Fatawaa

Subject : Rules of Dealing with E-Payment Companies
Fatwa Number : 3444
Date : 24-12-2018
Classified : Current Financial Issues
Fatwa Type : Search Fatawaa

Question :

We are an electronic payment company licensed by the Central Bank of Jordan. We would like to know the ruling of Sharia on our activities and transactions attached below.



The Answer :

Praise be to Allah, the Lord of the worlds.


After reviewing the details of your question and the attached rules and regulations, it was made clear to us that the client opens an electronic nand makes deposits therein. This enables him/her to make purchases from different stores or transfer credit in return for a fixed fee. However, it is worth pointing out that the company doesn`t pay on behalf of the client unless there is credit in his portfolio: overdraft isn`t allowed. Islamic jurisprudence frames this as an Ijarah contract between the client and the company.


Therefore, the terms and conditions of this service as well as the fees must be made clear upon the conclusion of that contract. Having reviewed the rules and regulations of the above company, the subscription form and the general regulations approved by the Central Bank of Jordan, it was made clear to us that no violations of Sharia are committed. However, it is incumbent upon this company to make sure that this system of payment via phone applications agrees with the rulings of Sharia. And Allah knows best.







Comments


Captcha


Warning: this window is not dedicated to receive religious questions, but to comment on topics published for the benefit of the site administrators—and not for publication. We are pleased to receive religious questions in the section "Send Your Question". So we apologize to readers for not answering any questions through this window of "Comments" for the sake of work organization. Thank you.