What is the ruling on dealing with electronic banks such as StormPay, Moneybookers, and E-gold for the purpose of buying and selling goods and auctions over the Internet?

An electronic bank is an extension of a conventional bank, conducting its banking operations online. If the electronic bank operates according to the provisions of Islamic Sharia, then dealing with it is permissible. However, if it is interest-based (usurious), then it is not permissible to deal with it except out of extreme necessity and under specific Sharia conditions. Electronic banks often act as payment intermediaries for a commission, and payments are made via checks, credit cards, or electronic cash. These transactions fall under e-commerce, which the Islamic Fiqh Academy has deemed permissible, provided it adheres to the Sharia controls for each contract.