Shariah Compliance Policy
Last Updated: April 1, 2025
1. Introduction
QistasChain is committed to providing blockchain solutions that adhere to Islamic principles. This Shariah Compliance Policy outlines our approach to ensuring that our platform, services, and smart contracts comply with Islamic law (Shariah).
2. Shariah Governance Framework
Our Shariah governance framework consists of:
- Shariah Advisory Board: A panel of qualified Islamic scholars who provide guidance on Shariah compliance matters
- Shariah Compliance Department: An internal team responsible for implementing Shariah guidelines
- Regular Shariah Audits: Periodic reviews to ensure ongoing compliance
3. Core Islamic Principles
Our platform adheres to the following core Islamic principles:
3.1 Prohibition of Riba (Interest)
All transactions on our platform are designed to be free from interest (riba). Our smart contracts automatically enforce this prohibition by:
- Eliminating interest-based components from financial transactions
- Implementing profit-sharing arrangements based on actual business performance
- Ensuring that time value is not monetized in a manner that constitutes interest
3.2 Avoidance of Gharar (Excessive Uncertainty)
Our platform minimizes excessive uncertainty (gharar) by:
- Ensuring clear and transparent contract terms
- Providing detailed information about assets and transactions
- Implementing mechanisms to reduce information asymmetry
3.3 Prohibition of Maysir (Gambling)
Our platform prohibits gambling-like activities (maysir) by:
- Avoiding zero-sum game structures
- Ensuring that transactions are based on real economic activity
- Prohibiting purely speculative contracts
3.4 Halal Asset Verification
We implement measures to ensure that assets and activities on our platform are halal (permissible) by:
- Screening for prohibited industries (e.g., alcohol, pork, conventional financial services)
- Verifying the underlying assets in transactions
- Monitoring for compliance with ethical standards
4. Shariah-Compliant Smart Contracts
Our smart contracts are designed to automatically enforce Shariah compliance by:
- Implementing Islamic contract structures (e.g., Mudarabah, Musharakah, Ijarah)
- Encoding Shariah rules directly into the contract logic
- Preventing execution of non-compliant transactions
- Providing transparency in profit calculation and distribution
5. Amanah Score Integration
Our Amanah Score system evaluates businesses based on Islamic ethical principles, including:
- Core ethical practices (honesty, fair pricing, transparency)
- Transaction integrity (contract compliance, payment reliability)
- Social conduct (respect for worship, market ethics)
- Institutional compliance (legal compliance, employee treatment, zakat payment)
6. Dispute Resolution
Disputes related to Shariah compliance are resolved through:
- Initial review by our Shariah Compliance Department
- Escalation to the Shariah Advisory Board if necessary
- Islamic arbitration in accordance with Shariah principles
7. Continuous Improvement
We are committed to continuously improving our Shariah compliance through:
- Regular review of our policies and procedures
- Staying updated on scholarly opinions and interpretations
- Incorporating feedback from users and Shariah experts
- Investing in research and development of Shariah-compliant blockchain solutions
8. Certification and Transparency
We maintain transparency regarding our Shariah compliance by:
- Publishing Shariah certification for our platform and services
- Disclosing the composition and qualifications of our Shariah Advisory Board
- Making Shariah audit reports available to users
- Clearly explaining the Islamic principles behind our products
9. User Responsibilities
While we strive to ensure Shariah compliance at the platform level, users are responsible for:
- Ensuring their specific use of our platform complies with their understanding of Islamic principles
- Consulting with their own Shariah advisors if they have specific concerns
- Using our platform for permissible (halal) activities only
10. Contact Information
For questions regarding our Shariah Compliance Policy, please contact:
Email: shariah@qistaschain.com
Phone: [Your Phone Number]