Transaction Structure and Payment Mechanisms of SPayLater and Murabahah: A Comparative Study from the Perspective of Islamic Economics
DOI:
https://doi.org/10.24256/jiis.v6i1.12792Keywords:
SPayLater, murabahah, Islamic economics, deferred payment, transaction structureAbstract
The development of Buy Now Pay Later (BNPL) services within digital commerce has introduced deferred payment mechanisms resembling installment systems in murabahah. However, payment similarities do not equate to identical contractual structures. This study aims to analyze and compare the transaction structure and payment mechanisms of SPayLater and murabahah from an Islamic economic perspective. Employing a qualitative-comparative library research method, data were gathered from official SPayLater Product and Service Information Summary (RIPLAY) documents, DSN-MUI Fatwa No. 04/DSN-MUI/IV/2000 concerning murabahah, and Financial Services Authority (OJK) guidelines. Using content and comparative analysis, the findings prove that while both employ installment mechanisms, they differ structurally. SPayLater functions as a digital financing facility where user obligations stem from a financing/debt structure rather than a direct sales contract. In contrast, murabahah constitutes a strict sale and purchase contract wherein the price consists of the asset's acquisition cost and an agreed-upon profit margin, supported by clear asset ownership sequences. Although sharia-compliant financing can utilize murabahah, digital payment services like SPayLater require evaluating the substance of the economic relationship and fee mechanisms, rather than relying solely on the form of deferred payment.
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Copyright (c) 2026 Putri Khairani Rijadi, Mohammad Saiful Rifai, Debi Eka Putri, Gunawan Raspati, Lina Marlina Susana
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