The concept of risk management is not a new phenomenon for humanity. Since the inception of humanity, he has gone through calamities and hazards. Resultantly these challenges turn into physical and financial loss. In order to safeguard from these losses the concept of risk is attached in everyday life. Therefore, he has devised different strategies to identify, manage and alleviate these risks. These measures adopted by the humanity are sometimes in individual capacity and sometimes collectively. Keeping this feature as paramount importance the Islamic Law has not only emphasized to identify these risks but also endorsed every possible step to alleviate them. The prerequisite for risk management the Islamic Law has bound to adopt only those measures that are in consonance with the Islamic Law injunctions. This study focuses on the aforementioned risks andits management in the light of Islamic Law.