SS 38 – Online Financial Dealings

This Standard aims to indicate the Shari’ah rulings relating to conclusion of contracts and financial dealings online, and illustrate what the Institution/ Institutions should observe in this respect.

The word (Institution/Institutions) is used here to refer, in short, to Islamic financial institutions including Islamic Banks.

Scope of the Standard

This standard covers the Shari’ah rulings relating to conclusion of financial contracts online, either by launching commercial websites, or by provision of online access services. The standard aims to indicate the various aspects pertaining to this subject such as the Shari’ah status of the contracts concluded in this manner, determination of the time of contract inception, permissible procedures of possession after signing the contract, and Shari’ah rulings relating to protection of online financial dealings. 2. Launching Commercial Websites for Contractual Dealings