Terms and Conditions

These Terms and Conditions ("Terms") govern the use of the SchoolPay financing system, operated by StudentPay Solution Sdn Bhd ("Company"). By using SchoolPay, all parties, including guardians and students, agree to abide by these Terms, ensuring security, privacy, and compliance with Shariah principles and regulatory requirements.

1. Definitions

SchoolPay: A digital payment platform operated by StudentPay Solution Sdn Bhd for school facilities purchases.
Guardian: The parent or legal guardian applying for financing via SchoolPay.
Student: An individual authorized by the guardian to use SchoolPay for purchases.
Tawarruq Financing: A Shariah-compliant financing structure involving trading commodities as underlying assets.
Murabahah Sale: A cost-plus financing method used in Tawarruq.
Commodity Cost Price: The amount paid by the seller to acquire commodities before resale.
Wakalah (Agency): An arrangement where one party appoints another to act on its behalf.
Commodity: Shariah-compliant goods other than ribawi items used in Tawarruq transactions.
Commodity Trader: A licensed entity facilitating commodity trading in compliance with Shariah principles.
Biometric Data: Facial recognition data used for transaction authentication.

2. Account Registration and Responsibilities

2.1 Guardian Registration:

Guardians must register and provide accurate details.
Consent to collect and use biometric data is required.

2.2 Guardian Application:

Guardians apply for the financing amount for student use.

2.3 Student Authorization:

Guardians authorize students to use SchoolPay for school facilities.
Guardians are responsible for setting daily spending limits and monitoring transactions.

3. Tawarruq Process

StudentPay purchases commodities at Commodity Cost Price from a Commodity Trader.
StudentPay sells the commodity to the guardian at a Murabahah Sale Price (cost + profit margin).
StudentPay (as the guardian's agent) sells the commodity to a third party for cash.

4. Payment and Transaction Process

Student Transactions: Students use biometric authentication for purchases. Transactions are confirmed in real-time with notifications sent to the guardian.
Profit Fees: A nominal profit fee is disclosed to guardians at financing time.
Daily Spending Limit: Guardians may set spending limits to encourage responsible use.

5. Data Protection and Privacy

Data Collection: SchoolPay collects only necessary data, including biometric data.
Data Usage: Data is used solely for authentication and maintaining services.
Data Protection: All data is encrypted and access is restricted.
User Rights: Guardians may request data access, correction, or deletion. Consent withdrawal may limit functionality.

6. Cash Out Policy

Guardians may request a cash-out for unused balances.
Requests are processed within 10 business days.
Cash-out applies only to unused balances and excludes fees.

7. Dispute Resolution

Users may raise disputes via customer support.
Disputes are resolved within 7 business days.
Unresolved issues may be escalated for further review.

8. Limitation of Liability

Disclaimer: SchoolPay is provided "as is" without warranties.
Liability: StudentPay is not liable for indirect or consequential damages.

9. Modification of Terms

StudentPay reserves the right to update these Terms at any time. Users will be notified of changes, and continued use after modifications implies acceptance.

10. Governing Law and Jurisdiction

These Terms are governed by the laws of Malaysia. Disputes are subject to the jurisdiction of Malaysian courts.

11. Shariah Compliance

All operations adhere to Shariah principles. Any non-compliance will be resolved with amendments as advised by Shariah Advisors.

Terms and Conditions for SchoolPay