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[SPayLater] Is SPayLater Shariah Compliant?
English | Bahasa Malaysia
Yes, SPayLater (inclusive of Pay Next Month and installment payment options) is certified as Shariah Compliant by Amanie Advisors (“Amanie”), a global Shariah advisory firm and a registered Shariah advisory company with the Malaysian Securities Commission (SC).
SPayLater is consistent with the Shariah permissibility on Bay’ Bithaman Ajil (deferred payment sale), where the parties in a sale transaction agree to make the payment on a deferred basis.
Processing Fees | It is used to cover costs and work associated with operating SPayLater and is in line with the Shariah concept of Ujrah |
Late Charge | It is used to cover the costs incurred due to the user’s default in payment Any collections that are more than the actual cost are considered as Gharamah (penalty) and will be channelled to a charitable body approved by our Shariah Advisor |
