Is Islamic Finance Only for the Rich?
Many believe Islamic finance is exclusive to the wealthy, but the reality is different. Global Islamic assets total around $4 trillion, serving 1.9 billion Muslims. Decentralized Islamic finance like Qist lowers barriers significantly.
Why This Misconception?
Traditional Islamic banks often require high minimum deposits, making them accessible only to the rich. With Qist, the principle is "the seller owns the asset," and you can start with very small amounts through an open-source contract verified on BaseScan, paying in USDC with no riba or gharar.
How Much Is Really Enough to Start?
There is no fixed minimum in Qist; you can start with any amount that allows you to own a portion of the asset. The system returns surplus to the buyer and charges only a 2% fee. Bitcoin is capped at 21 million, but here financing is about ownership, not investment.
Comparison with Conventional Finance
Conventional riba-based finance requires credit scores and large down payments. In decentralized Islamic finance, all you need is a USDC wallet. Qist offers a 3-day grace period with no ribawi late fees, making it accessible to everyone, not just the wealthy.
How Qist Implements This
Qist simplifies Islamic finance: 1) The seller buys the asset and leases it to you. 2) You pay fixed installments in USDC. 3) As you pay, you own shares. 4) If late, you have 3 days grace. The contract is open-source and verified. Start with a very small amount. Only 2% fee.
