This standard covers the impact of excessive, medium and minor Gharar on transactions performed by Islamic financial institutions (Institution/ Institutions). In this respect the standard wil set out the Shariah rulings pertaining to the case when Gharar is involved in exchange-based contracts/commutative contracts (’Uqud al-Mu’awadat) including partnerships, and the case when Gharar is involved in donation contracts/non-commutative contracts (’’Uqud al-Tabarru’at). The standard will also make special reference to the case when Gharar is involved in a contract’s condition.

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