Lesson 1 / 4 · 10 min · take your time
Riba, gharar, maysir — fences, not stickers
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Board 01
Riba, gharar, maysir — fences, not stickers
Islamic finance, in classroom words, is a map of contracts that try to avoid riba (unjustified increase, often taught as interest on a loan), gharar (gross uncertainty), and maysir (gambling). Those are fences. Fences are debated. We are not a scholar. We will name the usual classroom fences. We will not rule on your contract.
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Islamic finance, in classroom words, is a map of contracts that try to avoid riba (unjustified increase, often taught as interest on a loan), gharar (gross uncertainty), and maysir (gambling). Those are fences. Fences are debated. We are not a scholar. We will name the usual classroom fences. We will not rule on your contract.
A sale, a lease, a partnership, and an agency sit in that toolkit: murabaha, ijara, musharaka, mudaraba, wakala in the usual transliterations. Nominative: those words stay with that jurisprudence. A word on a term sheet is only as good as the structure. A sticker is not a ruling.
Conventional bonds pay a coupon on a loan. If a shop wants a -like without that loan shape, it has to point the certificate at an asset, a lease, or a venture. That pointing is the whole game. Pointing badly is how a “sukuk” is just a bond in a robe.
Human: we will not tell you what is lawful. We will tell you the map has fences, and that a pitch that skips the structure is selling a robe.
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