股份。纯工业性质、不从事任何贸易活动的公司，例如经营制冷、酒店、广告、公共交通、航运和航空业的公司，其股份不需缴纳天课，因为这些公司的资本及代表该资本的股份投资于机器、办公室和建筑物，而这些资产本身不需缴纳天课。但这些股份所分配的红利会并入股东的其他资产，并在年终按天课规定计算缴纳。

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.

贸易类公司只从事商品的买卖，例如进出口商和零售贸易商，以及兼营贸易与工业的公司，例如将自行开采或从他处购入的原材料加工后出售成品的公司，就其股份而言都应当缴纳天课。因此，股份是否应当缴纳天课，取决于该公司是否应当缴纳天课，而这又取决于其资产的用途。股份按其当前价值计算。对于这些公司所拥有的建筑、机器和工具所占资本的比例，应予扣除。从股份的当前价值中扣除这一比例后，其余部分即为应缴纳天课的部分。3

Trading corporations that deal only with the purchase and sale of commodities, such as import/export dealers and retail trading, along with corporations that have a mixture of trading and industry, such as corporations that transform raw materials, extracted by the same corporation or purchased elsewhere, and sell their final products, are zakatable as far as their shares are concerned. Thus, the criteria for the zakatability of shares is whether the corporation is zakatable and that depends on the use of its assets. Shares are evaluated at their present value. A deduction is made for the percentage of capital used in buildings, machinery, and tools owned by these corporations. After deducting this percentage from the present value of the share, the residual is zakated.3

这位 Shaikh 'Isa 的观点，是基于一种广为人知的看法：工厂、机器和建筑物不需缴纳天课，无论是像贸易资产那样连同资本与利润一起计算，还是像农田那样只就利润计算。因此，他区分工业公司与贸易公司。这意味着，即使持有的股份价值相同，持股人也可能因所持股份属于贸易公司还是工业公司而被以不同方式计算天课。

该观点对所有股份和债券一视同仁，不论发行公司从事何种经济活动。阿布·祖赫拉、阿卜杜·拉哈曼·哈桑和哈拉夫教授认为，股份和债券与商品一样在流通中使用，被买卖，通常以不同于其面值的市场价格成交。因此，它们如同为转售牟利而购买的商品。与其他任何商业存货一样，它们必须缴纳天课。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

这意味着，股票和债券的天课应以其当前市场价值，加上其所有股息和利息来计算，前提是总额至少达到尼萨布；或者，若与同一持有人拥有的其他资产相加后，总额至少达到尼萨布。

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.

费率为2.5%，并且在股份是唯一收入来源的情况下，应扣除基本生活需要或最低生活费用。我认为，这一观点更适合天课的缴纳者，因为对于各类股份，其市场价值简单易知，只需在此基础上加上收益即可计算。这适用于个人自行计算的情形；但如果伊斯兰国家采纳天课法律，则宜依据第一种观点，即Shaikh 'Isa的观点，直接从公司征收天课。

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.

如果把股票视为贸易货物并对其征收天课，那么对公司本身的收益再征收天课，同时又对股东征收天课，是否合法？

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?

Professor Abu Zahrah and his two colleagues hold that, since shares are treated as commodities owned by shareholders, corporations are themselves liable to zakat on their own activities, because their assets are growing assets invested in business and industry, whereas shares, for those who trade in shares and hold them, are merely trade inventory.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

根据这一观点，公司应在利润分配之前就其收益缴纳天课，而股东还须就其股份（包括已获得的股息）再缴纳一次天课。这意味着股东一方面就公司的收益被征收了一次天课，另一方面又就其自有资产和已分配的利润被征收了一次天课。这种天课的重复征收是伊斯兰教法所禁止的。我认为，为了避免这种重复，两种天课中只应执行其中一种。

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.

可以举出一些法学家著作中的例子，或许有助于阐明这一问题。我们在第二章中学过，放牧牲畜的天课是一致公认应当缴纳的；而牲畜商人将牲畜作为商品存货取得时，只按牲畜的税率或按商品存货的税率缴纳天课，但绝不会同时以商品存货和放牧牲畜两种身份各缴一次。

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.

伊本·古达麦（Ibn Qudamah）讨论了两者在处理上的区别，内容如下：

Ibn Qudamah discusses the difference in their treatment as following:

马利克和沙斐仪新的观点认为，这类牲畜应当按照牲畜的费率缴纳天课，理由是牲畜天课更为有力，因为它得到一致公认，并且在圣训中有明文提及。另一方面，艾卜·哈尼法、赛乌里和艾哈迈德则认为，应当按照商品资产缴纳天课，因为这种天课除了具有比例性之外，还能给天课的受益人带来更多益处。如果商人所持有的牲畜在价值上达到商业天课的满贯基数（nisab），但在数量上未达到牲畜的满贯基数，则商品资产的天课无可争议地适用。8 ……但是，同时对这两种天课加以课征是不可能的，因为这会导致重复征收，而依据先知ﷺ所说的“天课之中不得重复”，重复必须避免。9