From Jurisprudential Dream to Programmatic Reality
For centuries, Islamic finance remained a jurisprudential dream seeking justice and transparency, prohibiting riba and gharar. With the emergence of fintech, this dream has turned into a programmatic reality on the Base chain, where Qist represents the first smart contract translating Murabaha principles into open-source code.
From Paper to Code: Digitizing Contracts
Traditionally, Islamic finance contracts require manual documentation and Sharia supervision. Qist replaces that with a smart contract verified on BaseScan, embodying the principle 'the seller owns the asset' and recording each transaction transparently, eliminating intermediaries and reducing costs.
Enforcing 'No Riba, No Gharar' Programmatically
The core principle in Islamic finance is the prohibition of riba and gharar. Qist ensures this by setting a fixed price in USDC, with no interest, and returning any surplus to the buyer if it occurs. Gharar is prevented by full disclosure of contract terms and asset details.
Grace Period: Mercy in a Fast-Paced World
In conventional finance, delays mean penalties. Qist offers a 3-day grace period with no extra fees, embodying the Islamic principle of 'imhal' (respite), while the seller retains ownership until full payment.
How Qist Implements That
Qist is a smart contract on Base that enables any Muslim to buy a digital asset in installments without riba. The contract first buys the asset, then sells it to the user at a fixed price paid in USDC installments. Every step is on-chain, with a 2% fee and the principle 'surplus returned'.
Discover Qist: qist.info
Informational content, not financial advice.