Towards A Unified Zakat System

without consideration to its current market value unlessthe latter is less than historical cost in value. Thisimplies that losses are taken into consideration, whileprofits and growth are not considered until inventory issold. Consensus does not, however, exist in Islamicjurisprudence. Some scholars, like Imam Ahmad, believethat Zakat should be calculated according to its equivalentcurrent value, others deem that Zakat should be paidaccording to the stock's historical value. Most of Islamicjurisprudence agrees, however, with the first doctrine,which calls for the use of current value. Al-Qaradawi(1986) believes that current value of wholesale pricesshould be used because this is the only possible price ifsale is to be executed quickly. According to (Al-Sultan,1986: 56) :The wholesale value is the same as the replacementcost of the inventory, which contains appreciation invalue as a result of passage of time. Sellingexpenses have to be considered if selling prices areused. It is better to use replacement values sincethey can be determined fairly easily, and thereforewill only contain profits that have a high degree ofcertainty.Selling prices and expenses are not, however, all thatdifficult to determine. In addition, profits are fairlycertain if the business is intended to continue. Themanagement or the owner at the date Zakat is due should,143