AL-QARDAWI’S THOUGHT ON ZAKAT OF STOCKS IN A MODERN INDUSTRY: AN EXPERIENCE OF INDONESIA

Abstract

This paper studies on al-Qardawi’s thought on zakat of stocks in the millennial era and modern industry. The main purpose of the study is to elaborate several points of significance of stock zakat within huge benefits of capital market; therefore, this paper is a content analysis type of study using a literature study approach. In the meantime the primary source for the literature is a kitāb (book) entitled Fiqh al-Zakāt by Yusuf al-Qardawi published in 1973. The crucial point emphasized by this paper is that al-Qardawi’s thought and opinion on zakat of stocks or shares has been proven that he is such a progressive ulama (Islamic scholar), even he lives in the current industrial revolution era. He has shown such critical and innovative thoughts, either in zakat or other aspects. Al-Qardawi points out that stocks or shares are categorized into traded goods so that it is an object of zakat of 2.5% of total stocks that should be taken out to those in need. Indonesia as a country with the biggest Muslim population in the world has been implementing stock zakat when one of the companies namely PT. Henan Putihrai Sekuritas pays this kind of zakat. This made Indonesia the first country to proceed with stock zakat as the application of al-Qardawi’s thought.