Gharar

Gharar (Arabic: غرر) literally means uncertainty, hazard, chance or risk.^[1] It is a negative element in mu'amalat fiqh (transactional Islamic jurisprudence), like riba (usury) and maysir (gambling).^[2] One Islamic dictionary (A Concise Dictionary of Islamic Terms) describes it as "the sale of what is not present" — such as fish not yet caught, crops not yet harvested.^[3]^[4] Similarly, author Muhammad Ayub says that "in the legal terminology of jurists", gharar is "the sale of a thing which is not present at hand, or the sale of a thing whose aqibah (consequence) is not known, or a sale involving hazard in which one does not know whether it will come to be or not".^[5]

^ "Glossary of Financial Terms". Institute of Islamic Banking and Insurance. Archived from the original on 10 September 2016. Retrieved 29 August 2016.
^ "INTRODUCTION TO ISLAMIC FINANCE" (PDF). p. 1.3. Retrieved 30 August 2016.
^ Qazi, M.A. (1979). A Concise Dictionary of Islamic Terms. Lahore: Kazi Publications. p. 15.
^ Ahmed, Naeem (November 2012). "A Discussion on Gharar in the light of Maqasid Al Shariah". .researchgate.net. Retrieved 30 August 2016.
^ Cite error: The named reference UIF-2007 was invoked but never defined (see the help page).

[IIBI-1] "Glossary of Financial Terms". Institute of Islamic Banking and Insurance. Archived from the original on 10 September 2016. Retrieved 29 August 2016.

[IIF-2] "INTRODUCTION TO ISLAMIC FINANCE" (PDF). p. 1.3. Retrieved 30 August 2016.

[3] Qazi, M.A. (1979). A Concise Dictionary of Islamic Terms. Lahore: Kazi Publications. p. 15.

[ahmed-2012-4] Ahmed, Naeem (November 2012). "A Discussion on Gharar in the light of Maqasid Al Shariah". .researchgate.net. Retrieved 30 August 2016.

[UIF-2007-5] Cite error: The named reference UIF-2007 was invoked but never defined (see the help page).

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