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 (definition), 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.