This is a scientific research paper that deals with the fair valuation of assets according to Islamic jurisprudence provisions. Its introduction deals with how assessment is defined in terms of the Arabic language, doctrinal terminology, and contemporary accounting thought. The research paper is divided into two sections: the first section discusses the fair assessment aspects in accounting practices which are the historical cost, modified historical cost, the current cost and historical cost or substitution value, and the book value. The second section of the research deals with the foundations of assessment in Islamic jurisprudence, by showing how Islamic jurisprudence defines the terms of assessment, and how scholars depend on current value to asses trade, joint ventures, and speculative businesses, the right of first refusal and pricing. The section also refers to some doctrinal issues arising from current value adoption.

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