The Permissible Gharar (Risk) in Classical Islamic Jurisprudence

To know the reason why Gharar (risk or uncertainty) would be tolerated in some transactions, can be the base to modify Gharar-loaded contemporary transactions such as futures and options. After defining risk uncertainty and Gharar, which are found to be almost the same, we show that the prohibited Gharar is a gambling like transaction. We look at the permissible Gharar in some transactions and find out that jurists departure from original rule (hukm), that is, the prohibition of Gharar, was justified by maslahah which can be considered as particulariza tion of a general ruling (hukm) on the basis of stronger evidence which is either obvious or imbibed.