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The Permissible Gharar (Risk) in Classical Islamic Jurisprudence الغرر المسموح به في الشريعة الإسلامية

Author

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  • ABDUI RAHIM AL-SAATI

    (Associate Professor Department of Economics Faculty of Economics and Administration King Abdulaziz University, Jeddah, Saudi Arabia)

Abstract

To know the reason why Gharar (risk or trncsrtalnty) would be tolerated in some transactions, can be the base to modi’ Gharar-Ioaded contemporary transactions such as futures and options. After defining risk uncertainty and Gharar, which are fountto be almost the same, we show that the prohibited Gharar is a gambling like transaction. We look at the permissible Ohorar in some transactions and find out that jurists departure from original rule (ku/an), that is, the prohibition of Gharar, was justified by “maslahah” which can be considered as particularization of a general ruling (hukm) on the basis of stronger evidence which is either obvious or imbibed. يعتبر الغرر من أهم مفسدات العقود في الشريعة الإسلامية ولكن هناك معاملات جائزة على الرغم من وجود الغرر بها ، لذلك فإن معرفة الأسباب التي أجيزت بسببها بعض المعاملات على الرغم من وجود الغرر بها يمكن أن يكون أساسا لتطوير بعض المعاملات المعاصرة التي تتسم بارتفاع المخاطر والذي هو قريب في تعريفه من الغرر مثل عقود المستقبليات والاختيارات. وفي هذه الورقة بعد استعراض التعريفات المختلفة للغرر وعدم التأكد والخطر ، والتي وجدت أنها متشابهة تقريبا ، وجد أن الغرر المحرم هو الضرر الفاحش والذي يمكن أن يكون في معاملات تشبه الميسر والقمار ، كما وجد أن الفقهاء أجازوا بعض المعاملات التي يكون بها غرر بناء على المصلحة العامة، والذي يعتبر تخصيص حكم عام بناء على شواهد قوية سواء مباشرة أو ضمنية.

Suggested Citation

  • Abdui Rahim Al-Saati, 2003. "The Permissible Gharar (Risk) in Classical Islamic Jurisprudence الغرر المسموح به في الشريعة الإسلامية," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 16(2), pages 3-19, January.
    • Handle: RePEc:abd:kauiea:v:16:y:2003:i:2:no:1:p:3-19
    DOI: 10.4197/islec.16-2.1
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    References listed on IDEAS

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    1. Schoemaker, Paul J H, 1982. "The Expected Utility Model: Its Variants, Purposes, Evidence and Limitations," Journal of Economic Literature, American Economic Association, vol. 20(2), pages 529-563, June.
    2. Milton Friedman & L. J. Savage, 1948. "The Utility Analysis of Choices Involving Risk," Journal of Political Economy, University of Chicago Press, vol. 56, pages 279-279.
    3. Diamond, Peter & Rothschild, Michael (ed.), 1978. "Uncertainty in Economics," Elsevier Monographs, Elsevier, edition 1, number 9780122148507.
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    Cited by:

    1. Andrew C. Worthington & Alsadek H. Gait, 2009. "A Primer on Islamic Finance: Definitions, Sources, Principles and Methods," Discussion Papers in Finance finance:200909, Griffith University, Department of Accounting, Finance and Economics.
    2. Chokaev, Bekhan (Чокаев, Бекхан), 2017. "Islamic Finance: Possibilities for Russian Economy [Исламские Финансы: Возможности Для Российской Экономики]," Working Papers 031719, Russian Presidential Academy of National Economy and Public Administration.
    3. Norazwa Ahmad Zolkifli @ Uda & Mohamad Abdul Hamid & Hawati binti Janor, 2018. "Determinants of Credit Risk in Islamic and Conventional Bank: Evidence from Malaysia," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 8(6), pages 1054-1068, June.
    4. Jean Yves MOISSERON & Bruno Laurent MOSCHETTO & Frédéric TEULON, 2014. "Islamic finance: a review of the literature," Working Papers 2014-93, Department of Research, Ipag Business School.
    5. Nurul Syazwani Mohd Noor & Abdul Ghafar Ismail & Muhammad Hakimi Mohd. Shafiai, 2018. "Shariah Risk: Its Origin, Definition, and Application in Islamic Finance," SAGE Open, , vol. 8(2), pages 21582440187, April.
    6. Abdelhafid Benamraoui & Yousef Alwardat, 2019. "Asymmetric Information and Islamic Financial Contracts," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 11(1), pages 96-108, January.
    7. repec:ipg:wpaper:2014-093 is not listed on IDEAS
    8. Waemustafa, Waeibrorheem & Sukri, Suriani, 2015. "Theory of Gharar and its interpretation of Risk and Uncertainty from the perspectives of Authentic Hadith and the Holy Quran: A Qualitative Analysis," MPRA Paper 78316, University Library of Munich, Germany, revised 10 Jan 2016.
    9. Abdelghani Echchabi & Dhekra Azouzi, 2015. "Islamic Finance Development and Economic Growth Nexus: The Case of the United Arab Emirates (UAE)," American Journal of Economics and Business Administration, Science Publications, vol. 7(3), pages 106-111, August.

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