The prohibition of ''gharar'' in Islamic law of contracts: a conceptual analysis with special reference to the practice of Islamic commercial contracts in Malaysia (Ph.D. Thesis)

Islamic law governs all social and economic activities, and has long been hostile to modern and more western economic systems. There are instances where the shari`a provides mixed and somewhat contradictory rules regarding prohibited economic activity, such as that of gharar. While there is consensus amongst scholars that gharar is prohibited, there is no clear or unified definition of gharar. This study uses sources, historical developments in, and interpretations of Islamic law to evaluate the prohibition of certain kinds of economic activity and contracts in Muslim economies. In this case, Malaysia serves as a contemporary example of how a secular state incorporates elements of religion into its economic system.