BNPL Platform myIOU Dabbles Into Halal Business Space

myIOU a Buy Now Pay Later platform has expanded into the Halal segment since its receiving the Shariah Compliance Certification awarded by Tawafuq Consultancy Sdn Bhd, an independent, global Shariah advisory firm licensed by the Securities Commission Malaysia.

The platform is partnering with payment-gateway Souqa Fintech Sdn Bhd to integrate myIOU and PayHalal, this will then allow various businesses, especially those operating in the halal industry or who prefer Islamic-permissible financial facilities to sign up.

IOUpay’s Head of Marketing, Gwen Khor explains, “With the company being certified as a Shariah-compliant company, this instantaneously opens access to new communities or consumers and merchants who want to improve and enhance their e-commerce user experience.” This collaboration is believed to strengthen IOUpay’s opportunities to expand into other South-East countries with large Islamic populations.

Furthermore, PayHalal has also entered a merchant referral agreement, where the company is supporting its merchants by promoting myIOU Islamic as one of the digital payment options.

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