AN ASSESSMENT OF BUY NOW PAY LATER (BNPL) BASED ON A SYSTEMATIC LITERATURE REVIEW: BETWEEN MASLAHAH AND MAFSADAH
PENILAIAN BNPL BERASASKAN ANALISIS LITERATUR SISTEMATIK: ANTARA MASLAHAH DAN MAFSADAH
DOI:
https://doi.org/10.64757/alqanatir.2026.3509/1532Keywords:
(BNPL), Maqasid, maslahah, mafsadah, hifzAbstract
The rapid growth of Buy Now Pay Later (BNPL) usage among youths as an installment payment medium significantly impacts the spending patterns and financial management of Malaysian society. This study aims to analyze the elements of maslahah (benefit) and mafsadah (harm) inherent in BNPL usage based on the Maqasid Shariah framework. To achieve this objective, this study employs a qualitative methodology using content analysis on literature related to BNPL instruments, Islamic transaction principles (muamalat), and the framework of hifz al-mal (preservation of wealth). The findings indicate that BNPL offers maslahah when utilized prudently to fulfill urgent needs (hajiyyat), support cash flow, and facilitate user transactions. However, the instrument also embodies critical mafsadah when involving additional charges that resemble interest (riba), late payment penalties, contractual ambiguity (gharar), and the promotion of impulsive buying and extravagance. Evaluation under the hifz al-mal principle emphasizes that current BNPL practices do not fully align with Maqasid Shariah if these financially detrimental elements remain unregulated. The implications of this study suggest that BNPL instruments must be comprehensively restructured in accordance with transparent Shariah principles to ensure the preservation of consumer wealth while balancing the demands of contemporary digital financial markets.
Abstrak
Perkembangan pesat penggunaan Buy Now Pay Later (BNPL) dalam kalangan golongan muda sebagai medium pembayaran ansuran kini memberi kesan ketara kepada corak perbelanjaan dan pengurusan kewangan masyarakat Malaysia. Kajian ini bertujuan untuk menganalisis unsur maslahah (kemaslahatan) dan mafsadah (kemudaratan) yang wujud dalam penggunaan BNPL berdasarkan kerangka Maqasid Syariah. Bagi mencapai objektif tersebut, kajian ini menggunakan kaedah kualitatif melalui analisis kandungan terhadap literatur berkaitan instrumen BNPL, prinsip muamalat Islam, dan aplikasi hifz al-mal (pemeliharaan harta). Hasil kajian menunjukkan bahawa BNPL mempunyai unsur maslahah apabila digunakan secara berhemah untuk memenuhi keperluan mendesak (hajiyyat), membantu aliran tunai, dan memudahkan urusan transaksi pengguna. Walau bagaimanapun, instrumen ini turut mengandungi unsur mafsadah yang kritikal apabila melibatkan caj tambahan yang menyerupai riba, penalti lewat bayar, ketidakjelasan kontrak (gharar), serta kecenderungan mendorong kepada pembelian impulsif dan pemborosan. Penilaian berasaskan prinsip hifz al-mal menegaskan bahawa pelaksanaan BNPL semasa tidak sepenuhnya menepati Maqasid Syariah sekiranya elemen-elemen yang memudaratkan kewangan pengguna ini tidak dikawal. Implikasi kajian mencadangkan agar instrumen BNPL distrukturkan semula secara tuntas mengikut prinsip syariah yang telus bagi memastikan kepentingan harta pengguna terpelihara sekali gus mengimbangi keperluan pasaran kewangan digital masa kini.
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