Onchain shariah-powered money markets

Up to 11% stablecoin yield and 5x leverage on majors, the halal way.

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A term ticket

ETH at 2,492.62 USDC
Leverage
Term
The vault buys ETH for
3,000.00
At 2,492.62, that is
1.2036 ETH
Your down payment
1,000.00
The vault finances
2,000.00
Markup, fixed once at 11% a year
8.44
You owe in 14 days
2,008.44

The coin sells for 3,600.00. You take home 1,414.09, a gain of 414.09 on your down payment. The backstop fund receives 177.47, 30% of the profit.

Rates are the contract’s proposed defaults and the design is not yet reviewed by a Shariah board. Nothing here is a quote or a promise.

One purchase, financed by a sale.

A vault of depositors’ USDC buys a real coin and sells it to the trader at cost plus a fixed markup. The trader pays part now and the rest by a due date. The coin stays pledged until then.

  1. The vault buys the coin on the spot market with depositors' USDC.
  2. It sells the coin to the trader at cost plus a markup, fixed once for the whole term.
  3. The trader pays a down payment now. The coin stays pledged until the balance is paid.
  4. The trader closes or pays off whenever they like and pays only for the days used. After the due date, anyone can settle.

Steps 1 to 3 happen in a single transaction.

Three contracts Muslims have used for centuries.

MudarabahDepositors and the managerDepositors fund, the manager runs the desk, profit is shared, nothing is guaranteed.
MurabahaThe vault and the traderA sale at disclosed cost plus a fixed markup, paid later.
RahnThe trader and the vaultThe coin is pledged until the balance is paid.

The markup traders pay is the depositors’ yield, all of it. A bucket with 80% of its USDC financed at 11% a year earns about 7.9% a year for depositors before any shortfalls. That is arithmetic on proposed values, not a forecast.

Five rules the code keeps.

Each one is a Foundry test or invariant in the repository, not a sentence in a document.

The vault owns the coin before it sells it.

open lends the full cost and swaps before it records the sale or takes the down payment.test_open_recordsTheDesignExample

The balance never increases. No penalty, no roll-over.

No function adds to financed or markup, or subtracts from repaid.invariant_aBalanceNeverIncreases

The trader never owes more than the pledged coin.

settle never pulls from the trader. A short sale closes the debt.invariant_settlementNeverChargesTheTrader

Only the trader can sell before the due date.

settle reverts until the due date has passed, and there is no other sale path.test_noOneCanSellBeforeDueExceptTheTrader

Closing, paying off and withdrawing can never be paused.

Only open and requestDeposit check the pause flag. The guardian can pause but not unpause.test_deposit_pausedByGuardian_withdrawalsStillWork

Who pays when a coin sells for less than the balance.

A term ticket is never sold before its due date, so there is no liquidation price. A crash inside the term is absorbed in this order, and a loss moves down only when the layer above is used up.

The order of loss

  1. The trader's down payment
  2. The bucket's loss reserve
  3. The backstop fund's USDC
  4. The depositors of that bucket, in proportion

Staked SCR joins as a layer above depositors once the token launches.

What the backtests say

TicketAverage loss a yearWorst year
Term, BTC 3x, 14 days1.0%5.1% (2020)
Term, ETH 2x, 14 days0.0%0.0%

Binance one-minute prices, January 2020 to August 2026, tickets left unmanaged. Losses are a share of the amount financed, against markup of about 11% a year. On-chain markets are thinner than Binance, so treat these as a floor. The past does not bound the future.

Built to answer the 2006 ruling, point by point.

The Muslim World League’s Fiqh Council ruled against margin trading for four reasons. Sacred answers each one.

Fees for delay are riba

The price is fixed once. Nothing ever grows.

A loan tied to a sale

There is no loan. The financing is the sale.

Selling what is not owned

Real coins, owned by the vault before it sells them.

Excessive risk

Low leverage, and a loss capped at the pledge.

Not certified yet. Fifteen points go to a Shariah board before launch, among them whether BTC and ETH can be sold on deferred payment and whether owning the coin within one transaction counts as possession. If the board says no to any of them, the design changes.

Where it stands.

Term mode is built end to end: the vault, the desk, the price reader and the backstop fund in Solidity, a keeper and read API, and the app behind this button. Nothing is deployed, audited or certified.

Launch appRead the lightpaper
  1. Term mode first. BTC and ETH, 7 and 14 day tickets, low leverage.
  2. Whitelisted traders and depositors. Deposits capped at 1 million USDC, raised in steps.
  3. Points from day one. No token yet.
  4. Longer terms and evergreen tickets. As rulings arrive and the reserve grows.
  5. SCR. After 6 to 12 months of real fees.