Maysir

Maysir, derived from the root letters y-s-r, is a Qur’anic term referring to a type of gambling game practiced by pre-Islamic Arabs. Etymologically, it originally signified easy gain or wealth acquired through chance. Some Successors, i.e., the second generation of Muslims, and medieval Quranic commentators expanded the definition of maysir to include various gambling games characterized by uncertainty and unnecessary risk. Therefore, any business transaction resulting in gain solely based on chance and conjecture was deemed maysir. Muslim scholars examined the prohibition of gambling as it related to “gharar,” or uncertainty and unnecessary risk, which could potentially lead to division and hostility within the community. This prohibition aimed to prevent the negative consequences associated with such business activities. Speculation in stock markets was sometimes associated with maysir, although some researchers argued that speculation should be distinguished from gambling. However, instances of speculative transactions involving “gharar” were acknowledged and evaluated on a case-by-case basis. In summary, Islam did not merely ban specific forms of gambling but aimed to prevent the adverse outcomes of similar business activities. Therefore, gains and profits obtained through all types of wagers were prohibited.