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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
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