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    Gharar Simple

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    hasan_siddiqui_15
    The document discusses Gharar, which refers to risk or uncertainty in business transactions. It provides Quranic verses and hadith that forbid gambling (maysar) and prohibit transactions with excessive risk or uncertainty (gharar). The hadith give examples of prohibited transactions involving uncertain existence or characteristics of the subject of sale, like selling fish still in the sea or the yield of a diver. Gharar involves probable items whose existence or qualities are unknown, making the transaction similar to gambling. For a transaction to be valid, the risks and uncertainties must be minor.

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    Gharar Simple

    Uploaded by

    hasan_siddiqui_15
    67 views11 pages
    The document discusses Gharar, which refers to risk or uncertainty in business transactions. It provides Quranic verses and hadith that forbid gambling (maysar) and prohibit transactions with excessive risk or uncertainty (gharar). The hadith give examples of prohibited transactions involving uncertain existence or characteristics of the subject of sale, like selling fish still in the sea or the yield of a diver. Gharar involves probable items whose existence or qualities are unknown, making the transaction similar to gambling. For a transaction to be valid, the risks and uncertainties must be minor.

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    Gharar

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    The document discusses Gharar, which refers to risk or uncertainty in business transactions. It provides Quranic verses and hadith that forbid gambling (maysar) and prohibit transactions with excessive risk or uncertainty (gharar). The hadith give examples of prohibited transactions involving uncertain existence or characteristics of the subject of sale, like selling fish still in the sea or the yield of a diver. Gharar involves probable items whose existence or qualities are unknown, making the transaction similar to gambling. For a transaction to be valid, the risks and uncertainties must be minor.

    Copyright:

    © All Rights Reserved
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    67 views11 pages

    Gharar Simple

    Uploaded by

    hasan_siddiqui_15
    The document discusses Gharar, which refers to risk or uncertainty in business transactions. It provides Quranic verses and hadith that forbid gambling (maysar) and prohibit transactions with excessive risk or uncertainty (gharar). The hadith give examples of prohibited transactions involving uncertain existence or characteristics of the subject of sale, like selling fish still in the sea or the yield of a diver. Gharar involves probable items whose existence or qualities are unknown, making the transaction similar to gambling. For a transaction to be valid, the risks and uncertainties must be minor.

    Copyright:

    © All Rights Reserved
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    of 11

    Gharar

    Gambling (Maysar) and Risk (Gharar)


    Gambling
    Quranic view on Gambling & Risk

    O believers! Intoxicants and gambling and Al Ansab (Animals


    sacrificed for idols) and Al Azlam (arrows for seeking luck or
    decision) are an abomination of Satan's handiwork. So avoid
    them in order that you may be successful. Satan wants only to
    excite enmity and hatred between you with intoxicants and
    gambling and hinder you from the remembrance of Allah and
    from prayer. So, will you not then abstain? (Al Maidah 90 – 91)
    Gharar

    The Sunnah speaks not only of gambling but


    also of Risk (Gharar)

    In Sunnah, Gharar refers to certain transactions


    characterized by risk or uncertainty at their
    inception

    Gharar can be defined as the following:

    “The uncertainty that is present in the Basic


    elements of an Agreement: like Wordings,
    Subject Matter, Consideration and the
    Liabilities”
    Ahadith on Gharar
    Ahadith on Gharar

    The messenger of God forbade the “sale of the


    pebble” and the sale of gharar
    (Muslim)

    “Do not buy fish in the sea, for it is gharar”


    (Bukhari)
    Ahadith on Gharar

    The Prophet forbade the sale of the unborn calf, sale


    of the contents of the udder, sale of a slave when he
    is a runaway, and [sale of the ] ‘stroke of the diver’.
    (i.e. sale in advance of a diver’s yield, whatever it
    may be)

    (Ibn Maja, with a weak chain of transmitters)

    “Whoever buys foodstuff, let him not sell it until he


    has possession of them”
    (Bukhari)
    Ahadith on Gharar

    ‘He who purchases food shall not sell it until he


    weighs it”
    (Muslim)

    The Prophet forbade the sale of grapes until they


    become black and the sale of grain until it is strong

    (Bukhari, Muslim, Abu Dawood, Tirmidhi)


    Gharar
    All the above cases involve items
    •Which may or may not exist
    •Or whose characteristics are uncertain

    Gharar is the sale of probable items whose existence


    or characteristics are not certain
    The risky nature makes the trade similar to gambling
    It is in the best interest of the parties to be very
    specific about
    • What is being sold
    • At what price
    Gharar

    Gharar literally means “Uncertainty”


    Forms of Gharar :
     Any bilateral transaction in which the liability of the
    party in the transaction is either uncertain or
    contingent.
     Consideration of either is not known.
     Ultimate outcome of any one party is uncertain.
     Delivery is not in the control of the obligor.
     Payment form one side is certain, but from the other
    side is contingent.
    Gharar

    Four (4) necessary conditions regarding Gharar

    1. It must be major
    2. It should be Aqd-e-Muawada
    3. Gharar must affect the principal component of
    the contract
    4. The need to be met by the contract containing
    Gharar cannot be met otherwise

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