Do You Understand the Nature of Islamic Decentralized Finance?
Before your first transaction, ask yourself: do you know how Islamic decentralized finance transactions differ from traditional finance? On Qist, the seller owns the asset, you pay in USDC, and there is no riba or gharar. Surplus is returned to you, and there is a 3-day grace period. The contract is open and verified on BaseScan with a 2% fee. Understanding these principles ensures your transaction is Sharia-compliant.
What Asset Are You Purchasing?
Ask: is the asset you intend to buy real and tangible? Islamic finance requires the asset to exist and be owned by the seller. On Qist, we ensure the seller owns the asset before the sale. Avoid virtual or intangible assets that may involve gharar.
Can You Fulfill the Payments?
Before committing, consider: do you have the ability to pay installments on time? Qist offers a 3-day grace period, but repeated delays may incur late fees (to avoid riba, they are charged as actual compensation). Calculate your budget carefully.
Do You Know What Happens on Early Sale or Surplus Refund?
If you sell the asset before completing installments, the contract is settled and any surplus is returned to you. Ask: are you comfortable with this mechanism? Qist automatically refunds surplus, ensuring fairness.
How Does Qist Implement That?
Qist builds every transaction on an open smart contract verified on BaseScan. You can review the contract before approval. We guarantee the seller owns the asset, and payment is only in USDC. The 2% fee is fixed and transparent. Ask the above questions and compare with Qist's policies; you'll find every transaction is designed to be compliant and fair.
Discover Qist: qist.info
Educational content only, not financial advice. Consult a professional before investing.