Maysir (Gambling)
Prohibition against games of chance, avoiding speculation in financial dealings.
Detailed Description
Maysir (Gambling)
What does the term 'Maysir' refer to?
Maysir refers to gambling or games of chance that involve wagering money or valuables.
Why is Maysir prohibited in Islamic finance?
Maysir is considered haram due to its potential to cause social harm, addiction, and financial loss.
How does Maysir differ from other forms of gambling?
Maysir specifically refers to games of chance that lack a skill component, while some gambling forms may involve skill.
What are some examples of Maysir?
Examples of Maysir include lotteries, casino games, and betting on sports.
What preventive measures do Islamic finance institutions take against Maysir?
They educate clients about gambling risks, promote ethical investments, and provide financial counseling.