Is it obligatory to deduct due taxes when calculating the zakat on shares for the past three years, and how is zakat calculated on financial options contracts?

First: Shares are zakatable based on intention: speculative shares are valued at the end of the hawl (one lunar year) and their market value is zakated. As for shares held for income, only their profits are zakatable if they reach the nisab (minimum threshold) and a hawl has passed over them, unless the assets themselves are zakatable, such as gold, or are accompanied by cash.

Second: The inability to dispose of shares or invested money by the investor's choice does not exempt them from Zakat. Zakat is due on investment account balances even if they have not been withdrawn. If there is no cash available to pay Zakat, it should be paid when it becomes available, and delaying it without an excuse is forbidden.

Third: Dealing in options contracts is prohibited, as is the profit derived from them. Anyone who knows of their prohibition must dispose of the profit by giving it to the poor. However, anyone who was ignorant of this is permitted to benefit from it, analogous to interest before its prohibition, based on the Almighty's saying: ﴿So whoever receives an admonition from his Lord and desists, he may have what has passed.﴾

Fourth: The hawl for trade in shares and other assets begins from the ownership of the capital used to purchase them, provided it reaches the nisab, and not from the purchase of shares or options contracts. Shares are trade goods, and their hawl is that of the original capital.

Fifth: As for taxes due on capital: if they are paid before the hawl is completed, Zakat is not obligatory on their amount. However, if the hawl passes while the money is present, Zakat becomes obligatory on it, and taxes do not exempt it. The amount paid for Zakat and taxes is not zakatable in the following year.