What is Gharar ? Meaning, Definition, and Example

Gharar refers to excessive uncertainty or ambiguity in a contract, particularly in Islamic finance.

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In Islamic banking, gharar is avoided because it violates the principles of fairness and transparency. The definition of gharar in Islam means that transactions must be clear, with both parties understanding the terms fully. Essentially,
what is gharar is any situation where one party bears an unjust risk due to unclear or incomplete information.

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