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\title{Identifying the Presence of Gharar in Buying and Selling Mechanism Under Different Kinds of the Market Structure}
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             \author[1]{Dr. Mohammad Masrurul  Mowla}

             \affil[1]{  International Islamic University Chittagong}

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\date{\small \em Received: 8 December 2018 Accepted: 4 January 2019 Published: 15 January 2019}

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\begin{abstract}
        


This paper aims to investigate the presence of Gharar in buying and selling mechanism in the different kinds of market. This is a conceptual paper based on secondary data. This paper finds that, the Gharar is highly existed in the imperfect competitive market compared to the perfect competitive market. The level of Gharar is higher in monopoly followed by oligopoly, monopolistic market. Finally, this paper recommends some steps to avoid Gharar in the buying and selling mechanism in different market structure

\end{abstract}


\keywords{gharar, market, buying and selling mechanism.}

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\let\tabcellsep& 	 	 		 
\section[{I. Introduction}]{I. Introduction}\par
arket is a process where buyer and seller interact to each other and maximize their utility as well as profit by exchanging goods and services  {\ref (Samuelson and Stephen, 2011)}. Moreover, perfect knowledge about the product ensures the benefit of both economic agents and generate efficient outcome in the market \hyperref[b7]{(Hossain, 2014)}. In contrast, any kind of anomalies in the specification of the product, may fail the market by creating the inefficient outcomes.\par
Furthermore, by nature, a producer is always tries to maximize their profit \hyperref[b11]{(Mankiw, 2014)}. A producer usually achieves his goal by manipulating information under imperfectly competitive market such as monopoly, oligopoly and monopolistic market except perfectly competitive market. Such kind of information manipulation creates the market failure by harming the consumer. 
\section[{S.no.}]{S.no.}\par
Gharar Related Terminologies 1.\par
Two in one sale 2.\par
Sales by touch 3.\par
Persuasive advertisement 4.\par
Bulk discount 5.\par
Conditional sales 6.\par
Sales by lottery 7.\par
Sales without touched 8.\par
Sales of unspecified products in a box 
\section[{M}]{M}\par
On the other hand, in Islam, any kind of transaction including buying and selling is considered as a blessings, if both parties show their kindness to each other (Al-Bukhari, 3:293). Any kind of information manipulation, non-specification of the product and uncertainty in a transaction is called Gharar that is strictly prohibited in Islam. This paper is an initiative to detect the presence of Gharar in the buying and selling Mechanism under different kinds of the Market structure such as Perfect competitive and imperfect competitive market. This paper includes the most common practices of buying and selling methods from the contemporary world. 
\section[{II. Objective of the Study}]{II. Objective of the Study}\par
The main objective of this paper is to identify the presence of Gharar in the buying and selling Mechanism under the different kinds of the Market structure such as Perfect competitive and imperfect competitive market 
\section[{III. Methodology}]{III. Methodology}\par
This is a conceptual paper. This paper is prepared by using the secondary information and theoretical background is designed by reviewing the literature from different books, articles and websites. However, this paper consists of eight sections. First, second, third and fourth sections discuss the Introduction, Objective, Methodology and Literature Review respectively. Section fifth includes the discussion on the the Concept of Gharar and Shariah Rulings while section six exposes the Presence of Gharar in the different kinds of Markets. Besides, Gharar in the Promotional Activities was discussed in the section seven. Finally, section eight presents the Conclusion and recommendations.\par
IV. Literature Review\par
V. An Overview of the Concept of Gharar and Shariah Rulings Gharar ????(? ???? ) is an Arabic word that is originated from garrun ???(? ???? ? ). The literal meaning is; hazard, trouble, uncertainty, excessive risk, peril, mislead, swindle; seduce, ambiguity, aleatory, etc. (al-maany, 2018). Terminologically, it can be defined as the sales of unknown, unspecified, non-existed goods. Further more, it can be defines as the trade of an objects whose existence or features are uncertain and the perilous nature of the object makes the deal akin to wagering or gambling. Also, in encompasses the cheating, game of chance through random events, and imperfect information in the dealing contract or uses imprecise language Al-Zuhayli, 1997). Moreover, cheating (tadlis) and (ghubn) is considered as Gharar in the Encyclopedia of Islamic Jurisprudence \hyperref[b12]{(Razi, 1995)}. Besides, Gharar includes the inadequate information, trickery, excessive risk and uncertainty in the sales of an object or in the contract (El-Gamal, 2006, 58-60).\par
For example, sales of unborn cow, sales of unknown goods in the container, Sales of fish in the pond to be caught, sales of goods without measuring, selling the birds in the sky, unborn calf etc. 
\section[{Causes of Emerging the Gharar:}]{Causes of Emerging the Gharar:}\par
i Asymmetric information: Asymmetric information arises when in an economic transaction, one economic agent in the market has better information and he can manipulate it. Moreover, it can be defined as the information that is imperfect or partially correct or completely wrong information. Moreover, it is quite impossible to determine whether the provided information is correct or not \hyperref[b4]{(Black, 1997)}, ii Un-specification of the products: a product is said to be unspecified if its characteristics is not clearly disclosed. Such as not exposing the information regarding useful as well as harmful side of the products, iii Uncertainty: it can be defined as the doubtful or distrustful consequences of an event, transaction, etc. \hyperref[b3]{(Bishop, 2004)}. Such as, selling of an unknown product, selling a precious product within a box but without disclosing the nature of precious things. 
\section[{Shariah rulings on Gharar:}]{Shariah rulings on Gharar:}\par
In Islamic economics and finance, Gharar al kasir is permanently prohibited in all kinds of financial and nonfinancial transactions (El-Gamal, 2006, 58-60). 
\section[{VI. The Presence of Gharar in the}]{VI. The Presence of Gharar in the} 
\section[{Different Kinds of Markets}]{Different Kinds of Markets}\par
As mentioned in the section-5 that, the Gharar arises due to the Asymmetric information, nonspecification of the product and Uncertainty. These three anomalies can be found in any events where information failure occurred. Moreover, the information failure is highly related with market controlling power of a firm. Market power refers to the degree of control that a single firm or a small number of firms have over the price and production decisions in an industry \hyperref[b14]{(Samuelson \& Nordhaus, 2010)} Gharar is fundamentally prohibited in the Islamic economics and finance. Several researches have been done on the Gharar issue.
\begin{quote}
.\end{quote}
\par
Nehad and khanfar (2016) analyzes the concept of Gharar according to the teaching of Quran. Sultan (2016) reviews the Rib?, Gharar \& Maysir in Classical Shari'ah and shows its implications in the contemporary World. Haron (2015) scrutinizes the issue of Gharar in the embedded options in Malaysian perspective. \hyperref[b18]{Uddin (2015)} discusses the principles of Islamic finance regarding Riba, Gharar and Maysir. \hyperref[b5]{Cizakca (2010)} exposes the issue of Gharar and sukuk regarding the domestic borrowing. El-Gamal (2006) discusses the features and Prohibition of Gharar.\par
However, the earlier researchers discusses the features of Gharar, Gharar in the financial transactions, etc. But this paper raises the issue if Gharar in the buying and selling mechanism under the different kinds of market such as perfectly competitive market, monopoly, oligopoly and monopolistic market, that was totally untouched in the earlier researches.\par
Moreover, Gharar can be classified into two types. Gharar al kasir and Gharar al kalil. Gharar al kalil means nominal or trivial risk that can be lessened easily. Such as business risk, risk in the sales of new products, etc. In contrast, Gharar al kasir refers to the excessive risk or uncertainty that cannot be mitigated easily \hyperref[b10]{(Khan, 1990)}.\par
By considering the market power, different firm introduces the product to the customer by manipulating information. Usually, a product is introduced to its customer by the promotional activities such as advertising, describing the features of the product on its body, booklet, brochure, bill board, etc. Moreover, since revenue maximization depends on the sales maximization, a producer always tries to maximize sales by expanding the promotional functions under the marketing department of the firm. The promotional activities can be defined as the tools or mechanism employed by sellers to influence or pursue the customers to purchase the products or services. However, it further strengthens the stand of the company in the market (marketing School, 2018). According to the Promotional Products Association, 76\% of the recipients of the promotional materials remember the products and the company. Moreover, it induces the customers to buy the products and services. Furthermore, advertising is one of the powerful promotional activities in the world. The table  {\ref -} Also, Gharar practices in the buying and selling process under the different kinds of markets through promotional activities. In the perfect competitive market, a large number of buyers and sellers exchange the identical products. It is assumed that perfect information regarding products is available in this market. So, it is difficult to find the presence of Ghararin this market.\par
Monopoly has unparalleled and sole market power because of unique product and single producer in the market. It can manipulate the information regarding products details or characteristics. So, the presence of Gharar is extremely higher in both pure or natural and artificial monopoly. Because, the information provided by the monopolist is only the sources of knowledge that can be gained about the products.\par
Though oligopoly market is better than monopoly for the consumers, But due to the cartel and collusion, the producer of this market provide little perfect information but mostly provide asymmetric information in the forms of differentiated products. Thus, the producer practices Gharar in the oligopoly.\par
Monopolistic market is operated by the large number of buyers and sellers. By nature, the product is close substitute and information is more available in the market compared to monopoly and oligopoly. But due to the severe competition, the promotional activities and asymmetric information is also higher in this market. Thus, this market practices Gharar. Table-4 illustrates the level of Gharar in the different kinds of the Market. The producer practices the several types of promotional tools to maximize the profit in the market. This section identifies the Gharar through table-5 on the many promotional tools those are highly practices in the market. 
\section[{List of Terminologies that Generate Gharar in the Market}]{List of Terminologies that Generate Gharar in the Market} 
\section[{Serial}]{Serial}\par
No.\par
Gharar Related Terminologies 
\section[{Two in one sale}]{Two in one sale}\par
It is difficult to realize that, how do they maintain it? , Doubtful about exact quality and quantity, volatile the market 2.\par
Sales by touch and pebble Uncertain events, always one party gainer and another party is looser 3. 
\section[{Persuasive advertisement}]{Persuasive advertisement}\par
Inducing customer to buy the products, actual information is absent, cheating with the customer 4. 
\section[{Bulk discount}]{Bulk discount}\par
It is difficult to realize that, how do they maintain it? , Suspicious about the accurate quality and quantity, 5.\par
Conditional sales It may induce the customer to buy unnecessary products 6.\par
Sales by lottery Uncertainty, always one party gainer and another party is looser 7.\par
Sales without touch Customer is in dark about the products. 8.\par
Sales of unspecified products in a box Customer is in dark about the products. 
\section[{9.}]{9.}\par
Buy-one-get-one-free It is difficult to understand that, how do they maintain it? , distrustful about exact quality and quantity, volatile the market 10.\par
Selling the unknown products Uncertainty\par
It can be said that, Gharar is highly present in the promotional activities. Moreover, it creates doubtless that, whether the producers provide the exact quality and quantity of the products or not?\par
Moreover, sometimes, it is argued that, the producer writes the higher price on the product, then offer discount on the price. But it is itself a Gharar or ambiguousness about the determination of the price. Because, price is a representation of the cost of a product, and company's profit. So such type of practices is considered as Gharar is Islam. 
\section[{VIII. Conclusion and Recommendations}]{VIII. Conclusion and Recommendations}\par
Finally, it can be said that, Gharar in a transaction deprives the customer in getting the actual products or services while it make the producer as deceiver, and thereby generates the market failure. This paper discloses the presence of Gharar in the buying and selling methods under the different kinds of the market. Furthermore, this paper identifies the Gharar in the promotional activities those are practices by the producer in the market. Finally, this paper recommends the following steps to avoid Gharar from any kind of financial and non-financial transaction:   
\section[{Level of}]{Level of} 
\section[{Gharar Presence of Gaharar}]{Gharar Presence of Gaharar}\par
? The promotional activities should be designed in a way so that, it discloses the perfect information (including positive and negative sides) about the products. Moreover, the exaggerating and concealing the information must be avoided. \begin{figure}[htbp]
\noindent\textbf{1}\includegraphics[]{image-2.png}
\caption{\label{fig_0}Figure- 1}\end{figure}
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\noindent\textbf{}\includegraphics[]{image-3.png}
\caption{\label{fig_1}}\end{figure}
  \begin{figure}[htbp]
\noindent\textbf{} \par 
\begin{longtable}{}
\end{longtable} \par
 
\caption{\label{tab_0}}\end{figure}
 \begin{figure}[htbp]
\noindent\textbf{1} \par 
\begin{longtable}{}
\end{longtable} \par
  {\small\itshape [Note: Source: compiled by the author]} 
\caption{\label{tab_1}Table 1 :}\end{figure}
 \begin{figure}[htbp]
\noindent\textbf{} \par 
\begin{longtable}{P{0.34128787878787875\textwidth}P{0.10303030303030303\textwidth}P{0.10946969696969697\textwidth}P{0.12234848484848486\textwidth}P{0.17386363636363636\textwidth}}
\tabcellsep \tabcellsep \tabcellsep \tabcellsep (In billion USD)\\
Region\tabcellsep 2010\tabcellsep 2017\tabcellsep 2018*\tabcellsep 2020*\\
Asia Pacific\tabcellsep 97.54\tabcellsep 147.95\tabcellsep 157.77\tabcellsep 178.75\\
Central and Eastern Europe\tabcellsep 8.29\tabcellsep 11.96\tabcellsep 12.62\tabcellsep 14.03\\
Western Europe\tabcellsep 83.33\tabcellsep 99.27\tabcellsep 102.97\tabcellsep 110.12\\
Middle East and Africa\tabcellsep 7.56\tabcellsep 9.87\tabcellsep 10.59\tabcellsep 12.56\\
North America\tabcellsep 146.3\tabcellsep 201.6\tabcellsep 215.28\tabcellsep 234.44\\
Latin America\tabcellsep 15.95\tabcellsep 35.54\tabcellsep 40.44\tabcellsep 52.48\end{longtable} \par
 
\caption{\label{tab_2}}\end{figure}
 \begin{figure}[htbp]
\noindent\textbf{} \par 
\begin{longtable}{P{0.46844444444444444\textwidth}P{0.38155555555555554\textwidth}}
\tabcellsep (In million USD)\\
Country\tabcellsep Advertisement Expenditure\\
Saudi Arabia\tabcellsep 312 (2015)\\
United Arab Emirates\tabcellsep 531 (2015)\\
Qatar\tabcellsep 144 (2015)\\
Pakistan\tabcellsep 485 (2016)\\
Indonesia\tabcellsep 2700(2017)\\
Malaysia\tabcellsep 771 (2017)\\
\multicolumn{2}{l}{Source: Istizada (2016), Shadman (2016),Statista (2018)}\end{longtable} \par
 
\caption{\label{tab_3}}\end{figure}
 \begin{figure}[htbp]
\noindent\textbf{23} \par 
\begin{longtable}{P{0.85\textwidth}}
Source: Statista (2018), *Projected value\end{longtable} \par
 
\caption{\label{tab_4}Table 2 :Table 3 :}\end{figure}
 \begin{figure}[htbp]
\noindent\textbf{45} \par 
\begin{longtable}{P{0.85\textwidth}}
Source: compiled by the author\end{longtable} \par
 
\caption{\label{tab_5}Table 4 :Table 5 :}\end{figure}
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\end{document}
