EQIFi involves in DeFi activity where users can make conventional loan, deposits to the liquidity pool, peer to peer transfers. EQIFi let stakers involved in lending and borrowing activity that contradicts with Shariah's rulings.
| Category | Details | Status |
|---|---|---|
| Legitimacy | Not regulated by any countries or regulatory bodies. The project has a clear roadmap and genuine product on the blockchain, while the token/coin has a fundamental underlying value that allows it to be categorized as "Mal" | Passed |
| Project | EQIFi (EQX) operates on the Ethereum platform. EQIFi involves in DeFi activity where users can make conventional loans, deposits to the liquidity pool, peer to peer transfers. EQIFi let stakers involved in lending and borrowing activity that contradicts with Shariah's rulings. | Failed |
| Financials | The token is not backed by any equity, thus there is no financial screening on this token. | Passed |
| Token | EQX token is used for utility and reward systems (interest basis) in the EQIFi ecosystem | Failed |
| Staking Method | Stakers will be rewarded with trading fees, and fixed interest based which contra with Shariah guidelines. | Failed |
Read the source document and verify project fundamentals.