Global Overview of Cryptocurrency Ownership
According to the latest estimates for 2024, approximately 420 million people worldwide own at least one cryptocurrency. This represents about 5% of the global population. Ownership is heavily concentrated in emerging economies such as Nigeria, India, and Vietnam, where the percentage of owners reaches 10-15% of the population.
The Gap Between Muslims and Crypto Owners
Out of 1.9 billion Muslims globally, estimates suggest that only 20-30 million Muslims own cryptocurrencies, i.e., less than 2% of Muslims. This disparity is partly due to the lack of Sharia-compliant alternatives, as traditional digital currencies may involve riba (interest) or gharar (excessive uncertainty).
Adoption Challenges Among Muslims
The main challenge is the absence of Islamic decentralized finance products that respect Sharia principles. Most current DeFi platforms rely on interest (riba) or unclear speculation (gharar). This drives Muslims to seek solutions like Qist, which offers Islamic decentralized finance based on asset ownership and USDC payments without interest.
Importance of Base for Islamic Financial Inclusion
Base, a Layer 2 network on Ethereum, is an ideal platform for Islamic finance applications due to its low gas fees and fast transactions. Qist leverages these advantages to provide open and audited Islamic financing contracts on BaseScan, ensuring transparency and adherence to Sharia principles.
How Qist Implements This
Qist offers a unique Islamic decentralized finance model on Base. The buyer pays USDC to own the asset, and the seller receives instant financing. There is no riba, and surplus is returned upon early repayment. With a 3-day grace period and a fixed 2% fee, Muslims can access decentralized finance without violating Sharia. This bridges the gap between 420 million crypto owners and 1.9 billion Muslims.
Discover Qist: qist.info
Educational content, not financial advice