Verify Asset Ownership and No Riba
Before placing your funds in any Islamic decentralized finance platform, ensure that the platform follows the principle that the seller owns the asset. In Qist, the asset is owned by the seller throughout the financing term, and no interest (riba) is charged. Payments are made in USDC stablecoin, and all contracts are open-source and verified on BaseScan, ensuring full transparency.
Ensure USDC Payments and No Gharar
Make sure the platform uses a stablecoin like USDC to avoid volatility (gharar). In Qist, all payments are made in USDC, eliminating uncertainty from cryptocurrency price fluctuations. Also, the smart contracts are written to prevent any ambiguity or hidden terms in the financing conditions.
Check Grace Period and Surplus Refund
It is important that the platform provides a grace period (at least 3 days) for late payments without interest charges. In Qist, we grant a 3-day grace period, and if a delay occurs, any surplus paid beyond the principal after the grace period is refunded to the user, avoiding any semblance of riba. Verify this mechanism in any platform you invest in.
Audit the Open Contract on Chain
The platform's smart contract must be open and verified on a blockchain explorer (e.g., BaseScan) for transparency. In Qist, all contracts are published and verified on BaseScan, allowing any user to check the financing terms and transaction history without relying on a third party.
How Qist Implements That
Qist implements all these principles: seller owns the asset, USDC payments, no riba/gharar, surplus refunded, 3-day grace period, and open contracts verified on BaseScan with only 2% fees. Click the link below to explore Qist and verify all guarantees.
Discover Qist: qist.info
Informational content, not financial advice