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Utilisation of e-money to transact with Shariah non-compliant merchants
The SAC deliberated this issue in the following context:
o e-money as a Shariah compliant payment instrument; or approved issuer that wishes to be a Shariah compliant approved issuer.
For any transaction involving Shariah non-compliant merchants, the status of e-money as a Shariah compliant payment instrument is not affected, based on the following considerations:
-similar to cash, e-money is neutral, except for a fact that the monetary value is stored
-it is the user’s responsibility to ensure e-money is being utilised for Shariah compliant
Notwithstanding the above, any approved issuer that is approved under IFSA shall observe the following:
-no transaction with Shariah non-compliant merchants. However, the SAC ruled that in exceptional cases as determined by the qualified Shariah advisor of an approved issuer, such approved issuer shall observe the conditions specified by the qualified Shariah advisor; and
-no product bundling or cross-selling involving Shariah non-compliant products.
The Shariah Advisory Council of Bank Negara Malaysia (SAC) Ruling on E-Money as a Shariah Compliant Payment Instrument
SAC’s 201st Meeting and 26th Special Meeting on 29 and 30 January 2020