Thursday, 30 December 1999 12:43

Uncertainty and Risk-Taking (Gharar) in Islamic Law

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The juristic debate over gharar revolves around the question whether it consists mainly of uncertainty over the existence of subject matter of contract or whether gharar basically consists of ignorance of the material attributes of the contract. Some ulema have also suggested that the basic concern in all discussion of gharar is over the elements of risk-taking, gambling, and unlawful appropriation of the property of others. The present essay addresses this question and proceeds to look into the conditions and typology of gharar and issues over the sale of the unseen (bay' al-ma'dum), sale at the market price (bay' bi'-si'r al-suq) and the relevance of gharar to takaful insurance and futures trading in commodities.


IIUM Law Journal, Vol. 7, no. 2 (1999), pp 1-21.

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