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Towards Responsible Consumption and ...

Moharram, Afnaan Hisham.

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Towards Responsible Consumption and True Financial Inclusion: Assessing Fintech Buy-Now, Pay-Later (BNPL) from an Islamic Perspective.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Towards Responsible Consumption and True Financial Inclusion: Assessing Fintech Buy-Now, Pay-Later (BNPL) from an Islamic Perspective./
Author:	Moharram, Afnaan Hisham.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2023,
Description:	84 p.
Notes:	Source: Masters Abstracts International, Volume: 85-02.
Contained By:	Masters Abstracts International85-02.
Subject:	Finance. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=30421294
ISBN:	9798379968694

Towards Responsible Consumption and True Financial Inclusion: Assessing Fintech Buy-Now, Pay-Later (BNPL) from an Islamic Perspective.
Moharram, Afnaan Hisham.

Towards Responsible Consumption and True Financial Inclusion: Assessing Fintech Buy-Now, Pay-Later (BNPL) from an Islamic Perspective. - Ann Arbor : ProQuest Dissertations & Theses, 2023 - 84 p.

Source: Masters Abstracts International, Volume: 85-02.

Thesis (M.S.)--Hamad Bin Khalifa University (Qatar), 2023.

The last three years have seen more widespread adoption of point-of-sale financing from financial technology (fintech) companies. Known as buy-now, pay-later (BNPL), this new form of consumer lending is now more widely available in the checkout process online, and is becoming more common in stores as well. With both interest-free and interest-bearing installment loans, BNPL has resonated among credit card averse consumers as well as those with insufficient or poor credit history. With easier access to credit, this form of point-of-sale financing makes up less than 5% of payment transaction value globally, yet is projected to be the fastest growing global payment method in the coming years. As financial service providers evaluate the demand for BNPL, there is a need for assessing the various BNPL business models from an Islamic perspective such that shariah compliant models may be properly developed to service Muslim consumers and others who wish to avoid interest. In addition to assessing the fintech and bank-based BNPL business models from an Islamic legal perspective, this research determines that certain interest-free BNPL models are more shariah-compliant consumer financing options for Muslim consumers compared to interest-bearing conventional credit cards, and, at times, Islamic credit cards. The discussion offers recommendations for Islamic maslaha and consumer-centered fintech models, as well as some recommendations for installment plans through Islamic credit cards in the Gulf region. This research finds that encouraging the application of BNPL through fintech in non-retail spending categories, such as healthcare, education, and B2B BNPL will assist in achieving the higher objectives of Islamic finance by helping consumers firstly avoid paying interest while also having access to credit that can achieve the essential objectives of Islamic law.

ISBN: 9798379968694Subjects--Topical Terms:

542899
Finance.
Subjects--Index Terms:

BNPL

Towards Responsible Consumption and True Financial Inclusion: Assessing Fintech Buy-Now, Pay-Later (BNPL) from an Islamic Perspective.
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100 1 $a Moharram, Afnaan Hisham. $3 3774966
245 1 0 $a Towards Responsible Consumption and True Financial Inclusion: Assessing Fintech Buy-Now, Pay-Later (BNPL) from an Islamic Perspective.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2023
300 $a 84 p.
500 $a Source: Masters Abstracts International, Volume: 85-02.
500 $a Advisor: Abo Zaid, Abdulazeem.
502 $a Thesis (M.S.)--Hamad Bin Khalifa University (Qatar), 2023.
520 $a The last three years have seen more widespread adoption of point-of-sale financing from financial technology (fintech) companies. Known as buy-now, pay-later (BNPL), this new form of consumer lending is now more widely available in the checkout process online, and is becoming more common in stores as well. With both interest-free and interest-bearing installment loans, BNPL has resonated among credit card averse consumers as well as those with insufficient or poor credit history. With easier access to credit, this form of point-of-sale financing makes up less than 5% of payment transaction value globally, yet is projected to be the fastest growing global payment method in the coming years. As financial service providers evaluate the demand for BNPL, there is a need for assessing the various BNPL business models from an Islamic perspective such that shariah compliant models may be properly developed to service Muslim consumers and others who wish to avoid interest. In addition to assessing the fintech and bank-based BNPL business models from an Islamic legal perspective, this research determines that certain interest-free BNPL models are more shariah-compliant consumer financing options for Muslim consumers compared to interest-bearing conventional credit cards, and, at times, Islamic credit cards. The discussion offers recommendations for Islamic maslaha and consumer-centered fintech models, as well as some recommendations for installment plans through Islamic credit cards in the Gulf region. This research finds that encouraging the application of BNPL through fintech in non-retail spending categories, such as healthcare, education, and B2B BNPL will assist in achieving the higher objectives of Islamic finance by helping consumers firstly avoid paying interest while also having access to credit that can achieve the essential objectives of Islamic law.
590 $a School code: 1931.
650 4 $a Finance. $3 542899
650 4 $a Islamic studies. $2 bicssc $3 1082939
653 $a BNPL
653 $a Buy-now pay-later
653 $a Financial inclusion
653 $a Fintech
653 $a Maqasid al-shariah
653 $a Maslaha
690 $a 0508
690 $a 0512
690 $a 0770
710 2 $a Hamad Bin Khalifa University (Qatar). $b College of Islamic Studies. $3 3689683
773 0 $t Masters Abstracts International $g 85-02.
790 $a 1931
791 $a M.S.
792 $a 2023
793 $a English
856 4 0 $u https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=30421294