Maysir Meaning
Maysir or Maisir is an Arabic term that means gambling. Literally, maysir meaning is ‘getting something too easily’ or ‘getting a profit without working for it.’ Maisir is a game of chance by which a person either wins or loses. Earnings through it have been strictly declared as Haraam. Historically, the word maysir stood for a game or play with unfeather or headless arrows. Gambling can briefly be defined as wagering money or other valuable things upon the outcome of an event or making money upon some chance. Thus it is a game of chance by which you either win or lose. The evil of gambling is in vogue since the time immemorial. According to a writer: ‘Games of chance’ are as old and as widespread as humanity.
Maysir (Gambling) in Islam
The extent to which gambling prevails in the modern world is difficult to assess. Most of it is centered in the horse racing. Dice and wagering are rightly included in definition of gambling. Modern form of gambling are lottery, betting, cross-word puzzles, card-playing (with bets), prize schemes, etc.
Prohibition of Maisir (Gambling) in Quran and Hadith:
Gambling and all games of chance have been strictly prohibited by the Quran. According to the Quran, gambling, as wine-drinking, is the devil’s handiwork through which he seeks to cast enmity among the people and turn them away from the remembrance of God.
Prohibition of Maysir in Quran
“They question thee about strong drink, and games of chance. Say: In both is great sin, and (some) utility for men; but the sin of them is greater than their usefulness.”
Surah Al Baqarah Ayah No. 219!
“O ye who believe! Strong drink and games of chance and idols and divining arrows are only an infamy of Satan’s handiwork. Leave it aside in order that ye may succeed. Satan seeketh only to cast among you enmity and hatred by means of strong drink and games of chance, and to turn you from remembrance of Allah and from (His) worship. Will ye then have done?”.
Surah Al Maidah Ayah No. 90 & 91!
Prohibition of Maysir in Hadith
“The Messenger of Allah prohibited intoxicants, games of chance, card playing and Gobairah.”
Reported by Abdullah bin Amr Abu Daud!
“The Prophet Mohammad (PBUH) forbade wine (Khamr), the game of chance (Maisir), drum (Kubah) and wine made from millet (Ghubairah) saying: Every intoxicant is forbidden”.
Reported by Abdullah bin Amr Abu Daud!
Concept of Maysir in Islamic Banking and Finance
According to the Islamic economic system, all those systems will be impermissible in which there is no mutual cooperation, and the well-being of one depends on the misery of another, as happens in gambling, whether conducted in an uncivil manner, or such civil manner as speculation or lotteries, and such.
“It is the duty of the King (that is, the government) to take various steps for the welfare and economic prosperity of the people, ban unlawful means of income and undertake planning to eliminate gambling, interest, bribery, hoarding and profiteering and work for the prosperity of the people. For example, a situation should not be allowed to develop where most people change their occupation from agriculture to industry and apiculture is neglected or where the industry starts producing unnecessary goods leading to a shortage of basic necessities and an economic crisis in the country”.
According to Shah WaliUllah!
Examples of Maysir in Islamic Banking and Finance
EXAMPLE 1: CONVENTIONAL INSURANCE
Conventional insurance involves a high degree of uncertainty, as they’re based on potential future events that may or may not occur. However, Islamic insurance models, also known as Takaful, are derived from sources of Shariah, and they are not promoted, because risk is shared among the participants.
EXAMPLE 2: OPTIONS AND FUTURES
These conventional finance instruments are highly speculative, because value depends on the future price of asset, which ultimately depends on guess or luck (game of chance). In contrast to this, Islamic finance uses financial modes that involve the exchange of real goods and services and ensures that assets back Islamic financial transactions.
The Harmful Effects of Maysir
Maysir, or gambling, has several harmful effects that justify its prohibition in Islam:
- Economic Instability: Maysir can lead to significant financial losses.
- Deterioration of Personal Character: Gambling can lead to greed, selfishness, and reckless risk-taking.
- Destruction of Family Relationships: Maisir causes severe damage to family relationships, especially financial distress.
- Neglect of Responsibilities: The addictive nature of maysir results in neglecting personal, professional, and social responsibilities.
- Social Inequality: Maysir contributes to widening the gap between the rich and the poor.
- Mental Health Issues: Maisir can lead to depression and anxiety disorders.
Summary
- Maysir is a harmful practice that is also against the principles of Islamic banking and finance.
- It has detrimental effects on individuals, families, and society.
- As Muslims, we should always be away from prohibited elements such as gharar, any kind of riba, maisir and strive towards a more just and fair society.
- Maysir in Islamic banking & finance is discussed in more detail in the Islamic finance certificate and diploma in Islamic banking and finance programs offered by AIMS.