Towards Responsible Consumption and True Financial Inclusion: Assessing Fintech Buy-Now, Pay-Later (BNPL) from an Islamic Perspective

الموضوعات

اقتصاد

الملخص

The last three years have seen more widespread adoption of point-of-sale financing from financial technology (fintech) companies. Known as buy-now, pay-later (BNPL), this new form of consumer lending is now more widely available in the checkout process online, and is becoming more common in stores as well. With both interest-free and interest-bearing installment loans, BNPL has resonated among credit card averse consumers as well as those with insufficient or poor credit history. With easier access to credit, this form of point-of-sale financing makes up less than 5% of payment transaction value globally, yet is projected to be the fastest growing global payment method in the coming years. As financial service providers evaluate the demand for BNPL, there is a need for assessing the various BNPL business models from an Islamic perspective such that shariah compliant models may be properly developed to service Muslim consumers and others who wish to avoid interest. In addition to assessing the fintech and bank-based BNPL business models from an Islamic legal perspective, this research determines that certain interest-free BNPL models are more shariah-compliant consumer financing options for Muslim consumers compared to interest-bearing conventional credit cards, and, at times, Islamic credit cards. The discussion offers recommendations for Islamic maslaha and consumer-centered fintech models, as well as some recommendations for installment plans through Islamic credit cards in the Gulf region. This research finds that encouraging the application of BNPL through fintech in non-retail spending categories, such as healthcare, education, and B2B BNPL will assist in achieving the higher objectives of Islamic finance by helping consumers firstly avoid paying interest while also having access to credit that can achieve the essential objectives of Islamic law.

روابط وملفات

التعريف والنوع

رقم الوثيقة

f0b5c67d-397e-4d00-8e5a-15d7dd13a2ca

رقم العقد

0

نوع الوسائط

Crawler

نوع المحتوى

الرسائل العلمية

صيغة المصدر

رسائل ماجيستير

نوع الملف

pdf text

أسماء الملفات

f0b5c67d-397e-4d00-8e5a-15d7dd13a2ca_1.pdf

بيانات النشر

ألقاب المؤلفين

[{"name_ar":"Abdulazeem Abo Zaid","title_ar":"اشراف","title_en":"Supervision"},{"name_ar":"Afnaan Hisham Moharram","title_ar":"اعداد","title_en":"Preparation"}]

اللغة

English

المصدر والدورية

اسم المصدر

Towards Responsible Consumption and True Financial Inclusion: Assessing Fintech Buy-Now, Pay-Later (BNPL) from an Islamic Perspective

المحتوى والصفحات

عدد الصفحات

0

كلمات الباحثين

BNPL - Buy-now pay-later

إشراف وإعداد

الإشراف

Abdulazeem Abo Zaid

الإعداد

Afnaan Hisham Moharram

الاقتباسات الببليوغرافية