Yes, SPayLater (inclusive of BNPL and installments 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 in a deferred basis.
It is used to cover costs and work associated with operating SPayLater, and is in line with the Shariah concept of Ujrah
It is used to cover the costs incurred due to user’s default in payment
Any collections that are in excess of the actual cost are considered as Gharamah (penalty) and will be channeled to a charitable body approved by our Shariah Advisor