KUALA LUMPUR: Noor Neelofa Moh Noor's Muslim lifestyle app, TheNoor, has introduced a Syariah-compliant Buy Now Pay Later (BNPL) payment option via its partnership with Split.
Its partnership with the Malaysian financial technology company will let the users shop with the Commerce function and pay in 3 monthly installments.
No interest, processing fees, or late charges.
TheNoor's chief executive officer, Neelofa said the partnership between TheNoor and Split provides flexibility and an alternative payment choice for TheNoor users to purchase a wide range of Syariah compliant items on TheNoor.
"We are delighted to give our users a new payment method to manage their budgets better," she said.
Split's service was Syariah-compliant certified in July 2021 by Masryef Advisory, a Securities Commission-registered Syariah Adviser
The partnership showcases TheNoor's dedication to being the Ultimate Islamic Lifestyle App for Muslim needs and lets them shop with a BNPL service that complies with Islamic beliefs.
For the installment option, users will need to register on the TheNoor app and select Split as the payment option at the check-out section of the 'Commerce' function.
The option is only available from selected merchants and will roll out to other merchants in phases.
Principal at Masryef Advisory, Khairil Anuar said Split's model stands out in the fast-growing BNPL space where their users do not get charged interest or any other fees. "With Split's Syariah-certified compliance, TheNoor's users will have the confidence knowing that they are using a payment method that adheres to their religious beliefs," he said.
Meanwhile, Split's co-founder and chief executive officer, Dylan Tan said as a Malaysian Buy Now Pay Later provider, it is important that Split was developed to meet the needs of Malaysians.
"TheNoor's 2.2 million users can use our service with peace of mind knowing that our service and business model are Muslim-friendly," he said.