IQIF Practice Questions - IBFIM Intermediate Qualification In Islamic Finance Exam

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What is the primary legal distinction between Gharar Yasir (minor uncertainty) and Gharar Fahish (major uncertainty) regarding their impact on a commercial contract (Uqud al-Muawadat)?

Gharar Yasir renders the contract voidable (Fasid), while Gharar Fahish renders it valid. Gharar Yasir is tolerated and does not invalidate the contract, while Gharar Fahish invalidates the contract. Gharar Yasir invalidates the contract, while Gharar Fahish is tolerated under public interest (Maslahah). Both types of gharar invalidate the contract, but Gharar Yasir requires payment of compensation (Arbun).

Correct Answer:

Gharar Yasir is tolerated and does not invalidate the contract, while Gharar Fahish invalidates the contract.

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