E-wallet Forum – Tijarah Holdings

FORUM E-Wallet from legal and shariah perspectives

24 JANUARY 2021

BACKGROUND

Advancement of digital technology as a result of the 4th Industrial Revolution (IR 4.0) also disrupts Islamic finance sector. The development of IR 4.0 has given a birth to several technology-based services such as e-wallet applications, crowd funding, smart contracts and more. In a situation where the world today faces a pandemic situation that demanding for social distancing; offering virtual services to meet individual needs has become a community need. E-wallet serves as a replacement for the physical wallet to enable a person to save money by simply using a virtual application without having to bring physical cash to make a transaction (Aqilah, 2019).

Government support for the use of e-wallet applications can be seen through several government programs. The e-Tunai Rakyat program offers RM30 to qualified individuals through the ewallet application. In addition, the government through e-Penjana grants RM50 to 10.5 million Malaysians as one of the incentives during the pandemic. The distribution of money is also channeled through the e wallet method.

Changes in daily transactions and muamalat through e-wallet demand for online forum to discuss ewallet from a legal and Shara ‘perspective and the development of similar guidelines to guide the industry participants. The forum involves panel of Shariah, legal, IT and industry experts who can provide a clear view on proposed topic.

OBJECTIVES

To revive and nurture a research culture in the field of Shariah-based financial technology through industry collaboration.

Encourage the production of findings that can be applied through knowledge transfer activities.

Provide opportunities for academic staff and industry players to obtain input from the latest research in e-wallet applications conducted with JAKIM research and industry cooperation (Boost, Set, Sarawak Pay and other players)