This article offers an observation on the concept of risk (mukhāṭarah) management in Islamic banking, based on the Islamic commercial laws (fiqh almu‗āmalat). Beside the conventional system, the authors explore some issues of Islamic banking system such as Sharī‗ah compliance, objectives of Islamic law (maqāṣid al-Sharī‗ah) as well as other related issues. The study is based on a qualitative methodology, whereby critical and textual analyses and a comparative approach are applied on relevant written materials. Findings reveal that risk management issues such as contractual uncertainty (gharar), interest/usury (ribā‗), and others are thoroughly deliberated and addressed in the discourses of Islamic commercial laws. This article attempts to shed light on some of the issues and to formulate some recommendations for enhancing and improving the current Sharī‗ah risk management and Sharī‗ah governance in Islamic banks