PAYLATER TRANSACTIONS IN THE REVIEW OF FIQH MUAMALAH (BETWEEN FINANCIAL CONVENIENCE AND THE POTENTIAL FOR RIBA)

Abstract

This research aims to provide the public with insights into using the financial system, specifically paylater, which is often offered by e-commerce products. By understanding the laws and system of paylater, it is hoped that users will use the system wisely and with sufficient knowledge. This research aims to provide the public with insights into the financial system based on the digital technology of Paylater, which is commonly used in e-commerce transactions, without intending to disparage or harm any party. This study uses the literature review method, primarily focusing on classical and contemporary works of fiqh muamalah, financial authorities such as DSN-MUI and OJK, and academic discourse on the development of financial technology for its literature review. The findings of this study indicate and confirm that the Paylater practice has significant potential to contain elements of usury and contractual uncertainty that are contrary to Sharia principles. However, with proper contract reconstruction and strict Sharia supervision, this service can be adapted to Islamic teachings. It is hoped that this research will be an important reference for users, regulators, and business practitioners, especially in designing economically efficient digital financing schemes that are in accordance with the limitations of Islamic law.