E-wallet or digital wallet is an online application or service that allows a person to perform electronic transactions with other parties through the exchange of digital money (e-money) for a product or service. Its use is growing over time and it is said that Malaysia is the top country in its use in Southeast Asia. To date, there are more than 50 applications offered in the market by various vendors; bank and non-bank. From Sharia point of view, various issues arise regarding the status of e-wallet. Among the issues raised are the status of underlying contract according to Sharia since it will affect the status of e-money in the e-wallet itself. Furthermore, the issue of whether the e-wallet cashback is considered riba (usury) or not and its relation to qard (loan). However, in 2020, Bank Negara Malaysia (BNM) has determined that the e-wallet system is compatible with the wakalah (agency) agreement. Therefore, the objective of this study is to analyse e-wallet compliance to the standards of wakalah contract. This study focuses on the system that connects between users and e-wallet providers only. It is only limited to Touch n ’Go e-wallet, Grabpay and Boost, which are widely used by Malaysians. The study uses qualitative approach based on content analysis to obtain data from primary and secondary sources. Ultimately, this study reveals that these three e-wallets have not met the wakalah contract standards set by BNM.
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In-Text Citation: (Noor & Yusoff, 2022)
To Cite this Article: Noor, K. A. M., & Yusoff, A. F. J. (2022). Issues in the Application of Wakalah (Agency) in E-wallet. International Journal of Academic Research in Business and Social Sciences, 12(11), 2321– 2331.
Copyright: © 2022 The Author(s)
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