Hello, I am seeing more and more people aqking for Shariah compliant Defi protocol, does it mean it is forbidden to use as an uae resident some defi lending protocols ?
I quote the law : "It is illegal in the UAE to give a loan on interest by an individual to another individual or a corporate. This is in accordance with Article 409 of the Federal Law No. 3 of 1987 related to Penal Code of the UAE (the 'Criminal Law')."
Pretty surprised if this law is applied most protocols cannot be used
https://beincrypto.com/defi-islamic-finance-and-crypto-culture-in-the-uae/
"Accordingly, the prohibition of interest has implications for DeFi. Anyone in the DeFi space is well aware of the prevalence of lending products."
I quote the law : "It is illegal in the UAE to give a loan on interest by an individual to another individual or a corporate. This is in accordance with Article 409 of the Federal Law No. 3 of 1987 related to Penal Code of the UAE (the 'Criminal Law')."
Pretty surprised if this law is applied most protocols cannot be used
https://beincrypto.com/defi-islamic-finance-and-crypto-culture-in-the-uae/
"Accordingly, the prohibition of interest has implications for DeFi. Anyone in the DeFi space is well aware of the prevalence of lending products."
