TOWARDS AN OBJECTIVE MEASURE OF GHARAR IN EXCHANGE

Sami Al-Suwailem ()
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Sami Al-Suwailem: Director of the Research Center,, Postal: Al-Rajhi Banking & Investment Corp.,, Riyadh, Saudi Arabia

Islamic Economic Studies, 2000, vol. 07-1, 61-102

Abstract: This paper develops a framework for analyzing gharar based on economic aspects of game theory. The framework is consistent with Shari’ah maxims as well as individual gharar transactions widely studied in classical fiqh resources. In addition, the framework brings insights into explaining different fiqhi positions on controversial gharar contracts. When extended to contemporary practices, the measure helps understanding the logic of instrument design, and where violation of Islamic rules exactly lies. The moral, ethical, and social aspects of this framework show the deep consistency between Islamic rules of exchange and general Islamic principles of human behavior.

Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:ris:isecst:0087

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