Managing and Avoid Gharar and Maisir in Sharia Investment

Have you ever thought, “I have to start investing, but I’m scared too? Financial risks make me nervous.” It’s very natural. Especially if we want to invest in halal and sharia-compliant investments. We definitely don’t want to get caught up in things that are prohibited, such as gharar (excessive uncertainty) or maisir (gambling).

Well, fortunately Islam has provided clear guidelines so that we can invest calmly without worrying about breaking the rules.

Let’s have a casual chat about how we can manage financial risks intelligently and stay away from gharar and maisir, so that our investments are truly blessed.

What is Financial Risk in Sharia Investment?

When talking about investment, financial risk is like a friend that cannot be separated, it is everywhere. However, this risk is not to be feared, instead we must understand it and manage it wisely. In Islam, the results we get, whether profit or loss, are the fruit of the efforts and risks we bear.

Allah ﷻ says in QS. An-Najm verse 39,

وَأَن لَيْسَ لِلْإِنْسَانِ إِلَّا مَا سَعَىٰ

“A person does not get except what he has worked for.” (QS. An-Najm: 39)

This means that if we want to reap the results, we must dare to bear the financial risk. There is no profit without effort and the courage to accept risks. This is not just a theory, but has become a very well-known fiqh principle:

الخراج بالضمان

“Profit is a reward for being ready to bear losses.”

This means that anyone who wants to make a profit must also be ready to bear the loss if the risk occurs. So, if you dare to bear the financial risk, then you have the right to profit. This principle is very fair and reasonable, because the financial risk you bear is not something that must be avoided, but rather part of a healthy business process.

Furthermore, Imam Al-Ghazali in Ihya Ulumuddin explains that an imbalance in rights between profit and loss will cause injustice. In other words, the profit obtained must be commensurate with the risk borne.

Now, after we understand that financial risk is reasonable and must be managed fairly, now an important question arises: are all forms of risk permissible? It turns out that in Islam there are types of risks that are actually prohibited because they can harm one party unfairly. Two of them are gharar and maisir. Let’s discuss why both should be avoided in sharia investment.

Also read: The Distinction in Sharia Between Gambling and Business Risk

Why Should We Avoid Gharar and Maisir?

Although financial risks must exist, there are two things that in Islam we must avoid: gharar and maisir.

Gharar is excessive uncertainty, such as buying goods whose condition is unclear, or contracts whose terms are not transparent.

The Prophet ﷺ said:

“لا يبع المسلم على غرر”

“A Muslim is not allowed to sell goods that are full of uncertainty (gharar).” (Narrated by Muslim)

While maisir is gambling or betting without real effort. Islam strictly forbids it because gambling is destructive, causes unfair losses and chaotic life. Allah ﷻ said in QS. Al-Baqarah verse 219:

يَسْأَلُونَكَ عَنِ الْخَمْرِ وَالْمَيْسِرِ ۖ قُلْ فِيهِمَا إِثْمٌ كَبِيرٌ وَمَنَافِعُ لِلنَّاسِ وَإِثْمُهُمَا أَكْبَرُ مِن نَّفْعِهِمَا

“They ask about wine and gambling. Say: ‘Both contain great sin and benefit for people, but their sin is greater than their benefit.’” (QS. Al-Baqarah: 219)

If the investment we make is similar to gambling, a.k.a speculation without a clear effort, it is included in maisir and must be avoided. Unfair financial risks like this clearly contradict the Islamic principles of justice and honest cooperation.

Also read: Balance Between Worldly Life and Hereafter According to Prophet Muhammad ﷺ

Smart Ways to Manage Financial Risks without Getting Caught Up in Gharar and Maisir

Okay, you already know that financial risks are important and we must bear them, but how do you manage them so that they remain sharia-compliant?

1. Choose investments with clear contracts and objects. Don’t just invest without knowing what you are buying or participating in. Make sure all the terms are clear, nothing is hidden.

2. Focus on businesses or investments based on real assets. For example, mudharabah (profit sharing) and musyarakah (business cooperation). Because there are real business activities, the risk becomes more measurable.

3. Avoid speculation and transactions that are similar to gambling. Don’t be tempted by promises of quick profits without clear efforts.

4. Learn and consult with sharia experts. So that you are sure that your investment is truly halal and safe.

5. Endeavor and trust. Work hard, manage risks wisely, then leave the results to Allah ﷻ.

Also read: 3 Ways to Make Money That Islam Forbids

Conclusion

Sharia investment is not just about seeking profit, but more than that: seeking blessings and the pleasure of Allah ﷻ. By understanding financial risks and avoiding gharar and maisir, you can invest calmly, confidently, and of course with blessings.

Hopefully this article will help you understand and be smarter in managing sharia investment!

Also read: Rules and Etiquette on Halal Investment for Blessed Wealth

Let’s Visit, Zeed and join for halal investment with Zeed.

References

Al-Quran. (n.d.). Surah An-Najm (53): 39. Tafsirweb.com. https://tafsirweb.com/2454-surat-an-najm-ayat-39.html
QS. Al-Baqarah (2): 219. Tafsirweb.com. https://tafsirweb.com/2309-surat-al-baqarah-ayat-219.html
Muslim, Abu al-Husain. Sahih Muslim. Retrieved from https://www.hadits.id/hadits/muslim
Al-Ghazali. Ihya Ulumuddin (Book of Mu’amalat). Beirut: Dar al-Fikr.