Abstract
Digital transaction is an important marketing discipline concept, for companies and consumers. The purpose of this conceptual article is to investigate the application of halal in online trading transactions that use payments with financial technology - Fintech. This article is based on a review of literature based on Islamic sharia and marketing literature which provides a discussion of online transactions and fintech as a way to develop understanding of Muslim business. It was concluded that buying and selling is a halal activity as long as it meets the shariah requirements. The difference between online business and offline business in Islam is the transaction process (contract). Online transactions are permissible according to Islam as long as they do not contain elements that can damage them such as usury, tyranny, fraud, fraud and the like and fulfill the terms and conditions of the sale and purchase. Included in the completion of the transaction that is payment using fintech becomes halal, as long as according to Islamic shariah guidance. The practical implications of this research for companies that use online transactions, it is important to expand the concept of halal in the direction of payment. Effective alignment is required between halal policies, payment strategies and the buying process. Companies that use online transactions can develop in three stages, from seeing halal compliance as an opportunity, making a halal payment system, to making the whole buying and selling process halal certified
Highlights
The core concept of marketing is to carry out transactions, which is the exchange of values between two parties known as buyers and sellers (Anderson et al, 1999; Bagozzi, 1979)
It is important to pay attention to the factors that affect the relationship between both parties using the social exchange theory because people tend to relate with others to fulfill their needs
The discussion started with the application of fintech to transactional activities and followed by several opinions of contemporary scholars concerning the legal status of this concept
Summary
The core concept of marketing is to carry out transactions, which is the exchange of values between two parties known as buyers and sellers (Anderson et al, 1999; Bagozzi, 1979). It is important to pay attention to the factors that affect the relationship between both parties using the social exchange theory because people tend to relate with others to fulfill their needs. According to Thibaut and Kelley (1959), the basic assumption underlying the social exchange theory is based on thevoluntarily relationship between people in accordance with buying and selling. .. whereas Allah has justified the sale and purchase and forbid usury....." This means that buying and selling is a halal activity capable of fulfilling the sharia requirements. A zuhud is a person who avoids doubts and makruh while trading with adherence to the legal terms of sale and purchases in accordance with the sharia law.
Sign-in/Register to view highlights & summary Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
