Shariah Compliance
QistasChain is committed to providing a platform that adheres to the principles of Islamic finance. Our Shariah compliance framework ensures that all contracts and transactions on our platform follow the guidelines set forth in Islamic law.
Our Shariah Compliance Framework
QistasChain's Shariah compliance framework is built on the following pillars:
- Shariah Advisory Board: Our platform is guided by a board of qualified Shariah scholars who review and approve all contract templates and platform features.
- Shariah-Compliant Contract Templates: All contract templates on our platform are designed to comply with Shariah principles and are regularly reviewed by our Shariah Advisory Board.
- Automated Compliance Checks: Our platform includes automated checks to ensure that contracts created by users comply with Shariah principles.
- Continuous Monitoring and Auditing: We continuously monitor and audit contracts and transactions on our platform to ensure ongoing compliance with Shariah principles.
- Transparency and Disclosure: We are committed to transparency and full disclosure of all relevant information to users of our platform.
Key Shariah Principles
Our platform is designed to adhere to the following key Shariah principles:
- Prohibition of Riba (Interest): Our platform does not allow for the charging or payment of interest. Instead, we use alternative structures such as profit-sharing, cost-plus financing, and leasing.
- Avoidance of Gharar (Excessive Uncertainty): Our contracts are designed to minimize uncertainty by clearly defining all terms and conditions.
- Prohibition of Maysir (Gambling): Our platform does not allow for speculative transactions that resemble gambling.
- Asset-Backed Transactions: Our contracts are designed to be backed by real assets, avoiding purely speculative or debt-based instruments.
- Ethical Investments: Our platform promotes investments in ethical and socially responsible activities, avoiding industries that are considered harmful in Islamic law.
Shariah Advisory Board
Our Shariah Advisory Board consists of qualified scholars with expertise in Islamic finance and blockchain technology. The board is responsible for:
- Reviewing and approving all contract templates on our platform
- Providing guidance on the development of new features and products
- Conducting regular audits of our platform to ensure ongoing compliance
- Issuing Shariah compliance certificates for our platform and products
- Providing guidance to users on Shariah-related questions and concerns
Shariah Compliance Certification
QistasChain has obtained Shariah compliance certification from [Certification Authority], a recognized authority in Islamic finance. This certification confirms that our platform and contract templates comply with Shariah principles.
The certification process involved a thorough review of our platform, contract templates, and business model by qualified Shariah scholars. The certification is renewed annually to ensure ongoing compliance.
User Responsibility
While QistasChain provides a Shariah-compliant platform, users are ultimately responsible for ensuring that their specific contracts and transactions comply with Shariah principles. We recommend that users:
- Carefully review all contract terms before entering into an agreement
- Consult with a qualified Shariah advisor if they have any doubts or questions
- Use our platform's automated compliance checks to identify potential issues
- Report any concerns about Shariah compliance to our team
Continuous Improvement
QistasChain is committed to continuously improving our Shariah compliance framework. We regularly:
- Review and update our contract templates to reflect the latest Shariah guidance
- Enhance our automated compliance checks to identify and prevent non-compliant transactions
- Provide training and resources to our team and users on Shariah compliance
- Seek feedback from users and Shariah experts to improve our platform
Contact Us
If you have any questions or concerns about Shariah compliance on our platform, please contact us at:
Email: shariah@qistaschain.com
Address: 123 Blockchain Street, Dubai, United Arab Emirates