Traditional vs. Decentralized Finance
In traditional finance, banks lend money with interest (riba). In decentralized finance (DeFi), you deal directly with others via smart contracts on the internet, no bank, no interest.
Islamic Decentralized Finance (Qist)
Qist is an Islamic decentralized finance system on the Base network. It operates on the principle that the seller owns the asset, you pay in installments with USDC, no riba, no gharar. Profits are clear and fees are only 2%.
Why No Riba?
Riba is prohibited in Islam. Instead of lending money with interest, Qist buys the asset you want and sells it to you on installments with a known profit margin (murabaha). This is halal.
How is Transparency Ensured?
All Qist contracts are open and verified on BaseScan, anyone can view them. The 'payment on delivery' system ensures money is not used for haram, and any surplus is returned to you.
How Qist Implements This
Qist allows you to purchase assets like property or a car in installments without interest. You choose the asset, we buy it cash, and sell it to you in USDC installments. A 3-day grace period for late payments, and everything is transparent.
Discover Qist: qist.info
Educational content, not financial advice