PROPERTY INVESTMENT IN SINGAPORE : A REVIEW OF RIBA IN MUAMALAT TRANSACTION

This study aims to determine the taklīfī (defined law) elements based on
maqāṣid al-sharīʿah law related to owning a house in Singapore, as well as the ribā (usury) factors involved in property investments based on Muamalat Law. The study explores the legal limits set by the maqāṣid al-sharīʿah law for acquiring residential property in Singapore, with a focus on the role of ribā in property investments as stated in Muamalat Law. This research utilizes a qualitative methodology with a phenomenological approach to examine the perspectives of the Muslim community in
Singapore, including Majlis Ugama Islam Singapura, a local prominent scholar, housing agents, and their clients. Data collection for this study consists of primary sources, such as interviews, and secondary sources obtained through library documentanalysis. Using the local context, where there is no interest-free loan to buy a house, the analysis is conducted based on the concept of al-ḥājah tunazzilu manzilah ad-ḍarūrah and al-darūrāh tubīḥ al-maḥẓūrāh, as well as the application of themaqāṣid al-sharīʿah in addressing the problems of the local community, so that the law is in line with the development and demands of the time and place. The research suggests that the community seems to pay insufficient attention to ribā in their daily property transactions, whether for essential or luxury purposes.