How is Zakat calculated on speculative shares in the Saudi market if the company pays Zakat, and is Zakat paid on the full market value or on the difference between it and what the company pays, knowing that the company pays Zakat annually? And how can double Zakat be avoided? Is Zakat paid on what has completed its hawl (lunar year) and what has not completed it on a specific day of the year?

Stocks are subject to Zakat based on their market value. If they reach the nisab (minimum threshold) and a full hawl (lunar year) passes, then a quarter of a tenth (2.5%) of their value and their profits must be paid as Zakat. The company can undertake to pay Zakat on behalf of its shareholders if its articles of association stipulate it, or if the shareholders authorize it, or if the law obliges it. If the company does not pay Zakat on its shares, then the shareholders must pay its Zakat. If the company errs and pays Zakat on the shares according to their nominal value, the shareholder must pay the difference if the market value is higher. If the shareholder's hawl for Zakat differs from the company's hawl, the company's payment of Zakat is considered an advance payment of the shareholder's Zakat. However, if the company's hawl is later than the shareholder's hawl, the shareholder must pay Zakat for the intervening period, after which the two hawls will align. The hawl for Zakat on stocks is calculated from the time of possessing the wealth with which they were purchased, provided it reaches the nisab.