Direct Ownership in Islamic Finance
In conventional finance, user funds often mix with the platform's funds, risking loss in bankruptcy. Qist applies the Islamic finance principle: the seller owns the asset until full repayment. This means the assets you finance are registered in your name on the smart contract, not in the platform's accounts. Thus, even if the platform shuts down, your ownership remains intact.
Decentralized and Immutable Smart Contracts
All Qist transactions are executed via open-source smart contracts verified on BaseScan. These contracts operate independently from the platform. Once deployed, no party-including us-can modify or stop them. Hence, the financing terms and asset ownership are preserved forever on the blockchain, regardless of the platform's status.
Segregation of User Funds from Platform Funds
We use USDC stablecoin for payments, with all payments and assets held in smart contracts, not in platform wallets. There is no central account to freeze or seize. This design ensures your funds and assets are completely separate from any platform liabilities.
Surplus Refund Mechanism and Your Ownership Rights
Per Islamic finance principles, if you fully repay the financing or sell the asset, any surplus from the sale is returned to you directly via the smart contract. The platform cannot retain it. Even after platform closure, the smart contract autonomously executes these operations.
How Qist Implements This
When using Qist, your funds are protected by three layers: first, asset ownership registered in your name on the contract. Second, the smart contract is decentralized and immutable. Third, fund segregation. If the platform closes, you can access the smart contract directly via BaseScan to manage your financing or reclaim your assets. We plan to provide a decentralized interface for access even after the site goes offline.
Discover Qist: qist.info
This content is for informational purposes only and is not financial advice.