Muis: Joint tenancy contracts for Muslims are religiously valid
Muslims who co-own a property under a joint tenancy contract will now have that agreement recognised as religiously valid, without the hassle of additional paperwork.
This means when one of the owners die, the surviving one can automatically absorb the former's share of the property - known as the right of survivorship - without having to present documents.
The Fatwa Committee of Singapore issued religious advisory yesterday, the Islamic Religious Council of Singapore (Muis) said.
Joint owners of a property may select either joint tenancy or tenancy-in-common contracts. Under the latter, each co-owner owns a separate share of the property, which is passed on to a beneficiary upon his death in line with Islamic inheritance law. In a joint tenancy, the share of the deceased goes to the other co-owner.
"The Fatwa Committee advises prospective home owners to consider carefully both options and understand fully the implications on the surviving joint tenant as well as beneficiaries," Muis said, noting a joint tenancy contract is "typically the better option as it safeguards the interest of one's immediate family in the event of one's passing and avoids causing serious financial distress and uncertainty".
It said the latest fatwa applies in the event an owner of a joint tenancy had died before its release, but the surviving owner has yet to sell the property. - FABIAN KOH
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