Abstract
Gharar is one of the most strictly prohibited elements in Islamic financial contracts and transactions. With regards to financial and commercial contracts, gharar is treated as excessive risk, uncertainty, and speculation by most Muslim scholars. This paper will critically examine and explore whether this understanding of gharar is in line with the Qur’anic teachings. It also tries to examine a new understanding of gharar in against misrepresentation and fraud, which is fundamentally different from the conventional interpretation. This paper will try to introduce a new and modernized concept relying on Qur’anic understanding of gharar and new understanding of Arabic language contexts.
Article Details
- Year: 2016
- Volume: 37
- Issue: 1
- Pages: 1 - 24
- Accepted: 30.12.2015
-
DOI:
https://doi.org/10.5281/zenodo.21027870 -
Full Text (PDF)
2 Views 2 Downloads
How to Cite?
Nehad A A Khanfar (2016). A Critical Analysis of the Concept of Gharar in Islamic Financial Contracts: Different Perspective. Journal of Economic Cooperation and Development, 37(1), 1-24. https://doi.org/10.5281/zenodo.21027870
