Fiqh Mu'asarah in Finance (Fiat Money & E-Wallet)

Does Malaysia use fiat money?

• Yes

• No

Fiat Money does not have Intrinsic Values as it changes at all the time. Hence, it does not have a measure of value and a store of value.

• True

• False

Based on the Majority of contemporary scholars, they agree the necessity (should) of Fiat Money is due to the following:

• Because it involves the creation of purchasing power just like that

• A lot of impact negative in the economy such as poverty and unfair distribution

• Money as a tool of exchange for measuring an economic value

What is E-Wallet?

• Government issued currency that is not backed by a physical commodity

• Electronic device that allow person to perform electronic transaction with other parties through exchange of digital money

• A payment instrument containing the value of the amount of money paid in advance by the user to issuer

The following are some reasons for the non-existence of qard jarra naf'an in the

E-wallet reward practice according to SAC, except

• No inter-conditionality between contracting parties

• The rewards offered are limited

• The rewards as a marketing strategy

• The qard contract as a supplementary contract

الأصل في المعاملات الحل حتى يقوم دليل على التحريم

"The original rule in muamalat is permissibility, unless there is indication that prohibits it"

The following figh legal maxim is the basis of ruling for

• Permissibility for the combination of Shariah contract

• Permissibility to embrace technologycal advances as means

The use of E-wallet is required to meets the specified parameters such as following

• Users must use Shariah compliant E-wallets

• Should be no element of coercion

• Approve and regulated by authoritative party

• Not clearly state the contact and implication to consumers