What is a payment gateway and what is its role in ecommerce?
PayHalal is a Islamic payment gateway for the Islamic ecommerce service that processes payments from CASA e Money Debit and credit payments for online and traditional brick and mortar stores.
PayHalalPayment gateways facilitate these transactions by transferring key information between payment portals such as web-enabled mobile devices/websites and the front end processor/bank.
PayHalal Payment Gateway fulfill a vital role in the Islamic ecommerce transaction process, authorizing the payment between merchant and customer.
PayHalal payment data processor analyzes and transmits transaction data. PayHalal Payment gateways authorizes the transfer of funds between buyers and sellers.
How PayHalal payment gateways work
When a customer places an order from an online Islamic store, PayHalal performs several tasks to finalize the transaction:
• Encryption: The web browser encrypts the data to be sent between it and the vendor’s web server. The gateway then sends the transaction data to the payment processor utilized by the vendor’s acquiring bank.
• Authorization Request: The payment processor sends the transaction data to a card association. The credit card’s issuing bank views the authorization request and “approves” or “denies.”
• Filling the Order: The processor then forwards an authorization pertaining to the merchant and consumer to the payment gateway. Once the gateway obtains this response, it transmits it to the website/interface to carry out the transaction . Here, it is interpreted and an appropriate response is generated. This seemingly complicated and lengthy process typically takes only a few seconds at most. At this point, the merchant fills the order.
Clearing Transactions
The steps outlined above are repeated in an effort to “clear” the authorization via a consummation of the transaction. However, the clearing is only triggered once the merchant has actually completed the transaction . The issuing bank changes the “auth-hold” to a debit, allowing a “settlement” with the vendor’s acquiring bank. The processor is then relied upon to settle all of the vendor’s approved authorizations with the acquiring bank at the end of the day.
Other PayHalal Payment Gateway Functions
PayHalal also screen orders with a myriad of helpful tools. This screening process filters out as much non halal and fraud as possible. Examples of gateway fraud detection tools include:
• Delivery address verification
• AVS checks
• Computer finger printing technology,
• Velocity pattern analysis
• Identity morphing detection
• Geolocation
PayHalal Payment gateways even calculates tax amount to authorize requests transmitted to the processor.
PayHalal is the leading halal E-Payment Solutions for Halal ecommerce platform for growing and mid-market Islamic retailers.
PayHalal Tax Solutions Platform
Paying your taxes isn’t what any entrepreneur dreams of when starting a business.
• You don’t think about the spreadsheets and the constant state updates.
• You don’t think about how to charge sales tax, when, where, why and on which products.
That’s because taxes are just the cost of doing business.
Sadly, doing them incorrectly (and definitely not doing them at all) can cost you your business.
So, to make sure you are zipped up on everything you need to know to pay the right amount, charge the right amount and do it all in accordance with state and national laws, we’ve put together a comprehensive resource you can bookmark for future reference.
What’s in the Ecommerce Tax Guide:
• The basics of GST including when you need to collect based on Malaysian Law.
• How to register for a sales tax permit (and what could happen if you don’t).
• The difference between origin and destination-based sales tax sourcing.
• The true definition ofGST and what it means for your business.
• How to file regularly and on-time, without taking focus from growing your sales.
• How file tax
• Where Amazon has fulfillment centers (and what that means for sellers).
• How to collect sales tax on E market and set up tax codes
• How to report sales tax collected from E market
• When you need to pay business tax with a calendar you can keep.
The PayHalal Benefits of GST Automation
PayHalal automatically configures sales tax if your business does not have any special tax needs.
Malaysian merchants use automatic GST calculator that determines GST rates during checkout based on a standard tax rate for states in which these businesses are required to collect sales tax.
And for merchants who require any special GST exemptions, PayHalal has partnered closely with Customs to streamline the tax collection process by integrating with their automation software.
It uses real-time tax rate calculations and calculates sales tax via geo-spatial mapping, ensuring accurate results every time.
Businesses without their own accounting departments, i.e. most folks in the process of building a sustainable, long-term venture, cannot afford the time cost in keeping track of compliance across jurisdictions.
While this guide will walk you through everything you need to know and cover any “Gotchas” in ecommerce tax, it is much more efficient to use automation instead.
This is especially useful when it is tax time.
Here’s how it works with PayHalal GST automation software when needing to file your business taxes.
1. Enable document submission:
Available within “Tax Options” in the PayHalal “Store Setup”. This feature ensures completed invoices and credits are recorded in Avalara and populate sales tax reports to help you reconcile and file returns.
2. GST settings:
Login to PayHalal GST Platform to ensure you have enabled the proper tax settings for your Berkart store. Most importantly, identify where you’re registered so PayHalal knows to apply sales tax on all orders shipped within your jurisdictions.
3. Filing tax returns:
Don’t forget that you must file a sales tax return and remit all tax collected on a regular cadence for each jurisdiction. You can do that by either:
• Accessing free tax report from your account to reconcile and file yourself
• Enabling PayHalal automated tax return services and put your tax filings
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We’re on a mission to provide businesses like yours marketing and sales tips, tricks and industry leading knowledge to build the next house-hold name brand.
For further information email us at salam@payhalal.net
Impact of haram income on individuals, their loved ones, and society. Haram income refers to any earnings acquired through wrongful means not sanctioned by Islam.
While income is often associated with salaries and financial rewards, it can also include non-monetary gains such as recognition and praise. However, if the source of this income is haram, it can have negative effects on the individual, their family, and their community. It is therefore important to avoid haram income and strive to earn income through halal means.
Haram income as earnings obtained through unlawful activities that go against Islamic teachings and displease Allah. If someone engages in prohibited activities and manipulates others to earn income, it is considered haram income.
It is important to distinguish between committing haram and earning haram income. While both actions are sinful, committing haram involves engaging in prohibited activities, while earning haram income involves obtaining income through unlawful means. It is essential to avoid both actions to lead a righteous life in accordance with Islamic principles.
Earning haram income involves committing a haram act that results in earning income through prohibited means. The effects of haram income extend beyond the individual earning it and may impact others as well.
For example, Islam prohibits trading in liquor. A person who earns income from the sale of liquor commits two sins – selling the prohibited substance and earning income from it. This is worse than a person who only consumes liquor. If the trader also consumes liquor, then three forms of haram acts are involved.
It is essential to avoid such haram practices and strive to earn income through halal means to avoid committing sinful acts and their negative impacts on oneself and society.
Prostitution is also prohibited in Islam. Prostitutes commit double sins by engaging in prostitution and making a living from it. Those who organize and manage prostitution rings may commit even more sins by encouraging immorality and profiting from it.
Similarly, cheating or receiving payment for work that was never done is haram, and any income earned from such actions is also haram. Competing for a position that one does not deserve and earning income through it is also considered haram. Faking certificates to secure employment and receiving income through it is haram as well.
Any income earned through dishonest means is considered haram income in Islam. It is essential to avoid such practices and strive to earn income through halal means to lead a righteous and ethical life according to Islamic principles.
Running charity organizations or overseeing social and public projects can also result in earning haram income if the funds allocated for these purposes are not distributed to the needy and instead are used for personal gain. Misusing charity funds or embezzling the money intended for such projects is a grave sin in Islam.
In the case of Ahmed working for a conventional bank and earning income from riba (usury) while being aware of the Islamic ruling against such actions, it is considered haram income. Even if she performs her religious duties, including wearing hijab, praying punctually, performing hajj, and paying zakat, it does not justify earning income through haram means.
In Islam, it is essential to earn income through halal means and avoid haram income, even if it means sacrificing a job or a source of livelihood.
Religious inclination and performing religious duties do not justify earning haram income. In fact, being religiously inclined should have discouraged Ahmed from working in a conventional bank that deals with usury (riba).
In Islam, earning income through halal means is a fundamental principle, and any income earned through haram means, such as usury, is considered haram income. Therefore, it is essential for Muslims to avoid working in industries that deal with haram activities or earning income through haram means, even if it means sacrificing a job or source of livelihood.
Greediness, jealousy, absence of God-consciousness, and impatience are some of the factors that can lead to earning haram income in Islam.
Greediness arises when a person has an insatiable desire for wealth and is willing to go to any extent to acquire it, even if it means engaging in haram activities. Jealousy can lead to earning haram income by causing a person to feel inferior to others and becoming desperate to catch up, leading them to engage in fraudulent activities or other haram means to earn money.
The absence of God-consciousness (taqwa) involves a lack of fear of Allah and a disregard for Islamic principles, leading a person to engage in haram activities to earn money. Impatience manifests itself when a person is unwilling to wait for halal opportunities to earn income and resorts to haram means to make quick money.
In Islam, it is essential to avoid these factors and always strive to earn income through halal means, even if it means sacrificing immediate gains or a source of livelihood.
Greediness, as you rightly defined, refers to the excessive and insatiable desire for wealth or material possessions. It is characterized by a self-centered attitude and a lack of regard for the well-being of others, including ignoring the plight of the poor and destitute.
Jealousy is often triggered by a perception of inadequacy or lack of something that others possess. In the context of greed, jealousy is fueled by the desire to have more than others, even if what is desired is beyond one’s legitimate earnable limits, leading to engaging in haram activities to accumulate wealth.
In Islam, greed and jealousy are considered negative traits that can lead to earning haram income. Therefore, it is essential to cultivate a contented attitude and avoid excessive desire for wealth or material possessions, strive to earn income through halal means, and be grateful for what Allah has provided.
Jealousy is a dangerous emotion that can lead to negative consequences, both spiritually and mentally. When a person experiences jealousy, they feel an intense desire to have what others possess or experience the success that others have achieved.
In Islam, jealousy is regarded as a destructive emotion that can cause harm to an individual and society if left unchecked. When a person becomes jealous, they lose focus on their own goals and may engage in behavior that is not in line with Islamic values or principles.
Additionally, jealousy can lead to a lack of God-consciousness (taqwa) as the person becomes more focused on material possessions and status rather than the remembrance of Allah and His blessings. Therefore, it is essential to recognize and control feelings of jealousy and focus on cultivating a contented attitude, gratitude, and humility.
The absence of God-consciousness (taqwa) can have negative consequences and lead a person astray from the path of righteousness. Taqwa is a state of being constantly aware of Allah and striving to obey His commands in all aspects of life. When a person lacks taqwa, their actions become solely focused on material gains and worldly pleasures.
As a result, impatience, haste, and recklessness often become the norm in life. They may become restless and discontented with what they have, always seeking more, even at the expense of their ethical and moral principles. This lack of awareness can lead to anything that goes against the teachings of Islam, including the commission of sinful acts.
Therefore, it is crucial for Muslims to maintain a high level of God-consciousness and to be mindful of Allah in all aspects of life to be guided rightly, be patient, content, and avoid spiritual and moral pitfalls.
Being impatient can lead to failure not just in worldly affairs, but also in matters related to the afterlife. Trying to rush through learning or making money can lead to a lack of real progress and even lead to unethical behavior. Impatience can drive people towards haram income, which can have negative spiritual, social, and health consequences. It’s important to cultivate patience and focus on ethical, halal means of reaching your goals.
Haram income can have numerous negative impacts on our worldly life, including:
1. Loss of barakah or blessings in one’s wealth and activities.
2. Increased anxiety, stress, and guilt associated with unethically earned income.
3. Poor health of offspring due to consuming haram wealth, such as in the case of food.
4. Injustice towards others whose rights may have been violated in the process of gaining haram income.
5. Negative effect on one’s religious activities and relationship with Allah.
6. Potential legal consequences and damage to reputation if caught engaging in illegal activities to earn money.
It’s important to avoid earning haram income and focus on ethical, halal means of earning a living to ensure our worldly life is balanced and blessed.
Earning haram income can have a significant negative impact on the earner, including:
1. Living an anxious and stressful life filled with guilt, shame, and fear of being caught.
2. Lack of true happiness and satisfaction, despite accumulating wealth from haram sources.
3. Loss of barakah or blessings in their wealth.
4. Damage to their relationship with Allah and decreased spirituality.
5. Resistance to giving to charity or helping others due to their desire to hold onto their ill-gotten wealth.
6. Risking legal and social consequences if caught, such as imprisonment or damage to reputation.
It’s important to avoid earning haram income and instead focus on ethical and halal ways of earning a living, which can provide a sense of peace, happiness, and blessings in one’s life.
Earning haram income can have a negative impact on the earner’s religious activities, as the source of the income is considered impure in Islam. The following are some effects of haram income on the earner’s religious activities:
1. The act of earning haram income itself is a sin and can lead to decreased spirituality and distance from Allah.
2. The use of haram income to perform religious obligations such as prayer, Zakat, and Hajj may not be accepted by Allah, as the source of the income is impure.
3. One may feel hypocritical or guilty when performing religious activities if they know the income used to support them was earned illegitimately.
4. Haram income may lead to a lack of focus and concentration during religious activities and can reduce the blessings and benefits of those activities.
5. The use of haram income to build mosques or other religious institutions may not be accepted by Allah, as the source of the income is impure and does not bring true blessings or benefits.
It is crucial to avoid earning haram income and instead rely on halal sources of income to ensure the purity and acceptance of our religious activities in the eyes of Allah.
Earning haram income can have a negative impact on the earner’s loved ones. The following are some effects of haram income on the earner’s family:
1. Anxiety and stress caused by the illegitimate source of income can lead to arguments, quarrels, and even domestic violence in the household.
2. The lack of peace and tranquillity in the home can have detrimental effects on the mental and emotional well-being of loved ones, especially children.
3. The negative impact of haram income may extend to future generations as it can affect the quality of the sperms and eggs of the earner, which in turn could lead to health defects in offspring.
4. Children born of haram income may not be considered legitimate in Islam, which can have negative social and psychological effects on them.
In Islam, it is important to ensure that the foundation of one’s family is based on halal income to preserve peace and tranquillity in the home and secure the future of the offspring.
Payhalal helping our customers keep their income free from haram transactions. Payhalal offers a range of halal payment solutions, including online payments, mobile payments, and buy now pay later services. To learn more contact us , our team can provide you with detailed information on our processes, fees, and features and help you make informed decisions about using a halal payment services. pat@payhalal.my
If a Muslim chooses not to use a shariah compliant bank or payment method, they may be engaging in a financial activity that is not in accordance with Islamic law. This could lead to their wealth being considered unlawful by Islamic standards, which may have spiritual consequences for them. Additionally, using conventional banks or payment methods may involve interest payments or other practices that are considered forbidden in Islam. Overall, it is recommended for Muslims to use shariah-compliant financial institutions and payment methods to ensure their financial transactions are in line with their religious beliefs.
According to the Quran, engaging in financial activities that are considered unlawful by Islamic standards (such as paying or receiving interest) is regarded as a major sin. The Quran identifies such practices as resembling war against God and His Prophet (Quran 2:278-279) and warns of severe consequences in the hereafter (Quran 2:275-276).
Conversely, using shariah-compliant financial institutions and payment methods is regarded as a way of fulfilling one’s religious obligations as a Muslim. The Quran encourages conducting business transactions in a manner that is just and fair, and it prohibits any form of exploitation or deception in financial dealings (Quran 2:188, 4:29).
Overall, the religious implications of using conventional banks or payment methods versus shariah-compliant ones are significant, as they relate to issues of obedience to God’s laws, avoiding sin, and fulfilling one’s religious obligations.
PayHalal is considered to be a good solution for Muslims to pay and receive money because it is a shariah-compliant platform that adheres to Islamic principles in its financial transactions. Here are some reasons why PayHalal is a good solution for Muslim consumers:
1. Shariah-Compliant: PayHalal ensures that all financial transactions on its platform are shariah-compliant, meaning they do not involve interest payments or any other practices that are considered forbidden in Islam.
2. Halal Certification: PayHalal has obtained halal certification from prominent Islamic authorities, confirming that its services are in line with Islamic principles.
3. Transparency: PayHalal provides transparent information on its fees and exchange rates, ensuring that users have clarity on the costs of their transactions.
4. Ease of Use: PayHalal’s platform is user-friendly and easy to navigate, with features that allow users to make payments and transfers quickly and securely.
5. Customer Support: PayHalal offers strong customer support to address any concerns or issues that users may have, ensuring a positive experience for its customers.
Overall, PayHalal is a good solution for Muslims who want to conduct their financial transactions in a shariah-compliant manner, while also enjoying the convenience and security of modern-day electronic payments.
PayHalal’s emphasis on management of non-compliance issues reflects the importance of maintaining customers’ faith and confidence in shariah-compliant financial institutions. This is crucial because such customers expect their financial transactions to adhere to Islamic principles and they place a high degree of trust in these institutions.
One of the main ways PayHalal ensures compliance is by monitoring SNC (Shariah non-compliant) events on a continuous basis. This includes having a team of shariah experts that regularly assesses the platform’s operations, products, and services to ensure they align with shariah principles. This helps to identify shariah non-compliant events or potential risks, which the company can then address and rectify in a timely manner.
Additionally, PayHalal ensures transparency in its compliance measures, which further establishes credibility with its customers. This includes publishing information on its shariah compliance procedures, obtaining halal certification from credible Islamic authorities, and openly addressing any shariah non-compliance issues when they arise.
Overall, PayHalal’s emphasis on management of non-compliance issues through continuous monitoring and transparency plays a vital role in ensuring customers’ trust and faith in shariah-compliant financial institutions. This in turn helps to boost the credibility and reputation of Islamic banking / finance and payment.
Elements of Shariah Non-compliance Risks
A Shariah compliant financial product should be free from prohibitive elements, namely riba (interest), gharar (uncertainty), ghubn (inequality), ikra (duress), ghalaṭ (mistake), taghrir (deception), jahalah (ambiguousness). These elements need to be fully apprehended by Islamic banks in order to carry out an effective Shariah risk management (Hassan, 2016). The following list summarises the elements that can bring possibility of SNC event:
1. Riba relates to the loan contract that the conventional banking adopted nowadays. They charge interest with specific increase on the amount of money that the customer borrowed in a given time period. It is also forbidden to obtain unfair gain in the exchange between commodities on the spot. The exchange of currencies and commodities, included in the six ribawi items (gold, silver, barley, wheat, dates and salt) stated in the hadith are considered as riba. If the Islamic bank fails to eliminate the element of interest and unfair gain by either party in its products and services, they will be exposed to SNC risk.
2. The transactions that involve minor gharar in the contract and execution will not render the contract null and void. Moreover, the transactions that involve excessive amount of gharar may deem the contract to become null and void as it may lead to the occurrence of potential SNC (Shafii et a., 2010).
3. Taghrir is fraud or cheating. For instance, a seller intentionally presents a misleading fact about the product to deceive the buyer to enter the contract. This can lead to SNC as it breaches the fundamentals of Shariah principles that require any transaction to be based on mutual consent of both parties (Lahsasna, 2014).
4. Ghubn in Islamic financial transaction means an inequality of the product value in a cumulative contract due the ignorance by both contracting parties (Lahsasna, 2014). In the event when excessive ghubn exists in the contract, it may invalidate the contract as it is considered as a deception by one party to induce the other party to enter the contract.
5. Ikrah refers to a threat done by one party to force another party to enter the contract. The ikrah or duress may cause the contract to become invalid and lead to SNC (IFSB, 2016).
6. Ghalat is a mistake that takes place in a transaction contracts due to false prediction and assumption about the product or subject matter (Lahsasna, 2014).
7. Jahalah or ambiguousness on the subject matter may lead to dispute between the parties. Therefore, Islam required the seller to provide appropriate information and sufficient details regarding the subject matter to the buyer. Excessive ignorance in any transaction executed refutes mutual consent of the contracting parties, and it will render the contract as null and void (Hassan, 2016).
8. Ahliyyah refers to the legal capacity of a person to enter a valid contract. The person should be able to be held accountable and reaches age of criminal responsibility; otherwise the contract is deemed as void (IFSB, 2016).
PayHalal reduces Shariah non-compliance risk through several measures, including:
1. Shariah-Compliant Procedures: PayHalal utilizes Shariah-compliant procedures and principles in all of its transactions, ensuring that users can conduct their financial activities in accordance with Islamic law.
2. Shariah Advisory Board: PayHalal has its own Shariah Advisory Board comprising of prominent Shariah scholars who provide expert guidance to the company on all Shariah-related matters, including compliance issues.
3. Continuous Monitoring: PayHalal conducts regular internal Shariah audits to identify and address any potential non-compliance issues. This includes ongoing monitoring of its products, services, and operations to ensure they are in compliance with Shariah principles.
4. Halal Certification: PayHalal has obtained halal certification from credible third-party Shariah advisors, confirming that its services are in line with Islamic principles.
5. Compliance Reporting: PayHalal provides regular compliance reports to its stakeholders, which include updates on its Shariah compliance activities and any action taken to address non-compliance issues.
Overall, PayHalal’s focus on Shariah compliance through various measures reduces the risk of Shariah non-compliance, providing assurance to its merchants that their financial activities are being conducted in a manner that is consistent with Shariah principles. This also helps to build trust and confidence among users, which is essential for the growth and sustainability of Islamic banking and finance.
“Secure and Reliable : Your Halal Transactions Made Easy with PayHalal”
PayHalal is a digital payment gateway that offers Shariah-compliant payment solutions to businesses in the Islamic finance industry and other industries involving Islamic services such as takaful, Hajj/umrah related services, Islamic healthcare, Islamic religious education, and lifestyle services.
Using PayHalal can provide several benefits to these industries, as it offers rapid, secure, and efficient payment transactions that are compliant with Shariah principles.
For example, in the takaful industry, PayHalal can provide an electronic payment system that is compliant with Islamic principles and offers a seamless experience for customers. In the Hajj/umrah industry, PayHalal can offer a secure and fast payment option for pilgrims to pay for their travel and accommodations.
In the Islamic healthcare industry, PayHalal can provide a payment solution that is Shariah-compliant and accessible to patients who may be looking for healthcare services that align with their religious values. Similarly, in the Islamic religious education and lifestyle services industries, PayHalal can provide payment solutions that are compliant with Shariah principles and enable businesses to cater to customers who are seeking Islamic-oriented education or services.
Overall, PayHalal can contribute to the growth and development of industries involving Islamic financial services by offering a payment gateway that is tailored to their specific needs and values.
The Islamic finance industry needs a Shariah compliant payment gateway to provide its customers with surety. Islamic finance is a financial system that is based on Islamic principles, which prohibit interest (riba) and promote profit and loss sharing.
As Islamic finance grows in popularity and becomes more widespread, there is a need for payment gateways that are compliant with Shariah principles. This is because traditional payment systems may involve interest payments or other activities that are prohibited by Shariah law.
A Shariah compliant payment gateway can provide customers with the surety that their transactions are conducted in accordance with Islamic principles. This can be particularly important in industries such as Islamic banking, halal food, and Islamic insurance, where adherence to Shariah principles is critical.
In addition, a Shariah compliant payment gateway can help these industries expand their customer base by attracting customers who are looking for businesses that align with their religious values. By providing a payment gateway that is Shariah compliant, businesses in these industries can demonstrate their commitment to Islamic principles and build trust with their customers.
Muslim Merchants may want a Shariah compliant payment gateway for their businesses for the following reasons:
1. Adhering to Islamic principles: Merchants who follow Islamic principles may prefer to use a Shariah compliant payment gateway as it aligns with their ethical and moral values. Shariah compliance ensures that transactions are conducted in a fair and just manner, in line with Islamic principles.
2. Catering to Muslim customers: Muslim consumers may prefer to do business with merchants who offer Shariah compliant payment options. By providing this service, merchants can cater to the needs of the Muslim market, which is estimated to be over 1.8 billion people worldwide.
3. Access to a wider customer base: By offering Shariah compliant payment gateways, merchants can attract customers from Muslim-majority countries or regions where Shariah compliance is an important consideration.
4. Enhancing business reputation: Offering a Shariah compliant payment gateway can enhance the reputation of the merchant’s business, as it demonstrates an adherence to ethical and moral principles.
5. Compliance with regulations: Depending on the country and industry, there may be regulations that require businesses to comply with Shariah principles. Using a Shariah compliant payment gateway can ensure that the merchant is compliant with these regulations.
1. Shariah Compliance requirements: Understand the key principles of Shariah compliance and the factors that determine a business’s eligibility for a Shariah-compliant payment gateway.
2. Business Sector: Shariah-compliant payment gateways are typically geared towards businesses that operate in the Islamic finance sector, such as Islamic banks, halal-certified businesses, and other ethical and socially responsible businesses.
3. Geographic Region: Shariah-compliant payment gateways are most commonly used in countries with high Muslim populations, such as Indonesia, Malaysia, Saudi Arabia, and the United Arab Emirates. Secondary markets for shariah-compliant financial products and services can also include Western countries with high Muslim populations, such as the United Kingdom, France, Germany, and the United States. These markets offer significant potential for growth and expansion of Shariah-compliant financial offerings, including payment gateways.
4. Payment Gateway Providers: Look for payment gateway providers that specialize in offering Shariah-compliant payment solutions and have a proven track record of providing such services to businesses.
5. Fees and Charges: Understand the fees and charges associated with Shariah-compliant payment gateways and compare them with non-Shariah compliant payment gateways to ensure that you are getting the best deal for your business.
For further information on Shariah-compliant payment gateways and related topics, you may contact pat@payhalal.my
Muslims often have unique concerns when buying and selling online due to a lack of trust. They may fear that their personal information — such as name, address or credit card numbers — will be shared without permission and exposed to potential fraudsters or hackers. Muslims also seek assurances that their purchases are compliant with Islamic law, which they may not get from some providers who don’t understand the rules in detail. As a result, it is important for Muslim shoppers to identify vendors they can trust — those who prioritize data security and respect Sharia principles — in order to maintain peace of mind while shopping online.
Why choosing Payhalalis good for you
PayHalal helps to remove the fears of Muslims buying and selling online by ensuring that all transactions are compliant with Islamic law, while also providing a secure way for them to shop. PayHalal (Souqa Fintech)is regulated by Bank Negara Malaysia and certified by the Amanie Shariah Advisory which provides an additional layer of added surety for users. Additionally, Payments made through PayHalal’s Wakalah payment gateway are covered under their Protection policy, so customers can rest assured knowing their purchases will be handled in a safe and responsible manner.
Payhalal is an easy-to-use platform for making and receiving payments, with a simple set fair pricing structure. It offers automated Halal compliance checks to ensure transactions meet religious standards, as well as real-time transaction tracking capability so users can keep track of their finances at all times. With Payhalal, you can make international payments in multiple currencies quickly and efficiently, while still adhering to Islamic principles. Payhalal also provides helpful customer service representatives who are knowledgeable about halal banking practices and offer support when needed. All these features combine to make Payhalal the perfect choice for Muslims looking for fast, secure financial solutions that respect their beliefs.
Now is a right time to get PayHalal
Payhalal is an excellent choice for users looking to make payments quickly and securely while taking advantage of promotional offers. With Payhalal, you can sign up with zero set-up fee and no monthly subscription fee, making it easy to get started without any additional costs. In addition, Payhalal features fairest transaction fees so you are always getting the best value for your money. It also has automated Halal compliance checks so that all transactions meet religious standards, as well as real-time tracking capability which makes keeping track of finances easier than ever before. All these features combine to make Payhalal a great option for those who want a secure payment solution that still respects their beliefs.
Halal is not only about what you eat, but also the way it is earned and spent. It encompasses a broader system of ethical conduct that guides Muslim life and shapes their relationship with God, other people, and the environment.
The world’s leading Islamic payment technology company, PayHalal, offers a revolutionary payment system that ensures all transactions are secure and monitored. This eliminates any potential for Riba-based activities while meeting the strict criteria mandated by Islamic principles such as no interest or charges resulting in riba (usury) and investments that do not involve unethical practices like alcohol, gambling and pork-related industries.
Moreover, Consumers benefit from additional consumer protection including the right to cancel transactions without penalty , No consumer card informations are recorded, merchant cash flow improvements, secure transactions, and fast payment settlements – making it one of the most comprehensive Shariah compliant payment service solutions available today!
Our GPT3 AI technology provides hyperpersonalised services for our merchants, helping them to engage their customers with a wide range of services. With this technology, we strive to create an intuitive and personalized buying experience that can be tailored to each individual customer’s needs.
PayHalal uses advanced GPT3 AI technology for tracking, monitoring Shariah non compliant payment , purification and treatment of SNC transactions as well as enhanced security measures like fraud protection, customer support integrated with banks adhering to Islamic banking compliance standards and more. Additionally, members are provided exclusive deals and discounts on various products & services; allowing them to save money when shopping online. Furthermore this platform also allows its users to pay via credit/debit cards & track spending habits through monthly statements etc., making it an ideal choice amongst consumers looking for peace of mind while purchasing goods & services online! To ensure customers satisfaction is met at all times; regular audits should be conducted by PayHalal in order to stay compliant with relevant regulations & laws.
Overall PayHalal makes it easy for merchants to provide their customers with a stress-free experience while ensuring their purchases follow Sharia law. With its simple user interface and comprehensive security measures alongside features tailored specifically towards Muslim shoppers such as discounted deals & loyalty programs – there’s no surprise why PayHalal has become so popular in Malaysia !
Payhalal is an Islamic payment gateway providing Wakalah Bai Al Ujrah merchant account that is specifically designed to meet the needs of Muslim consumers. It offers a range of features that make it ideal for use by Muslims, such as full compliance with sharia law and secure transactions based on Islamic banking practices. Additionally, Payhalal provides highly competitive transaction fees and fast payouts, making it easier for customers to complete payments quickly and affordably. With its unique focus on meeting the needs of Muslims around the world, Payhalal is an excellent choice for businesses seeking to serve their Muslim customers in a safe and reliable way.
1. PayHalal (Souqa Fintech)is a payment platform– that’s a Bank Negara regulated merchant acquirer that provides buyers with a safe, secure environment to make payments and to receive and settle merchants payments automatically. PayHalal merchant network see a consistent repeat customer when a merchant displays PayHalal Verified Merchant logo on its website or store front.
2. PayHalal Payment platform is also a shariah compliant payment processor that carries out an end to end payment transactions according to Islamic rule and purifies any shariah non compliant payment transactions to ensure there’s No Riba , No Gharar and No Maisir ultimately providing your consumers added surety that all transactions are shariah compliant.
3. PayHalal Payment platform serves as as payment gateway providing virtual payment terminal to enable consumers to check out their purchases and make secure payments. Payhalal provides efficient quick payment transactions without lagging under 2 seconds and minimising cart abandonment and increasing your sales success. Receive payments from multi channels and methods to improve your cash flows and give your business better visibility . Below are just some of the value-added features PayHalal offers:
Recurring Payments
– PayHalal Payment Automation collects payments seamlessly on regular cycle on fixed a schedule via credit/debit card for a predefined amount. PayHalal Recurring Payment is a great solution for subscription based businesses anything from membership and tuition fees, rentals, apps subscriptions etc. PayHalal recurring payment reduces repetitive mundane task simply automating it with a smart forms that’s simple hassle free for your customers to fill up . PayHalal Recurring Payment will send you notifications every time a payment received.
• Merchant Split Settlement
You’re able to seamlessly share your sales profits or commissions with your sales team effortlessly , automatically in real time; dropship business made simple .
• Merchant Dashboard
robust web View dashboard listing out transaction details, shopper insights, keep track of settlement, manage product shipping, generate reports and more – all in one dashboard .
• Autonomous Merchant Settlement
Your settlement will be credited to your registered bank account automatically, no request needed, T + 2 the fastest settlement in Malaysia .
• LinkPayments
Sell and Receive payments without e-commerce website – with PayHalal Wakalah payment link. You can also use this single payment link for multiple products, and share the product catalog directly from your blog, social media, Whatsapp and generate sales revenue .
• Mass Batch Payments
Send multiple payments in one batch. A fast and convenience way to send commissions, rebates, rewards, disbursement, refund and general payments to your agents or customers. PayHalal Batch payment process is simple with ; upload the excel file to your merchants’ dashboard and payments will be disbursed
Usury in transactions are prohibited therefore forbidden in Islam
Islam condemns speculative business transactions of any sorts . Usury in transactions are prohibited therefore forbidden in Islam. Some people find it hard to submit to the injunction prohibiting interest, because they think interest and profit earned in trade are similar.
Integrity and honesty in commercial transactional dealings and in e-commerce is strictly enjoined by Islam than by any other religion practices in the world . It is because Islam is a religion which regulates and directs life in all its departments. It is not to be taken lightly , like conventional business transaction or a private business transaction. Shariah compliance cannot be taken lightly as it is a practical code which governs lives of Muslims in all spheres. Shariah laws in trade are effectively operated in commerce and finance for the religious benefit of Muslims .
Islam censures economic exploitation as strongly as social excesses and individual dishonesty. A true Islamic trade transactions are based upon honesty, justice and it is absolutely intolerant of dishonesty in all forms.
That is the reason why PayHalal payment gateway insists on perfect honesty in business and truthfulness in trade transactions as emphasised by the Holy Prophet (may peace be upon him).
It is not an exaggeration to say that absolute honesty and transparency in business and e-commerce transactions are a fundamental Islamic concept of trade and transactions.
Islam lays the greatest emphasis on Qat Haldl (food earned through lawful means). The pious among us believe that just as nasty food spolis our physical health, similarly. food earned through unlawful means spoils our spiritual and moral health. A man who liver on income derived through illicit means and fraudulent practices cannot be morally advanced and spiritually elevated. If we try to comprehend the exact, implications of the term Haram (unlawful) we can form an idea of the high standard of morality on which Islam wants us to conduct our business. And, if business is conducted strictly in accordance with the Islamic principles of commerce, there can be absolutely no scope for any kind of commercial dishonesty varying from the simplest and most glaring type of business fraud to the most cunning and subtle type of profiteering which is often masked under a semblance of honesty.
Islam is most vehement in its condemnation of commercial dishonesty. It denounced, in the strongest possible terms, all sorts of deceitful dealings and illegal profits. It has disallowed all transactions not based upon justice and fairplay The Holy Prophet (may peace be upon him), while reprimanding the dishonest dealer, said: “Laisa minna man gashshdna” (Whosoever deceives us is not one of us).
According to Imam Ghazali, a Muslim who makes up his mind to adopt trade as a profession or to set up his own business should first acquire a thorough understanding of the rules of business transactions codified in the Islamic Shari’ah. Without such understanding he will go astray and fail into serious lapses making his earning unlawful. No people in the world have ever attached so much importance to lawful trading as did the early Muslims, nor has any other nation evinced such a dread of unlawful trading as they did.
That is why al-Ghazali said stress on a clear understanding of the rules and laws governing business transactions as a necessary prerequisite to adopting trade or business as a profession.
The Holy Qur’an has stressed the importance of fairness in business: “And, O my people, give full measure and weight justly, and defraud not men of their things, and act not corruptly in the land making mischief.
What remains with Allah is better for you, if you are believers” (xi. 85-86).
In these words addressed by Hadrat Shu’aib to his people, the Holy Qur’an enunciates the fundamental principles of commerce as follows
1. To give just measure and weight.
2. Not to withhold from the people the things that are their due.
3. Not to commit evil on the earth with the intent of doing mischief.
4. To be contented with the profit that is left with us by God after we have paid other people their due.
In commercial relations we are expected to be absolutely just and honest, liberally giving other people their due. We are not to be guilty of selfish greed and not to indulge in profiteering; and we are told that the lawful profit which has God’s blessings is the one that we are able to make through perfectly honest dealings with others.
The injunctions contained in these Qur’anic verses and found elsewhere in the Holy Book close the door of all dishonest and unjust transactions. We should not forget that justice is a master virtue. If we give others just measure and just weight that tantamounts to saying that we should be fair and just in our dealings.
The Holy Prophet (may peace be upon him) has strongly disapproved all transactions which involve any kind of injustice or hardship to the buyer or the seller. He wanted that both, the buyer and the seller, should be truly sympathetic and considerate towards each other. One should not take undue advantage of the simplicity or ignorance of the other.
The seller should not think that he has unrestricted liberty to extort as much as possible from the buyer. He has to be just; he should take his own due and give the buyer what is his.
Islam, which condemns every kind of injustice and exploitation in human relations, wants its followers to conduct business in a sublime spirit of justice tempered with human kindness.
The conduct of the seller in a transaction should be characterised not only by Insaf (justice), but also by Ihsan (magnanimity).
“God will forgive the sins of a Muslim who absolves a fellow-Muslim from a sale-contract not liked by the latter,” says the Holy Prophet (may peace be upon him).
All transactions should be based on the fundamental principle of “Ta’auanu ala birri wa’t-taqwa” (mutual co-operation for the cause of goodness or piety).
A transaction not based upon this sound principle is not lawful.
Unlawful transactions are motivated by lust for money and an ignoble desire to build up prestige. Islam strikes at the root of the passion for money and suggests a different yardstick to measure the prestige of a person.
The Holy Qur’an, on the one hand, condemns hoarding and the excessive love for wealth, and, on the other, declares virtue and piety to be the criterion for determining a person’s worth. “Inna akramakum `ind-Allahi atqakum” (The noblest in the eyes of God is the most pious among you). Thus does Islam minimise in every possible way the temptation to illegal trade and traffic. Let us now take note of the forms of business transactions which have been prohibited in Islam. The Holy Prophet (may peace be upon him) has not only disapproved of certain forms of business transactions.
The conduct of the seller in a transaction should be characterised not only by Insaf (justice), but also by Ihsan (magnanimity).
The following are some of these basic conditions:
1. Things sold and money offered as their price to be lawfully acquired. The things sold and the money to be offered as their price should both be lawfully acquired and clearly specified. This condition demands that the goods sold should have been lawfully obtained. One has no business to sell goods which one has stolen or which one has acquired in a fraudulent manner. nor should one purchase anything with the money which one has accepted as illegal gratification or has aceuired in some other deceitful way. This condition holds the buyer and the seller responsible for lawful possession of the goods on the partof one and of the money on the part of other.
2. Goods not to be sold before obtaining their possession. The Holy Prophet (may peace be upon him) has warned the Muslims against indulging in forward transactions which means selling goods before obtaining their possession. “Whoever buys cereals shall not tell them until he has obtained their possession,” says the Holy Prophet (may peace be upon him). According to Ibn ‘Abbas, what applies to cereals also applies to other categories of goods. On another occasion the Holy Prophet (may peace be upon him) has said: “Bargain not about that which is not with you.”
3. Goods to be bought in the open market. Goods and commodities for sale should go into the open market, and the seller or his agents must be aware of the state of the market before proposals are made for the purchase by the buyers. The seller should not be taken unawares lest the buyers should take undue advantage of his ignorance of the conditions and prices prevailing in the market.
4. No trade and traffic in things, the use of which is prohibited by Islam. A Muslim can trade in those goods and commodities only the use of which has been declared to be Halal (lawful). There can be no trade and traffic in things the use of which is proliibited by Islam. For example, there can be no trade in wine, swine, dead bodies of animals and idols. A devout Muslim merchant would not even traffic in thin and transparent stuff for ladies because the use of such stuff by ladies is unlawful. One cannot sell the carcass of an animal. He can, however, flay its skin which can be used for making shoes and which can therefore, be sold, but not the flesh of the dead animal. What is true of the usable skin of animals is also true of the tusks of an elephant.
Prohibited forms of Business
1. Monopoly business. As monopoly means concentration of supply in one hand, it leads to exploitation of the consumers and the workers, it has, therefore, been declared unlawful by the Holy Prophet (may peace be upon him). Gigantic trusts. cartels and monopolies should not exist in the Islamic society. The monopoly-dominated economic order betrays lack of harmony between private and social good and is, thus, a negation of the principle of maximum social advantage which the Islamic society sets out to achieve.
2. Speculative business basd on selfish interest. Speculation means buying something cheap in bulk at a time and selling it dear at another and, thus, controlling the whole market to achieve personal gains. A close observation will reveal that speculators are primarily interested in private gains regardless of the larger interest of the society. These speculators try to create artificial scarcity of goods and commodities and thereby create an inflationary pressure on the economy. As the poor masses have to pay for this. Islam has condemned such speculative business.
3. Interest transactions. All transactions involving interest are forbidden in Islam. Some people find it hard to submit to the injunction prohibiting interest, because they think interest and profit earned in trade are similar. Capital invested in trade brings an excess called profit; invested in banking it brings interest. Why should one excess be considered lawful and the other unlawful? They fail to take note of the basic difference between the two. Trade involves risk of loss. Also in its case, it is not only the capital invested that brings profit which is equally the result of initiative, enterprise and efficiency of the entrepreneur. Hence its rate cannot be predetermined and fixed. Moreover, trade is productive. A person reaps a benefit after undergoing labour and hardship. It creates conditions of full employment and economic growth. It will also be noted that trade acts as one of the dominant factors in the process of building up civilisation through co-operation and mutual exchange of ideas. The spread of Islam and Islamic civilisation In the Far East has been mostly due to the efforts of Muslim traders. Interest has no redeeming feature at all. The fixed rate of profit which a person gets from a financial investment without any risk of loss and without augmenting it with human labour creates in man the undesirable weakness of miserliness and Shylockian selfishness and lack of sympathy. In the economic sphere it initiates and aggravates crisis. Rightly, therefore, has Islam strictly prohibited all transactions based on it or involving it in some form or other. Advancing money on interest, keeping deposits in a bank for the sake of earning interest, or getting concessions in rates of goods or commodities against advance payments of price, mortgaging and utilising an income-yielding property against a certain sum,to be returned in full when the property is redeemed and investing money in a trade against a predetermined and fixed rate of profit-are all unlawfnl business transactions because they involve Riba (interest) in some form or the other.
4. Transactions similar (in nature) to gambling. The Arabic equivalent to gambling is Maisir which literarily means “getting something too easily”, “getting a profit without working for it”. The literal meaning of the term explains the principle on account of which gambling is prohibited in Islam. Any monetary gain which cornes too easily, so much so that one does not have to work for it, is unlawful. The most familiar form of gambling amang the Arabs in the days of the Holy Prophet (may peace be upon him) was gambling by casting of lots by means of arrows drawn from a bag. Some were blank and those who drew them got nothing. Others indicated prizes-big or small ones. Whether one got anything or nothing depended on pure luck. unless there was fraud on the part of someone concerned. The principle on which objection to gambling is based is that you gain what you have not earned, or lose on a mere chance. Dice, lottery, prize bonds and betting on horse races are to be held within the definition of gambling.
5. Munabadha and Mulamasa. Islam recognises barter trade subject to the injunctions of the Qur’an and the Sunnah. In fact, Islam has closed all doors of dishonesty and deceit in business dealings. It has prohibited all forms of transactions which admit of fraud in the least degree. It has impressed on the traders that defective and worthless goods should not be given in exchange for good ones, and if there is a defect in the goods sold it must be pointed out and made manifest to the purchaser. The Messenger of Allah (may peace be upon him) said: “The buyer and the seller have the option of cancelling the contract as long as they have not separated; then. if they both speak the truth and make manifest, their transaction shall be blessed, and it they conceal and tell lies, the blessing of their transaction shall be obliterated”.
Besides issuing the instructions which govern all forms of trade, particularly barter trade, Islam has banned two forms of sale contract that were prevalent before Islam. These were Munabadha and Mulamasa. In neither of these was the purchaser offered an opportunity to examine the thing purchased. Munabadha means that the seller should throw the cloth to the buyer before he has carefully examined it. The very act of throwing the cloth will mean that the bargain has been struck. Mulamasa means touching the cloth without examining it, ie. the buyer was just supposed to touch the cloth to strike the bargain. Both these forms of transaction were prohibited because in either case the purchaser got no opportunity to examine the things sold to him, and the bargain was likely to prove unduly disadvantageous to one side. In fact, Islam demanlds that goods and commodities for we should go to the open market and the seller or his agents must be aware of the state of the market before proposals are made for the purchase of goods or communities in bulk. He should not be taken unawares lest advantage be taken of his ignorance of the state of the market, and the prevailing prices. All this is ver clearly laid down by the Prophet (may peace he upon him). As mentioned above, Islam tries to be fair to both parties to a transaction. Any step on the part of one, that is advantageous to him and disadvantageous to the other, is not permissible. The seller is expected to make the defects (if any) in the goods manifest to the buyer, nor is the buyer expected to take undue advantage of the ignorance of the seller.
• Mozabana. It is the exchange of fresh fruits for dry ones in a way that the quantity of the dry fruit is actually measured and fixed, but the quantity of the fresh fruit to be given in exchange is guessed while it is still on the trees (Mishkat, 2710). The Holy Prophet (may peace be upon him) has forbidden this exchange because the quantity of the fruit on the trees cannot be definitely Determined and the transaction is just a leap into the dark.
• Mu’awama. It consists in selling the fruit on the trees for a period of one, two or three years even before it has made its appearance. It is prohibited because like Muzabana it is also a leap into the dark. Such transactions may result in bitterness and frustration.
• Bai’ al-Gharar. It is to sell a thing which one doesn’t have in one’s possession, nor expects to bring it under one’s control, e g. fish in the river, or birds in the air. Possession is one of the basic conditions of a sale. One cannot sell a thing which is not in one’s possession.
• Bai’ al-‘Uryan. It is getting a thing against a nominal advance on the condition that if the bargain is struck, the advance will be adjusted and if the bargain is cancelled, the seller will riot return the advance. The advance being nominal, the buyer has practically no liability. He will abide by the contract if he finds it advantageous to him and will withdraw himself from it otherwise.
• Bai’ al-Mudtar. It is to buy a thing forcibly or to purchase a thing when its owner is compelled under stress of want to dispose it of. Instead of purchasing the thing, and taking undue advantage of the seller’s helplessness, one should help him. Bai’ alal-Bai’ (sale over and above the sale of another). When one person has sold goods to another, a third Person should not upset the bargain trying to sell his own goods to the latter, offering them at lower rates or pointing out the defect in the goods already sold to him by the former. “A Muslim should not purchase in opposition to his brother, nor should he send a marriage proposal over and above the proposal of another.”
• Bai’ al-Hast (i.e. sale by means of pebbles). The purchaser will tell the seller that when he will throw a pebble on his goods, the sale contract will be confirmed or the seller tell the purchaser that on whatever thing a pebble thrown by him falls will be sold to him. Sale contract is a serious matter and it should not be accomplished by such hit-and-miss methods like throwing the pebbles on the goods. A sale completed in this way may lead to injustice and hardship to one side and is consequently prohibited.
• Sale of unripe fruit and unripe corn. The Holy Prophet (may peace be upon him), according to Hadrat Anas (Allah be pleased with him), has prohibited the sale of grapes before they become dark and that of the corn before it ripens. Similarly, he has forbidden the sale of raw dates. The fruit of the date palms should not be sold until it becomes red or yellow.
Here is a brief account of the sale transactions prohibited by Islam. If one ponders over these forms of transaction described above and described in greater detail in “Kitab al-Buyu,” one can arrive at the following conclusions:
1. Islam insists upon absolute justice and fairplay in business dealings.
2. According to Islam, a person who sacrifices his faith, and loses the good pleasure of his Lord to make a monetary gain has not made a good bargain. A Muslim will not go in for such a bad bargain. A Muslim merchant is not a worshipper of the Mammon with an inordinate love for money. He prizes faith, piety and righteousness above all.
3. Islam does not believe in the view that all is fair in business and that every kind of cleverness and deceit is justifiable in business transactions. Islam regards business or commerce as an economic activity to be carried on in a spirit of humanity. tarianism and justice. It does not approve of the cut-throat competition. Indeed, the very concept is un-Islamic.
4. Islam expects the buyer and the seller to look upon each other as Muslim brethren or fellow human beings, each trying to go all his way to help and serve the other. It the seller happens to overcharge the buyer, he, instead of feeling proud of his cleverness in doing so, should somehow compensate him for the excessive payment received.
5. All bargains that are clenched without giving the purchaser a fair chance of examining the things are prohibited because this amounts to denying him a right that was his due.
6. Forcible transactions or transactions in which the buyer takes undue. advantage of the helplessness or misery of the seller are also discouraged.
7. Islam has prohibited traffic in wine, swine, dead bodies of animals and other goods the use of which has been declared to be Haram (unlawful).
8. It has also forbidden trading in things that have a debasing or vitiating influence on the Muslim society.
The shariah principles have been laid down so that transaction should be carried out in lawful terms. To understand more about Islamic business transactions and payments speak with us . Email
azhani@payhalal.my and she’ll respond timely insh’Allah
PayHalal fintech started as an idea to serve the under served Muslim consumers around the World . We started with extensive market research and Islamic financial studies on how to serve Muslims according to shariah Law . What was more evident is that over 70% of the global halal supplies, manufacturers, retailers are non muslims and coupled with multiple issues including questionable halal certifications, have caused muslims around the world to be very cautious of making purchases online . This is due to the rise of religious conservatism that is sweeping the muslim world at a record speed. The trend comes amid broader societal change in the world’s biggest muslim-majority countries, driven by tens of millions of young, ‘born-again’ muslims embracing stricter interpretations of Islam.
Muslims Trust PayHalal Verified Merchants
The hijrah trend has created an opportunity for halal e-commerce and shariah compliant fintech, The estimated GDP of the world is to be around US $528 trillion out of which more than 75% falls within halal segment. However 3 main problems remains for muslims first, on riba – usury labelling riba as “tens of times more sinful than committing adultery with your own mother” which can come through direct exposure, through lending. The concept of riba al-fadl refers to exchange or sale transactions in trade which effectively result in the charging of ‘interest’ through the exchange of the same commodity, but of a different quality or quantity which is very common, especially in the e-commerce platforms. The second barrier for Islamic e-commerce or digital economy is gharar fahish.
An excessive degree of gharar renders a sales contract or transaction void from a shariah point of view. Gharar represents some form of asymmetric or incomplete information and/or deception, in addition to risk and uncertainty as to the subject matter of an exchange based contract. For gharar to invalidate a contract, it must affect its main elements; the underlying price and object of exchange. An example is the sale of an incompleted product (while it is still in its raw materials) in the shariah parlance (this sale is known as ba’i habal al-hablah). Gharar fahish arises in such a case because the unfinished product may be unsafe to be consumed and hence the buyer would receives a product that cannot be eaten or used for the money paid to the seller; and finally the third barrier to Islamic e-commerce is maisir. Maisir is prohibited by Islamic law on the grounds that the agreement between participants is based on immoral inducement provided by entirely wishful hopes in the participants’ minds that they will gain by mere chance, with no consideration for the possibility of loss as wishing something valuable with ease and without paying an equivalent compensation for it or without working for it or without undertaking any liability against it, defines it as “the acquisition of wealth not by effort; also receipt of money, benefit or usufruct at the cost of others.” The other uncertainty on the halal front we realised are muslim consumers are faced with fear of uncertain halal status or the validity if the certification authority of the goods manufactured or imported from outside their native countries.
This were the fundamental inspiration that led to the invention of PayHalal wakalah (authorised Representative) payment technology. PayHalal received its shariah attestation on the 7th of July 2017 from Datuk Dr Daud Bakar, an imminent shariah scholar who is the founder of Amanie Shariah Advisors whom also holds various official roles including Malaysia Central Bank Shariah Council Chairman and Malaysian Islamic Religious Council Chairman.After that it took about 2 and a 1/2 years for us to build the technology ground up, led by Pat Salam and Tom Groppenberger. Technology suites include Islamic payment switch, CMS / Islamic eMoney management system, Islamic merchant acquiring technology that includes halal cart AI that verifies and checks out only halal goods for payment, Islamic payment processor and SNC (shariah non compliant) treatment, AI robo and purifier. The technology is regarded as a blockbuster in Islamic financial world and regarded as a world’s first.
On the 2nd of May 2019, PayHalal Payment technology early adopter were Zurich Takaful followed by PPZ MAIWP, MAIK (zakat collector) and some e-commerce retailers, who believed that Payhalal payment technology will provide added surety for their customers and it will reduce SNC profit write offs .
PayHalal PSaaS see opportunities to export its software as services to Indonesia as the demands for Islamic Fintech software as a service is growing rapidly in this largest Muslim population .
PayHalal was invited to form a spv (special purpose vehicle) with Yayasan Desa Emas, a vehicle of the Indonesian government, to create a cashless community for its 800 provinces throughout Indonesia and a MOU was signed with Desa Emas’s spv PT Kirana on the 13th November 2019. The process of Setting up operations in Indonesia is on its way.
On 21st January 2021, PayHalal’s operating company Souqa Fintech received its BNM merchant acquiring approval to conduct merchant acquisition and payment processing and settlement for e-commerce business. With this PayHalal has entered into halal e-commerce payment which is a high growth rate segment with recurring income, great potential for scale and loyal user base, given the fact 60% of Malaysia’s populations are muslims. Payhalal foresee it will be serving over 3 million merchants and 80 million Muslim users by 2026 across key markets such as Malaysia , Indonesia , Brunei , Singapore KSA , UAE and Bangladesh . In order to meet its global expansion, Payhalal will be exercising a fundraising campaign which it believes will attract shariah compliant funds that will enable the company to go beyond retail and wholesale payments.
A symbol of trust
The future of Islamic fintech in Malaysia and in Asia is growing at an unprecedented rate, making the combined Islamic countries one of the fastest-growing fintech markets, ahead of the uS and China . The next decade will also see a boom for IPOs. The number of IPOs in SEA is expected to cross 300 by 2030, as more local startups seek an exit in domestic public markets.
Insh’Allah PayHalal will be one of those superApps unicorns.
PayHalal provides a suite of products to help you collect recurring payments from global users and support any pricing model with ease. Companies like Zurich Takaful, PPZ MAIWP, and Selangkah work with us to move fast and scale globally.
PayHalal future of Shariah Compliant SaaS payments
We can help build your business to be ready for today, tomorrow and beyond, by making Shariah Compliant SaaS payment processing easier, quicker and more secure. Today’s fast-moving Islamic Software as a Service (SaaS) industry needs a payments processor that can keep up. A Shariah compliant payments solution that empowers Islamic instuitions, businesses to confidently accept and process payments across markets, services and customers.
Payments made ethical
Our shariah compliant solutions let you process more payments faster and retain more value while you’re doing it. And you can accept and process all your payments in one place without RIBA (usury) and Gharar ( uncertainty/ risk).
Your payments, the Islamic way
You can customize everything using our modular solutions and different integration types. It allows your business to operate however is best for you. And with instant, transparent data into your shariah compliant SaaS payment processing, you can see how well you’re performing according to your faith.
One API
Our ethical -built Shariah Compliant SaaS payments platform API only needs setting up once. Then you can unlock all of its innovative features and payment methods forever. The PayHalal API SaaS payment facilitation solutions give you faster , safer payment processing speeds, more data and a smoother customer experience with added surety.
Hijrah A Global reach
With our Shariah Compliant SaaS global acquiring solutions, and Issuing payment Solutions . Our diverse payment options allow your customers to use all major global and local payment methods, including digital wallets and domestic cards with a surety of Transaction purification with PayHalal’ proprietary SNC Treatment AI (Shariah Non Compliance )
Manage risk your way
You can set your own rules for how your payments are processed and the criteria for how they should be routed. Plus, you can finetune your fraud protection by creating bespoke blacklists to compare and identify suspicious behavior.
Real-time regulations compliance
Future-proof your SaaS business with our compliance solutions that stay up-to-date with all new payments rules and regulations. Our 3D secure Solution automatically handles compliance so you don’t have to.
Want to learn more about our PayHalal SaaS Shariah Compliant payment solutions?
Adapt, innovate and thrive with more value from every transaction flowing through your business.
PayHalal fintech started as an idea to serve the under served Muslim consumers around the World . We started with extensive market research and Islamic financial studies on how to serve Muslims according to shariah Law . What was more evident is that over 70% of the global halal supplies, manufacturers, retailers are non muslims and coupled with multiple issues including questionable halal certifications, have caused muslims around the world to be very cautious of making purchases online . This is due to the rise of religious conservatism that is sweeping the muslim world at a record speed. The trend comes amid broader societal change in the world’s biggest muslim-majority countries, driven by tens of millions of young, ‘born-again’ muslims embracing stricter interpretations of Islam.
The hijrah trend has created an opportunity for halal e-commerce and shariah compliant fintech, The estimated GDP of the world is to be around US $528 trillion out of which more than 75% falls within halal segment. However 3 main problems remains for muslims first, on riba – usury labelling riba as “tens of times more sinful than committing adultery with your own mother” which can come through direct exposure, through lending. The concept of riba al-fadl refers to exchange or sale transactions in trade which effectively result in the charging of ‘interest’ through the exchange of the same commodity, but of a different quality or quantity which is very common, especially in the e-commerce platforms. The second barrier for Islamic e-commerce or digital economy is gharar fahish.
An excessive degree of gharar renders a sales contract or transaction void from a shariah point of view. Gharar represents some form of asymmetric or incomplete information and/or deception, in addition to risk and uncertainty as to the subject matter of an exchange based contract. For gharar to invalidate a contract, it must affect its main elements; the underlying price and object of exchange. An example is the sale of an incompleted product (while it is still in its raw materials) in the shariah parlance (this sale is known as ba’i habal al-hablah). Gharar fahish arises in such a case because the unfinished product may be unsafe to be consumed and hence the buyer would receives a product that cannot be eaten or used for the money paid to the seller; and finally the third barrier to Islamic e-commerce is maisir. Maisir is prohibited by Islamic law on the grounds that the agreement between participants is based on immoral inducement provided by entirely wishful hopes in the participants’ minds that they will gain by mere chance, with no consideration for the possibility of loss as wishing something valuable with ease and without paying an equivalent compensation for it or without working for it or without undertaking any liability against it, defines it as “the acquisition of wealth not by effort; also receipt of money, benefit or usufruct at the cost of others.” The other uncertainty on the halal front we realised are muslim consumers are faced with fear of uncertain halal status or the validity if the certification authority of the goods manufactured or imported from outside their native countries.
This were the fundamental inspiration that led to the invention of PayHalal wakalah (authorised Representative) payment technology. PayHalal received its shariah attestation on the 7th of July 2017 from Datuk Dr Daud Bakar, an imminent shariah scholar who is the founder of Amanie Shariah Advisors whom also holds various official roles including Malaysia Central Bank Shariah Council Chairman and Malaysian Islamic Religious Council Chairman.After that it took about 2 and a 1/2 years for us to build the technology ground up, led by Pat Salam and Tom Groppenberger. Technology suites include Islamic payment switch, CMS / Islamic eMoney management system, Islamic merchant acquiring technology that includes halal cart AI that verifies and checks out only halal goods for payment, Islamic payment processor and SNC (shariah non compliant) treatment, AI robo and purifier. The technology is regarded as a blockbuster in Islamic financial world and regarded as a world’s first.
On the 2nd of May 2019, PayHalal Payment technology early adopter were Zurich Takaful followed by PPZ MAIWP, MAIK (zakat collector) and some e-commerce retailers, who believed that Payhalal payment technology will provide added surety for their customers and it will reduce SNC profit write offs .
PayHalal PSaaS see opportunities to export its software as services to Indonesia as the demands for Islamic Fintech software as a service is growing rapidly in this largest Muslim population .
PayHalal was invited to form a spv (special purpose vehicle) with Yayasan Desa Emas, a vehicle of the Indonesian government, to create a cashless community for its 800 provinces throughout Indonesia and a MOU was signed with Desa Emas’s spv PT Kirana on the 13th November 2019. The process of Setting up operations in Indonesia is on its way.
On 21st January 2021, PayHalal’s operating company Souqa Fintech received its BNM merchant acquiring approval to conduct merchant acquisition and payment processing and settlement for e-commerce business. With this PayHalal has entered into halal e-commerce payment which is a high growth rate segment with recurring income, great potential for scale and loyal user base, given the fact 60% of Malaysia’s populations are muslims. Payhalal foresee it will be serving over 3 million merchants and 80 million Muslim users by 2026 across key markets such as Malaysia , Indonesia , Brunei , Singapore KSA , UAE and Bangladesh . In order to meet its global expansion, Payhalal will be exercising a fundraising campaign which it believes will attract shariah compliant funds that will enable the company to go beyond retail and wholesale payments.
The future of Islamic fintech in Malaysia and in Asia is growing at an unprecedented rate, making the combined Islamic countries one of the fastest-growing fintech markets, ahead of the uS and China . The next decade will also see a boom for IPOs. The number of IPOs in SEA is expected to cross 300 by 2030, as more local startups seek an exit in domestic public markets.
Insh’Allah PayHalal will be one of those unicorns.
PayHalal 
