AN EVALUATION OF BUY NOW PAY LATER (BNPL) BASED ON THE ḤIFẒ AL-MĀL PRINCIPLE OF MAQĀṢID AL-SHARĪʿAH IN MALAYSIA

PENILAIAN BUY NOW PAY LATER (BNPL) BERDASARKAN PRINSIP ḤIFẒ AL-MĀL DALAM MAQĀṢID AL-SYARĪʿAH DI MALAYSIA

Abstract

The advancement of financial technology (fintech) has led to the emergence of various digital payment instruments, including Buy Now Pay Later (BNPL), which has gained increasing attention among consumers in Malaysia. Although BNPL offers convenience and payment flexibility, its use has also raised concerns regarding increasing debt burdens, excessive spending and Shariah compliance. Accordingly, this study aims to analyse the position and implementation of BNPL based on the principle of ḥifẓ al-māl and to develop a proposed framework for BNPL implementation that is more closely aligned with the objective of wealth preservation within Maqāṣid al-Syarīʿah. This study adopts a qualitative approach through a library research design involving the analysis of primary and secondary sources, including official documents, reports issued by financial institutions, journal articles, academic books, and other relevant scholarly literature. The data were analysed using content analysis to identify and synthesise key issues related to the use of BNPL and its implications for wealth preservation. The findings indicate that BNPL has the potential to align with the principle of ḥifẓ al-māl when implemented through valid and transparent contracts that are free from riba, gharar, and exploitation. However, such alignment depends not only on contractual compliance but also on debt management, contractual transparency, and the effectiveness of consumer protection. Based on these findings, this study develops a BNPL assessment framework based on the principle of ḥifẓ al-māl, comprising four key dimensions: Shariah compliance, debt management, contractual transparency, and consumer protection. The framework provides a conceptual basis for a more comprehensive assessment of BNPL implementation by considering not only Shariah compliance but also its implications for wealth preservation and consumers’ financial well-being in accordance with the objectives of Maqāṣid al-Syarīʿah.

Abstrak

Perkembangan teknologi kewangan (fintech) telah mendorong kemunculan pelbagai instrumen pembayaran digital, termasuk Buy Now Pay Later (BNPL) yang semakin mendapat perhatian dalam kalangan pengguna di Malaysia. Walaupun BNPL menawarkan kemudahan dan fleksibiliti pembayaran, penggunaannya turut menimbulkan kebimbangan berkaitan peningkatan beban hutang, perbelanjaan berlebihan serta isu pematuhan syariah. Sehubungan itu, kajian ini bertujuan menganalisis kedudukan dan pelaksanaan BNPL berdasarkan prinsip ḥifẓ al-māl serta membentuk kerangka cadangan bagi pelaksanaan BNPL yang lebih selaras dengan objektif pemeliharaan harta dalam Maqāṣid al-Syarīʿah. Kajian ini menggunakan pendekatan kualitatif melalui reka bentuk kajian kepustakaan dengan menganalisis sumber primer dan sekunder yang terdiri daripada dokumen rasmi, laporan institusi kewangan, artikel jurnal, buku akademik dan penulisan ilmiah berkaitan. Data dianalisis menggunakan kaedah analisis kandungan bagi mengenal pasti dan mensintesiskan isu utama berkaitan penggunaan BNPL serta implikasinya terhadap pemeliharaan harta. Dapatan kajian menunjukkan bahawa BNPL berpotensi selaras dengan prinsip ḥifẓ al-māl sekiranya dilaksanakan melalui kontrak yang sah, telus serta bebas daripada unsur riba, gharar dan penindasan. Walau bagaimanapun, keselarasan tersebut tidak hanya bergantung kepada pematuhan kontrak, tetapi turut dipengaruhi oleh pengurusan hutang, ketelusan kontrak dan keberkesanan perlindungan pengguna. Berdasarkan dapatan tersebut, kajian ini membentuk kerangka penilaian BNPL berasaskan prinsip ḥifẓ al-māl yang merangkumi empat dimensi utama, iaitu pematuhan syariah, pengurusan hutang, ketelusan kontrak dan perlindungan pengguna. Kerangka ini menyediakan asas konseptual bagi menilai pelaksanaan BNPL secara lebih menyeluruh dengan mengambil kira bukan sahaja pematuhan syariah, tetapi juga implikasinya terhadap pemeliharaan harta dan kesejahteraan kewangan pengguna selaras dengan objektif Maqāṣid al-Syarīʿah.