Decentralized finance (DeFi) on the blockchain has been known to allow anyone regardless of economic status to participate. However, the current DeFi ecosystem that we know today is mostly interest-based or not halal. This goes against the values of faith-based and ethically conscious communities. For many Muslims, Islamic finance within traditional banking is the only… Continue reading Halal DeFi Explained: Is This The Future of Finance?
Imagine a financial system where you don’t have to rely on expensive and fallible third parties to manage your money. You have complete control of all your assets and you can easily send them to anyone anywhere. Well, imagine no more; decentralized finance (DeFi) exists so you can fully take charge of your financial assets.… Continue reading What Is DeFi? Is There A Halal DeFi Solution?
On Nov 11, 2022, the centralized cryptocurrency exchange FTX plunged from $32 billion to bankruptcy in a matter of days, dragging down the CEO Sam Bankman-Fried (also known as SBF) along with it. Here’s a summary of events: Discussion on the FTX debacle Following the news, there have been talks of putting in place crypto… Continue reading Could FTX Be Averted If Islamic Finance Ethics Were Applied?