Oct 2, 2024
Liberty Finance’s collaboration with HAQQ Network brings the world's first real-world Mudarabah smart contract to life
October 2, 2024 - Firoza Finance, a joint venture between Liberty Finance and HAQQ Network, is thrilled to announce the launch of its pilot program, introducing the world's first real-world Mudarabah smart contract. This groundbreaking collaboration marks a significant milestone in Islamic Finance and decentralized finance (DeFi), ushering in a new era of Shariah-compliant crypto investments.
Firoza Finance empowers investors to pool their crypto assets and generate a diverse range of returns with varying levels of risk. The pilot program will feature 3 distinct investment pools, collectively holding a Total Value Locked (TVL) of $2M+. These pools are anticipated to deliver an impressive Annual Percentage Yield (APY) while also contributing revenue to Liberty Finance's Amana Vaults.
Firoza Finance addresses the inherent limitations of existing DeFi platforms by offering a Shariah-compliant microfinancing solution that merges ethical finance principles with advanced blockchain technology. Traditional DeFi platforms often overlook the needs of users seeking financial products aligned with their religious or ethical beliefs and incur high operational costs that limit accessibility for small businesses. Moreover, conventional financing often involves high borrowing costs due to intermediaries and administrative overheads, making it challenging for entrepreneurs to secure affordable funding.
By utilizing Liberty Finance's innovative technology engine and operating on HAQQ Network's robust blockchain infrastructure, Firoza Finance ensures transparent, secure transactions with reduced overhead costs. This efficiency allows the platform to offer borrowers more accessible access to funding at competitive rates, substantially lower than those in conventional finance. By cutting out unnecessary intermediaries and automating processes through smart contracts, Firoza Finance reduces the cost of borrowing, making capital more accessible to small businesses and entrepreneurs globally.
“We are excited to offer this unique investment opportunity through our collaboration with HAQQ Network and their esteemed Shariah scholars,” said Patrick Devereaux, CFO at Liberty Finance. “The development and deployment of the Mudarabah smart contract represent a significant advancement in combining traditional Islamic financial principles with modern blockchain technology.”
About Firoza Finance:
Firoza Finance leverages the power of DeFi to provide diverse investment opportunities through smart contract technology. By enabling users to pool their crypto assets, Firoza Finance offers a range of returns tailored to varying risk appetites. The platform is committed to transparency, security, and compliance with ethical financial practices. Firoza Finance's innovative approach combines the benefits of decentralized finance with the rigorous standards of Islamic Finance, creating a unique and inclusive investment ecosystem.
About Liberty Finance:
Liberty Finance is a pioneering financial services and technology company based in Dubai, committed to creating innovative solutions that bridge the gap between traditional finance and blockchain technology. The company’s Amana Vaults are designed to provide secure, Shariah-compliant investment opportunities that align with ethical and socially responsible practices.
Stay tuned for the launch of Liberty Finance's $LIBFI token via a public sale. Follow Liberty Finance on social media for updates.
About HAQQ Network:
HAQQ Network is dedicated to developing blockchain solutions that comply with Islamic financial principles, ensuring that modern financial tools are accessible to everyone in a Shariah-compliant manner.
Investors interested in being at the forefront of this groundbreaking initiative can now sign up for the waitlist to secure their place as early adopters of Firoza Finance's innovative lending pools.
For more information on this collaboration and to join the waitlist, please visit:
- Liberty Finance: Liberty Finance
- HAQQ Network: HAQQ
- Firoza Finance: Firoza Finance
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