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AI-generated analysis only. Not financial advice.
Assalamualikum. I'm interested in knowing why is this permissible because you mention in Shariah Analysis in zkLend Money Market Platform "A permissionless lending market designed for retail users, allowing users to deposit and borrow digital assets through their wallets at any time. Users earn interest on deposited assets and can use them as collateral to borrow other assets. ".
Is this interest not 'sood' or Islamicaly problematic?
zkLend is a pioneering permissionless lending market tailored for retail users, offering a seamless, secure, and efficient money-market platform. Users can deposit and borrow digital assets at their convenience, earning yields from deposited assets while utilizing them as collateral for borrowing. With zk-rollup technology and Starknet's L2 solution ensuring scalability and Ethereum's decentralization, zkLend stands at the forefront of DeFi innovation. Flash loans enable swift, collateral-free transactions, while the user-centric dashboard facilitates monitoring and management of liquidity and positions. The Health Factor ensures asset safety, while Earnings Metrics aid in portfolio management. Powered by Pragma's zero-knowledge cryptography, zkLend provides transparent price feeds on-chain, embodying the future of decentralized finance.
ERC-20 Token
how is halal while their main purpose to borrow and use interest.
Hi. We have explained why we marked it as "Shariah" in the Shariah Judgement. For more information regarding cryptocurrency lending, you may refer to our article here: https://sharlife.my/article/content/is-cryptocurrency-lending-halal.