inshAllah provides a Sharia-compliant Ethereum staking platform that filters out transactions associated with interest or other haram activities, ensuring that users can earn a competitive 2.8% APY without compromising their Islamic values. The platform has successfully staked over $1.2 million, backed by a team of experts in Islamic finance and cryptocurrency, and guided by a qualified Sharia board.
Funding
Funding not disclosed
Founders
Product
Problem
Many Muslims are hesitant to participate in Ethereum staking due to concerns that a portion of staking rewards may be derived from validating transactions involving interest (riba) or other activities prohibited by Sharia law (haram). This lack of Sharia-compliant options prevents a segment of the population from participating in the growing DeFi ecosystem.
Solution
inshAllah offers a Sharia-compliant Ethereum staking platform that filters out transactions deemed impermissible under Islamic finance principles. By using custom-built validators, the platform weeds out transactions associated with interest or other haram activities, ensuring that users can earn staking rewards without compromising their religious values. This approach allows users to participate in Ethereum staking while adhering to Islamic guidelines. The platform aims to provide financial growth with peace of mind, offering competitive returns without compromising on Islamic values.
Target Audience
The primary target audience is Muslims worldwide who seek Sharia-compliant investment opportunities in the cryptocurrency space, specifically those interested in Ethereum staking.
Features
- Custom-built validators that filter out transactions associated with interest (riba) and other haram activities.
- Staking yield matching top players in the market.
- Transparent process of filtering transactions.
- Guided by scholars to ensure full Shariah compliance.
- Monitoring of over 55,600 transactions to ensure compliance.
- Real-time data on blocks processed, amount staked, and proposal uptime.