SHARIAH COMPLIANT ELECTRONIC MONEY IN MALAYSIA: KEY CONCERNS AND ITS PERMISSIBILITY
This paper explains the four main concerns on Shariah-Compliant Electronic Money in Malaysia derived from a discussion meeting by The Shariah Advisory Council of Bank Negara Malaysia (hereafter, SAC). This paper also discussed the permissibility of electronic money from the Islamic Shariah perspective. Hence, this paper is useful for any approved issuer that intends to offer Shariah-compliant e-money. Approved issuers are encouraged to educate their users on the essence of the Shariah-compliant e-money product to avoid misunderstanding of the Shariah ruling.
. Paragraph 13.1 of Guideline on Electronic Money.
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. This view is consistent with the decision of the SAC at its 140th Meeting on 28 October 2013 and 166th Meeting on 23 February 2016 that resolves on permissibility to combine several Shariah contracts in one master agreement.
. Hasan Ali al-Syazili, Ijtima` al-`Uqud al-Mukhtalifah fi `Aqd Wahid, in A`maal al-Nadwah al-Fiqhiyyah al-Khamisah li Bait Tamwil al-Kuwaiti, Bait al-Tamwil al-Kuwaiti, 1998, pg. 506.
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. Ahmad al-Zarqa, Syarh al-Qawa`id al-Fiqhiyyah, Dar al-Qalam, 1989, pg. 482.
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