Sarakhsi, an Islamic scholar of the Hanafi school, described gharar as "anything that the end result is hidden or the risk is equally uncommon, whether it exists or not.
"[7] Similarly, the Shafi legal school defined gharar (according to Sami al-Suwailem) as "that whose nature and consequences are hidden" or "that which admits two possibilities, with the less desirable one being more likely.
[8] Among modern scholars of Islam, Mustafa Al-Zarqa has written that "Gharar is the sale of probable items whose existence or characteristics are not certain, due to the risky nature that makes the trade similar to gambling.
According to Muhammad Ayub, "a consensus" among Islamic scholars has emerged in the recent past "regarding its extent rendering any transaction valid or void".
[18] Khatar (خطر) is a kind of gharar that occurs when the "liability of any of the parties to a commutative contract is, or becomes, uncertain or contingent on some unforeseen/uncontrollable event", according to the Islamic Investment and Finance website.