NIBAF Islamic Banking Certificate Practice Questions - NIBAF Islamic Banking Certificate Course Examination Exam

In Islamic finance, the term 'Gharar' refers to which of the following prohibited elements?

The charging of interest on deferred payment transactions Games of chance, gambling, or speculation where one gains at the absolute expense of another Excessive uncertainty, risk, or ambiguity in the core terms of a financial contract Investing in prohibited business activities such as alcohol, pork, or conventional banking

Correct Answer:

Excessive uncertainty, risk, or ambiguity in the core terms of a financial contract

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