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All Journal Indonesian Journal of Islamization Studies
Mustafa Omar
Real Asset Research Group, Universiti Teknologi Malaysia, Johor, Malaysia, Malaysia,

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Shariah-Compliant Housing: Opportunities and Challenges in Modern Markets Noorsidi Aizuddin Mat Noor; Farhana Diana Deris; Mustafa Omar; Hamdi Abdul Hamid; Afizan Mokhtar
Indonesian Journal of Islamization Studies Vol. 2 No. 1 (2024): Indonesian Journal of Islamization Studies (INJAS)
Publisher : Universitas Darussalam Gontor

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Abstract

This study examines the market potential and challenges of Shariah-compliant housing, which follows Islamic principles by avoiding interest (riba), gambling (maysir), and excessive uncertainty (gharar). With the global Muslim population growing and demand for Islamic value-aligned products increasing, there is a notable gap in awareness and understanding of Shariah-compliant housing among buyers and investors. Focusing on Malaysia, where the Muslim population is substantial and Islamic financial infrastructure is advanced, the study employs a mixed-method approach. Surveys of 150 Muslim respondents assess consumer preferences, while interviews with industry experts explore supply-side challenges. Findings indicate strong interest in Shariah-compliant housing, with 78% willing to pay a premium. However, barriers such as limited awareness, inadequate Shariah-compliant financing, and unclear regulations remain. The study suggests that addressing these issues through education, clearer regulations, and alternative financing is essential for market growth.
Co-Authors Afizan Mokhtar Farhana Diana Deris Hamdi Abdul Hamid Noorsidi Aizuddin Mat Noor