Biyapay.io Review

Based on looking at the website, BiyaPay.io presents itself as a multi-asset trading wallet offering global remittance, investment, and exchange services.

While it highlights features like speedy, convenient, and secure transactions, with impressive figures like 500,000+ registered users and $10,000,000+ daily trading volume, the primary offering of trading various currencies, including digital currencies and fiat currencies, and facilitating stock investments, raises significant concerns regarding Islamic ethical principles.

The core of its operations involves aspects that can easily lead to practices inconsistent with Sharia, particularly concerning interest riba, excessive speculation gharar, and dealings in non-halal assets or financial instruments.

Therefore, for those seeking to adhere to Islamic financial guidelines, BiyaPay.io’s services are not recommended due to the inherent risks of engaging in forbidden transactions within its broad offerings.

Overall Review Summary:

• Website Design & User Experience: Clean, well-structured, easy to navigate.
• Stated Features: Multi-asset trading wallet, remittance, US/HK stock investment, forex exchange, crypto currency, commodity futures.
• Transparency: Provides regulatory information FinCEN MSB, FSP in New Zealand.
• Customer Support: Telegram links and email provided.
• Islamic Compliance: Not Recommended. The nature of its services, including forex, stock trading, and crypto, opens doors to interest-based transactions riba, excessive speculation gharar, and potential involvement in non-Sharia-compliant investments. It lacks explicit assurances or mechanisms for Sharia compliance in its operations.
• Security Alerts: Prominently displays warnings about impersonation and fraud attempts, suggesting a need for heightened user vigilance.

Best Alternatives for Ethical Financial Management:

For individuals seeking ethical financial management and wealth-building tools that align with Islamic principles, focusing on real asset-backed investments, ethical savings, and Sharia-compliant financial services is paramount.

Avoid platforms that facilitate interest-based transactions, excessive speculation, or non-halal investments.

1. Wahed Invest

   • Key Features: Halal investment platform, diversified portfolios ETFs, Sukuk, real estate, automated rebalancing, ethical screening.
   • Average Price: Management fees typically range from 0.49% to 0.99% annually, depending on the plan.
   • Pros: Fully Sharia-compliant, easy-to-use app, suitable for various risk appetites, transparent fee structure.
   • Cons: Limited investment options compared to conventional platforms, minimum investment requirements for certain portfolios.

2. Amanah Finance

   • Key Features: Sharia-compliant home financing, ethical loans, real estate investment.
   • Average Price: Varies based on financing product and amount.
   • Pros: Adheres strictly to Islamic financing principles no interest, focuses on real estate, transparent terms.
   • Cons: Niche service, may not be available in all regions, limited to real estate financing.

3. Zoya App

   • Key Features: Halal stock screener, investment research tools, Islamic finance education, portfolio analysis.
   • Average Price: Free tier available. premium subscriptions for advanced features e.g., $9.99/month.
   • Pros: Excellent for individual investors to verify Sharia compliance of stocks, comprehensive research, educational resources.
   • Cons: Not an investment platform itself, requires users to have a brokerage account elsewhere.

4. IslamicFinder Zakat Calculator

   • Key Features: Comprehensive Zakat calculation tool, guidance on different asset types, educational resources on Zakat.
   • Average Price: Free.
   • Pros: Essential for fulfilling religious obligations, accurate calculations, widely accessible.
   • Cons: Not a financial service, purely for calculation and guidance.

5. Guidance Residential

   • Key Features: Sharia-compliant home financing Murabaha, Musharaka, real estate services.
   • Pros: Long-standing reputation in Islamic finance, provides viable alternatives to conventional mortgages, focuses on ethical real estate ownership.
   • Cons: Limited to real estate, may have geographical restrictions, process can be detailed.

6. Islamic Coin ISLM

   • Key Features: Halal-certified digital currency, focuses on ethical blockchain solutions, community-driven development, supporting Islamic charities.
   • Average Price: Market-dependent cryptocurrency.
   • Pros: Designed from the ground up with Sharia principles in mind, potential for ethical digital transactions, supports philanthropy.
   • Cons: Volatility inherent to cryptocurrencies, still relatively new in the market, requires understanding of blockchain technology.

7. Muslim Pro Zakat & Sadaqah features

   • Key Features: Comprehensive Islamic app with prayer times, Quran, Qibla, and often includes features for Zakat and Sadaqah charity management.
   • Average Price: Free with premium options for ad-free experience.
   • Pros: All-in-one Islamic resource, convenient for daily religious practices, facilitates charitable giving.
   • Cons: Not a primary financial management tool, features are supplementary.

Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.

IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

Understanding BiyaPay.io: A Closer Look at its Operations

Based on its homepage, BiyaPay.io positions itself as a “Multi-Asset Trading Wallet” designed for “Speedy Convenient Secure” global financial operations.

It emphasizes its role in facilitating online remittances and investments, claiming to handle “500,000+ Registered number of users” and “$10,000,000+ Daily trading volume.” While these figures might impress, a deeper dive into the services offered reveals inherent complexities that warrant caution, especially from an Islamic ethical standpoint.

The platform’s broad scope, encompassing various financial instruments, creates significant potential for engagement in activities that may not align with Sharia principles.

BiyaPay.io’s Operational Framework

BiyaPay.io’s website details a wide array of services that collectively form its operational framework.

From basic currency exchange to complex derivatives, the platform appears to cater to a diverse user base.

However, this diversity itself poses a challenge for ethical compliance.

• Core Services: The primary services advertised include Wallet Multi-Asset Trading Wallet, Investment US/HK Stock Investment, Forex Futures, Crypto Currency, Commodity Futures, and Remittance Global Remittance. This wide range immediately flags the platform for potential Sharia non-compliance, particularly in its investment and derivatives offerings.
• Supported Currencies: BiyaPay.io boasts support for “more than 30 fiat currencies and 200 digital currencies.” While fiat currency exchange is permissible, the inclusion of a vast number of digital currencies, many of which lack clear Sharia compliance certifications or are highly speculative, adds another layer of concern.
• Promised Future Developments: The site also hints at future integrations, such as “cooperate with VISA card” for online/offline payments and ATM withdrawals, and support for “more local currencies” and “credit cards” for crypto trading Apple Pay, Google Pay, PayPal. The mention of credit cards immediately suggests interest-based transactions, which are strictly forbidden in Islam.

The Inherent Risks of BiyaPay.io’s Offerings from an Islamic Perspective

When evaluating financial platforms through an Islamic lens, key principles like avoiding Riba interest, Gharar excessive uncertainty/speculation, and Maysir gambling are paramount.

• Forex Exchange: While spot forex transactions can be permissible if done hand-to-hand and without interest, the “Forex Exchange” and “Forex Futures” services advertised on BiyaPay.io’s homepage are highly susceptible to Riba due to delayed settlements, and Gharar due to the speculative nature of futures contracts. Many conventional forex platforms operate on interest-based overnight financing and leverage, which are problematic.
• Stock Investment: “US/HK Stock Investment” is offered. While stock trading itself can be permissible if the underlying business is halal and the transaction is free from interest and excessive speculation, platforms like BiyaPay.io rarely provide the necessary Sharia screening for individual stocks. This means users could inadvertently invest in companies involved in forbidden industries e.g., alcohol, tobacco, conventional banking, entertainment or companies that derive a significant portion of their income from interest.
• Crypto Currency Trading: The trading of “Crypto Currency” is a contentious area in Islamic finance. While some scholars permit it under strict conditions e.g., if the crypto represents a real asset, or is used for a halal purpose, and doesn’t involve excessive speculation, many cryptocurrencies are highly volatile, speculative, and lack tangible underlying assets, making their trading fall under Gharar.
• Commodity Futures: The term “Commodity Futures” almost universally implies a forward contract involving a future delivery date and a predetermined price. These often involve Gharar due to inherent uncertainty and can involve Riba if financing elements are present. Islamic finance typically prefers spot transactions for commodities or specific Salam pre-payment contracts that adhere to strict conditions.
• Providing Bank Accounts: The promise to “Provide users a bank account” with “real-time deposit and withdrawal for securities firms” strongly suggests integration with conventional banking systems, which are deeply rooted in interest-based operations. This could expose users to Riba through various charges or earnings.

These elements collectively suggest that utilizing BiyaPay.io, despite its convenience, carries significant risks for those committed to Sharia-compliant financial practices.

The website does not provide any clear indication or certification of adherence to Islamic finance principles, nor does it offer Sharia-compliant alternatives within its services.

BiyaPay.io’s Regulatory Transparency

The website highlights its regulatory standing, which is a positive sign for conventional financial scrutiny but doesn’t address Islamic compliance. Uniqpaid.com Review

• BIYA GLOBAL LLC: Registered with the US Financial Crimes Enforcement Network FinCEN as a Money Services Business MSB, registration number: 31000274115551, and regulated by FinCEN. This indicates compliance with anti-money laundering AML and counter-terrorism financing CTF regulations in the U.S.
• BIYA GLOBAL LIMITED: Registered as a Financial Service Provider FSP number: FSP1007221 in New Zealand and a member of the Financial Dispute Resolution Scheme. This provides a layer of consumer protection and dispute resolution in New Zealand.
• Broker-Dealer Application: BIYA GLOBAL LLC states it is “expediting its Broker-Dealer license application process in full compliance with U.S. SEC and relevant regulatory requirements.” Obtaining a broker-dealer license would subject it to more stringent regulations by the U.S. Securities and Exchange Commission, which is standard for firms dealing in securities.

While these regulatory disclosures are important for conventional financial legitimacy and user safety against scams, they offer no guarantee of Sharia compliance. Regulatory bodies like FinCEN and SEC do not assess or certify financial products or services based on Islamic ethical guidelines. Therefore, users must exercise independent judgment and due diligence.

Potential Drawbacks and Ethical Considerations for BiyaPay.io

Beyond the direct Sharia non-compliance risks, BiyaPay.io’s broad offerings can present other significant drawbacks for users, particularly those seeking ethical and stable financial growth.

• Lack of Sharia Compliance: As extensively discussed, the platform’s core services, including forex, stock, crypto, and commodity futures trading, are inherently problematic from an Islamic finance perspective due to the high probability of involving Riba, Gharar, and Maysir. There’s no mention of Sharia boards, ethical screening, or halal-only investment options.
• High Volatility and Speculation: Many of the instruments offered, especially cryptocurrencies and futures, are known for extreme price volatility. Engaging in these without deep market knowledge and a robust risk management strategy can lead to significant financial losses. From an Islamic viewpoint, excessive speculation without a tangible underlying asset or real economic activity is discouraged.
• Complexity for Beginners: The platform’s wide range of “Multi-Asset Trading” tools might be overwhelming for novice investors. Understanding forex futures or commodity futures requires specialized knowledge, and uninformed participation can lead to severe financial detriment.
• Security Concerns Despite Warnings: While BiyaPay.io prominently displays warnings about impersonation and fraud, the very necessity of such alerts indicates that the platform operates in an environment where illicit activities are a concern. Users must remain extremely vigilant against phishing and other scam attempts, even if the platform itself is legitimate.
• Reliance on Conventional Financial Systems: The promise of providing “bank accounts” and integrating with conventional payment methods like credit cards, Apple Pay, and Google Pay for crypto trading further entrenches the platform within interest-based financial ecosystems. For a Muslim user, this makes it challenging to maintain a strict separation from Riba.
• Hidden Fees and Charges: While not explicitly detailed on the homepage, multi-asset trading platforms often have various fees, including transaction fees, withdrawal fees, inactivity fees, and spreads, which can eat into profits. Users should meticulously review the full fee schedule before engaging.

The Problem with Crypto Trading and Futures in Islam

The discussion of “Crypto Currency” and “Commodity Futures” on BiyaPay.io’s homepage necessitates a deeper look into why these are often problematic in Islamic finance.

• Crypto Currency Trading: The permissibility of cryptocurrencies in Islam is a subject of ongoing scholarly debate. Key concerns include:

  • Lack of Tangible Value: Many cryptocurrencies lack a tangible underlying asset, relying solely on speculative demand. Islamic finance emphasizes real economic activity and asset-backed transactions.
  • Gharar Excessive Uncertainty: The extreme price volatility of cryptocurrencies is a major concern. Such high levels of uncertainty in value can make transactions akin to gambling Maysir.
  • Use in Illicit Activities: The anonymity or pseudo-anonymity of some cryptocurrencies makes them attractive for illegal activities, which is unequivocally forbidden in Islam.
  • Riba Concerns: While cryptocurrencies themselves don’t inherently carry interest, platforms facilitating their trading often involve interest-bearing margin trading or lending, which would be haram.

  Given these points, a blanket endorsement of crypto trading is highly problematic.

Only very specific, asset-backed, and stable digital currencies, used for permissible purposes, might be considered.

BiyaPay.io offers “200 digital currencies,” suggesting a vast, un-screened selection.

• Commodity Futures: Futures contracts involve an agreement to buy or sell an asset at a predetermined price on a future date. The core issues from an Islamic perspective are:

  • Gharar Uncertainty: There is significant uncertainty regarding the market price at the time of delivery, making the contract inherently speculative.
  • Lack of Qabdh Possession: In many futures contracts, especially in financial markets, physical delivery of the commodity does not occur. Instead, contracts are settled in cash, which is a key red flag. Islamic law generally requires actual or constructive possession qabdh for a valid sale.
  • Riba Interest: Financing for futures contracts often involves interest-bearing loans or margin accounts, which are forbidden.

  Therefore, engaging in “Commodity Futures” as offered by conventional platforms like BiyaPay.io would almost certainly fall outside the bounds of Islamic finance.

BiyaPay.io Alternatives for Ethical Financial Management

Given the significant ethical concerns surrounding BiyaPay.io’s broad financial offerings, individuals seeking to manage their assets in a Sharia-compliant manner should explore specialized alternatives. Sweethomesre.org Review

These alternatives focus on removing elements of interest, excessive speculation, and investing in non-halal industries.

Alternatives for Sharia-Compliant Investing

Instead of general stock and crypto trading platforms that lack ethical screening, consider platforms designed specifically for halal investing.

• Amana Mutual Funds

  • Key Features: Offers Sharia-compliant mutual funds focusing on ethical investments.
  • Pros: Strict adherence to Islamic principles, diversified portfolios, managed by experts.
  • Cons: Higher expense ratios compared to some ETFs, limited to mutual fund structures.

• S&P Dow Jones Indices S&P Global Islamic Indices

  • Key Features: Not a direct investment platform, but a vital resource for screening Sharia-compliant stocks. Investors can use these indices to inform their stock purchases through a conventional brokerage that allows specific stock selection ensure the brokerage doesn’t offer interest-bearing margin accounts.
  • Pros: Provides a benchmark for halal stock investing, helps identify Sharia-compliant companies.
  • Cons: Requires individual brokerage account, not a direct investment vehicle.

Alternatives for Ethical Remittance

For global money transfers, focus on services that offer transparent fees and do not involve interest-based mechanisms for transfers or currency exchange.

• Wise formerly TransferWise

  • Key Features: Transparent exchange rates, low transfer fees, multi-currency accounts. While Wise itself is not Sharia-certified, its direct nature of transfer and transparent fee structure avoiding hidden markups often found in traditional banks makes it a more suitable option than services deeply embedded with interest. The user must ensure they are using it for permissible transactions.
  • Pros: Very competitive exchange rates, clear fee structure, fast international transfers.
  • Cons: Not explicitly Sharia-compliant, users must ensure the underlying transaction is halal.

• Remitly

  • Key Features: Digital remittance service with competitive rates, various delivery options bank deposit, cash pickup. Similar to Wise, it’s not Sharia-certified, but its operational model focuses on direct transfers rather than complex financial instruments that often involve interest.
  • Pros: User-friendly interface, reliable, often offers promotions for new users.
  • Cons: Not explicitly Sharia-compliant, user must ensure underlying transaction is halal.

Alternatives for Halal Savings & Banking

Traditional banking is often problematic due to interest.

Alternatives focus on interest-free savings and ethical investments.

• University Bank Community Development Fund Hottubs.pvsholdings.com Review

  • Key Features: Offers Sharia-compliant financing products, including real estate. It’s a conventional bank with specific Islamic finance offerings, requiring careful verification of the specific product.
  • Pros: Regulated US bank, provides Sharia-compliant mortgage options.
  • Cons: May require due diligence for specific products, not all services are Sharia-compliant.

• Conventional Brokerages with Sharia-Screening Tools

  

  • Key Features: Many conventional brokerages e.g., Charles Schwab, Fidelity, Vanguard allow self-directed trading. Investors can use third-party Sharia-screening tools like Zoya App, Islamicly or indices to identify permissible stocks and ETFs. It’s crucial to ensure no margin accounts interest-bearing loans for trading are used.
  • Pros: Wide range of investment options, access to market research, competitive fees for self-directed accounts.
  • Cons: Requires significant user due diligence for Sharia compliance, risk of accidental non-compliance if not careful.

The focus should always be on clarity, transparency, and strict adherence to Islamic financial principles, which unfortunately, platforms like BiyaPay.io with their broad, conventional offerings, cannot guarantee.

BiyaPay.io vs. Ethical Alternatives

To fully appreciate the divergence, a direct comparison is insightful.

Feature	BiyaPay.io	Ethical Alternatives e.g., Wahed Invest, Amana Funds
Core Offering	Multi-asset trading wallet, forex, crypto, futures, stocks, remittance	Sharia-compliant investment, ethical financing, halal remittances
Sharia Review	No explicit mention or certification	Certified by Sharia supervisory boards
Interest Riba	Highly likely to involve or facilitate	Explicitly avoids and structures transactions to be interest-free
Speculation Gharar	High risk, especially with futures and volatile crypto	Minimized through asset-backed investments and transparent transactions
Investment Screening	None apparent for Sharia compliance	Rigorous screening for underlying assets and business activities
Transparency	Regulatory transparency FinCEN, FSP	Regulatory transparency + Sharia compliance transparency
Target User	General traders/investors seeking broad market access	Individuals seeking ethically aligned financial solutions

This comparison clearly illustrates why BiyaPay.io, despite its technological prowess, fails to meet the stringent requirements of Islamic finance.

The absence of a dedicated Sharia compliance framework, coupled with the nature of its services, positions it as an unsuitable choice for the ethically conscious Muslim investor.

How to Navigate Financial Services Ethically

For those looking to engage with financial services while upholding Islamic principles, a proactive and informed approach is essential.

This involves understanding what makes a transaction permissible and consciously seeking out services that align with these criteria.

Due Diligence for Financial Platforms

Before engaging with any financial platform, particularly those that offer trading or investment services, thorough due diligence is paramount.

• Verify Sharia Compliance: Look for explicit certifications from reputable Sharia supervisory boards. If a platform offers “halal” options, understand the methodology used for screening. Does it exclude industries like alcohol, tobacco, conventional banking, gambling, and adult entertainment? Does it ensure transactions are free from Riba and excessive Gharar?
• Understand Revenue Models: How does the platform make its money? Is it through interest on loans, through spreads on speculative instruments, or through transparent, service-based fees for permissible activities?
• Review Terms and Conditions: Pay close attention to clauses related to interest, late payment fees, financing options, and the types of assets traded. These can reveal hidden non-compliant aspects.
• Check for Educational Resources: Does the platform provide clear information on its financial instruments, risks, and how it handles transactions? Ethical platforms often empower users with knowledge.

Avoiding Common Pitfalls

Certain financial products and practices are almost universally problematic in Islamic finance. Mycompleteauto.com Review

• Interest-Based Lending/Borrowing: Any product involving interest Riba, whether as a lender or borrower e.g., conventional mortgages, credit cards with interest, interest-bearing savings accounts, margin trading, is forbidden.
• Excessive Speculation Gharar: Transactions with high uncertainty or where the outcome is largely based on chance are prohibited. This often applies to complex derivatives, many forms of futures, and highly volatile, non-asset-backed cryptocurrencies.
• Gambling Maysir: Any activity where money is risked on chance with the hope of winning is gambling. This includes lotteries, betting, and many forms of speculative trading where the primary aim is to profit from pure price movement rather than real economic value.
• Investing in Haram Industries: Funds should not be invested in companies whose primary business activities involve forbidden goods or services e.g., alcohol, pork, conventional banking, gambling, pornography, weapons manufacturing that supports oppression.

The Importance of Transparency and Accountability

Ethical financial platforms distinguish themselves by their transparency and accountability.

• Clear Fee Structures: All fees should be clearly disclosed upfront, without hidden charges or complex calculations designed to obscure costs.
• Independent Sharia Oversight: The best ethical platforms have an independent Sharia Supervisory Board SSB composed of qualified scholars who review and certify all products and operations. This board provides a layer of accountability and ensures continuous adherence to Islamic principles.
• Customer Support and Dispute Resolution: Ethical platforms should have robust customer service and clear mechanisms for dispute resolution, ensuring users’ concerns are addressed fairly and in accordance with established principles.

Understanding the Landscape of Islamic Finance

To truly grasp why BiyaPay.io might fall short, it’s crucial to understand the fundamental principles that govern Islamic finance. It’s not just about avoiding interest.

It’s a holistic approach to economic activity rooted in justice, fairness, and social welfare.

Core Principles of Islamic Finance

Islamic finance is built upon specific ethical and moral foundations derived from the Quran and Sunnah.

• Prohibition of Riba Interest: This is perhaps the most widely known principle. Riba refers to any increase in principal without a corresponding increase in real value or legitimate effort. This applies to both interest charged on loans and interest earned on deposits. Instead, Islamic finance emphasizes profit-and-loss sharing PLS or fee-based services.
• Prohibition of Gharar Excessive Uncertainty/Ambiguity: Transactions must be clear, transparent, and free from excessive uncertainty regarding the subject matter, price, or delivery. This principle aims to prevent exploitation and disputes, and it often renders highly speculative financial instruments impermissible.
• Prohibition of Maysir Gambling: Any contract where the acquisition of property depends on a contingent, uncertain event, with no real effort or risk-sharing, is considered Maysir. This includes traditional gambling, but also financial speculation where the primary intent is pure wagering on price movements.
• Emphasis on Real Economic Activity: Islamic finance encourages investment in tangible assets and real economic activities that contribute to society. Money is seen as a medium of exchange, not a commodity to be traded for profit in isolation.
• Ethical Investing: Investments must not be in businesses involved in forbidden activities e.g., alcohol, pork, conventional banking, gambling, pornography, weapons.
• Justice and Fairness: All transactions should be conducted with justice and fairness to all parties, avoiding exploitation, oppression, and unjust enrichment.
• Risk Sharing: Rather than transferring all risk to one party, Islamic finance encourages shared risk and reward, such as in partnership Musharakah or profit-sharing Mudarabah arrangements.

Application of Principles to BiyaPay.io’s Services

When these principles are applied to the services offered by BiyaPay.io, several red flags emerge:

• Forex Trading: While currency exchange sarf is permissible, it must be on a spot basis, with immediate mutual possession. Many forex platforms allow for delayed settlement or leverage that involves interest. The “Forex Futures” explicitly involve Gharar and often Riba.
• Stock Investment: As mentioned, without Sharia screening, investing in conventional stocks on BiyaPay.io risks involvement in haram industries or companies whose operations are significantly interest-laden.
• Crypto Currency Trading: The speculative nature, lack of tangible backing for most cryptocurrencies, and the potential for involvement in prohibited activities e.g., facilitating illicit trade make many crypto transactions problematic.
• Commodity Futures: These are almost universally considered problematic due to Gharar uncertainty and the lack of physical possession, often being cash-settled speculative bets.
• General Wallet Services: While merely holding assets in a wallet is not inherently problematic, if the wallet facilitates transactions that are forbidden, or if it generates interest on held funds, it becomes impermissible.

Given that BiyaPay.io does not explicitly detail how it screens its offerings to align with these comprehensive Islamic principles, or if it even attempts to, it becomes a platform that carries significant ethical risk for the discerning Muslim user.

The lack of an independent Sharia board or explicit commitment to ethical finance suggests that it operates within a conventional framework, which inherently includes elements forbidden in Islam.

FAQ

What is BiyaPay.io?

BiyaPay.io presents itself as a multi-asset trading wallet that enables users to manage, exchange, remit, and invest across various assets, including fiat currencies, digital currencies, and conventional stocks US/HK.

Is BiyaPay.io a legitimate platform?

Based on its website, BiyaPay.io provides regulatory information, stating it is registered with FinCEN as a Money Services Business MSB in the US and as a Financial Service Provider FSP in New Zealand.

It also mentions expediting its Broker-Dealer license application in the US, which suggests it operates under conventional financial regulations. Gettravelclub.com Review

Does BiyaPay.io offer Sharia-compliant services?

No, the website does not indicate any explicit commitment to Sharia compliance, nor does it mention a Sharia supervisory board or offer Sharia-screened investment products.

Its broad offerings, including forex futures, commodity futures, and general crypto trading, contain elements that are generally not permissible in Islamic finance.

Why is BiyaPay.io not recommended for Muslims?

BiyaPay.io is not recommended for Muslims primarily because its services, such as forex trading, stock investment without Sharia screening, crypto currency trading often speculative, and commodity futures, can involve Riba interest, Gharar excessive uncertainty, and Maysir gambling, all of which are forbidden in Islam.

What are the main concerns with BiyaPay.io from an Islamic perspective?

The main concerns include the high probability of engaging in interest-based transactions Riba through its financing or leverage options, excessive speculation Gharar with instruments like futures and volatile cryptocurrencies, and potential investment in non-halal industries through its stock offerings.

Are there any ethical alternatives to BiyaPay.io for financial management?

Yes, there are several ethical alternatives such as Wahed Invest, Amana Mutual Funds, Amanah Finance, and Guidance Residential for Sharia-compliant investments and financing.

For remittances, services like Wise or Remitly can be used with careful consideration for the underlying transaction’s permissibility.

Does BiyaPay.io provide bank accounts?

The website states that it will “soon” provide users with bank accounts for real-time deposit and withdrawal for securities firms.

This integration with conventional banking systems could expose users to interest-based operations.

What currencies does BiyaPay.io support?

BiyaPay.io claims to support the exchange of more than 30 fiat currencies and 200 digital currencies.

How does BiyaPay.io handle security?

The website prominently displays warnings about criminals impersonating BiyaPay’s official website and social media accounts, urging users to be vigilant. Calzatesp.com Review

This indicates that security is a concern the platform itself acknowledges, and users must remain cautious.

Can I invest in US and HK stocks with BiyaPay.io?

Yes, BiyaPay.io explicitly states it offers “US/HK Stock Investment.” However, it does not specify if these stocks are Sharia-screened, meaning users might inadvertently invest in companies involved in impermissible activities.

What are “Forex Futures” and “Commodity Futures” on BiyaPay.io?

These are types of derivative contracts.

“Forex Futures” involve agreements to buy or sell currency at a predetermined price on a future date, and “Commodity Futures” are similar for commodities.

Both are generally considered problematic in Islamic finance due to excessive speculation Gharar and often involving interest.

Does BiyaPay.io offer a mobile app?

Yes, the website mentions and provides links to download the “BiyaPay App,” described as “One Wallet for the World.”

How can I contact BiyaPay.io customer service?

The website lists a customer service email [email protected] and several Telegram links for general customer service, community, and digital currency discussions.

What are the user reviews like for BiyaPay.io?

The homepage features positive user testimonials, highlighting aspects like trustworthiness, clear exchange rates, and fast remittances.

However, these reviews do not address the ethical or Sharia compliance of the services.

Is BiyaPay.io regulated by any financial authorities?

Yes, BIYA GLOBAL LLC is registered with FinCEN as an MSB in the US, and BIYA GLOBAL LIMITED is registered as a Financial Service Provider FSP in New Zealand. Ekhambee.shop Review

It is also applying for a Broker-Dealer license with the US SEC.

What kind of “digital currency” does BiyaPay.io support?

The website indicates support for “200+ digital currencies,” suggesting a wide range of cryptocurrencies are available for trading.

What is the daily trading volume on BiyaPay.io?

The website claims a daily trading volume of “$10,000,000+.”

Does BiyaPay.io have a referral program?

Yes, the website has a “Referral” section, indicating the presence of a referral program.

What is the purpose of the “Biya Authenticator”?

The “Biya Authenticator” appears to be a tool for user authentication, likely for enhanced security when accessing the platform.

Can BiyaPay.io be used for global remittance?

Yes, BiyaPay.io promotes itself as a tool for “Global Remittance,” allowing users to “transfer globally or withdraw to your US and Hong Kong stock investment account.”