“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.
“Semoga ALLAH memberkatimu dalam transaksi yang dilakukan tanganmu.” (Riwayat al-Tirmizi)
Suatu keuntungan yang halal adalah dijana daripada urus niaga yang bebas unsur dilarang dalam Islam seperti riba, penipuan, gharar (ketidakpastian) dan ihtikar iaitu aktiviti sorok barang keperluan asasi orang ramai oleh para peniaga.Umat Islam hendaklah memastikan semua aktiviti dan transaki perniagaannya dijana berdasarkan keuntungan yang halal.
Namun, satu persoalan yang sering timbul dalam kalangan orang ramai adalah sebanyak mana keuntungan itu boleh diambil? Ada sebuah hadis Rasulullah SAW yang ada kaitan dengan isu pengambilan untung dalam urus niaga jual beli.
Dalam sebuah hadis, Urwah al-Bariqi menceritakan bahawa: “Rasulullah SAW menyerahkan wang satu dinar kepadaku untuk dibelikan seekor kambing. Kemudian dengan wang tersebut saya belikan dua ekor kambing. Tidak lama kemudian, saya menjual salah seekor daripadanya dengan harga satu dinar. Kemudian saya bawa kepada Nabi Muhammad SAW seekor kambing dan wang satu dinar. Aku pun menceritakan kejadian itu kepada Nabi SAW. Lalu baginda mendoakan: “Semoga ALLAH memberkatimu dalam transaksi yang dilakukan tanganmu.” (Riwayat al-Tirmizi)
Hadis itu secara jelas menunjukkan bahawa urus niaga yang dilakukan oleh Urwah telah berjaya menjana keuntungan lebih daripada 100 peratus. Malah dengan kejayaan tersebut, Rasulullah SAW mendoakan keberkatan pada tangan Urwah.
Meneliti kepada hadis dan juga ciri-ciri keuntungan halal, maka kita boleh memahami bahawa apabila urus niaga itu tidak mengandungi unsur yang dilarang dalam Islam, para peniaga boleh mengambil keuntungan sebanyak mana yang mereka kehendaki. Paling penting, urus niaga itu dipersetujui oleh kedua-dua belah pihak. Ini menunjukkan bahawa secara prinsipnya, memang tiada had keuntungan dalam Islam.
Dengan kata lain, setiap urus niaga dilakukan dengan PayHalal adalah diasaskan dengan prinsip shariah dan setiap transaksi mempunyai akad- akad tertentu . Sucikan Transaki Perniagaan anda hari ini layari http://www.payhalal.my
SETIAP orang yang menjalankan perniagaan pasti mahukan keuntungan. Tiada makna sesuatu perniagaan sekiranya tidak menjana keuntungan.
Dalam Islam, sememangnya pengambilan untung melalui cara yang disyariatkan adalah diharuskan seperti melalui kontrak jual beli, sewaan, musharakah dan mudarabah.
Suatu keuntungan yang halal adalah dijana daripada urus niaga yang bebas unsur dilarang dalam Islam seperti riba, penipuan, gharar (ketidakpastian) dan ihtikar iaitu aktiviti sorok barang keperluan asasi orang ramai oleh para peniaga.
Oleh itu, umat Islam hendaklah memastikan semua aktiviti perniagaannya dijana berdasarkan keuntungan yang halal.
Namun, satu persoalan yang sering timbul dalam kalangan orang ramai adalah sebanyak mana keuntungan itu boleh diambil? Adakah boleh ambil keuntungan melebihi 100 peratus, misalnya?
Bagi menjawab soalan itu, saya mengajak semua untuk meneliti sebuah hadis Rasulullah SAW yang ada kaitan dengan isu pengambilan untung dalam urus niaga jual beli.
Dalam sebuah hadis, Urwah al-Bariqi menceritakan bahawa: “Rasulullah SAW menyerahkan wang satu dinar kepadaku untuk dibelikan seekor kambing. Kemudian dengan wang tersebut saya belikan dua ekor kambing. Tidak lama kemudian, saya menjual salah seekor daripadanya dengan harga satu dinar. Kemudian saya bawa kepada Nabi Muhammad SAW seekor kambing dan wang satu dinar. Aku pun menceritakan kejadian itu kepada Nabi SAW. Lalu baginda mendoakan: “Semoga ALLAH memberkatimu dalam transaksi yang dilakukan tanganmu.” (Riwayat al-Tirmizi)
Hadis itu secara jelas menunjukkan bahawa urus niaga yang dilakukan oleh Urwah telah berjaya menjana keuntungan lebih daripada 100 peratus. Malah dengan kejayaan tersebut, Rasulullah SAW mendoakan keberkatan pada tangan Urwah.
Meneliti kepada hadis dan juga ciri-ciri keuntungan halal, maka kita boleh memahami bahawa apabila urus niaga itu tidak mengandungi unsur yang dilarang dalam Islam, para peniaga boleh mengambil keuntungan sebanyak mana yang mereka kehendaki.
Paling penting, urus niaga itu dipersetujui oleh kedua-dua belah pihak. Ini menunjukkan bahawa secara prinsipnya, memang tiada had keuntungan dalam Islam.
Namun, apabila ada unsur penipuan misalnya sehingga peniaga meraih keuntungan berlipat ganda, pihak yang ditipu boleh membawa kes tersebut ke mahkamah berserta dengan bukti. Dalam hal itu, mahkamah akan membuat keputusan berdasarkan bukti yang dikemukakan.
Adapun dalam kes ihtikar pula, pihak berkuasa mempunyai peranan dalam menyelesaikan isu tersebut.
Dalam perbincangan fuqaha, ada pandangan yang menyatakan bahawa jika berlaku kenaikan harga pada barangan keperluan asasi orang ramai disebabkan persepakatan para peniaga untuk mengaut keuntungan lebih, maka pihak berkuasa dibenarkan untuk mengawal harga barangan tersebut. Tindakan mengawal harga barangan ini diistilahkan sebagai tas’ir.
Langkah membolehkan pihak teraniaya membawa kes mereka ke mahkamah dan keharusan tas’ir dalam keadaan yang dinyatakan di atas menunjukkan bahawa hanya dalam situasi tertentu keuntungan yang diambil oleh seseorang peniaga itu boleh dipertikai di mahkamah atau dikawal oleh pihak berkuasa.
Walaupun kita lihat pada asasnya, Islam tidak mengehadkan kadar keuntungan yang boleh diambil jika ia bersih daripada unsur-unsur yang dilarang, tetapi pada masa sama, Islam mendidik umatnya supaya bersifat ihsan.
Antara bentuk ihsan penjual pada pembeli adalah mengaut keuntungan yang berpada-pada. Contoh ihsan pembeli pula adalah tidak menawarkan harga sehingga membawa kerugian kepada penjual.
Dengan kata lain, setiap urus niaga dilakukan atas asas persaudaraan iaitu masing-masing saling membantu dan mendatangkan maslahah sesama mereka. Wallahualam.
***Dr Shamsiah Mohamad berpengalaman sebagai Penyelidik Isu-Isu Kewangan Islam dan Syariah
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