Pursuant to section 52 of the Central Bank of Malaysia Act 2009, the BNM Shariah Advisory Council (SAC) at its 220th SAC Meeting dated 24 January 2022, 228th SAC Meeting dated 28 February 2023, and 231st SAC Meeting dated 26 June 2023, made a ruling in respect of the Buy Now Pay Later (BNPL) facility.

This ruling aims to clarify the Shariah requirements on Islamic BNPL facility.

This SAC ruling comes into effect immediately upon its publication on the BNM website on 24 January 2024

Issuance Date
24 January 2024

Effective Date
24 January 2024

Applicability
Islamic Financial Services Act (IFSA) Licensees
Financial Services Act (FSA) Licensees
Development Financial Institutions Act (DFIA) Licensees

Issuing Department
Islamic Finance Department

Document

• The Shariah Advisory Council of Bank Negara Malaysia (SAC) Ruling on Buy Now Pay Later (BNPL) Facility