Maisir And Qimar In Contemporary Society

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MAISIR AND QIMAR IN CONTEMPORARY SOCIETY A number of conventional bank schemes/ products and financial transactions contain the element of Maisir and Qimar. “Maisir” means wishing something worthful without paying an equivalent compensation or with no effort, or without undertaking any liability against it, by way of a game of chance. On the other hand. ‘Qimar’ means receipt of money, benefit at the cost of others or by resorting to chance. Gambling is a form of Gharar and at the same time form of Qimar because the gambler is ignorant of the result of the gamble. According to Islamic Jurisprudence, the buyer who buy an exhibition ticket with intention to win the prize will be a sinner as the method of its distribution resembles gambling. Options contracts and present futures that are rooted through price differences only are considered gambling. Another example is a lottery in which coupons are distributed and incentives are provided by an uncertain and speculative event depending on chance. Webster dictionary defines lottery as “a distribution of prizes by lots or chance”. Practically, a number of forms of lottery are predominant and majority of them are forbidden from Islamic Jurisprudence point of view. . In Islam, maisir or gambling is forbidden (Arabic: haram). • The Quran, chapter 2 (Al-Baqara), verse 219: “In them is great harm, and a benefit for mankind; but their harm is greater than their benefit - translated by Abdullah Yusuf Ali” • In a later verse of the Quran it was further revealed that "intoxicants and games of chance" including Maisir were "abominations of Satan's handiwork," intended to turn people away from God and forget about prayer, thus Muslims were ordered to abstain (5:90-91). This is the verse revealed concerning alcohol and gambling which is the basis for its forbidding in Islam. It is also the second verse in which alcohol

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