UAE-based Firoza Finance, a joint venture between Liberty Finance and HAQQ Network, announced the launch of its pilot programme, introducing what the company said is the world’s first real-world Mudarabah smart contract.
The collaboration marks a significant milestone in Islamic finance and decentralised finance (DeFi), ushering in a new era of Shariah-compliant crypto investments, the company said.
The pilot programme will feature 3 distinct investment pools, collectively holding a Total Value Locked (TVL) of over $2 million.
These pools are anticipated to deliver an impressive Annual Percentage Yield (APY) while also contributing revenue to Liberty Finance’s Amana Vaults.
Firoza Finance empowers investors to pool their crypto assets and generate a diverse range of returns with varying levels of risk.
The company said it addresses the inherent limitations of existing DeFi platforms by offering a Shariah-compliant microfinancing solution that merges ethical finance principles with advanced blockchain technology.
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