Hawala banking may be another reason that BNPL can take off in Malaysia and Indonesia. I don’t really understand the theological basis (please post reply to enlighten me if you do) but I believe that Muslims generally disapprove of charging/paying interest. So the BNPL of IOU may really kick in to an untapped demand as it is more like Hawala banking where instalment repayment promisies are made rather than interest.
BNPL IOU Platform - A New Dawn, page-32
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