Islam regulates and directs all aspects of a Muslim’s life, so it enjoins the practice of integrity and honesty in commercial transactions as well as e-commerce. Islam condemns all forms of speculative business transactions which forbids usury in transactions.
Some people find it hard to comply with the injunction prohibiting interest, due to their misconception of interest and profit earned in trade. However, it should not be taken lightly since it is a code of conduct that governs the lives of Muslims in every aspect of their lives. Islamic trade is all about honesty, and justice, and does not tolerate any kind of dishonesty and it is effectively implemented for Muslims' religious benefit.
The Prophet Muhammad SAW taught that businesses must be done in an entirely honest and truthful manner, and PayHalal payment gateway abides by this teaching. PayHalal is an Islamic payment gateway for the Shariah e-Commerce service that processes payments from CASA e-Money Debit and credit payments for online and traditional brick-and-mortar stores. In the process of Shariah e-Commerce, PayHalal plays a crucial role in approving payments between the merchant and the client in one place without RIBA (usury) and Gharar (uncertainty/risk).
It also adheres to the seven fundamental values of Islamic finance laid out by BNM which are (1) prevention of harm and attainment of benefit; (2) money only as a store of value or medium of exchange; (3) attainment of profit from accepting or sharing risk; (4) balanced wealth creation with wealth transfer and circulation; (5) assurance of transparency and traceability; (6) Shariah compliance, and (7) fairness and attainment of excellence.
PayHalal is always evolving from a nice-to-have to a need-to-have for thousands of companies creating an online storefront aimed at Muslim consumers. It benefits in increasing sales from the halal market where the more payment merchants provide to their customers, the more sales they will make. In fact, the average sales increase to 14% for merchants who include PayHalal as a payment option for Muslim consumers. This is because it aligns with their belief system. With more than 1.6 billion Muslims in the world, PayHalal can help businesses find a sizable base of Muslim consumers.
The world's first Islamic payment gateway also became an assurance for Muslims. PayHalal also lends credibility to non-Muslim business owners operating in the Halal market. By having the Islamic payment service as a payment option for their consumer, these merchants able to gain trust, confidence and respect, especially from their Muslim consumers. The best part about all these, consumers do not need to provide their credit card number or any other banking information over the internet. Many new businesses will benefit from the power of the PayHalal brand as they work to establish themselves in the vast global online Halal market.
To help and encourage more merchants to get into the halal market, PayHalal offers 100 selected merchants that register their account to have fully sponsored RM5 vouchers for their first 70 users during Selangor Smart City & Technology Economy Convention (SDEC) held at Kuala Lumpur Convention Centre starting from 6th October until 9th October 2022. Besides that, Payhalal will also be promoting the merchants' brands through their social media platforms. The boarding time and full registration only take 2-3 days.
To get more information and consultation regarding Payhalal, head to their booth (Booth No. 7067) at SDEC 2022. Everyone is welcome to visit. You can also browse through www.payhalal.my for more information and online registration.
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Content provided by Zuhairah.
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