E-Wallet Models: An Appraisal of Shariah Related Issues
Abstract
This paper aims to evaluate the existing e-wallet business models and to provide a preliminary analysis of Sharia issues, specifically related to the relationship of the involved parties in the contract (operators, customers, and third parties). As e-wallet is also a critical enabler to increase financial inclusion among the different levels of society members (richer and poor), thus there is an increasing need to analyze the existing e-wallet models and their practices. The final aims are to preserve all parties’ rights and support the policymakers to structure e-wallet parameters that comply with Islamic law. This paper adopts qualitative research approaches, specifically content analysis and interviews. The data collection includes, among others, document reviews, interviews, and observations. The paper evaluates four e-wallet models in Malaysia and analyzes arising Sharia issues from those models. In the models, several Sharia issues can be found, which are related to the contracts used, the status of funds held by e-wallet providers, deposits in banks, and revenue generation. Findings from this paper serve as a basis for scholars and policymakers to provide guidelines for Sharia-compliant e-wallets.
Tulisan ini bertujuan untuk mengevaluasi model bisnis dompet elektronik yang ada dan memberikan analisis awal tentang masalah syariah, khususnya terkait dengan hubungan pihak-pihak yang terlibat dalam kontrak (operator, pelanggan dan pihak ketiga). Karena dompet elektronik juga merupakan faktor penting untuk meningkatkan inklusi keuangan di antara berbagai tingkat anggota masyarakat (kaya dan miskin), maka ada peningkatan kebutuhan untuk menganalisis model dompet elektronik yang ada dan praktiknya. Tujuan akhirnya adalah untuk menjaga hak semua pihak dan mendukung pembuat kebijakan untuk menyusun parameter dompet elektronik yang sesuai dengan hukum Islam. Tulisan ini mengadopsi pendekatan penelitian kualitatif, khususnya analisis isi dan wawancara. Pengumpulan data meliputi telaah dokumen, wawancara, dan observasi. Tulisan ini mengevaluasi empat model dompet elektronik di Malaysia dan menganalisis masalah syariah yang muncul dari model tersebut. Ada beberapa masalah syariah yang dapat ditemukan dari model-model tersebut, yaitu terkait dengan akad yang digunakan, status dana yang dipegang oleh penyedia dompet elektronik, status simpanan di bank dan perolehan pendapatan. Temuan dari makalah ini dapat digunakan sebagai dasar bagi para sarjana dan pembuat kebijakan untuk memberikan pedoman dompet elektronik yang sesuai syariah.
Keywords
References
Accounting and Auditing Organization for Islamic Financial Institution. (2015). Sharia Standard 2015.
Accounting and Auditing Organization for Islamic Financial Institution. (2018). Shariah Standard 2018.
Abu Bakar, N., Rosbi, S., & Kiyotaka, U. (2020). E-Wallet Transactional Framework for Digital Economy: A Perspective from Islamic Financial Engineering. International Journal Of Management Science and Business Administration, 6, 50–57. https://doi.org/10.18775/ijmsba.1849-5664-5419.2014.63.1005
Andrew, J. V., Ambad, S. @ N. A., & Tan, K. E. (2020). A Model of Factors Influencing Consumers’ Intention to Use e-Wallet System in Malaysia: A Systematic Review. Malaysian Journal of Business and Economics (MJBE), 6(2), 53. https://doi.org/10.51200/mjbe.v0i0.2172
Bank Negara Malaysia. (2016a). Guideline on Electronic Money (E-Money).
Bank Negara Malaysia. (2016b). Wakalah.
Bank Negara Malaysia. (2019). Payment System in Malaysia . BNM.
Bank Negara Malaysia. (2020). Electronic Payment: Volume and Value of Transaction. BNM.
Grant, M. (2019). Mobile Payments: What You Should Know. In Investopedia.
Ismail, I. (2021). E-Wallet use in Malaysia is Growing. News Straits Times.
Kamarulbaid, A. (2019). Jaminan Pulangan Wang. Utusan Malaysia.
Mohamed Naim, A., Long, M., Bakar, M., & Md Hussain, M. N. (2016). Sharīʿah appraisal on the issue of imposing the burden of proof on the entrepreneur in trust-based contracts. Journal of Islamic Accounting and Business Research, 7, 148–169. https://doi.org/10.1108/JIABR-03-2015-0009
Mohamed Naim, A., Md Hussain, M. N., Long, M., & Bakar, M. (2016). Sharīʿah Appraisal of the Concepts of Ḍamān, Taqṣīr, and Taʿaddī in Trust-Based Contracts (ʿUqūd al-amānāt). Journal of King Abdulaziz University, Islamic Economics, 29, 3–20.
Nizam, F., Hwang, H., & Valaei, N. (2019). Measuring the Effectiveness of E-Wallet in Malaysia. In Studies in Computational Intelligence (pp. 59–69). https://doi.org/10.1007/978-3-319-96803-2_5
Razali, M., Mohd, N., Hadigunawan, N., & Saidon, R. (2020). Maqasid Shariah HIFZ MAL in E-Wallet Application. Islamiyyat, 43, 113–120. https://doi.org/10.17576/islamiyyat-2021-4301-10
Robson, C. (2002). Real World Research: A Resource for Social Scientists and Practitioner-Researchers / C. Robson.
Sekaran, U., & Bougie, R. (2009). Research Methods for Business: A Skill Building Approach (5th Edition). International Journal of Information Technology and Management - IJITM.
Tenk, M. T. T., Yew, H. C., & Heang, L. T. (2020). E-Wallet Adoption: A Case in Malaysia.
Wei, L., & Peng Tsu. (2018). Transforming Mobile Phones into E-Wallet in Malaysia.
Zulkefli, A., Rusmadi, H., & Abdul Aziz, A. (2019). Application of E-Wallet: A Preliminary Analysis from the Shariah Perspective: تطبيق المحفظة الإلكترونية: تحليل أولي من منظور الشريعة الإسلامية. International Journal of Fiqh and Usul Al-Fiqh Studies, 3(2), 98–105. https://doi.org/10.31436/ijfus.v3i2.159
Zulni, D., & Achiria, S. (2020). Implementation of Islamic Business Ethics in Digital Wallet: Literature Review Approach. EkBis: Jurnal Ekonomi Dan Bisnis, 3, 232. https://doi.org/10.14421/EkBis.2019.3.1.1181
DOI: 10.15408/ajis.v23i2.26596
Refbacks
- There are currently no refbacks.
