Split Emerges as First Malaysian Shariah-Compliant Buy Now, Pay Later Operator
Buy Now, Pay Later (BNPL) platform Split announced that its services has been reviewed and certified as a Shariah-compliant by the Masyref Advisory, a local advisory firm devoted to Islamic banking and finance.
Split said that it is the first BNPL operator to have their offerings certified as Shariah-compliant by the advisory firm.
The Shariah certification of Split provides assurance to 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.
The startup added that the Shariah compliance certification affirms its transparency, with zero fees including no interest, late fees or processing charges as Split users will only pay for the price of their order.