Revisiting Gharar in Contemporary Muamalat Contracts: A Qualitative and Comparative Analysis

The prohibition of gharar (excessive uncertainty) is a fundamental principle of Islamic commercial jurisprudence that seeks to ensure transparency, fairness, and justice in contractual relationships. As Islamic finance continues to evolve through increasingly sophisticated financial products and contractual arrangements, questions have emerged regarding the consistency of contemporary muamalat contracts with the classical principles governing gharar. This study revisits the concept of gharar by examining its theoretical foundations in classical Islamic jurisprudence and evaluating its application in selected contemporary muamalat contracts. This study adopts a qualitative research design employing qualitative content analysis and comparative analysis. Primary sources include the classical juristic works Al-Mughni by Ibn Qudamah and Bidayat al-Mujtahid wa Nihayat al-Muqtasid by Ibn Rushd, while secondary sources comprise the Shariah Standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), guidelines published by the Islamic Financial Services Board (IFSB) and recent scholarly literature. The data were analysed through thematic coding and comparative evaluation to identify key principles of gharar and assess their application in selected Islamic financial contracts. The findings indicate that the classical distinction between gharar yasir (minor uncertainty) and gharar fahish (excessive uncertainty) remains fundamental in determining the Shariah compliance of contemporary financial contracts. Although current regulatory frameworks have strengthened contractual transparency and Shariah governance, challenges remain in addressing the uncertainties arising from complex financial structures and emerging financial technologies. The study concludes that the classical principles of gharar continue to provide a relevant and effective framework for evaluating contemporary muamalat contracts and supporting the sustainable development of Islamic finance.

Gharar; Islamic finance; Shariah compliance, Islamic financial contracts

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