Waemustafa, Waeibrorheem and 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. Published in: International Journal of Economic Perspectives , Vol. 10, No. 2 (15 February 2017): pp. 1-27.
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Abstract
The inconclusive definition of Gharar as risk and uncertainty can be commonly found in the contemporary literatures. The difference in the meaning of Gharar is generally thought to be due to the difference in the jurisprudence point of views. The current practice is that there is no standard in defining the terms. Hence, this study introduces steps in defining terminology namely; dictionary definition, Arabic linguistic definition and jurisprudence definition. However, the philosophy of risk as stated in the Holy Quran and Hadith differs from the concept of risk in conventional finance. The finding reveals that risk in Islamic banking refers to a wider interpretation covering the concepts gharar. mysir, mukhatarah, al ghunm bil ghurm and al kharajbil daman than the element of uncertainty as in the conventional finance.
Item Type: | MPRA Paper |
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Original Title: | Theory of Gharar and its interpretation of Risk and Uncertainty from the perspectives of Authentic Hadith and the Holy Quran: A Qualitative Analysis |
English Title: | Theory of Gharar and its interpretation of Risk and Uncertainty from the perspectives of Authentic Hadith and the Holy Quran: A Qualitative Analysis |
Language: | English |
Keywords: | Gharar, Mukhatarah, Mysir, al ghunm bil ghurm and al kharaj bil daman. |
Subjects: | G - Financial Economics > G0 - General > G00 - General G - Financial Economics > G0 - General > G02 - Behavioral Finance: Underlying Principles G - Financial Economics > G2 - Financial Institutions and Services > G29 - Other G - Financial Economics > G3 - Corporate Finance and Governance > G32 - Financing Policy ; Financial Risk and Risk Management ; Capital and Ownership Structure ; Value of Firms ; Goodwill K - Law and Economics > K0 - General > K00 - General P - Economic Systems > P4 - Other Economic Systems P - Economic Systems > P4 - Other Economic Systems > P40 - General P - Economic Systems > P5 - Comparative Economic Systems P - Economic Systems > P5 - Comparative Economic Systems > P51 - Comparative Analysis of Economic Systems |
Item ID: | 78316 |
Depositing User: | Dr. Waeibrorheem Waemustafa |
Date Deposited: | 17 Apr 2017 08:18 |
Last Modified: | 27 Sep 2019 06:57 |
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URI: | https://mpra.ub.uni-muenchen.de/id/eprint/78316 |