RIBA, GHARAR, AND MAISIR IN BUY-NOW-PAY-LATER (BNPL) AND E-WALLET MODELS: A SHARIAH PERSPECTIVE

Which of the following best defines the Buy-Now-Pay-Later (BNPL) model?

• A system where payment is made fully upfront.

• A deferred payment model allowing consumers to receive goods or services immediately but pay later, often in instalments.

• A system that charges interest on every transaction.

• A savings account system used for purchases.

Which three main elements in BNPL systems are potentially problematic from a Shariah perspective?

• Riba, Zakat, and Maisir

• Waqf, Gharar, and Hibah

• Riba, Gharar, and Maisir

• Ijarah, Salam, and Istisna’

Which of the following is a key difference between Islamic and Western perspectives on financial transactions?

• Islamic finance allows interest, Western does not.

• Western finance emphasizes morality more than Islam.

• Islamic finance prohibits uncertainty and gambling, while Western finance does not.

• Both systems fully prohibit instalment plans.

Which of the following statements is true regarding the implementation of BNPL systems in Muslim societies?

• BNPL systems are automatically Shariah-compliant if they are digital.

• As long as there is no interest or hidden terms, BNPL can be structured to comply with Shariah.

• BNPL systems do not need regulation in Islamic finance.

• The presence of convenience means compliance is not required.

What is one of the main ethical concerns in BNPL services like SPayLater or Atome from a Shariah perspective?

• They offer discounts to users.

• They promote online shopping.

• They sometimes include hidden charges or late fees that resemble Riba.

• They require mobile apps for access.