This manuscript contributes to Islamic studies literature, by critically assessing the current implications of the scriptural injunctions against gharar and maysir. It elaborates how overlooking the features of the contemporary world and adopting literal approach in Islamic jurisprudence have led to absurdity in application of doctrines of gharar and maysir to Muslim’s financial activities. The manuscript propounds that the cogent concern of the injunctions could have been an initiative for Islamic scholars to establish an advanced contract law and to promote transparency in economic activities.