Traditional Finance: How Many Does It Serve?
Traditional finance serves about 1.7 billion adults globally with bank accounts, but 1.7 billion remain unbanked (World Bank). Among 1.9 billion Muslims, many are excluded due to riba (interest) prohibitions.
Traditional Islamic Finance: Limited Reach
Islamic finance holds ~$4 trillion across 560 institutions, yet it effectively serves fewer than 100 million Muslims (≈5%). Reasons: concentration in Gulf/Malaysia, high costs, and complexity.
Decentralized Finance (DeFi): Unbounded Revolution
Ethereum alone serves millions worldwide, but suffers from gharar (uncertainty) and hidden interest. It reaches anyone with internet access, yet remains unsuitable for Muslims.
Qist: Bridging Tradition and Modernity
Qist is a decentralized Islamic finance model on Base, combining Sharia principles (seller owns asset, no riba, surplus returned) with blockchain (transparent, 2% fee, 3-day grace period). Any Muslim globally can access it.
How Qist Implements This
Qist uses an open, audited smart contract on BaseScan. Anyone with USDC and a wallet can participate. The contract ensures the seller owns the asset until full payment, and any surplus is returned to the buyer. This enables real inclusion for marginalized Muslims.
