14 research outputs found
Secure electronic payments for Islamic finance
Secure electronic payment systems are of paramount importance in
supporting the further development of electronic commerce. While
an electronic payment system must meet the needs of both
businesses and consumers, most of the current electronic payment
schemes are based on the traditional methods of finance we are
familiar with in the western world. The main aim of this thesis
is to develop new secure electronic payment schemes that satisfy
the requirements posed by Islamic finance principles, which forbid
the payment or receipt of interest.
After providing a generic model for an electronic payment system,
a description of some of the properties that distinguish the
various types of electronic payment systems is given. The thesis
then reviews examples of electronic payment schemes that are
relevant to this thesis. The main concepts underlying Islamic
finance are also introduced.
The main contribution of this thesis is to propose four protocols
that can be used to conduct secure electronic commerce
transactions in a way that is consistent with Islamic financial
principles. In the theme of developing new schemes to enable new
participants to benefit from electronic payments, we also propose
a simple and secure interpersonal payment system.
EMV compliant IC cards have been developed to secure traditional
Point of Sale debit/credit transactions. In this thesis, we
propose a way to use EMV-compliant cards to conduct an electronic
Murabaha transaction with the goal of exploiting the widespread
deployment of EMV cards.
The Internet is the platform on which most electronic commerce
transactions are performed. To build upon this base, this thesis
presents a method for conducting a secure electronic Murabaha
transaction using the Internet.
The increase in ownership of mobile phones suggests that they can
be an effective means of authorising payment in electronic
commerce transactions, offering security and convenience
advantages by comparison with on-line payments conducted using PCs
only. Therefore, this thesis proposes a new GSM-based payment
system that enhances the security of Internet Murabaha
transactions.
Although many charities have a web presence, almost all of them
have been designed to accept credit cards as the only means for
making donations. The anonymity requirements of many donors,
however, make the existing means of donation inappropriate for
them. A new scheme supporting anonymous donations and
distribution of these donations is therefore proposed
A secure electronic Murabaha transaction
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. 1
New schemes for secure electronic payments
EThOS - Electronic Theses Online ServiceGBUnited Kingdo
A secure electronic Murabaha transaction
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. 1