Yusuf Qardhawi’s Perspective on Zakat Obligations for Stocks and Bonds in Contemporary Islamic Finance
DOI:
https://doi.org/10.35335/dbryxm69Keywords:
Zakat, Islamic Finance, Yusuf Qardhawi, Stocks and Bonds, Sharia ComplianceAbstract
This research explores the thoughts of Yusuf Qardhawi on the application of zakat to modern financial instruments, particularly stocks and bonds, within the framework of Islamic jurisprudence. As contemporary investment practices evolve, questions arise regarding the zakatability of such assets, especially given their increasing role in the financial portfolios of Muslims worldwide. Through qualitative analysis of Qardhawi's seminal works and supporting literature, this study examines his classification of stocks as either trade goods or long-term investments, and his criteria for zakat obligations, including ownership, nisab, and the passage of a lunar year (hawl). The research also delves into Qardhawi’s firm rejection of conventional, interest-based bonds due to their reliance on riba, and his endorsement of Sharia-compliant sukuk as permissible investment alternatives. The findings highlight the practical implications of Qardhawi’s views for Muslim investors, particularly in managing their portfolios ethically and fulfilling their zakat responsibilities. This study contributes to the growing discourse on Islamic finance and offers valuable guidance for Muslims seeking to align their financial activities with Islamic principles.
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