To avoid both 'Riba' and 'Gharar' in the financing of a new fishing vessel, what specific, non-debt-based Islamic financial instrument structure would be most appropriately utilized?

To avoid both Riba and Gharar in financing a new fishing vessel using a non-debt-based instrument, the most appropriately utilized structure would be Mudarabah. Riba refers to the prohibition of interest, where a fixed or predetermined return is charged on a loan or capital, irrespective of the actual performance or outcome of the underlying business activity. This is forbidden in Islamic finance because it leads to unfair enrichment and does not involve shared risk. Gharar means excessive uncertainty, ambiguity, or risk in a contract that could lead to unfair outcomes or disputes, often arising from a lack of clear information or speculative elements. Islamic contracts must have clear terms, defined assets, and avoid undue speculation. Mudarabah is a profit-sharing partners....