New Online
Payment Solution Avoids Riba, Enhances E-Commerce
By
Kazi Mahmood, South Asia Correspondent
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KUALA
LUMPUR, August 3 (IslamOnline) - A Malaysian based company, involved
in internet business solutions, claims it finally found a perfect
alternative to credit cards thus avoiding riba in online transactions.
In
its drive to push for more Internet based business and by-pass the
scare of using credit cards on the Internet, WebOnline of Malaysia is
introducing the iCash – a new online payment solution.
The
solution can be used in the Internet, Point of Sales and kiosks, and
other electronic transactions that are carried online.
The
most important element in the development of iCash, its founder and
developer Mohamad Fadhlul Rahman said, was to avoid the use of
“riba” or fixed Interest.
The
solution also is less dependent on Banks, which means that holders of
the card do not necessarily have to own a bank account for the card to
be valid, unlike credit cards and other ATM cards. There is no
qualification required to own the card.
It
is a totally private solution as explained by Fadhlul Rahman who is
also the CEO of WebOnline, the company that is promoting the iCash
solution.
Banks
or other financial institutions are useful only when the card has to
be topped-up or refilled. iCash is a prepaid payment method whereby
the user purchases the card with denomination of 50, 100, 200 and 300.
“Unlike
other types of cards, iCash has a top-up system which can also be done
via the Internet and phone. In the near future, one can top-up using
Short Messaging Service (SMS).”
The card has no microchip. In other words, it is a dumb card and this
is what makes it more secure, IslamOnline was told.
“iCash
can be used for any online transactions. The use of iCash is huge and
phenomenal. Since it is prepaid and similar to cash payment, it
totally avoids riba,” says its founder Fadhlul Rahman.
Asked
how he came up with iCash, F. Rahman said: “I was pondering on
e-commerce, credit card and prepaid mobile. I thought why not use
prepaid card for online purchasing.”
“As
for security, I avoided any information on the card except the card
number. For six months, I put my heart and soul to develop the system
from scratch, which could take advantage of and enhance the prepaid
method. And Alhamdulillah, iCash was born.” F. Rahman added.
He
said that with the Internet, iCash could be a virtual one, making it
more secure still since the owner does not have to worry about losing
the card, its pin number or any information that could be sensitive
for online transactions.
F.
Rahman said he is looking for potential investors to develop the idea
further. His company has already assigned the solution to several
online stores in Malaysia.
A
test run is due this month but F. Rahman said the system is already in
place, believing there should be no hick-up in the trial run.
“Since
the day I embraced Islam, I wanted to do something which would be a
great contribution to Islam. If iCash can be an alternative to
existing systems, I believe I have attained my goal.
“I
invite everyone to support iCash and participate in the revolution,”
he said.
According
to F. Rahman, iCash is a very good alternative to those who do not own
credit cards or concerned of its use. Since it is prepaid, it greatly
reduces fraud risk to the user and merchant.
It
is extremely useful to countries, which rely heavily on credit cards
and have no other alternative. It makes online purchasing which has
been a luxury thus far, a common experience for anyone.
WebOnline
is currently selling the solution on both Merchant and OEM basis,
inviting online shops and other web sites that does not have an online
payment solution to apply for its merchant account.
It
is also looking forward to implement the system in other countries,
supplying the systems, the solutions and the expertise to maintain
such systems that runs on cross platform OS and browsers. 
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