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Home > QFINANCE Dictionary > Definition of maysir

Definition of

maysir

Finance

gambling or speculation prohibited by Islamic law in Islamic financing, gambling with the intention of making an easy profit. It is one of three prohibitions in Islamic law, which is extended to such financial practices as speculation, insurance, futures, and options; the others are gharar and riba.

maysir - Related Articles
  • Islamic Insurance Markets and the Structure of Takaful

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    Objections relating to the insurance contract itself are those of riba (usury), gharar (uncertainty), and maysir (gambling). The other objections relating to market practice are usually concerned with two issues: The first is that insurance companies’ investment policies are generally interest
    By Suzanne White

  • Introduction to Islamic Financial Risk Management Products

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    On the whole, shariah scholars in the financial field hold the view that financial risk management products (commonly referred to as hedging arrangements) in the conventional finance space fall into the category of speculation (maysir) and uncertainty (gharar), both of which are prohibited under
    By Qudeer Latif, Susi Crawford

  • Islamic Finance and the Global Financial Crisis

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    to the prescriptions of the shariah. Dubious products marketed by IFIs undermine the credibility of the system. Exploitative and unjust products that disguise riba (usury), gharar (uncertainty), and maysir (gambling) need to be identified, and the shariah boards must censure those who promote them. The shariah boards
    By Bilal Rasul

  • Procedures for Reporting Financial Risk in Islamic Finance

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    of measurement. Mutuality of risk sharing: Clearly defined risk and profit sharing characteristics serve as an additional built-in mechanism. There are clearly laid out terms and conditions. Avoidance of riba (interest), maysir (gambling), and gharar (uncertainty). The key elements of Islamic financial risk
    By Daud Vicary Abdullah, Ramesh Pillai

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Definitions of ’maysir’ and meaning of ’maysir’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’maysir’ and other financial terms with our online QFINANCE Financial Dictionary.

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