SHARIAH AUDIT IN INFORMATION TECHNOLOGY SYSTEMS FOR BUY NOW PAY LATER (BNPL) PLATFORMS
A STUDY ON COMPLIANCE, GOVERNANCE AND IMPLEMENTATION
Keywords:
micro credit, fintech, Shariah auditAbstract
The rise of Shariah-compliant Buy Now Pay Later (BNPL) services in Southeast Asia, especially Malaysia and Indonesia, has reshaped consumer financing by offering flexible, interest-free instalment plans through digital platforms. BNPL enables consumers to postpone payments without using credit cards and is frequently incorporated into mobile apps. From the standpoint of Islamic finance, this raises moral and legal questions as it encourages spending and financial access. The majority of BNPL platforms use automated information technology (IT) systems that manage collections, fees, payments, and approvals without requiring human input. This raises the possibility of incorporating riba (interest), gharar (uncertainty), and unethical charges into the system design. Through an analysis of digital contracts, system logic, and fund flows, this study investigates how BNPL operations can be in line with Shariah governance. It draws attention to issues like ambiguous contracts and automatically applied fees by drawing on scholarly research, regulatory updates, and actual cases like Shopee SPayLater and Ammana Fintek Syariah. Additionally, it looks at how Shariah board supervision, audit trails, and smart contracts can help with Shariah compliance. The study emphasizes the necessity of an integrated audit framework as well as the standard-setting function of Malaysia's impending Consumer Credit Act (CCA).
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References
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