This paper aims at providing an account of the Islamic conception of Gharar in contrast to the current Western conceptualisation of risk, using the respective financial legal frameworks of both as the criterion. One of the more decisive stakes of the difference in approach between the Islamic and contemporary Western legal orders today concern the regulation of financial markets; specifically, the definitions of risk and uncertainty – crucial characteristics of modern economies – can be understood as preferentially related to specific features of Islamic law. In the end, according to Knight, money-creation processes are centred on uncertainty. Without uncertainty, there is no profit. This is why, although different at first sight, Islamic finance with its understanding of permissible Gharar and Western finance with its uncertainty-aversion trend have become more resilient, especially since the financial crisis (2007–2010).

中文翻译：

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风险、不确定性和市场：对伊斯兰和西方金融的重新思考

本文旨在提供对伊斯兰教的概念的说明加拉尔与当前西方的风险概念相反，使用两者各自的金融法律框架作为标准。当今伊斯兰和当代西方法律秩序之间的方法差异的一个更决定性的利害关系是金融市场的监管。具体而言，风险和不确定性的定义——现代经济的关键特征——可以被理解为优先与伊斯兰法律的特定特征相关。最后，根据奈特的说法，货币创造过程以不确定性为中心。没有不确定性，就没有利润。这就是为什么，虽然乍一看不同，伊斯兰金融及其对可允许的加拉尔以及具有不确定性规避趋势的西方金融变得更具弹性，尤其是自金融危机（2007-2010 年）以来。