The Qur'an prohibits gambling (games of chance involving money) and some health insurance or property (also considered a game of chance). The hadith, in addition to prohibiting gambling (games of chance), also prohibits al-Bayu gharar (negotiation of risk, where gharar Arabic word is taken to mean "risk" or excessive uncertainty).
The Hanafi Madhhab (school of law) in Islam gharar defines as "that whose consequences are hidden." Shafi legal school gharar defined as "that whose nature and consequences are hidden" or "that which admits two possibilities, with the least desirable, most likely. " The Hanbali school, he defined as "that whose
consequences are unknown" or "what is not available, whether or not there." Ibn Hazm School Zahiri wrote "Gharar is the place where the buyer does not know what he bought, or the seller does not know what he sold. The modern scholar of Islam, Professor Mustafa Al-Zarqa, wrote that "Gharar is the sale of 'probable items whose existence or characteristics are not certain, given the risky nature which trade similar to gambling. " There are a number of hadith that prohibit trade in gharar, often giving specific examples of transactions gharhar (for example, sell the birds in the sky or fish in water, capture the diver, an unborn calf in the womb, etc.). Jurists have sought many complete definitions of the term. They also came to the concept of Yasser (low risk), a financial transaction with a minor risk is deemed to be halal (permitted), while trading in non-low risk (al-Bayu ghasar) is deemed to be haram . [31]
Gharar What, exactly, has never been fully committed by Muslim jurists. This was mainly due to the complication of having to determine what is and is not a minor risk. Derivatives (such as stock options) have only become common relatively recently. Some Islamic banks do provide brokerage services for stock trading.
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