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20 May | Wednesday
Ruling of the Shariah Advisory Council (SAC) of the Bank Negara Malaysia on electronic money

The Shariah Advisory Coucil (SAC) of Bank Negara Malaysia at its 201st meeting and 26th special meeting on 29 January and 30 January 2020 has made a ruling that electronic money (e-money) is a permissible payment instrument under Shariah, provided that the e-money has to be structured based on appropriate Shariah contract(s) to preserve the rights and obligations of the contracting parties.
One of the applicable Shariah contracts for e-money is the agency contract (wakalah), whereby the approved issuer acts as an agent to make payment on behalf of the user (wakil bi ad-daf`i) to the merchant.

source: Bank Negara Malaysia
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