Development Methods for Shariah Compliant E-Commerce Payment Processing (A Two-Part Special) Pt. 1
Not all innovations are able to comply with the Shariah. Nonetheless, technology has not yet failed humanity with its witty ways to pass by the loopholes. The incorporation of Intermediate Shariah Transaction Party (ISTP) serves as a mediator for interchanges among vendor and clients before the exchanges can be finished up. The plan encourages the productive and e-commerce transaction exchange procedure to reduce three normal inadequacies in web based business exchanges to be specific riba‘, gharar and the legitimacy and the lawfulness of internet business exchanges from Shariah perspective without trading off the security parts of the exchanges.
The structures were refined and displayed before by the Islamic researchers before the last plan was concurred on. It is believed that this creation will turn into a noteworthy leap forward in Shariah-consistent web based business exchanges so as to serve approximately 2.1 billion Muslims around the world.
Sharaiah, the Islamic legal system; had always been linked to trade and commerce. Its combination and trade have brought increasingly complex degrees of Islamic business and trade morals that require the Islamic jurisprudents to grow their apparatuses of assessment and examination past the customary setting.
Understanding the various payment process methods, specifically the electronic payment method system, is significant in e-commerce exchanges and online transactions in general. As indicated by Sumanjeet, there are four categories of electronic installment frameworks which are: Online Credit Card Payment System, Online Electronic Cash System, Electronic Check System and Smart Cards based Electronic Payment System.
From Shariah’s perspective, certain challenges are there in terms of on-line transactions which in fact are related to payment processing method and issues that could possibly occur during the payment process. Now the Islam assents the significance to the trading sector as a source of income as it plays a vital role for the development of the country and the Ummah (Muslim Nation) in coherence.
There are two requirements that should be compiled in order to verify the online transaction. First, is concerning how to secure information from the unathorized parties (confidentiality) and how to ensure the trustworthiness of the exchange itself. Confidentiality guarantees that the information goes on-line only to be acquired and accessed by the approved party(s). Then again, Trusted Network Interpretation characterizes that the respectability guarantees that electronic information are equivalent to those in source archives; they have not been presented to incidental or malignant modification or devastation.
Most e-commerce exchanges are bipartite and happen between a dealer and a purchaser. The trader is represented online by a Website and available by means of an all-inclusive asset locator (URL) or Web address. The purchaser interfaces with the Internet through one of a few known methods for associating with the Internet and gets to the trader’s website. The dealer and the purchaser go into a transaction within the Web server, which is recorded in electronic structure on the server as a contract. In this way, the agreement is commonly put away in the Web server of the trader. A purchaser might be given the chance to print the contract before ending the association with the Web page-commerce transactions may be bipartite-a direct communication with another individual via web site- or multipoint- multiple individuals partake in a transaction.
(This is just the tip of the iceberg, stay tuned for Part 2!)
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