Towards A Unified Zakat System

was not established then. Paper money and coins act in thesame manner as coins of gold and silver in that they aremeans of exchange, stores of value, and have the same typeof acceptance to perform the same tasks performed by goldand silver (Joan, 1999). For these reasons, Muslimscholars have all agreed that Zakat on paper money andcoins is a compulsory duty, as soon as the minimum amountof this wealth is reached. They further agreed that theamount of Zakat due is 2.5 percent of the total amount(Farhud and Ibrahim, 1986). According to Al-Qaradawi(1986), most of the current Muslim scholars might lean toaccept silver as the acceptable measure of the minimumamount of paper money, after which Zakat becomes due, fortworeasons:a consensus on the minimum amount of silver exists and manyprophets' teachings have confirmed this minimum level; and,the current equivalent of 200 grams of silver is less invalue (13 times) than the equivalent of 20 grams of gold,This benefits the poor since more Muslims will be asked forZakat.Accordingly, Zakat becomes a compulsory duty as soon as aMuslim owns the equivalent of 85 grams of gold. If, for121