Abstract

In transactions, Gharar has always been noticed by Shi’a
jurisprudence (Figh) and Muslim scholars have always tried to avoid
it. Ghararian transaction is one that its results are so vague that
produce unusual probability for loss. As a whole, there are three
fundamental cases of Gharar, including vagueness in sold existence,
descriptions and ability to deliver it. In risk management, one of the
most applied transactions all over the world is stock option
transaction. Benefiting from financial instruments, the dubiety of
Gharar in this transactions has always been challenging and under
consideration. By an exact jurisprudential consideration it is found
that this transaction is divided into two stages. The first stage is an
exchange of engagement for price and the second one is selling right.
There almost always have been disputes on selling rights among
scholars. Assessing reasons given by those in agreement or
disagreement, it is concluded that selling right is approved (in some
shi'a jurisprudence approaches such as those by Imam Khomeini).
Existence of credit risk, vagueness in option's descriptions and option
contract qualification for delivering the right possession are problems
which generate the dubiety of Gharar in these transactions.
Considering clearing room role, existence of standard contracts and
being common the credit delivering instruments in use among
rationales, the dubiety of Gharar in these transactions is rejected in
shi'a jurisprudence approach.