Gharar Study guides, Class notes & Summaries

rmi 3567exam 4 latest update with verified solutions conventional insurance considered haram as it contractually contains haram elements: riba, gharar, maysir riba no equality between premiums paid and compensation received riba "interest" / usury gharar subject matter of the contract is not certain / uncertainty maysir Policyholders are held to be betting premiums on the condition that the insurer will pay compensation in a higher amount maysir gambling takaful liter...

Islam and Insurance - Answer-Insurance operation did not confirm to Islamic Law due to the existance these elements. Element that make insurance did not confirm in Islam - Answer-Gharar- uncertainty Maisir- gambling Riba- usury/ interest Gharar - Answer-- what being bought is not clearly defined/uncertainty - existance of uncertainty in contract : 1. premium payment nsation payment e of contract (aleotary) monetary value exchnage may not same. Maisir - Answer-participants might purchas...

Call - Answer-Sum of money put into a P&I risk-pool fund Gharar - Answer-uncertainty Maysir - Answer-Speculation Riba - Answer-usury Qardh-al-hasan - Answer-Interest-free loan

3 Concepts of Insurance - Answer-1- transfer of risk from individuals to insurance operator. 2- Ensure against pure risk only, not speculative risk. 3- Insurance as business, with profit maximization objectives. 4 Reasons why conventional insurance is not shari'ah compliance - Answer-1- Element of Riba. 2- Element of Gambling. 3- Element of Uncertainty. 4- Gharar in modern day financial transactions. Takaful - Answer-Islamic alternative to conventional insurance. It is a form of mutual hel...

Contractual Relationship between Participants and the Takaful Operator - Answer--Mudharabah -Wakalah -Ju'alah -Wadi'ah Yad Damanah Mudharabah - Answer--means giving specified amount of capital to another person who will trade with the capital for the purpose of sharing the profits generated according to a pre-agreed ratio. -participants contribute money to fund. takaful operator manages fund. -profit shared between participants and takaful operator based on pre-agreed ratio or percentag...

1 C12 - Business LawCase Analysis Summarize the facts of the case Approval was received after gaining a majority of votes from Oklahoma residents on November 2nd, 2010 regarding an amendment called “Save our State Amendment”, which was to be made to the Oklahoma Constitution. This amendment was created with the intent of preventing courts within the state from both considering as well as using the Sharia Law during cases. If all went accordingly, the amendment would have gone through ...

1 C12 - Business LawCase Analysis Summarize the facts of the case Approval was received after gaining a majority of votes from Oklahoma residents on November 2nd, 2010 regarding an amendment called “Save our State Amendment”, which was to be made to the Oklahoma Constitution. This amendment was created with the intent of preventing courts within the state from both considering as well as using the Sharia Law during cases. If all went accordingly, the amendment would have gone through ...

This article discusses entrepreneurship from the perspective of sharia. This research is the result of a literature review, by collecting data through literature books, journals, and the Internet. the collected data were analyzed descriptively. the results of the study concluded that Islam advocates entrepreneurship US a person's endeavor to meet their needs independently. In entrepreneurship, a person is required to pay attention to business ethics in Islam, namely being honestly, trustworthy,...

1. What are items of personal property that are attached to real property and cannot be removed without substantial damage called? -Connectors, Relaters, Entanglements, Fixtures 2. Which of the following statements best describes an offer under UCC -An offer is not defined by UCC, An offer is an invitation to buy or sell between merchants, An offer is anything writing sufficient to describe the goods, An offer is contained in the standard business forms. 3. A product that was sold without...

Title: The Prohibition of Gharar in Islamic Economy Author: Dr. Mohamed Alwasabi Type: Simple and Understanable Notes.