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Yes, SPayLater (inclusive of 1 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). Please find in this link the Letter of Certificate for SPayLater from Amanie.
SPayLater is consistent with the Shariah permissibility on Bay’ Muˋajjal (deferred payment sale), where a contract involving the sale of goods on a deferred payment basis, under which the seller sells specific goods (permissible under Shariah), to the buyer at an agreed fixed price payable at a fixed future date in a lump sum or within a fixed period by instalments.
Profit Rate | Refers to the rate charged for the provision of the SPayLater services (formerly referred to by us as “Processing Fee”), as further detailed in our Terms of Service. |
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 |
SPayLater is a service provided by Monee Capital Malaysia Sdn. Bhd. (formerly known as SeaMoney Capital Malaysia Sdn. Bhd.).