Abstract
This study analyzes the practice of al-bay‘ bi al-taqsīṭ (credit sale) among housewives in Sijangkung Urban Village, Singkawang City, from the perspective of Islamic economics. The study aims to describe the socio-economic characteristics of debtors, examine the mechanisms of credit transactions, and evaluate the conformity of such practices with Islamic economic principles, particularly the prohibition of ribā, the principle of maṣlaḥah, and maqāṣid al-sharī‘ah. The study employs a descriptive method with a mixed-methods approach. A sample of 30 housewives was selected through purposive sampling from a population of 152 households in RT 019 and RT 020. Data were collected through questionnaires, in-depth interviews, and documentary studies, and were analyzed using the Miles and Huberman model. The findings indicate that the mechanism of al-bay‘ bi al-taqsīṭ in Sijangkung Urban Village generally fulfills the essential pillars and conditions of sale and purchase under Islamic law: the price is transparently agreed upon prior to the contract, the delivery of goods one to three days after the conclusion of the contract is permissible on the basis of ḥawālah ḍarūriyyah, and no element of gharar is present. However, one fundamental issue remains: the imposition of a late-payment penalty amounting to 10% of the installment value constitutes ribā al-nasī’ah, which is inconsistent with maqāṣid al-sharī‘ah, particularly the protection of wealth (ḥifẓ al-māl). This study recommends replacing the late-payment penalty mechanism with a ta‘zīr instrument, with the proceeds allocated to social funds or waqf, and emphasizes the importance of Islamic economic literacy for participants in informal credit transactions.