Generally, Buy Now Pay Later (BNPL) is a type of short-term financing that allows consumers to make purchases and pay for them at a future date. Islamic Buy Now Pay Later (IBNPL) differs from the conventional BNPL by offering short-term financing based on the Shariah Principle of Qard and Ujrah. In myIOU Islamic, consumers can split their payment up to 6 months with zero interest and profit-free with Shariah-compliant merchants.
Shariah-compliant merchants are screened for their eligibility according to Shariah Eligibility Criteria Checklist provided by our Shariah Advisor.
myIOU IBNPL does not impose interest nor gain profit from consumers whenever they make purchases from Shariah-compliant merchants on the myIOU app. Whenever consumers purchase products or services from Shariah-compliant merchants with myIOU app, the total price incurred at the checkout will be final settlement amount without any additional charges, regardless of 3 or 6 instalment plan.
myIOU IBNPL platform also provides payment solution to Shariah-compliant merchants to extend their products and services to consumers. Shariah-compliant merchants will pay a merchant fee (MDR) to IOUpay (provider of myIOU) in exchange for using myIOU IBNPL platform, if they wish to utilize myIOU IBNPL in their businesses.
The Islamic BNPL offered by IOUpay is in compliance with Shariah Principle of Qard and Ujrah as mentioned above. Consumers can browse for Shariah-compliant merchants and buy now pay later with zero interest and no profit. Check out our Shariah-compliant tag at the Stores section.