ABSTRACT
This chapter aims to review, from a trans-disciplinary perspective, the scope of acceptable gharar which is still controversial in the academic debate. It also aims to propose a trans-disciplinary theoretical framework of making a contribution to the Islamic legal debate on the scope of acceptable gharar. The chapter draws the wisdom of the prohibition of gharar through the lens of Institutional and Post-Keynesian Economics. It looks at one dimension of the prohibition of gharar which focuses on clarity and lack of ambiguity, just and fair treatment for all and cares for the rights of others. The first dimension of gharar is related to incompleteness of contracting. The second dimension of gharar is related to the fundamental uncertainty associated with investment and financial intermediation. In the Islamic mode of investment, Shari'ah is considered the cornerstone of Islamic financial products and services.
