Islamic payment systems
E818520
Islamic payment systems are financial transaction mechanisms designed to comply with Shariah principles, prohibiting interest and excessive uncertainty while enabling lawful, ethical payments and settlements.
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
Islamic finance concept
ⓘ
payment system ⓘ |
| aimsAt |
Shariah compliance
ⓘ
ethical financial transactions ⓘ real economic activity support ⓘ |
| alignedWith |
AAOIFI standards
ⓘ
IFSB guidelines ⓘ national Shariah standards ⓘ |
| avoids | interest-bearing credit cards ⓘ |
| basedOn | Shariah principles ⓘ |
| enables |
fund transfers
ⓘ
lawful payments ⓘ settlement of obligations ⓘ |
| focusesOn |
asset-backed transactions
ⓘ
risk-sharing principles ⓘ transparency in contracts ⓘ |
| implementedIn |
Islamic banks
NERFINISHED
ⓘ
Islamic fintech platforms ⓘ Islamic microfinance institutions ⓘ Islamic windows of conventional banks ⓘ |
| integratesWith |
Islamic capital markets
NERFINISHED
ⓘ
Islamic money markets ⓘ cross-border payment networks ⓘ |
| manages |
liquidity using Islamic money market instruments
ⓘ
settlement risk in a Shariah-compliant manner ⓘ |
| prohibits |
gharar (excessive uncertainty)
ⓘ
maysir (gambling) ⓘ riba (interest) ⓘ |
| regulatedBy |
Islamic financial services authorities
NERFINISHED
ⓘ
central banks in Muslim-majority countries ⓘ |
| requires |
Shariah audit
ⓘ
Shariah board oversight ⓘ Shariah-compliant documentation ⓘ |
| supports |
Shariah-compliant charge cards
ⓘ
Shariah-compliant debit cards ⓘ automated clearing house (ACH) mechanisms ⓘ e-commerce transactions in a Shariah-compliant way ⓘ mobile payments ⓘ online payment gateways ⓘ prepaid cards ⓘ real-time gross settlement (RTGS) infrastructures ⓘ remittance services ⓘ trade finance operations ⓘ |
| uses |
Shariah-compliant contracts
ⓘ
ijarah contracts ⓘ kafalah (guarantee) contracts ⓘ murabaha contracts ⓘ qard hasan (benevolent loan) ⓘ wakalah contracts ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.