Bismillahirrahmanirrahim.....
Risk: possibility of meeting danger or suffering, harm or loss.
Uncertainty: danger or hazard that might lead to destruction or loss.
Risk (Ghurm) -
Permissibility in Islam:
allowed in Islam, as per Islamic legal maxim (jurisprudence) - Al ghurmu bil ghunmi (no risk, no gain).
Characteristic:
unavoidable in any productive economic activities.
Example:
risks in trading or in making investments.
Effects:
encouraging entrepreneurial spirit and productivity.
Uncertainty (Gharar) -
Permissibility in Islam:
Hadith - gharar sales are prohibited (e.g. selling birds that are in the sky).
Characteristic:
unnecessary, avoidable, intentionally created.
Example:
not stipulating price or not giving out product specification in a sales contract.
Effects:
exploitation for one's own self interest that can lead to injustice.
In conclusion, risk is a concept that is acceptable in Islam since by taking necessary risks, we are actually making an effort and taking chances instead of depending merely on pure luck (e.g. maysir or gambling).
p/s: Rasulullah (p.b.u.h.) once asked a Bedouin who had left his camel untied. "Why do you not tie your camel?". The Bedouin replied, "I put my trust In God". Rasulullah then said, "Tie up your camel first, then put your trust in God".
Wallahu'alam.
Risk: possibility of meeting danger or suffering, harm or loss.
Uncertainty: danger or hazard that might lead to destruction or loss.
Risk (Ghurm) -
Permissibility in Islam:
allowed in Islam, as per Islamic legal maxim (jurisprudence) - Al ghurmu bil ghunmi (no risk, no gain).
Characteristic:
unavoidable in any productive economic activities.
Example:
risks in trading or in making investments.
Effects:
encouraging entrepreneurial spirit and productivity.
Uncertainty (Gharar) -
Permissibility in Islam:
Hadith - gharar sales are prohibited (e.g. selling birds that are in the sky).
Characteristic:
unnecessary, avoidable, intentionally created.
Example:
not stipulating price or not giving out product specification in a sales contract.
Effects:
exploitation for one's own self interest that can lead to injustice.
In conclusion, risk is a concept that is acceptable in Islam since by taking necessary risks, we are actually making an effort and taking chances instead of depending merely on pure luck (e.g. maysir or gambling).
p/s: Rasulullah (p.b.u.h.) once asked a Bedouin who had left his camel untied. "Why do you not tie your camel?". The Bedouin replied, "I put my trust In God". Rasulullah then said, "Tie up your camel first, then put your trust in God".
Wallahu'alam.
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