THE FIQH MAXIM AL-GHUNM BI AL-GHURM: A CRITIQUE ON INTERPRETATION OF THE MAXIM RELATING TO THE RISK-RETURN CONCEPT IN ISLAMIC BANKING AND FINANCE
Purpose — This paper aims to critically review the interpretation of the fiqh maxim al-ghunm bi al-ghurm, which, while being associated with the risk-return concept, is widely adopted in the Islamic banking and finance industry. Tracing back to the doctrinal sources of Sharīʿah (Islamic law), the re...