The Principle of Trust in Financial Transfers
In the Islamic financial system, trust holds a central place, and financial transfers require utmost precision. If you mistakenly send the wrong amount or to the wrong address, Qist provides a mechanism to correct the error according to Sharia. Unintentional errors are distinguished from fraud, and each is handled differently.
Fund Recovery Policy at Qist
Qist allows fund recovery requests in cases of unintentional error (e.g., overpayment or wrong address). A formal request must be submitted within 3 days of the transfer. Data verification is performed before approval, and the amount is returned to the seller after deducting agreed penalties (not exceeding actual cost).
When Can Recovery Not Be Made?
Recovery is not possible if the funds were transferred and the buyer already took ownership of the asset (after the grace period), or if the error was due to willful negligence or breach of terms. Also, in installment sales, the seller cannot reclaim the asset after the buyer has taken ownership without agreement.
Sharia-Compliant Error Handling Mechanism
Qist follows the principle of 'surplus is returned' in case of error. If you overpay, the excess is immediately refunded. If sent to a wrong address, Qist attempts to contact the recipient (if possible) to recover the funds. Charging interest on delays is prohibited.
How Qist Implements This
Upon discovering an error, go to the 'Recovery Request' page on Qist's interface. Submit your request with proof of transfer and reason for error. The team will review within 24 hours, and if approved, the amount is returned to your wallet within 3-5 business days, minus any processing fees.
Discover Qist: qist.info
Informational content only, not financial advice.