Is zakat obligatory on bonds, and how is its zakat calculated?

Shares and bonds differ in that a share represents an ownership stake in a company, and its owner is a partner, whereas a bond represents a debt owed by the company, and its owner is a lender who receives a fixed interest regardless of the company's profit or loss. Dealing in bonds is forbidden in Islamic law because they are a loan with interest, and this is usury (riba). Despite their prohibition, zakat is obligatory on bonds because they are a debt owed to their owner. Zakat is calculated annually and is paid upon receipt of their value at a rate of 2.5%, while the interest earned is ill-gotten wealth that must be disposed of in charitable causes.