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Questions

بسم الله الرحمن الرحيم
These are a few questions that I have. Going to research about it maybe one day….

Do comment below or email if you have the answers:) (Discussions are welcome)

1) Investment in Properties

Fact a) I understand the need to invest in our current situation. Due to inflation and the increase cost of living, it seems like investing is a need rather than an option to ensure that our assets are growing. In other words, it is to safeguard our wealth.

Fact b) It is impermissible for a muslim to take up an interest-bearing loan. However, since we are living in Singapore where it is almost impossible to buy a house without taking an interest-bearing loan, it is permissible to do so.

Qn 1) Given the scenario that a couple just got married and is planning to buy a house. Let’s say only the two of them living together for now. Logically, a three room HDB flat is sort of okay? So what is the ruling if this couple buying a condo with the size similar to a three room HDB flat? The difference lies in the price. A condo can be bought at least around $700k while a decent three-room HBD flat will cost you around $300k. Of course depending on where you buy it etc.

Increase in price =increase in the interest you need to pay= increase in riba you are dealing with. So is it ok?

Qn 2: One of the reasons why people buy/sell property is for investment purposes. Buy now, hold for a few years, sell at a higher prices later. Then they’ll downgrade to a smaller property. So is it ok? It is like purposely take an interest-bearing loan to get the profit from the property. How?

They are other ways to invest that doesn’t involve riba right? So is this permissible?

2) Insurance

Fact: The majority of scholars considered insurance as impermissible. But because there is a need to have it, for example, having health insurance in Singapore.

Qn: If a person have a few millions as savings. Having health insurance is not a need anymore because if he fall sick then he can comfortably pay the hospital bills and still have extra to live with. Because in the first place, the need to have the insurance is to ensure that the hospital bills are being paid for since one’s savings is not enough and there will be difficulties if one do not have the money to cover him in those situation. Is this correct?

Does this ruling applies to other insurance?

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Base on my observations, I feel that muslim Singaporeans sort of have this attitude of ‘Oh I live in a non-muslim society, I can’t run away from Riba’ and thus we almost totally ignored the fact that perhaps there are some situations that we can actually prevent ourselves from dealing with it.

For example, perhaps one could take an islamic loan from Maybank to buy a car instead of the interest-bearing loans. (Maybank only offer this to buy cars) Okay now perhaps people are saying that ‘Oh islamic banking is not islamic’. My question is ok fine so you would choose the conventional banking that is obviously more involve in Riba rather than the islamic banking?

The problem will then be that islamic banking or services will not want to offer their services in Singapore because of the lack of demand. No demand = No supply. (Then the muslims will go back saying “We live in a non-muslim country. No choice”)

So you see, the problem lies in the fact that there is no demand in the muslim community. We make sure our food is halal. How about our dealings? How about our money? How far will we go to save ourselves?

And perhaps the problem with no demand is because people do no know. So who is to blame? Educators for not educating or the people who chose not to be educated?

Fiqh rulings changes according to individual’s situation, where we live etc. So doesn’t that mean that we try our best to always check on our lives. Especially now that there are syariah-compliant investment opportunities and islamic banking etc. We must always be on the lookout of new things that can make our lives less expose to sins, be it riba or sins of the eyes etc.

We can’t be ignorant anymore. We can’t simply say it is okay because everyone is doing it. We can’t. Okay?

اللهم أرنا الحق حقاً وارزقنا إتباعه وأرنا الباطل باطلاً وارزقنا اجتنابه