Why are we building the world’s best performing zero-interest savings account…

Why are we building the world’s best performing zero-interest savings account?

The world has experienced the flaws of the global capitalist financial system. Recessions and depressions. Student debt and housing crises around the globe. The rich get richer, and the poor get poorer.

Yet, rarely does the main culprit get called out.

Interest/usury, known as riba in Arabic, has been religiously or societally looked down upon and banned across the globe until relatively recently. It was recognized as exploitative and evil. Until, suddenly, it wasn’t.

Before the advent of the modern financial system, the Muslim world thrived and excelled financially. From the splendours of the Umayyads and Abbasids to the Mughal and Hyderabad empires, wealth was abundant but not at the expense of those of lesser fortune.

For the last 50 years, the band-aid solution Muslims have tried is “Islamic banking”. Unfortunately, no matter how well-intentioned and hard working those who tried setting this up were, it was always doomed to fail.

If you’re playing in a system built on interest, you’re always doomed to fail.

So we decided to stop playing in this system.

With the emergence of blockchain technology and decentralized finance, we are now presented an opportunity to build a system that doesn’t just completely avoid interest and haram finance, but thrives. Thrived because it delivers better results than interest-based finance, and the “shariah compliant” band aid solutions in traditional finance.

Join us on our journey of building something for us, by us, and for the benefit of our Ummah, inshAllah.

#crypto #stablecoin #islamicfinance #savings