How does Everex solve these issues while being Shariah compliant?

[everexio]

Shariah compliance requires lending parties to avoid benefitting from riba. This is most commonly used in reference to charging interest on loans, credit cards, and other payment vehicles. Usury refers to practices such as charging outrageous interest rates on loans in order to trap people in debt, a practice often called “loan sharking”. Such practices formed a necessity for prohibition of usury and riba

A commonly accepted interest rate for usury is around 12%. To prevent taking the fruits of riba, Everex will use micro-loans with competitively low rates, underwritten by experts in their field, assisted by artificial intelligence.

For transparency, Everex spells out the terms of micro-loans and remittance fees in every contract and uses the Ethereum network to maintain public auditability. Everex avoids long wait times by using blockchain technology, and uses smart contracts to reduce or eliminate the need for paperwork.


For more: http://t.everex.io/t/Fo4JRr6