A review onGharardimension in modern Islamic finance transactions

Mohd Shahid Mohd Noh, Suffian Haqiem Nor Azelan and Muhammad Izzul Syahmi Zulkepli

Journal of Islamic Accounting and Business Research, 2024, vol. 16, issue 5, 976-989

Abstract: Purpose - This study aims to systematically review the literature on modern Islamic finance transactions pertaining toGharardimensions.Ghararis defined as uncertainty that potentially leads to ambiguities and conflicts in contracts. Design/methodology/approach - The articles reviewed in this study consisted of 13 articles related toGhararpublished between 2013 and 2022. All selected articles were empirically and descriptively searched using specific keywords and strings. The main sources for this study were Scopus and Web of Science (WoS), whereas Google Scholar was a supportive database. Findings - The review found that the dimensions that discussed previous research were trying their best to elaboratingGhararin modern financial transactions. They also demonstrate that rigorous study and deployment of the definition remain in the context defined by jurisprudence scholars. The focus of recent studies pertaining toGhararis derivatives products that indicate high possibility of uncertainty in its operation. Research limitations/implications - This method relies heavily on the accessed database, namely, Scopus and WoS, also referred to the articles as recommended by the databases. Furthermore, the criteria of inclusion and exclusion of papers outlined by the authors deemed as an intrinsic limitation in writing systematic literature review. Originality/value - To the best of the authors’ knowledge, this paper is original in its nature whereby the scholars had different comprehension on howGhararexists in transaction but they still centred in its original meaning of uncertainty. As a result, this paper also realized howGhararwere interpreted differently relied on the contract’s nature and behaviour. In addition, this paper is expected to contribute to understand howGhararbeen interpreted in modern finance transactions and finally reached to the point that further research is needed in establishingGhararparameter for each contract in Islamic commercial law.

Keywords: Gharar; Islamic financial transaction; Modern application (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jiabrp:jiabr-01-2023-0006

DOI: 10.1108/JIABR-01-2023-0006

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