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Glossary of Islamic Banking Terminology- G -
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Ghanima
Spoils of war acquired from enemy after fighting during a holy war (Jihad).

Gharar
Uncertainty, hazard, chance or risk, ambiguity and uncertainty in transactions. Technically, the sale of something which is not present at hand; or the sale of something where the consequences or outcome is not known. It can also be a sale involving risk or hazard in which one does not know whether it will come to be or not, such as fish in water or a bird in the air; or an event where assurance or non-assurance is subject to chance and  thus not known to parties of a transaction. Can also mean uncertainty or a hazard that is likely to lead to a dispute in a contract.

Gharim
A person in debt; debtor unable to pay the debt from his wealth.

Ghasb
usurpation; abduction.

 

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