Malaysia’s 1st Shariah-Compliant Buy Now Pay Later Service as Certified by Masryef
Released on 30 June, from TEAM SPLIT
Masyref Advisory, a Malaysian advisory firm with 50 years of combined experience devoted to Islamic banking and finance, has reviewed and certified Split’s buy now pay later (BNPL) services to be Shariah-Compliant. Split, a Malaysia and Singapore-based fintech company, stands out as the first BNPL operator to have their offerings certified Shariah-Compliant by Masryef.
The Shariah certification of Split empowers both Muslim consumers and merchants with the confidence to use Split’s BNPL payment service that is in accordance with Islamic principles. The criteria involved in Masryef’s Shariah assessment includes the structure of the business model and the process flow.
Shariah compliance certification affirms the transparency that Split promises, with zero fees including no interest, late fees or processing charges. Split users will only pay for the price of their order and nothing more. Instead, merchants are charged a percentage success fee for every order processed by Split. Split is unique in the BNPL space as it does not monetize from late fees or other charges that are conditional upon users missing payments.
Dylan Tan, Co-Founder and CEO of Split, said, “The importance of localizing our offering to meet the needs of Malaysians cannot be understated. We want our BNPL service to be accessible to all, which in Malaysia, includes a large population of Muslims. We are delighted to announce this certification as it provides our merchants and users the confidence and comfort knowing that they are choosing a BNPL option that is operated in accordance with their religious beliefs.
Khairil Anuar, Principal at Masryef Advisory said, “Split’s business model stands out in the fast-growing BNPL space where their users do not get charged any interest or even late fees. The Shariah compliance certification is an important element in providing a buy now pay later offering that can cater to a Muslim-majority country like Malaysia.”
Split's BNPL service was certified Shariah Compliant by Masryef.
Malaysia’s 1st Shariah-Compliant Buy Now Pay Later Service as Certified by Masryef
Released on 30 June, from TEAM SPLIT
Masyref Advisory, a Malaysian advisory firm with 50 years of combined experience devoted to Islamic banking and finance, has reviewed and certified Split’s buy now pay later (BNPL) services to be Shariah-Compliant. Split, a Malaysia and Singapore-based fintech company, stands out as the first BNPL operator to have their offerings certified Shariah-Compliant by Masryef.
The Shariah certification of Split empowers both Muslim consumers and merchants with the confidence to use Split’s BNPL payment service that is in accordance with Islamic principles. The criteria involved in Masryef’s Shariah assessment includes the structure of the business model and the process flow.
Shariah compliance certification affirms the transparency that Split promises, with zero fees including no interest, late fees or processing charges. Split users will only pay for the price of their order and nothing more. Instead, merchants are charged a percentage success fee for every order processed by Split. Split is unique in the BNPL space as it does not monetize from late fees or other charges that are conditional upon users missing payments.
Dylan Tan, Co-Founder and CEO of Split, said, “The importance of localizing our offering to meet the needs of Malaysians cannot be understated. We want our BNPL service to be accessible to all, which in Malaysia, includes a large population of Muslims. We are delighted to announce this certification as it provides our merchants and users the confidence and comfort knowing that they are choosing a BNPL option that is operated in accordance with their religious beliefs.
Khairil Anuar, Principal at Masryef Advisory said, “Split’s business model stands out in the fast-growing BNPL space where their users do not get charged any interest or even late fees. The Shariah compliance certification is an important element in providing a buy now pay later offering that can cater to a Muslim-majority country like Malaysia.”
Split's BNPL service was certified Shariah Compliant by Masryef.
