Reading about the economic crisis in Turkey and the war that president Erdogan has declared on interest rates I was wondering if Cardano would be suited as a platform for Islamic finance. There is a large market for financial products that follow Islamic religious rules. These type of financial products are quite complex and are heavily reliant on trusted third parties. Sounds like a perfect match for DeFi to me.
Thoughts?
That would be very good. Unfortunately, I have no clear what these rules mean. Earning interest is not ok but I suppose staking is. And then I have read that some islamic leader don’t consider cryptocurrency to be ”real” money. I think you need to explain these rules and what needs to happen before something like ada could be seen as acceptable.
Good point. This is really basic, but it might help:
This is a more elaborate explanation:
I have worked as a programmer for a company that made accounting software. I remember there was a request to see what percentage was haram/halal. An unexpected request
I think ada will be used in countries where life is difficult like Turkey and Afghanistan. Ereogan hates it bit he also can’t/won’t do anything.
Sadly, in Afghanistan, those that rule have probably never been in a bank, never filled in a form and don’t have identity cards. Don’t expect these people to understand cryptocurrency any time soon.
I read something about a crypto center in Dubai so adoption will be easier there. Still, there are problems like scammers. Everything that can be done in that area will help everywhere. And then you have traditional systems like hawala. If these agents adopt cryptocurrency somehow, that would also help adoption. Some kind of exchange specifically designed for muslims maybe?
It’s kind of funny that no one has come up with some kind of ”shariacoin”. Nevertheless, I feel quite optimistic.