What is a Smart Contract?
A smart contract is a program running on the blockchain that automatically executes the terms of an agreement. In Qist, we use a single open-source smart contract verified on BaseScan for Islamic decentralized finance. The contract ensures transparency and prevents any manipulation or usury (riba).
The Seller-Owns-Asset Principle
In Qist's contract, the seller remains the owner of the asset until the buyer completes full payment. This aligns with Islamic finance principles where ownership transfers only upon full settlement. The contract ensures both parties' rights are protected.
How Payments Work?
Payments are made in USDC, a stablecoin pegged to the US dollar, to avoid volatility. The contract sets a schedule, with a 3-day grace period before any actions. All payments are recorded on-chain.
Why Open and Verified?
Being open-source allows anyone to review the code for errors and gharar (uncertainty). Verification on BaseScan adds extra trust. The 2% fee is transparent and disclosed, and any surplus is returned to the buyer.
How Qist Implements This
Qist provides a simple interface to use this smart contract. You can buy a digital asset in installments with USDC payments. The contract automatically executes terms and returns surplus if you pay early. Try Qist today for authentic Islamic finance.
Discover Qist: qist.info
Informational content only, not financial advice.