What PayHalal does

PayHalal, operated by SOUQA FINTECH SDN BHD and headquartered in Kuala Lumpur, Malaysia, is an Islamic fintech positioned as the "World's First Islamic Payment Gateway." The company's core product is a Shariah-native payment gateway that enforces Islamic finance compliance at the transaction-execution layer rather than as post-transaction policy review. Its proprietary Shariah Execution Console, Execution Gate, and deterministic Rule Engine evaluate riba (interest) prohibition, gharar (uncertainty) thresholds, asset-backing requirements, permissible fee structures, and jurisdiction-specific rulings in real time before funds move, blocking non-compliant transactions by design. Transactions execute only after a five-step flow — Intent (Niyyah), Contract Logic (Aqad mapping to Wakalah, Ujrah, or Murabaha), Real-Time Rule Validation, Funds Execution, and Immutable Audit Trail — produces regulator-ready records for every step. The platform supports cards, FPX, QR, wallets, terminal, email-pay, social-pay, and WooCommerce integrations.

PayHalal is licensed by Bank Negara Malaysia as a Merchant Acquirer and Non-Bank Financial Institution, maintains PCI-DSS alignment, is recognized under the Malaysia Digital programme, and holds Shariah certification from Amanie Advisory. The company serves four primary B2B segments: Payment Aggregators (PSA/TPA) seeking system-level Shariah enforcement across sub-merchants; Master Merchants and Key Merchant Accounts requiring standardized compliant execution across outlets and channels; Islamic Fintechs and platforms embedding Shariah compliance as infrastructure via APIs; and Developers integrating Shariah-compliant payment flows through a documented API/SDK and GitBook developer portal. The company also maintains PAYHALAL INC, a Delaware-registered US entity, signaling intent to serve Islamic fintech markets beyond Malaysia.

The business model is transaction-based take-rate revenue: PayHalal charges per-transaction fees on payment volumes routed through its rails across online and offline channels. Distribution is split between a self-serve online merchant registration channel (merchant.payhalal.my) targeting SMBs and an enterprise sales motion with "Request a Compliance-Ready Demo" CTAs targeting regulated mid-market and enterprise accounts. The go-to-market is API-first and developer-relations-driven, with regulatory credentials positioned as trust signals. Pricing is not publicly disclosed. Sub-brands include PayHalal Zakat, PayHalal Sadaqah, and PayHalal EMall, expanding the platform into charitable collections and marketplace rails. In April 2023, PayHalal raised $4.5M from Shariah-aligned investors Asad Capital, Crescent Capital, Effective Shields, and Q Cap.

Name

PayHalal

Legal name

SOUQA FINTECH SDN BHD

Website

https://payhalal.com.my

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

PayHalal is a Malaysian Bank Negara-licensed payment gateway that enforces Shariah compliance as pre-transaction execution logic for regulated merchants, payment aggregators, Islamic fintechs, and developers across cards, FPX, QR, and wallet rails.

Ownership category

akta.pro rank

Product category

Payment Gateway / Merchant Acquiring

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Finance Services (6199)

akta.pro primary industry

Merchant Payment Gateways (API/Hosted Checkout) (FSAMACAA)

akta.pro secondary industries

Payment Gateways & API Connectivity (FSAGABAB), Shariah Governance, Compliance & Advisory (Shariah Boards, Audit, Fatwa) (FSABAGAJ)

Keywords

• Islamic payment processing
• Shariah compliant payments
• Merchant acquiring services
• Payment gateway api
• Islamic fintech infrastructure

Headquarters

HQ city

Kuala Lumpur

HQ country

Malaysia

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Payment Processing / Transaction Fees: PayHalal processes online and offline digital payments across cards, FPX, QR codes, email pay, social pay, and terminal channels, charging transaction-based fees for each payment processed. As a licensed Merchant Acquirer regulated by Bank Negara Malaysia, the company earns take rates on payment volumes routed through its rails.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

PayHalal provides a Shariah-native payment gateway that enforces Islamic finance compliance at the execution layer before money moves, routing transactions across cards, FPX, QR codes, wallets, and terminal rails via a deterministic rule engine and immutable audit trails. The gateway serves regulated merchants, payment aggregators, Islamic fintechs, and developers through API-first integration, supported by dedicated offerings for Zakat collections, charitable donations, marketplace rails, and card-present terminals.

Product overview

PayHalal operates as a unified Shariah-native payment infrastructure platform for regulated digital commerce. The core offering is the PayHalal Payment Gateway, the world's first Islamic payment gateway, which serves as the central execution layer enforcing Shariah compliance before any money moves through contract logic, real-time validation, and auditable execution. Online collections are delivered through multiple channels including Email Pay, QR Pay, Social Pay, CMS Plugins (WooCommerce), and Custom Payment Flow API. Specialized add-on modules include PayHalal Zakat (for Islamic charitable giving), PayHalal Sadaqah (for donations), and PayHalal EMall (for marketplace payments). Offline payments are supported via Terminal and Soundbox devices. The platform is underpinned by the Shariah Execution Console, Execution Gate, and Rule Engine for automated compliance enforcement.

Differentiator

Problem solved

Functional benefit

Brands

• PayHalal Zakat: Zakat collections built into payments.
• PayHalal Sadaqah
• PayHalal EMall
• Souqa Fintech

Products and services

• PayHalal Payment Gateway World's first Islamic payment gateway providing Shariah-native payment infrastructure for regulated merchants, payment aggregators, Islamic fintechs, and developers; enforces Shariah compliance before money moves via a deterministic rule engine and immutable audit trail.
• PayHalal Zakat Zakat collections module built into the payment infrastructure, enabling merchants to collect and manage Islamic charitable donations (Zakat) with reporting as part of payment operations.
• PayHalal Sadaqah Donation collection module providing Shariah-compliant charitable giving (Sadaqah) acceptance with clean reporting through the PayHalal payment infrastructure.
• PayHalal EMall Marketplace-ready payment rails enabling merchants to build or operate Islamic-compliant online marketplaces with integrated Shariah-compliant payment processing.
• PayHalal Terminal Card-present payment acceptance terminal for offline retail environments, enabling merchants to accept Shariah-compliant card payments at physical point-of-sale locations.
• PayHalal Soundbox Real-time audio payment confirmation device for offline payments, providing audible alerts to confirm successful Shariah-compliant transaction completion at the point of sale.

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability1 record

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Amanie AdvisorycoreStrategic or Co-development PartnerAmanie Advisory serves as PayHalal's Shariah advisor and certification body, providing authoritative Islamic finance expertise and reviewing the company's Shariah compliance framework, rule engine, and contract structures (Wakalah, Ujrah, Murabaha). This is a foundational partnership that underpins the credibility and regulatory acceptance of PayHalal's entire compliance approach.
• Bank Negara MalaysiacoreOthersBank Negara Malaysia is the central bank and financial regulator that licenses and oversees Souqa Fintech Sdn Bhd (PayHalal's operating entity) as a Merchant Acquirer and Non Bank Financial Institution. This regulatory relationship is mandatory for operating a payment gateway in Malaysia.
• PCI Security Standards CouncilcoreOthersPCI Security Standards Council is the governing body of the PCI-DSS standard. PayHalal/Souqa Fintech maintains PCI-DSS compliance as part of its payment infrastructure, required for handling cardholder data across its gateway.
• Malaysia Digital (MD Programme)minorOthersMalaysia Digital is a national digital economy programme administered by the Malaysian government to recognise and support high-potential digital companies. PayHalal is recognised under this programme, which confers certain incentives and ecosystem benefits for operating in Malaysia.

Scale indicators2 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Stripe: Global, large-scale payment gateway serving merchants and platforms worldwide with developer-first APIs (Stripe Payments, Stripe Connect). Comparable execution layer and API-first developer model, but a broad incumbent rather than a Shariah-specialist; competes for the same Islamic fintech API integration mindshare.
• Adyen: Global unified payments platform serving large enterprises and platforms across cards, local rails, and digital wallets. Comparable in offering a single technical gateway to multiple payment methods, but a broad incumbent targeting global enterprise volume rather than a Shariah-specialist.
• Checkout.com: Global payment gateway serving merchants and fintechs with multi-rail processing and developer APIs. Comparable at the API-first gateway level for fintech/platform integrations — a potential threat to PayHalal for Islamic fintech gateway integrations seeking global coverage.

Direct peers

• Razer Merchant Services: Malaysia-headquartered payment gateway and merchant acquirer providing online, offline, and FPX payment rails to local merchants. Most directly comparable domestic competitor to PayHalal at the merchant acquirer layer, with similar Bank Negara-regulated merchant acquiring operations but without Shariah-native execution logic.
• iPay88: One of the longest-established Malaysian payment gateways, offering multi-channel online payment processing (cards, FPX, e-wallets) to merchants. Closely comparable product surface to PayHalal's gateway and CMS plugin business; competes head-to-head for Malaysian merchants but lacks a Shariah-compliance execution layer.
• Billplz: Malaysia-focused online payment gateway for SMBs and online businesses, with FPX and card payment processing. Comparable in target customer and gating functionality, operating in the same Malaysian payments rail stack (FPX/cards) that PayHalal routes through, though without Shariah-rule enforcement.
• eGHL: Malaysian payment service provider offering online payment processing, terminal, and FPX/card acceptance to merchants. Comparable payment-rails scope and Malaysian regulated acquirer profile, serving the same SMB and enterprise merchant base as PayHalal.

Others

• Amanie Advisory Group: Recognized Islamic finance advisory firm and PayHalal's named Shariah advisor/certifier. Comparable as a Shariah governance specialist in the same ecosystem; not a competitor but a deeply linked ecosystem participant whose endorsement underpins PayHalal's Shariah compliance claim.
• FPX / PayNet: Malaysia's national real-time online payment rail (Financial Process Exchange) operated by Payments Network Malaysia, the shared infrastructure that PayHalal integrates through. Not a competitor but a critical enabling dependency; comparable as adjacent infrastructure in the Malaysian digital payments stack.

Emerging players

• Ethis: Islamic fintech with Shariah-compliant digital investment and impact-focused platforms targeting the Muslim-majority and diaspora market. Comparable as a fellow early-stage Shariah-native fintech building category-defining infrastructure, though focused on investments rather than payments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PayHalal