Company: InshAllah Network
Product Name: Goldsand
Role: Principal Shariah Advisor
Client Type: Islamic DeFi Ecosystem
Engagement Type: Strategic Shariah Structuring, Product Advisory, Certification
Overview:
As the Principal Shariah Advisor to InshAllah Network, Dr. Farrukh Habib plays a pivotal role in guiding the development of a comprehensive suite of halal DeFi products. These solutions are designed to empower Muslim users to participate in the decentralized economy without compromising their faith.
The Challenge:
The decentralized finance (Defi) landscape is predominantly structured around conventional financial principles, often involving elements such as interest (Riba), excessive uncertainty (Gharar), and speculative activities (Maysir). This presents significant barriers for Muslim investors seeking Shariah-compliant avenues for participation in the crypto economy.
The Solution:
InshAllah Network addresses these challenges by developing a range of products that align with Islamic financial principles:
- Goldsand Halal Ethereum Staking: A pioneering staking protocol that filters out impermissible transactions, ensuring that blocks proposed by Goldsand validators exclude income from prohibited activities, such as interest-related transactions.
- Halal Solana Staking: Extending the principles of ethical staking to the Solana blockchain, providing users with a Shariah-compliant option for staking SOL tokens.
- Shariah-Compliant Defi Ecosystem: A suite of decentralized applications and financial instruments designed to facilitate halal participation in the crypto economy, including plans for halal leverage trading, stablecoins with halal yield, and zero-interest loans.
The Impact:
Through meticulous Shariah structuring and continuous oversight, InshAllah Network has successfully created a platform that enables Muslims worldwide to engage with Defi confidently and ethically. By filtering out non-compliant transactions and focusing on permissible financial activities, the network fosters an inclusive environment that respects Islamic financial principles.
