FACULTY OF BUSINESS AND MANAGEMENT

BACHELOR OF BUSINESS ADMINISTRATION (HONS) ISLAMIC BANKING (BA249)

ISLAMIC CAPITAL MARKET (ISB656)

GROUP: CIMB INVESTMENT

TITLE: ISSUES ON FINANCIAL SYSTEM AND ISLAMIC CAPITAL MARKET

PREPARED BY:

NAME GROUP STUDENT ID

NABILAH BINTI ZUL-KIFLEY BA2495A 2019819046

AINA FATEHAH BINTI AHMAD RIZA BA2495A 2019653772

HIDAYAH BINTI TAUFIK BA2495A 2019688884

NUR AISYAH BINTI RIZHAN BA2495A 2019612424

NUREEN IZZATI BINTI FAKHARURRAZI BA2495A 2019218588

NURUL SAHIRAH BINTI MAT SUKRI BA2495A 2019290638

PREPARED FOR:

SIR MOHD FAIZAL BIN KAMARUDIN

DATE OF SUBMISSION:

23 JANUARY 2022
 ACKNOWLEDGEMENT

First and foremost, praises and thanks to the God, the Almighty, for His showers of
blessings throughout our group assignment to complete the group assignment successfully.
We would like to express our deepest sincere gratitude to our Islamic Capital Market
lecturer, Sir Mohd Faizal bin Kamarudin, for his guidance throughout this assignment. His
dynamism, vision, sincerity and motivation have deeply inspired us. He has taught us on how to
do a proper report, without his guidance we might be lost. It was an honor to work and study under
his guidance. We would also like to thank him for his friendship and empathy. Without his
guidance, our assignment surely will not be completed and our understanding towards the
assignment is still weak.
Lastly, we would like to thank our parents for their endless support, motivation and
guidance. Not to forget our dearly classmates who help us throughout the assignment. Without
the support from our parents and help from our friends this assignment will not be completed.
 TABLE OF CONTENTS

ACKNOWLEDGEMENT.............................................................................................................. .
1.0 INTRODUCTION.................................................................................................................. 1
2.0 DISCUSSION OF THE ISSUES ........................................................................................... 2
3.0 THE CAUSES OF THE ISSUES .......................................................................................... 4
4.0 THE ISSUES FROM ISLAMIC PERSPECTIVE ................................................................... 6
5.0 THE SOLUTION OF THE ISSUES ....................................................................................... 9
6.0 CONCLUSION ....................................................................................................................10
REFERENCES ........................................................................................................................... .
1.0 INTRODUCTION

Islamic business and company ethics have gotten more sophisticated as a result of IT
and commercial integration, and Islamic jurisprudence needs to broaden its assessment and
interpretation tools outside the traditional context. E-commerce is certainly permissible in Islam,
as long as it fits with the Islamic contract law criteria for form, contractual parties, and subject
matter. The purpose is to ensure that the key trade objective in Islam, the protection of interests
and the avoidance of harm by parties involved in a commercial transaction, is met. However, from
the perspective of Shariah, an internet transaction presented several significant difficulties that
will be addressed here: protection, contract lawfulness, issues of anonymity, gharar (uncertainty),
and riba (usury). Islamic attorneys and scholars must discuss both the technicalities of the online
transaction and the Shariah rule in order to settle these issues. The importance of the commerce
sector as a source of income and its role in the country's and ummah's overall growth is
emphasized in Islam.

Other than that, Islam is a universal religion, Islamic law is a law that applies to everyone.
As a result, wherever Muslims go, Islamic law applies automatically. This indicates that all
Muslims must adhere to Islamic law's teachings. There are three parts to Islamic law's teachings:
the first is aqidah (faith), the second is shariah (Islam), and the third is morality (ihsan). Based on
the three aspects that are the foundation of Islamic law teachings, it can be seen that Islamic law
teachings not only prioritize or rely on worship alone, but also pay attention to aspects that are
Muamalah, which means things that regulate human relations with other human beings, and
which cover various aspects, including the legal aspect of rights to the economic aspect, which in
this context is Shariah Banking.

In the framework of economics, muamalah aspects, Islamic law emphasizes the element
of ethics at the level of practice. The ethical component of Islamic law serves as the foundation
for the application of Islamic law in community, nation, and state life. Because ethics is at the core
of Islam, all horses, all laws, and all behavior must be based on ethical principles. The teachings
of Islamic law expressly forbid the existence of elements of economic exploitation in the form of
riba as well as transactions whose clarity is unknown or referred to as gharar.

In Shariah Banking, all business transactions must adhere to Islamic law's precepts. The
characteristics of the Islamic banking system, which is based on the profit-sharing principle,
provide an alternative banking system that benefits both the public and banks while emphasizing
aspects of fairness in transactions, ethical investment, promoting the values of togetherness and
brotherhood in production, and avoiding speculative financial transactions. By offering a wider
range of banking products and services, as well as more diverse financial schemes, Islamic
banking establishes itself as a genuine alternative to the banking system that can be enjoyed by
all segments of society.

1|Page
2.0 DISCUSSION OF THE ISSUES

The first issue related to the Financial System and Islamic Capital Market is the emergence
of cryptocurrency. Cryptocurrency is a form of digital money that has been made very safe via the
use of cutting-edge cryptographic technology. It protects the issue of digital money, as well as its
transfers and historical transaction records. Bitcoin is the most widely used cryptocurrency at the
moment. Bitcoin is a digital money that does not have a central issuer or a physical form.

Bitcoin, in particular, is a cryptocurrency that uses cryptography to govern encryption

processes that determine ownership and verify transaction information. Bitcoin's main purpose is
to provide trading and investing tools (Meera, A. K. M., 2018). In this century, the introduction of
such a currency is seen as a new alternative to the present money in transactions. Due to higher
return earnings, many people have shifted to cryptocurrencies, impacting the marketability of the
Islamic capital market. There is also uncertainty over whether cryptocurrency is permitted (halal)
or prohibited (haram) for usage in Islamic commerce and investing. Most people believe that
bitcoin's production and transaction systems are not syar'i in their current state since they are
particularly prone to criminal acts and exploitation by specific parties, such as money laundering
and weakening the country's financial system. Not only that, but the majority of currently
accessible cryptocurrencies fail to fulfill the standards for recognition as a currency, namely
Medium of exchange, Storage of value, Measure of stability, and Measure of broad acceptance
(Meera, A. K. M., 2018).

Some even claim that Bitcoin has a gharar component due to its highly volatile value and
the likelihood that the digital currency system will collapse at any point. Scholars' perspectives on
cryptocurrencies also appear to differ so widely that there is a great deal of ambiguity. For those
who demand it, scholars look at bitcoin from a micro perspective: it is a currency that fits the
qualities of the currency, and there is no element of gharar or jahalah that may harm the currency's
transaction. Scholars who oppose the ban, on the other hand, have discovered that they should
look at bitcoin from a macro perspective and expect a bigger scope (Pejabat Mufti Wilayah
Persekutuan,2018). The presence of this currency may jeopardize a country's currency's stability.
Looking at this negative comment about cryptocurrency, which is getting increasingly popular in
Islamic nations, raises a number of problems concerning its legal position. As we all know, Islam
bans us from engaging in activities that are detrimental and in violation of Islamic law.

The second issue regarding the financial system and Islamic capital market is about e-
commerce and e-payment transactions according to Shariah. E-commerce refers to the online
sale and purchase of tangible goods and services (Bloomenthal, 2021). While e-payment refers
to an online payment system which enables users to pay for services using electronic channels
(What Is an E-Payment System? & How E-Payment System Works, 2021).

Nowadays, people are more likely to buy goods through online platforms and do payments
online because it is more convenient as people can do it anywhere with digital devices such as
smartphones, and laptops with internet connections. E-commerce according to Islam is allowed,
as long it comply and follow all the conditions in Islamic contracts which are the type, parties
involved and the subject matters (Mohd Zulkifli, 2020). Firstly, issues that may arise in e-
commerce and e-payment transactions include legality of the online contract or transactions.
Contract binding contracting parties which consist of seller and buyer of e-commerce and the
contract details include terms and conditions can be discussed on online platforms, but the issue
arises in relation to the meeting location. Normally, through offline transactions, customers and
sellers will meet up and do the transactions directly and uncertainty issues will not arise. But
somehow through online transactions, there might be a lack of information provided as there is

2|Page
no meeting between contracting parties and can lead to uncertainty and if this happened, the
online contract may be voidable.

Secondly, the problem is a security issue which is transactional threats (Mohd Zulkifli,
2020). Since both seller and buyer do not know each other, there might be chances for fraud. It
is undeniable that these days there might be people who want to take advantage of other people
for their own benefits. Most of the fraud cases in e-commerce are when customers make payment
for the goods but did not receive the goods and the seller disappeared. As reported in The Star,“E-
Commerce Fraud Has Gone Up In 2021, Involving RM 57.73 million In Losses As Of Oct 31, Say
Police” (2021), it mentioned that due to the Covid-19 outbreak in 2020, there has been 5,848
cases of e-commerce fraud were disclosed as more people began buying things online. Even if
customers are purchasing from a well-known e-commerce platform, sellers that offer goods
through those platforms are not guaranteed to be who they say.

3|Page
3.0 THE CAUSES OF THE ISSUES

The first issue that was mentioned is the use of bitcoin in the Islamic capital market. Firstly,
among the causes of cryptocurrency problems occur because bitcoin does not have a stable and
fixed value backup (Meera, A. K. M., 2018). Money's value stability is a critical attribute for it to
do its job. Its value is generally constant and does not fluctuate dramatically. If the value of a
currency is unstable, it can't be used as a store of value. In a research of Bitcoin price volatility
from 2013 to 2016, it was discovered that the value of Bitcoin was very volatile when compared
to gold (Meera, A. K. M., 2018). As a result, it is clear that Bitcoin does not adhere well to money's
"store of value" role.

Secondly, no one knows who invented the Bitcoin. It is credited to Satoshi Nakamoto, but
no one knows if he is a real person, a group of people, or otherwise else. It was, in fact, released
as open-source software. As a result, no one person or entity is truly accountable for bitcoin
"money" or the entire system. Then there's Bitcoin, which is a currency that isn't governed by
anyone. The lack of an authority agency to regulate this money can also foster a range of
unfavorable outcomes, undermining a country's official currency system.

Thirdly, Bitcoin is not real money, as it is a digital currency that is not backed by any actual
goods or services. The price of bitcoin is quite variable. Its value has also gone up tremendously
over the years. Hence, there's a chance that Bitcoin's price is being pushed into a bubble. As a
result, the World Bank classified Bitcoin as a Ponzi Scheme, a type of financial scam in which
current investors are compensated with cash raised from new investors (Meera, A. K. M., 2018).

Fourthly, Bitcoin has no fundamental value and is created privately, the creation of
hundreds or even thousands of copycat cryptocurrencies is predicted, as has already been seen.
The blending of such a large number of cryptocurrencies has resulted in worldwide inflation. Aside
from that, it may be used as a handy fund for terrorists and hackers to support their actions. The
latest case involves Youbit, a bitcoin trading center in South Korea that went bankrupt in
December 2017 after nearly 4000 bitcoins belonging to investors were stolen in a series of cyber-
attacks. Then, the emergence of fake investment schemes based on bitcoin and cryptocurrencies.
Many fake investment schemes that exploit bitcoin as a lure for investors have appeared in
tandem with the growth of cryptocurrencies on a national and worldwide scale. Bitkingdom,
Ethtrade Malaysia, and Ethtrade Limited, all of which are based in Hong Kong, were among the
firms included in the Bank Negara Financial Consumer Alert on June 23, 2017 (Pejabat Mufti
Wilayah Persekutuan,2018). As a result, the preceding explanation demonstrates that bitcoin and
its payment are fraught with great ambiguity.

The second issue is shari'ah issues relating to e-payment or online banking activities.
Firstly, the lack of legislation to safeguard consumers in e-commerce transactions is the main
cause of e-commerce and e-payment issues. Even e-commerce has been practiced globally, but
the regulation in order to protect customers shall be managed by local law. In Malaysia, there is
the Consumer Protection Act 1999 and under it consists of the Consumer Claims Tribunal to help
consumers to claim compensation of any products and services bought (Official Portal KPDNHEP
- Tribunal for Consumer Claims, n.d.). However, this Act does not include electronic
transactions, therefore there are no laws in place to protect consumers from e-commerce
purchases (Mohd Zulkifli, 2020). When there is no e-commerce protection, consumers are
vulnerable to fraud, making it difficult to prevent any e-commerce or e-payment problems from
happening.

4|Page
 Secondly, the lack of security in the e-commerce platform. Every e-commerce platform
has to make sure that every contracting party to the transaction is who they say they are
(authentication), transactions cannot be transferred or corrupted (integrity), no party can deny
(non-repudiation) participation, and that transaction details remains private (Mohd Zulkifli, 2020).
It is undeniable that some e-commerce platforms run authentication, transparency, non-
repudiation, and confidentiality procedures where users can verify their authentication and agree
with all the terms and conditions provided by the e-commerce platform which includes other
elements, but somehow not all these actions are compulsory. People can still choose not to verify
their authentication but still can use the platform, and this gives opportunities for scammers
specially to take the chance. The efforts for security of the platforms were there, but it needs to
be firm.

5|Page
4.0 THE ISSUES FROM ISLAMIC PERSPECTIVE

The first issue is regarding the cryptocurrency in the Islamic capital market. There are 3
views used by fatwa bodies and Islamic scholars to determine the halal and illegal use of Bitcoin
in the financial system.

The first is the view that forbids. There are fatwa bodies and Islamic scholars that ban the
use of bitcoin such as Darul Iftaa 'Misriyyah (Egyptian Fatwa Council). According to them,
involvement in bitcoin affairs is not. This is because the risk is too great for individuals and
countries. Here, the Mufti of the Republic of Egypt Sheikh Shauqi ‘Allam gave some reasons for
banning that cryptocurrency. Among them is that bitcoin does not qualify to be recognized as a
currency. In fact, it also has elements of jahalal, gharar and manipulation that are very difficult to
control. Furthermore, it has no backup value and is not governed by anybody. As we all know,
the issuing of currency is the absolute right of a country's government and official financial
institutions (LUQMAN TARMIZI, 2018).

The second view of Islamic scholars is the view that requires the use of bitcoin currency.
Based on a study conducted by Mufti Muhammad Abu Bakar, namely Shariah Analysis of Bitcoin
and Blockchain, several variables need the deployment of bitcoin in the financial system. Among
the constraints is that bitcoin can only be used in nations where such transactions are not
prohibited. If a country's law prohibits anything, it is likewise illegal according to Shariah. Not only
that, but bitcoin should be used as a currency in transactions for the original purpose for which it
was developed, rather than as an investment item (LUQMAN TARMIZI, 2018).

Meanwhile, studies argue that the issue of bitcoin cryptocurrency is tawaqquf. Tawaqquf
denotes that the law has not yet provided a resolution to a situation because it wishes to obtain a
fuller and more thorough picture. This is explained by a study conducted by Dr. Marjan
Muhammad on 28 February 2018 at the Krypto Currency and Digital Financial Systems
Roundtable Conference at the IKIM Great Hall. Although there are some fatwa bodies and experts
who have opinions on the bitcoin problem, ISRA does not interpret any of them. After presenting
the perspectives of researchers on the subject, we conclude that bitcoin is a new tool introduced
by certain groups as an alternative to a country's existing monetary system. (LUQMAN TARMIZI,
2018).

Hence, the Federal Territory Islamic Law Consultative Meeting concluded that the 'Bitcoin'
type cryptocurrency accessible today does not fulfil the characteristics of the Islamic money. They
also claim that bitcoin can cause a variety of problems for a country's financial system. As a result,
in order to protect the public interest, the use of Bitcoin as a money is outlawed.

The second issue that was mentioned is related to the financial system which is the
Shari’ah issues that are related to the e-payment or online banking transactions. In this regard,
among the concerns that have arisen as a result of following internet transactions nowadays is
the issue of gharar (uncertainty) and riba (usury).

First and foremost, there is the concern of riba in online transactions. According to the
decision of the Islamic Fiqh Assembly, the bank or issuer is permitted to collect a set amount from
the cardholder. Here, the annual fee paid by the cardholder to the bank or card issuer is not an
interest rate in this case. However, it is a fee charged as a salary for certain services provided by
the company for the benefit of its holders such as issuing or renewing cards. This is why
cardholders get charged regardless of how much they spend (Zulkifli et al., 2021, 4-5).

6|Page
 According to Islamic law, the use of credit cards, which are commonly utilized in online
transactions nowadays, is permissible as long as there is no element of usury. As in Malaysia,
Islamic banking applies the Bay al Inah (sales with immediate repurchase) to detect and verify all
credit card transactions. In this sense, the contract for Bay al Inah consists of two distinct
agreements, a cash sale at Bay al Mutlak (cash sale) and a deferred sale at Bithaman Ajil (sale
on deferred payment). The first agreement is the bank's agreement to sell the object to the
customer at an agreed-upon price, while the second agreement covers the customer's return to
the bank at a lower price. The difference is the interest paid by the bank on the sale and the
default (Zulkifli et al., 2021, 4-5). As a result, no penalty is imposed on the consumer, and the
user may be compensated for the unused monetary amount.

Secondly, the issue of gharar in online transactions. The anonymity of Internet users, such
as merchants, adds to the difficulty of portraying gharar in its new dimension (Zulkifli et al., 2021,
5). Things are hidden from the customer, and the customer has no idea what the future results
will be, like a pre-order concept business on an online platform.

The concept of pre-order is a modern business concept that is frequently used by traders
on e-commerce platforms. This is where sellers will hunt for manufacturers or wholesalers in or
outside of the country who offer a low-cost product, and then use resources such as images and
product information provided by the manufacturer or wholesaler to market the product on the e-
commerce platform at a reasonable price or higher price (ABD HAKIM ABD RASID, 2021). In this
context, the Qur'an outlines guidelines for every human being on the law of selling goods that do
not belong to them. It is supported by a Quranic verse (Surah al-Baqarah:275).

ِّ ‫ٱَّلل ۡٱل َب ۡي َع َو َح َّر َم‬

‫ٱلر َب ٰوا‬ ُ َّ ‫َوأ َ َح َّل‬

Meaning: “Allah has permitted trading (business) and forbidden usury.”

Surah al-Baqarah (275)

This verse, according to Ibn Munzir, it proves the existence of permitted and prohibited
trading in Islam, such as gharar (ABD HAKIM ABD RASID, 2021). However, there is also the fiqh
approach, which states that the original law for matters related to muamalat must be followed until
there is proof to the contrary.

Furthermore, in terms of sale and purchase, the scholars have specifically discussed
khiyar-related issues such as khiyar majlis, khiyar 'aib, and khiyar al-shart, in which the buyer has
the right to check the products offered and determine whether or not they are damaged or
defective. The buyer can then return it and receive a refund for the money already paid (ABD
HAKIM ABD RASID, 2021). Regarding the sale of non-existent goods, we quote the words of the
Prophet s.a.w as follows:

َ ‫الَ تَ ِّبع َما لَي‬

َ‫س عِّندَك‬

Meaning: “Do not sell things that you do not have.”

Riwayat Abi Daud (3503)

7|Page
 According to Al-Khattabi, the restriction in this hadith is due to the presence of the element
of gharar. The gharar in question refers to the risk of whether the items can be delivered to the
buyer, as well as the risk that the goods delivered do not meet the declared specifications (ABD
HAKIM ABD RASID, 2021).

According to fatwa body, the concept of pre-order is believed to be the most similar to the
concepts of bai'salam and ijarah (wages), which the fuqaha' agreed upon as a necessity. In the
concept of Salam (purchasing and selling), the buyer will pay the seller in advance, and the seller
will order from the supplier or manufacturer, which will subsequently be delivered to the buyer at
a certain time. This idea, according to Imam Nawawi, is distinct from Rasulullah s.a.w's prohibition
on selling goods that do not exist (ABD HAKIM ABD RASID, 2021). While in the case of ijarah,
the buyer is considered to pay wages to the seller in order to purchase the items. In this situation,
the seller's wages are for the time spent searching for and ordering the desired goods. Despite
agreement on the concepts, the following conditions must be completed in the pre-order sale and
purchase to avoid the element of jahalah (unknown) on the goods offered. Hence, the pre-order
concept business on the online platform is allowed.

8|Page
5.0 THE SOLUTION OF THE ISSUES

The first issue that was highlighted is regarding the cryptocurrency in the Islamic capital
market. The creation of bitcoin, also known as cryptocurrency, was initially as an alternative
currency to the existing currency system. However, it is treated as an investment asset, which
beats the original purpose of the creation of bitcoin. A solution that can help resolve this issue
would be to halt any usage of cryptocurrency based on Sadd al-Zarai’s method (BAYAN LINNAS
SIRI KE-153: HUKUM PENGGUNAAN MATA WANG BITCOIN, 2018). Sadd al-Zarai’s method
is the act of refraining from committing something that could lead to damage. This method can be
applied to avoid the usage of cryptocurrency damaging the community (Muhammad Soulhiey
Zeckry, 2019).

Another solution that could be carried out based on the cryptocurrency issue in the Islamic
capital market is to establish an authoritative body that is responsible for cryptocurrency and
bitcoins. It was mentioned that there is an absence of an authoritative body regulating
cryptocurrency in Malaysia. Having a slightly similar function as the Shariah Advisory Council
(SAC), the authoritative body that is appointed shall advise and assist institutions regarding
Shari’ah-related matters on cryptocurrency in the institutions (BAYAN LINNAS SIRI KE-153:
HUKUM PENGGUNAAN MATA WANG BITCOIN, 2018).

The second issue that was mentioned is related to the financial system which is the
Shari’ah issues that are related to the e-payment or online banking transactions. When dealing
with transactions in the Islamic financial business, it is pretty clear that elements such as gharar
(uncertainty), maysir (gambling) and riba’ (usury) should be eliminated. Muslims are to make
certain that their transactions are lawful. In this situation, it is the Shariah Advisory Council (SAC)
that needs to ensure the transactions are according to the Shari’ah laws. As mentioned in the
Central Bank of Malaysia Act 2009, the SAC plays a vital role in assisting the Islamic financial
institutions in ensuring that their activities abide by the Islamic law. For example, if an online
banking transaction is considered to be gharar, Islamic financial institutions shall refer to the SAC
regarding the Shari’ah related issue and SAC should advise or guide the institution in overcoming
the issue (Central Bank of Malaysia, n.d.). Coming up with a solution will help in lessening the
probability of the issue to occur again in the future.

9|Page
6.0 CONCLUSION

It can be concluded that there are many issues that are related with the financial system
and Islamic capital market such as issues of Shariah in relation to online banking transactions (e-
payment) and the issues of permitted or prohibited cryptocurrencies in Islamic perspective.
Gharar must be avoided in the practice of Sharia Banking, according to Islamic Law. This is
because Gharar will compel all commercial transactions to be purely profit-driven or profit-driven,
disregarding the parties' sense of fairness. Gharar is directly linked to a risk associated with
business transactions in general, and with Islamic Banking transactions in Indonesia in particular.
Gharar is a state of incomplete information among the participants to a commercial transaction
caused by a lack of clear information. Other than that, Shariah rules must be followed in e-
commerce transactions. Furthermore, a holistic approach to application in the real world is critical.
E-commerce participants, such as banks and financial institutions, were discussed, as well as
current statutes and legislation governing online transactions. Furthermore, this issue may serve
as a general e-commerce guide for the world's more than one billion Muslim ummah to learn
about the problem and its remedies. Furthermore, this is viewed as a disadvantage because the
e-payment system is always evolving as a result of the advancement of digital technology, society,
and economy.

10 | P a g e
REFERENCES

ABD HAKIM ABD RASID. (2021, April 19). IRSYAD AL-FATWA SIRI KE-563: HUKUM MENJUAL
BARANG SECARA PRE-ORDER DI PLATFORM ONLINE. Pejabat Mufti Wilayah Persekutuan.
Retrieved January 21, 2022, from https://muftiwp.gov.my/en/artikel/irsyad-fatwa/irsyad-fatwa-
umum-cat/4734-irsyad-al-fatwa-siri-ke-563-hukum-menjual-barang-secara-pre-order-di-
platform-online

BAYAN LINNAS SIRI KE-153: HUKUM PENGGUNAAN MATA WANG BITCOIN. (2018,
November 15). Pejabat Mufti Wilayah Persekutuan. Retrieved January 18, 2022, from
https://muftiwp.gov.my/artikel/bayan-linnas/2773-bayan-linnas-153-hukum-penggunaan-mata-
wang-bitcoin

Bloomenthal, A. (2021, September 16). Electronic Commerce (Ecommerce) Definition.

Investopedia. Retrieved January, 2022, from
https://www.investopedia.com/terms/e/ecommerce.asp

Central Bank of Malaysia. (n.d.). Central Bank of Malaysia Act 2009. Laws of Malaysia, 51-52.
https://www.bnm.gov.my/documents/20124///277ebcd5-9c21-209b-3984-170ba28351d6

LUQMAN TARMIZI. (2018, November 15). BAYAN LINNAS SIRI KE-153: HUKUM
PENGGUNAAN MATA WANG BITCOIN. Pejabat Mufti Wilayah Persekutuan. Retrieved January
21, 2022, from https://muftiwp.gov.my/artikel/bayan-linnas/2773-bayan-linnas-153-hukum-
penggunaan-mata-wang-bitcoin

Muhammad Soulhiey Zeckry. (2019, January 18). Apakah Sadd Al-Zara`i • Wacana Zeckry.
Wacana Zeckry. http://zeckry.net/2019/01/18/apakah-sadd-al-zarai/

Official Portal KPDNHEP - Tribunal For Consumer Claims. (n.d.). Kpdnhep. Retrieved January,
2022, from https://www.kpdnhep.gov.my/en/corporate-info/department/tribunal-for-consumer-
claims.html

What is an e-payment system? & How e-payment system works? (2021, February 24). Lyra
Network. Retrieved January, 2022, from https://www.lyra.com/in/e-payments/

Zulkifli, M. M., Noormarian, M., & Redzuan, R. (2021). A Model Development of Shariah Principle
in E-Payment: The Case of Malaysia. International Conference on Business and Technology.
https://doi.org/10.1007/978-3-030-69221-6_128