"Unsur Riba' & Gharar dalam Sistem Buy Now Pay Later (BNPL): Tinjauan dari Sudut Fiqh Mualamat"

Summary

This analysis explores the BNPL (Buy Now Pay Later) system from an Islamic finance perspective, highlighting concerns related to *riba* (usury) and *gharar* (uncertainty). BNPL services, widely used post-pandemic, offer consumers convenient installment payments but may involve hidden fees and penalties, violating Islamic principles. The script examines Islamic contracts like *qardh*, *bai'*, *wakalah*, and *ijarah*, and their relevance to BNPL. It also proposes Sharia-compliant alternatives such as *bai' mu'ajjal* (deferred payment sale), *ijarah summa al-bayt* (rental with purchase option), and *murabahah* (cost-plus sale) to ensure fair and ethical transactions.

Takeaways

• 😀 BNPL (Buy Now Pay Later) systems have gained popularity, particularly during and after the COVID-19 pandemic, offering a convenient installment payment option without requiring a credit card.
• 😀 The main focus of the study is to evaluate the compliance of BNPL systems with Islamic muamalat principles, particularly regarding contracts, usury (riba), and uncertainty (gharar) in transactions.
• 😀 Initially, BNPL systems were available only online but have now expanded to offline transactions, such as in supermarkets and retail stores, where payments can be made via QR codes.
• 😀 BNPL transactions involve a third-party company (e.g., Atomi) that pays the seller upfront while the consumer repays the third party in installments, which raises concerns about contract structure and compliance with Islamic law.
• 😀 The study highlights several Islamic contracts relevant to BNPL systems, such as qard (loan), bai' (sale), wakalah (agency), and ijarah (rental), and their compatibility with BNPL models.
• 😀 In Islamic finance, a loan that results in a benefit to the lender, such as interest or penalties, is considered riba and is prohibited.
• 😀 A sale contract (bai') is considered valid if the price, payment terms, and consent of both parties are clear. However, additional charges in BNPL contracts may violate this principle.
• 😀 Wakalah (agency) contracts are permissible in Islam, but if there are additional profits without value-added services, they could be deemed unlawful in BNPL systems.
• 😀 The ijarah contract (rental) can be used in BNPL systems, but it must be clear and separate from a purchase agreement to avoid confusion or hidden costs.
• 😀 Riba occurs in BNPL when extra charges are added due to delayed payment or longer installments, and gharar arises when key details like payment amounts, penalties, or terms are unclear.
• 😀 The study references the Quran (Surah al-Baqarah, verse 275) and hadiths to reinforce that riba and gharar are forbidden in Islam, supporting the need for transparent and fair transactions in BNPL systems.
• 😀 The paper suggests three Sharia-compliant models for BNPL alternatives: Bai' Mu'ajjal (deferred payment), Ijarah Summa al-Bait (rent-to-own), and Murabaha (cost-plus-profit), all of which avoid riba and gharar and promote fairness and transparency.

Q & A

What is the main focus of the group’s study on BNPL systems?

The main focus of the study is to assess the compliance of BNPL (Buy Now Pay Later) systems with Islamic principles, particularly looking at issues like contracts, riba (usury), gharar (uncertainty), and clarity in transactions.

How has the BNPL service evolved after the COVID-19 pandemic?

Originally an online service, BNPL has expanded to offline locations such as supermarkets, phone shops, clothing boutiques, pharmacies, and electrical shops. Consumers can now pay in installments by scanning QR codes like Duit Now at payment counters.

What is the role of third-party companies in BNPL transactions?

Third-party companies, such as Atomi or Espilator, facilitate the transaction by paying the full amount to the seller upfront. The consumer then repays these third parties in installments over a specified period.

Which Islamic contracts are relevant to the BNPL system?

Several Islamic contracts are relevant to BNPL, including the credit line (loan), sale contract (bai'), wakalah (agency), and ijarah (rental contract). Each contract has specific conditions that must be adhered to in order for the transaction to comply with Islamic principles.

What is the issue with BNPL systems regarding riba (usury)?

Riba occurs in BNPL systems when consumers are charged additional fees for delayed payments or longer installment periods. For example, an item priced at RM300 may become RM330 when paid over 6 months instead of 3 months, which constitutes riba nasiah (interest due to delayed payment).

What is gharar, and how does it affect BNPL transactions?

Gharar refers to uncertainty or ambiguity in a contract. In BNPL transactions, this could be seen in unclear information about payment amounts, penalties for late payments, or hidden charges, which could render the contract invalid under Islamic law.

How does the Qur'an address the issue of usury in transactions?

The Qur'an explicitly condemns usury, as seen in Surah Al-Baqarah (2:275), which states that those who consume usury stand as if possessed by a devil. The verse differentiates between lawful buying and selling and the prohibited act of charging interest on loans.

What are the key hadiths related to usury and gharar?

One key hadith related to usury states that 'every loan that brings benefits to the lender is usury' (Sahih Muslim). Another hadith prohibits buying and selling transactions that contain gharar, emphasizing the importance of transparency and clarity in contracts.

What are the proposed Sharia-compliant alternatives to the conventional BNPL system?

Three proposed Sharia-compliant alternatives are: (1) Bai' al-ajal (deferred purchase) where the total price is agreed upfront with no additional charges for delays, (2) Ijarah summa al-bait (rental followed by sale) suitable for expensive items, and (3) Murabahah (cost-plus sale) where the price and profit are agreed upon from the start.

Why is it important to implement a Sharia-compliant BNPL system?

Implementing a Sharia-compliant BNPL system is important to ensure fairness, transparency, and justice in business transactions, avoiding elements of usury and fraud. It also ensures that the transactions comply with Islamic ethical standards and provide blessings in commerce.