Know when uncertainty becomes gharar

The move: distinguish business risk from contract uncertainty. Gharar risk becomes serious when uncertainty sits in the thing being exchanged or the obligation being created. If the customer cannot tell what asset is being bought, when it will be delivered, who owns it at each stage, or what price is binding, the contract may be too uncertain. Normal Risk Normal risk is attached to a real transaction: an asset might lose value, a customer might default, a leased asset might need maintenance, or a project might run late. Islamic finance can carry risk when the structure allocates it clearly. Contract-Level…

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