The market price (thaman) that is quoted for an item similar to another, with both having identical or similar features. Thaman al-mithl (ثمن المثل) is typically resorted to in cases where an item has no stated or quoted price. In determining thaman al-mithl, experts or estimators are usually engaged, especially that such prices vary from place to place and from time to time. Application of thaman al-mithl (price of comparables/ prevailing price) is only confined to certain situations identified by shari’a (e.g. compulsory sale – where, in legal terms, the transfer of title to property takes place under the exercise of the power of eminent domain).

In accounting practices, thaman al-mithl may be used in cases where no active market does exist for a specific item. In this sense, it is an estimate (like a fair value estimate) rather than an actual price.