4. Loans, Loans and more Loans

Well, our Syariah said that you can have an HDB Loan due to necessity. But that is not what you see in Singapore at all. Yes, most Muslims have an HDB Loan. But they also have a Car Loan and multiple Credit Cards maxed out with interest piling up into a mountain. The wealthier Muslims might even have another mortgage loan for a condo or even a 2nd condo. Can all of you the issue here? Why I feel it is hard for Muslims to keep their money Halal when Haram things are so easily accessible. For all of you who can relate to the credit card, mortgage loans or car loans, I urge you to wake up. HDB Loan was deemed a necessity hence it was allowed. But there is no way for you to argue your way out of the other interest-based sins. Yes, our public transport system is not the best but that does not justify a loan for a car. Or taking up a loan to invest in multiple condos. Your first HDB housing is a necessity, the condos are investment opportunities. They are not the same. If you wish to purchase the condo as an investment, save up and buy it in cold hard cash. If that seems impossible to you then you just have to realise that you can’t afford it. Full stop. If you feel that drinking and gambling is a huge sin, interest is worse. Just remember that the next time you decide to take up a loan or delay your credit card payments.

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Comments

  1. Unknown14 November 2019 at 19:41

    Can I just ask where can I verify that syariah Court allows hdb loans?

    ReplyDelete
  2. A Common Muslim Man9 December 2019 at 22:45

    I have replied to the comment above, but for the benefit of the rest of us, I shall repeat it here in the comments.

    I myself couldn't find a source to the information mentioned. To the extent of my knowledge, there is no fatwa from Muis that is easily accessible to us online that clarifies this matter.

    However, from my understanding, it is common knowledge amongst most Singaporean Muslims that I know of, that a HDB loan is considered Darurat. I have no idea from where this information comes from but I suspect it spreads through word of mouth from syarahans and religious lectures etc. But I am unsure myself so don't quote me on it. Hahahaha.

    If you are weary of its legitimacy (if you feel was-was about it), I would strongly suggest you drop Muis an email and inquire about the permissibly of HDB Loans. From what I heard, Muis representatives reply to such emails within an acceptable time frame.

    And if anyone finds a reputable source regarding this matter, do share a link here in the comments for the rest of us to read as well! Who knows, the information shared may give us a little peace of mind. Or maybe add more doubt. Hahaha.





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