Hidden Riba in Buy Now Pay Later Fee Structures: A Fiqh Muamalah–Maqashid Shariah Analysis
Click to verify publication status
Authors
-
Rida Faujiah
Department of Accounting, STIE Gema Widya Bangsa, Bandung, West Java 40623, Indonesia
-
Khoirun Nizar
Department of Accounting, STIE Gema Widya Bangsa, Bandung, West Java 40623, Indonesia
-
Yuni Silvi Anjani
Department of Accounting, STIE Gema Widya Bangsa, Bandung, West Java 40623, Indonesia
-
Liya Setiawati
Department of Accounting, STIE Gema Widya Bangsa, Bandung, West Java 40623, Indonesia
DOI:
Keywords:
Buy Now Pay Later, Hidden Riba, Fiqh Muamalah, Maqashid Shariah, Islamic FintechAbstract
Purpose – This study examines the potential emergence of hidden riba within Buy Now Pay Later (BNPL) fee structures by evaluating the economic substance of financing charges, service fees, handling charges, and late-payment penalties. It investigates whether these cost components represent legitimate compensation or function as concealed returns on indebtedness, using an integrated fiqh muamalah and maqashid shariah perspective.
Design/methodology/approach – A qualitative descriptive-analytical approach is employed through documentary and doctrinal analysis. The study draws on regulatory provisions, Sharia rulings, contractual disclosures, primary Islamic sources, and peer-reviewed academic literature. The data are analyzed using directed content analysis, thematic analysis, comparative interpretation, and deductive-inductive reasoning to assess each cost component according to its underlying akad, relationship to debt and deferment, economic countervalue, transparency, and allocation of financial benefit.
Findings – The findings indicate that PayLater cost components cannot be classified uniformly on the basis of their contractual or commercial labels. Their Sharia characterization depends on the economic function of each charge, the underlying akad, its linkage to principal and tenor, the existence of genuine countervalue, and the transparency of the transaction. Potential hidden riba arises when charges described as service, administrative, handling, or penalty fees effectively reproduce returns generated by indebtedness or the passage of time. Contractual opacity may further create gharar and weaken the protection of wealth, prevention of harm, justice, and maslahah.
Originality/value – This study contributes to Islamic economics and digital finance literature by developing a fee-level substance-over-label framework for evaluating BNPL transactions. Rather than relying on a binary product-level halal–haram classification, the framework distinguishes legitimate trade or service compensation from potentially concealed debt-based returns. By integrating fiqh muamalah with maqashid shariah, the study extends contemporary Sharia analysis toward a more substantive assessment of akad reconstruction, cost transparency, Sharia governance, and consumer protection in digital financing.
Downloads
References
Ackert, L. F., Khayati, A., & Kelani, Z. (2025). Buy now, pay later loans, social norms, and consumer indebtedness. Journal of Behavioral Finance, 26(4). https://doi.org/10.1080/15427560.2024.2385898
Alhammadi, S., Alotaibi, K. O., & Hakam, D. F. (2022). Analysing Islamic banking ethical performance from Maqāṣid al-Sharī‘ah perspective: Evidence from Indonesia. Journal of Sustainable Finance and Investment, 12(4). https://doi.org/10.1080/20430795.2020.1848179
Almu'afi, M. I. (2024). Pandangan fiqih terhadap sistem paylater di marketplace digital. Al-Ikram: Jurnal Pendidikan Guru Madrasah Ibtidaiyah, 2(2), 55–60. https://doi.org/10.33151/al-ikram.v2i2.678
Ashby, R., Sharifi, S., Yao, J., & Ang, L. (2025). The influence of the buy-now-pay-later payment mode on consumer spending decisions. Journal of Retailing, 101(1). https://doi.org/10.1016/j.jretai.2025.01.003
Bowen, G. A. (2009). Document analysis as a qualitative research method. Qualitative Research Journal, 9(2). https://doi.org/10.3316/QRJ0902027
Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77–101. https://doi.org/10.1191/1478088706qp063oa
Bris, A., Wang, T. Y. H., Zatzick, C. D., Miller, D. J. P., Fern, M. J., Cardinal, L. B., Gregoire, D. A., Shepherd, D. A., Westphal, J. D., Shani, G., Troster, C., Van Quaquebeke, N., Lanaj, K., Hollenbeck, J. R., Ilgen, D. R., Barnes, C. M., Harmon, S. J., Feldman, E. R., DesJardine, M. R., … Sangiorgi, F. (2021). Knights, raiders, and targets: The impact of the hostile takeover. Journal of Banking & Finance, 37(1).
Campbell, J. L., Quincy, C., Osserman, J., & Pedersen, O. K. (2013). Coding in-depth semistructured interviews: Problems of unitization and intercoder reliability and agreement. Sociological Methods and Research, 42(3). https://doi.org/10.1177/0049124113500475
Cofie, N., Braund, H., & Dalgarno, N. (2022). Eight ways to get a grip on intercoder reliability using qualitative-based measures. Canadian Medical Education Journal. https://doi.org/10.36834/cmej.72504
Cook, J., Davies, K., Farrugia, D., Threadgold, S., Coffey, J., Haro, A., & Shannon, B. (2023). Buy now pay later services as a way to pay: Credit consumption and the depoliticization of debt. Consumption Markets & Culture, 26(4), 245–257. https://doi.org/10.1080/10253866.2023.2219606
Dehghani, M. A., Rese, A., Karavidas, D., Chotisarn, N., & Dwivedi, Y. K. (2026). Beyond buy now pay later adoption across markets: Consumer choices and the emergence of save now buy later. Journal of Retailing and Consumer Services, 93. https://doi.org/10.1016/j.jretconser.2026.104961
Dewan Syariah Nasional–Majelis Ulama Indonesia. (2000). Fatwa Dewan Syariah Nasional No: 17/DSN-MUI/IX/2000 tentang sanksi atas nasabah mampu yang menunda pembayaran. DSN-MUI.
Dewan Syariah Nasional–Majelis Ulama Indonesia. (2001). Fatwa Dewan Syariah Nasional No: 19/DSN-MUI/IV/2001 tentang al-qardh. DSN-MUI.
Dewan Syariah Nasional–Majelis Ulama Indonesia. (2004). Fatwa Dewan Syariah Nasional No: 43/DSN-MUI/VIII/2004 tentang ganti rugi (ta'widh). DSN-MUI.
Dewan Syariah Nasional–Majelis Ulama Indonesia. (2018). Fatwa Dewan Syariah Nasional No: 117/DSN-MUI/II/2018 tentang layanan pembiayaan berbasis teknologi informasi berdasarkan prinsip syariah. DSN-MUI.
Donou-Adonsou, F., & Leslie-Piper, N. (2025). BNPL and financial fragility in U.S. households. Finance Research Letters, 86. https://doi.org/10.1016/j.frl.2025.108423
Donou-Adonsou, F., & Leslie-Piper, N. (2026). Digital traps: The compounding impact of BNPL and social media on consumer financial stress. Finance Research Letters, 93. https://doi.org/10.1016/j.frl.2026.109636
Dunwoodie, K., Macaulay, L., & Newman, A. (2023). Qualitative interviewing in the field of work and organisational psychology: Benefits, challenges and guidelines for researchers and reviewers. Applied Psychology, 72(2). https://doi.org/10.1111/apps.12414
Elo, S., & Kyngäs, H. (2008). The qualitative content analysis process. Journal of Advanced Nursing, 62(1). https://doi.org/10.1111/j.1365-2648.2007.04569.x
Essieku, R., & Bosompim, P. (2026). Buy now, struggle later? Generational differences in BNPL use and household financial behaviors. International Journal of Bank Marketing, 44(9). https://doi.org/10.1108/IJBM-05-2025-0370
Faizi, F., Rohim, A. N. R., Surbakti, M. H. S., Munir, M., & Qulsum, U. Q. (2025). Ensuring Shariah compliance in the fintech: A comprehensive analysis from Indonesia. Qualitative Research in Financial Markets. https://doi.org/10.1108/QRFM-05-2025-0129
Firmansyah, E., & Ramdani, A. (2020). PayLater dalam perspektif hukum ekonomi syariah. Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah, 12(2), 267–284. https://doi.org/10.15408/aiq.v12i2.15134
Firmansyah, E. A., Masri, M., Anshari, M., & Besar, M. H. A. (2023). Factors affecting fintech adoption: A systematic literature review. FinTech, 2(1). https://doi.org/10.3390/fintech2010002
Gerrans, P., Baur, D. G., & Lavagna-Slater, S. (2022). Fintech and responsibility: Buy-now-pay-later arrangements. Australian Journal of Management, 47(3). https://doi.org/10.1177/03128962211032448
Graneheim, U. H., Lindgren, B. M., & Lundman, B. (2017). Methodological challenges in qualitative content analysis: A discussion paper. Nurse Education Today, 56. https://doi.org/10.1016/j.nedt.2017.06.002
Guttman-Kenney, B., Firth, C., & Gathergood, J. (2023). Buy now, pay later (BNPL) …on your credit card. Journal of Behavioral and Experimental Finance, 37. https://doi.org/10.1016/j.jbef.2023.100788
Hamzah Muchtar, E. (2022). Analisis deskriptif kitab Shahih Al-Bukhari. JIQTA: Jurnal Ilmu Al-Qur'an dan Tafsir, 1(1). https://doi.org/10.36769/jiqta.v1i1.187
Hifdhul Ulum, & Firdaus, M. A. (2025). Analisis metode syarah hadis Syaikh Muhammad Al-Amin Al-Harari dalam Al-Kaukab Al-Wahhaj Syarah Sahih Muslim. AL ISNAD: Journal of Indonesian Hadith Studies, 6(2). https://doi.org/10.51875/alisnad.v6i2.867
Holloway, I., & Todres, L. (2003). The status of method: Flexibility, consistency and coherence. Qualitative Research, 3(3). https://doi.org/10.1177/1468794103033004
Hsieh, H. F., & Shannon, S. E. (2005). Three approaches to qualitative content analysis. Qualitative Health Research, 15(9). https://doi.org/10.1177/1049732305276687
Hudaefi, F. A. (2020). How does Islamic fintech promote the SDGs? Qualitative evidence from Indonesia. Qualitative Research in Financial Markets, 12(4). https://doi.org/10.1108/QRFM-05-2019-0058
Islam, M. R. (2025). Sahih Muslim: Introduction and review. The Faculty Journal of Arts Rajshahi University, 39. https://doi.org/10.64487/fjaru.v39a20
Jatmiko, W., Iqbal, A., & Ebrahim, M. S. (2024). On the ethicality of Islamic banks' business model. British Journal of Management, 35(1). https://doi.org/10.1111/1467-8551.12703
Ji, Y., Wang, X., Huang, Y., Chen, S., & Wang, F. (2023). Buy now, pay later as liquidity insurance: Evidence from an early experiment in China. China Economic Review, 80. https://doi.org/10.1016/j.chieco.2023.101998
Juita, V., Pujani, V., Rahim, R., & Rahayu, R. (2024). Dataset on online impulsive buying behavior of buy now pay later users and non-buy now pay later users in Indonesia using the stimulus-organism-response model. Data in Brief, 54. https://doi.org/10.1016/j.dib.2024.110500
Kholidah, H., Fianto, B. A., Herianingrum, S., Ismail, S., & Mohd Hidzir, P. A. (2025). Do Islamic fintech lending promote microenterprises performance in Indonesia? Evidence of difference-in-difference model. International Journal of Islamic and Middle Eastern Finance and Management, 18(1). https://doi.org/10.1108/IMEFM-08-2023-0310
Kismawadi, E. R. (2025). Islamic fintech: Navigating the regulatory framework and promoting financial inclusion in Gulf Cooperation Council (GCC) countries. Journal of Islamic Marketing, 16(6). https://doi.org/10.1108/JIMA-02-2023-0061
Korstjens, I., & Moser, A. (2018). Series: Practical guidance to qualitative research. Part 4: Trustworthiness and publishing. European Journal of General Practice, 24(1). https://doi.org/10.1080/13814788.2017.1375092
Kumar, A., Salo, J., & Bezawada, R. (2024). The effects of buy now, pay later (BNPL) on customers' online purchase behavior. Journal of Retailing, 100(4). https://doi.org/10.1016/j.jretai.2024.09.004
Kumari, P., & Tripathi, S. (2026). When 'pay later' means 'pay now': How deferred payment options shape choice. Journal of Retailing and Consumer Services, 92. https://doi.org/10.1016/j.jretconser.2026.104774
Laari, L. (2025). Inductive-deductive qualitative data analysis logic in health sciences research: A framework for analysing qualitative data. International Journal of Qualitative Methods, 24. https://doi.org/10.1177/16094069251381706
Li, J., Liang, X., & Xv, S. (2025). Just show the option: Adding a BNPL payment option in online shopping can nudge purchase intention. Electronic Commerce Research and Applications, 73. https://doi.org/10.1016/j.elerap.2025.101536
Loomis, J., & Cockayne, D. (2025). A feminist approach to fintech: Exploring 'buy now, pay later' technologies and consumer fintech. Journal of Cultural Economy, 18(1). https://doi.org/10.1080/17530350.2024.2323692
Mahmoud, M. A., Ma'aji, M. M., Abdullahi, M. S., Karaye, A. B., & Garba, A. S. (2025). Factors influencing the Islamic fintech acceptance: Moderating role of Islamic financial literacy. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-08-2024-0322
Mahyudin, W. A., & Rosman, R. (2022). Performance of Islamic banks based on maqāṣid al-sharīʿah: A systematic review of current research. Journal of Islamic Accounting and Business Research, 13(4). https://doi.org/10.1108/JIABR-10-2020-0337
Malterud, K. (2001). Qualitative research: Standards, challenges, and guidelines. Lancet, 358(9280). https://doi.org/10.1016/S0140-6736(01)05627-6
Maniam, S. (2024). Determinants of Islamic fintech adoption: A systematic literature review. Journal of Islamic Marketing, 15(11), 2916–2936. https://doi.org/10.1108/JIMA-11-2023-0373
Mekarsari, Y., & Jatmiko, M. I. (2020). The resilience of Chinese minorities: Transformation of Chinese entrepreneurs in Lasem batik industry, Central Java, Indonesia. Simulacra, 3(2). https://doi.org/10.21107/sml.v3i2.7366
Morse, J. M., Barrett, M., Mayan, M., Olson, K., & Spiers, J. (2002). Verification strategies for establishing reliability and validity in qualitative research. International Journal of Qualitative Methods, 1(2). https://doi.org/10.1177/160940690200100202
Nadhif, M., & Ridwan, M. (2026). Riba terselubung dalam transaksi digital: Analisis keabsahan akad pada fitur paylater dan cash discount dalam perspektif fiqh muamalah. AL-MUDIR: Jurnal Manajemen Bisnis Syariah, 1(1), 21–30. https://doi.org/10.53948/al-mudir.v1i1.536
Nowell, L. S., Norris, J. M., White, D. E., & Moules, N. J. (2017). Thematic analysis: Striving to meet the trustworthiness criteria. International Journal of Qualitative Methods, 16(1). https://doi.org/10.1177/1609406917733847
Nurjanah, S. (2026). Analisis tinjauan fiqh muamalah terhadap penggunaan layanan paylater pada e-commerce: Studi kasus di platform Shopee. Journal Review of Islamic and Social Studies, 2(1), 1–10. https://doi.org/10.64845/riss.v2i1.125
O'Connor, C., & Joffe, H. (2020). Intercoder reliability in qualitative research: Debates and practical guidelines. International Journal of Qualitative Methods, 19. https://doi.org/10.1177/1609406919899220
Otoritas Jasa Keuangan. (2022). Peraturan Otoritas Jasa Keuangan Republik Indonesia Nomor 11/POJK.03/2022 tentang penyelenggaraan teknologi informasi oleh bank umum. OJK.
Otoritas Jasa Keuangan. (2025). Siaran pers RDKB Mei 2025: Sektor jasa keuangan stabil dan berdaya tahan. OJK.
Otoritas Jasa Keuangan. (2026). Peraturan Otoritas Jasa Keuangan tentang layanan Buy Now Pay Later dan perlindungan konsumen. OJK.
Raj, V. A., Jasrotia, S. S., & Rai, S. S. (2024). Role of privacy concerns and trust in consumers' intention to use buy-now, pay-later (BNPL): An extended TPB model. International Journal of Human–Computer Interaction, 40(22), 7731–7742. https://doi.org/10.1080/10447318.2023.2269005
Raj, V. A., Jasrotia, S. S., & Rai, S. S. (2025). Role of perceived risks and perceived benefits on consumers behavioural intention to use buy-now, pay-later (BNPL) services. Journal of Facilities Management, 23(2). https://doi.org/10.1108/JFM-01-2023-0004
Relja, R., Ward, P., & Zhao, A. L. (2024). Understanding the psychological determinants of buy-now-pay-later (BNPL) in the UK: A user perspective. International Journal of Bank Marketing, 42(1). https://doi.org/10.1108/IJBM-07-2022-0324
Simiyu, N. N., Kumar, S. S., & Kivuyo, R. B. (2025). Exploring the influence of financial self-efficacy and facilitating conditions on intentions and actual borrowing in buy now, pay later services. International Journal of Bank Marketing, 43(8). https://doi.org/10.1108/IJBM-09-2024-0527
Spiers, J., Morse, J. M., Olson, K., Mayan, M., & Barrett, M. (2018). Reflection/commentary on a past article: "Verification strategies for establishing reliability and validity in qualitative research." International Journal of Qualitative Methods, 17(1).
Thomas, D. R. (2006). A general inductive approach for analyzing qualitative evaluation data. American Journal of Evaluation, 27(2). https://doi.org/10.1177/1098214005283748
Tracy, S. J. (2010). Qualitative quality: Eight "big-tent" criteria for excellent qualitative research. Qualitative Inquiry, 16(10). https://doi.org/10.1177/1077800410383121
Vaismoradi, M., Turunen, H., & Bondas, T. (2013). Content analysis and thematic analysis: Implications for conducting a qualitative descriptive study. Nursing and Health Sciences, 15(3). https://doi.org/10.1111/nhs.12048
Waliszewski, K., Cichowicz, E., Folwarski, M., Gębski, Ł., Kubiczek, J., Niedziółka, P., & Solarz, M. (2025). Perceived usefulness, ease of use, risk, and trust: Explaining BNPL user recommendation intention through behavioural models. Economics and Business Review, 11(4). https://doi.org/10.18559/ebr.2025.4.2600
Wang, M., & Wong, M. C. S. (2026). Financial literacy, financial vulnerability, and buy now, pay later use. Economics Letters, 267. https://doi.org/10.1016/j.econlet.2026.113080
Wijaya, A. P. (2025). The renewal of Islamic economic law: Analisis kritis akad jual beli pada fitur Shopee PayLater antara kemudahan transaksi dan risiko riba kontemporer. Jurnal Hukum Islam, 6(2), 82–91.
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Rida Faujiah, Khoirun Nizar, Yuni Silvi Anjani, Liya Setiawati (Author)
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Journal International Economic Sharia (JIES) © 2024 by Inovasi Analisis Data is licensed under CC BY-SA 4.0
How to Cite
