Ultra-Fast Transactions
Base, built on Ethereum Layer 2 (Optimism rollup), offers extremely high throughput of thousands of transactions per second. This ensures that Islamic decentralized finance operations like asset purchases or installment payments are settled in seconds, eliminating uncertainty (gharar) which is prohibited in Shariah.
Low Fees Align with No-Riba Principle
Gas fees on Base are significantly lower than Ethereum mainnet, often less than $0.01 per transaction. This practically supports the 'no riba' principle, as high costs could lead to hidden interest. Low fees also encourage participation from the global Muslim population (~1.9 billion).
Transparency and Security
Base is an open, audited network. Qist's smart contracts are published on BaseScan, allowing anyone to verify transparency and absence of gharar. This builds trust and ensures Shariah compliance.
Growing Ecosystem Support
Base is backed by Coinbase, providing high liquidity and integration with other DeFi apps. This enables Qist to reach new users while maintaining the 'surplus returned' principle through instant, accurate settlements.
How Qist Implements This
Qist uses Base to record each asset sale where the seller owns the asset, with USDC payment. Thanks to speed and low cost, users can make daily installments without accumulating interest. The 3-day grace period is applied with no extra fees, as the network tracks deadlines precisely.
Discover Qist: qist.info
Informational content, not financial advice