6 Steps for Muslim Entrepreneur to Finance Project
1. Define Your Project Needs and Goals
Before seeking financing, determine the required capital, operational scope, and profit model. At Qist, we adhere to the principle that the seller owns the asset, meaning you as an entrepreneur clearly specify the asset to be purchased (equipment, software, inventory). This helps avoid gharar (uncertainty) and ensures full transparency.
2. Understand Islamic Finance Principles of Qist
Qist financing is built on no riba (interest), no gharar (ambiguity), and surplus returned to the buyer. Payments in USDC (stablecoin) ensure value stability. Check the open contract on BaseScan to verify transaction transparency. These principles protect your rights and give you peace of mind.
3. Prepare Project Documents and Contract
Submit clear project documentation: business plan, cash flows, asset details. Qist's system simplifies verification via smart contracts. The contract is open and audited, ensuring no hidden terms. Only 2% fee, with a 3-day grace period for payment.
4. Apply Through Qist's Decentralized Platform
Use Qist's interface on Base Network to submit a financing request. You will define the asset, financing amount in USDC, and repayment schedule according to the installment sale system. Islamic decentralized finance enables faster and cheaper transactions compared to traditional banks.
5. Complete the Transaction: Seller Owns the Asset Then Sells It to You on Installments
In Qist contracts, the seller (financier) first buys the asset, then sells it to you on installments at cost price plus a fixed profit margin (no interest). You repay in USDC installments. If a surplus occurs (e.g., cash discount), it is returned to you. This complies with Islamic finance rulings and prevents riba.
6. How Qist Implements That
Qist offers a decentralized platform where you can obtain Islamic financing for your project by following the steps above. With the Islamic market at ~$4 trillion and ~1.9 billion Muslims, Qist aims to serve this segment with innovative solutions on Base. Start now and discover how Qist can empower your project.