Every feature in Rakyat ONE, the contract it runs on, the authority that governs it, and the guardrail that stops it drifting. Written so the Shariah Committee can approve or reject each item on its own merits.
Shariah compliance in Rakyat ONE is a property of the architecture, not a label on the marketing. Three rules hold it in place.
A customer never has to trust that a product is compliant. The aqad is printed on the product itself, in the app, at the moment of use: on the card, on the savings jar, on the financing offer, on the receipt. If a product cannot name its contract, it cannot ship.
Rakyat ONE will not place a trade in a counter that fails the screen. The button is disabled and the failing ratio is shown. This is deliberate: a warning that can be dismissed is a warning that will be dismissed. The system refuses, and explains why it refused.
Screens change. A counter can drop off the Securities Commission list at a revision, a system rule can post a charge beyond actual loss. When that happens the tainted income is quarantined, the event is logged in the Command console as a Shariah non compliance event, and the Committee signs off its disposal to charity. The customer is not asked to notice.
The Shariah Committee gets a live register rather than a quarterly report. Open events, the amount quarantined, and the disposal trail are all in one screen in Rakyat ONE Command.
Every customer facing feature, the underlying Shariah contract, and the reason that contract is the right one. Contract names follow the Bank Negara Malaysia Shariah policy documents issued under section 29 of the Islamic Financial Services Act 2013.
| Feature | Contract | How it works and why the contract fits |
|---|---|---|
| Savings Account-i | Wadiah Yad Dhamanah | The bank guarantees the deposit and may use it. Any return is hibah, a gift given at the bank's discretion. It is never promised in advance, because a promised return on a guaranteed deposit is riba. |
| Current Account-i | Qard | A benevolent loan from the customer to the bank, repayable on demand. No return is paid or implied. |
| Investment Account-i | Mudharabah | The customer supplies capital, the bank supplies expertise, profit is shared on a declared ratio. The customer can lose capital, and the app says so rather than hiding it. This is what separates an investment account from a deposit under IFSA 2013. |
| Tabung savings jars | Wadiah Yad Dhamanah | Goal jars are a presentation layer over a guaranteed deposit. Locked jars with a longer horizon run on Mudharabah instead, and are labelled differently because the risk differs. |
| Round up spare change | Wadiah | A standing instruction to sweep the rounding difference into the customer's own jar. It is a transfer between the customer's own accounts, so no separate contract arises. |
| Gold Tabung | Bai al Sarf | Currency for gold is an exchange of ribawi items, so it must settle on the spot. The app executes and allocates in the same session, with allocated grams shown, never a paper claim. |
| Feature | Contract | How it works and why the contract fits |
|---|---|---|
| Linked balance and queue position | Wakalah | Bank Rakyat acts as agent to display and move money. Lembaga Tabung Haji holds the funds, not the bank. The app is a window onto the TH account, governed by the Tabung Haji Act 1995. |
| Auto save to Tabung Haji | Wakalah | A standing instruction executed on the customer's behalf. Bank Rakyat may charge a fee for the agency service, never a share of the hibah TH declares. |
| Hibah displayed | Hibah | The annual distribution TH declares. Shown as a past figure only. The app must never project it forward as an expected rate, because that would present a gift as a yield. |
The Tabung Haji screens assume an API from Lembaga Tabung Haji for balance, queue number and contribution posting. That agreement does not exist yet and is the single largest external dependency in this proposal. Without it, the feature degrades to a normal savings jar named Haji, which is a much weaker product. This should be commercially scoped before the feature is committed to a roadmap.
| Feature | Contract | How it works and why the contract fits |
|---|---|---|
| DuitNow QR scan and pay | Wakalah | The bank pays the merchant as the customer's agent. Rails operated by PayNet. |
| Tap to pay, contactless | Wakalah | Same contract as any card payment. The technology is irrelevant to the fiqh, the payment instruction is what matters. |
| Debit Card-i | Wadiah | Spends the customer's own guaranteed deposit. No credit is extended, so no riba can arise. |
| Credit Card-i | Ujrah | A fixed fee for the service, not interest on an outstanding balance. The fee must not vary with the amount owed or the time taken to pay, or it becomes riba wearing a different name. |
| Virtual single use card | Ujrah | A merchant locked token over the same underlying account. No new contract arises. |
| Late payment charge | Ta widh | Compensation limited to actual loss suffered, per the BNM policy on ta widh and gharamah. Anything charged above actual loss is gharamah and must go to charity, never to income. The Command console tracks breaches of this rule as Shariah events. |
| Feature | Contract | How it works and why the contract fits |
|---|---|---|
| Personal Financing-i | Tawarruq | Commodity purchased and sold to generate cash at a disclosed profit. The amount repayable is fixed on day one and never grows, which is the practical test a customer can verify. |
| Business Financing-i | Tawarruq | Same structure, sized from twelve months of settlement history rather than a paper application. Commodity trades must execute in the correct sequence and within the trading window. Doing it out of order is the most common cause of a Shariah event in practice. |
| Home Financing-i | Musharakah Mutanaqisah | Bank and customer co own the property, the customer buys out the bank's share over time and pays rent on the portion still owned by the bank. |
| Ar Rahnu | Qard, Rahn and Ujrah | Three contracts working together: a benevolent loan, secured by a pledge of gold, with a safekeeping fee based on the value and duration of storage. The fee must not be a percentage of the loan, or it is interest by another route. |
| Qard Hasan emergency facility | Qard | A benevolent loan with no profit. Only administrative cost may be recovered. |
| Feature | Contract | How it works and why the contract fits |
|---|---|---|
| CDS account and share trading | Wakalah | The broker acts as agent and takes brokerage, a fee for service. The universe is restricted to the Securities Commission Shariah compliant list. |
| Share purchase | Bai al Musawamah | An ordinary sale at a negotiated market price. |
| Training mode | None | No contract arises because no money moves. Virtual balances against real prices. This is a teaching tool, and it removes the strongest objection to putting markets in a retail app. |
| Digital asset wallet | Bai al Sarf | Spot exchange only, settled immediately. Traded through exchanges registered with the Securities Commission as Recognised Market Operators. |
| Staking rewards | Switched off | Deliberately disabled. The reward structure has not been resolved by the SAC and resembles a return on a locked deposit. Rather than take a position, Rakyat ONE removes the feature and says why in the app. |
| Rakyat AI advice | None | Guidance, not a contract. It must never promise a return, must show the screen behind any counter it discusses, and must record what it said and when. |
| Feature | Contract | How it works and why the contract fits |
|---|---|---|
| Zakat calculation and payment | Zakat al Mal | 2.5 percent of wealth held above nisab for one full lunar year, the nisab set at the value of 85 grams of gold. Paid to the customer's state zakat authority. The receipt supports the individual rebate under section 6A of the Income Tax Act 1967. |
| Zakat perniagaan | Zakat al Mal | Calculated on working capital rather than turnover, at the same rate. |
| Wakaf | Waqf | The capital is held permanently and only the returns are spent. The app must make the irrevocability unmistakable before the customer confirms. |
| Sadaqah and round up giving | Sadaqah | A voluntary gift with no return expected. |
| Hibah and faraid planning | Hibah | A lifetime gift, distinct from inheritance. The faraid view is indicative only and must direct the customer to a Shariah court or a licensed practitioner for anything binding. |
| Takaful | Tabarru and Wakalah | Participants donate into a shared fund and help one another. The operator manages the fund for a fee. There is no sale of risk, which is what separates takaful from conventional insurance. |
| Purification | Tazkiyah | Income that fails the screen is separated and given away. It is never recognised as the customer's income or the bank's. |
Rakyat ONE applies the Securities Commission Shariah Advisory Council methodology, which has two stages. Both must pass. The app shows the customer the actual numbers rather than a badge.
A company fails if income or profit before tax from non compliant activity exceeds the benchmark for that activity. Two benchmarks apply.
| Benchmark | Activities |
|---|---|
| 5 percent | Conventional banking and insurance, gambling, liquor and liquor related activity, pork and non halal food and beverage, tobacco and tobacco related activity, Shariah non compliant entertainment, and interest income from conventional accounts or instruments. |
| 20 percent | Hotel and resort operations, share trading, stockbroking, rental received from Shariah non compliant activity, and other activities the Council deems non compliant. |
Both ratios are measured against total assets and both must be below 33 percent.
| Ratio | Limit | What it is testing |
|---|---|---|
| Cash over total assets | Below 33% | Only cash held in conventional accounts and instruments counts. Cash in Islamic accounts is excluded. |
| Debt over total assets | Below 33% | Only interest bearing debt counts. Islamic financing is excluded. |
The Securities Commission revises the list of Shariah compliant securities twice a year. A counter that passes today can fail at the next revision. Rakyat ONE must pull the revised list on publication, delist immediately, notify holders, and purify any gain arising in the window between revision and delisting. The Shariah event register in Command exists largely to catch this case.
The Securities Commission Shariah Advisory Council has recognised digital assets traded on registered exchanges as mal, property capable of ownership and exchange. That resolves the threshold question. It does not resolve every asset, so Rakyat ONE screens asset by asset:
The BNM Shariah Governance policy document requires a Shariah Committee, a Shariah review function, a Shariah risk management function, a Shariah audit, and a defined process for handling non compliance. Rakyat ONE Command implements the last of those as a live workflow.
The prototype ships with three events, chosen because they are the ones that actually happen:
The authorities each control maps to. Named plainly so the Committee can check them.
| Area | Authority | Instrument |
|---|---|---|
| Shariah contracts and standards | Bank Negara Malaysia | Shariah policy documents issued under section 29, Islamic Financial Services Act 2013 |
| Shariah governance | Bank Negara Malaysia | Shariah Governance policy document |
| Late payment | Bank Negara Malaysia | Policy on ta widh and gharamah |
| Remote onboarding | Bank Negara Malaysia | Electronic Know Your Customer policy document |
| Technology risk | Bank Negara Malaysia | Risk Management in Technology policy document |
| Securities screening | Securities Commission Malaysia | Shariah Advisory Council methodology and the list of Shariah compliant securities, revised twice a year |
| Digital assets | Securities Commission Malaysia | Shariah Advisory Council resolution on digital assets, and registration of Recognised Market Operators |
| Central depository | Bursa Malaysia Depository | Central Depository System account rules |
| Payment rails | PayNet | DuitNow and DuitNow QR scheme rules |
| Hajj savings | Lembaga Tabung Haji | Tabung Haji Act 1995 |
| Zakat | State religious authorities | State zakat enactments, with individual rebate under section 6A, Income Tax Act 1967 |
| Electronic invoicing | Lembaga Hasil Dalam Negeri | MyInvois and the e Invoice guideline |
| Personal data | Personal Data Protection Commissioner | Personal Data Protection Act 2010 |
Points this proposal deliberately does not decide. Raising them here is cheaper than discovering them after a build.