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Gharar literally means uncertainty, hazard, chance or risk. It is a negative element in mu'amalat fiqh, like riba (usury) and maisir (gambling).
One Islamic dictionary describes it as "the sale of what is not present" — such as fish not yet caught, crops not yet harvested. Similarly, author Muhammad Ayub says that "in the legal terminology of jurists", gharar is "the sale of a thing which is not present at hand, or the sale of a thing whose aqibah (consequence) is not known, or a sale involving hazard in which one does not know whether it will come to be or not".
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