Value (qima)

In the lexicon qima is the price of a thing as assessed. In the jurists' terms it is what a thing is valued at, serving as a measure with no addition or reduction ¹. It is distinct from thaman, the price the parties agree on, and from si'r, the price set by a seller or a ruler ^{1 2}.

A fungible item (mithli) is one whose units are alike, so that one can stand in for another without a significant difference. A non-fungible item (qimi) has no equivalent in the market, or has equivalents differing significantly in value ². Value is used to measure non-fungible goods and the like is used for fungible ones ².

First, value is owed for non-fungible goods when liability for them arises. An example is the sold item in a defective sale that perishes in the buyer's hands. The Hanafis, and the Hanbali position, make the buyer liable for its value. The Malikis distinguish a defective sale disputed among the schools, where the buyer pays the price, from one agreed to be defective, where the buyer pays the value ². The Shafi'is say the buyer pays the like for a fungible item and the highest value for a non-fungible one ³. In a void sale the Hanafis hold, with Abu Hanifa, that the buyer is not liable, while Abu Yusuf and Muhammad make him pay the value ³.

Second, a usurped item: if it perishes in the usurper's hands he owes its replacement. For a fungible item that is the like; for a non-fungible item it is the value. The book cites a report of a Prophetic compensation for a broken dish, in which the Prophet ﷺ gave the sound dish in place of the broken one and kept the broken one, and the story of a slave freed in part by a co-owner, where the Prophet ordered the value to be assessed for the other share ^{4 5}.

Third, value is owed when the like cannot be had. The Shafi'is and Hanbalis say this happens when no like exists, when it is too far to reach, or when it is available only at more than its usual price ⁵. In a sale annulled over a dispute about the price, the jurists differ on liability if the item perishes with the buyer: the Hanbalis, Nawawi among the Shafi'is, and one Maliki view say value; the usual Shafi'i and another Maliki view say the like for a fungible item and value for a non-fungible one ⁶.

A hunting animal owned by someone is owed both the value to its owner and a like, in kind, to God, when a person in the sacred state kills it, or a non-pilgrim kills it within the sacred precinct; the basis is the Qur'an, Surat al-Ma'ida, verse 95 ⁶. If there is no like among the livestock, as with domestic sparrows, two values are owed: one to God and one to the owner ⁷.

The jurists differ on the day on which a non-fungible item owed in value is priced. The Hanafis, the usual Maliki view and one Shafi'i view fix the value on the day of receipt, since liability begins with receipt. The Hanbalis, Muhammad among the Hanafis and another Shafi'i view fix it on the day of loss, since the holder is permitted to keep it, like a loaned item (ariya). The usual Shafi'i view takes the highest value from receipt to loss ^{3 4}.