A Model Development of Shariah Principle in E- Payment: The Case of Malaysia.

Abstract

Issues concerning online transactions, e-payment mode are among the new challenges that Islamic scientists and researchers must face in broadening the reach of the Shariah e-commerce transaction concept. As Malaysia moves towards e-commerce and online shopping, there is no new trend; there are challenges for solutions based on the Shariah principles. This study aims to investi- gate and suggest the model development for Shariah e-payment system in Malaysia. This study utilizes a qualitative approach. The data employed were drawn from library research. The contents and textual analyses were employed to achieve this purpose. This study found a model consisting of a number of components, namely the Shariah core component, sound technical means, regulatory body and legal provision to enabling e-commerce transactions.