DeFi is booming and the future of fintech. Currently, The DeFi crypto market cap is $75.57B. And this number is increasing. Muslims percentage around the world is more than 25%. Many Muslim who invest in crypto doesn't want to invest in DeFi as it doesn't follow the Islamic finance rules.
The concept of risk sharing is central to Islamic banking and finance. Islamic finance demands the avoidance of riba (usury) and gharar (ambiguity or deception). In short, Islamic finance has the following rules:
- Profit and Loss Sharing Contracts (Mudarabah).
- Declining Balance Shared Equity.
- Lease to Own
- Installment Sale (Murabaha).
Falafel seeks to introduce Murabaha and Mudarabah into the DeFi Market, considering working only on luqidity pools token that follow Islamic regulations; it will not support any prohibited business according to Islamic concept, such as gambling.
We seek to offer: Murabaha investment pools P2P Murabaha capital An AI support for potential opportunities that follow Islamic finance.
We seek to build this initiative in Binance Smart chain, as there is many people want to invest in DeFi projects but doesn't want to invest in prohibited activities, that's why we use AI for enhancing results.