The Crisis of Trust in Traditional Finance
Traditional finance suffers from recurring crises due to gambling and usurious debt. Islamic decentralized finance offers an ethical alternative, but most previous contracts failed to adhere to Sharia principles. This new contract ensures full transparency through the blockchain.
Open and Audited Contract: A Paradigm Shift
For the first time, an Islamic finance contract is open source and audited on BaseScan. Every Muslim can verify its freedom from riba and gharar independently. This builds unprecedented trust, especially with over 1.9 billion Muslims seeking halal financial solutions.
True Ownership Eliminates Speculation
Unlike usurious contracts, this one follows the principle 'the seller owns the asset'. The investor actually owns the asset until full payment, not just a debt. This aligns with Sharia objectives of protecting wealth and preventing injustice.
Only 2% Fee and Surplus Refund
The fee is just 2%, compared to interest rates up to 20% in conventional finance. Importantly, any surplus is refunded to the investor because riba is prohibited. This makes the contract fair and fully Sharia-compliant.
How Qist Implements This
Qist implements this contract on Base, with a 3-day grace period and payment in USDC. The contract is open to all, and the principles are encoded. You can participate with confidence that your funds are managed according to Sharia.
Discover Qist: qist.info
Informational content, not financial advice