A Secure Electronic Murabaha Transaction
Mansour A. Al-Meaither, Chris J. Mitchell · Journal of the Association for Information Systems · 2003
Conventional credit card transactions are not consistent with Islamic principles, as exemplified by the Islamic banking system and the 'Murabaha sale'.Thus, if Islamic principles are to be applied to e-commerce, where credit card transactions are the norm, a new and secure electronic payment process is required.In this paper we present a method for secure electronic Murabaha transactions.After introducing the notion of Murabaha sale within the Islamic banking framework, we describe a general model for a secure electronic Murabaha transaction, and then consider the associated security risks.Security requirements are then identified for a secure electronic Murabaha transaction.We then present the Secure Electronic Murabaha Transaction (SEMT), designed to address the identified security requirements.Finally, we analyse how the proposed protocol matches the identified security requirements.