Yes, since shares of joint stock are considered merchandise since they were purchased with the intent to sell them at a greater price. They are to be calculated at their current market value on the day Zakah is due. For example, if I purchase $1,000 of Apple Computer stock with the intention to sell them after a few years when the value increases, I will pay on the market value every year.

However, if you are actually a real partner of a company or purchase stocks with the primary purpose of acquiring a dividend from the profits of the company, then the share is not considered an article of trade but rather a portion of ownership in the company. Therefore, you will pay Zakāh on merchandise for sale, raw materials, and cash equivalents but not on assets such as machinery, furniture, and buildings.

Version 0.5 | [Shaykh] Mustafa Umar | 5-17-2020