Quant
QNT#32QNT is the token of Quant's Overledger, software that connects banks and blockchains, used to pay for access to the platform.
Does not clear all 8 Shariah criteria. Needs caution: nature of the asset, gambling (maysir), business model, and excessive uncertainty (gharar).
- 4 pass
- 4 caution
- 0 fail
Verdict history
- DoubtfulCurrent
First publication
Fundamentals, market picture and news will appear here.
Halal analysis
Can a Muslim hold Quant?8 Shariah criteria
4 pass · 4 caution · 0 failHolding QNT pays nothing, and QNT staking is not live on mainnet, so there is no interest-like return built into the token.
Riba means interest or any guaranteed increase on a loan. QNT is an ERC-20 token: simply holding it earns nothing and gives no share of Quant's income. Quant's developer documentation says the 'Staking QNT' chapter will only be published once a new testnet staking experience lands in its dashboard, so on 27 September 2026 there was no live staking reward whose source could be checked. When staking launches, it must be reassessed: a reward paid for running gateways or validating would be a fee for work, while a fixed return for simply locking tokens would look like interest.
Interest-bearing uses such as lending QNT on exchanges are assessed separately under trading mechanisms.
QNT has a defined use as the payment token of Quant's platform, but official religious bodies disagree on whether cryptocurrency is property (mal), and how much real licence demand uses QNT is not disclosed.
Mal is property that Islamic law recognises as having value and that can be owned and traded. QNT has a stated function: Quant's treasury design routed QNT payments from platform users to the gateways that relay their transactions, and secondary sources describe Overledger licence fees as paid in QNT. The software itself is in real use by banks, such as The Clearing House's planned tokenised-deposit network.
But Quant does not publish how much licence revenue is actually settled in QNT, and the bank announcements do not mention the token, so its practical utility is less certain than the platform's. Malaysia's Securities Commission Shariah Advisory Council (2020), for assets it supervises, treats digital currency without an underlying asset as goods ('urudh) that may be traded on registered exchanges. Egypt's Dar al-Ifta (2017), the UAE General Authority of Islamic Affairs (2018), Turkey's Diyanet (2017) and Indonesia's MUI (2021) prohibit dealing in cryptocurrencies, and the OIC Fiqh Academy (2019) deferred a ruling. None of them names Quant. Because authoritative bodies disagree, this criterion cannot be 'pass'.
QNT is not a gambling token, but its trading is dominated by futures and its price moves sharply on news.
Maysir is gambling: winning or losing by chance rather than through productive exchange. Ordinary price swings are not maysir, and QNT has no chance-based payout of its own. Its market is heavily speculative, though. On Binance on 27 September 2026, 24-hour QNT/USDT perpetual futures volume was about $1.04 billion against about $92 million of spot volume, so futures made up about 92% of the pair's trading (a single-day snapshot on one exchange). The same day the price was up about 60% in 24 hours after The Clearing House announcement.
The token still has a real platform function, so it is not built for gambling, and the status is caution rather than fail.
There is an issuing company, Quant Network Ltd, that earns from software and services, mostly for conventional banks; its revenue mix is not published, so the 5% threshold cannot be checked.
This criterion asks how the issuer earns, and whether any of that income is impermissible. Unlike a network with no issuer, QNT has one: Quant Network Ltd, a London private company whose registered activities are software publishing, IT consultancy and information services. Selling software licences and running infrastructure are service fees, which is the permissible model. QNT holders do not share in that income. Two points keep this at caution. First, Quant does not publish its revenue by source, so the share of any impermissible income cannot be measured against the 5% and 20% thresholds.
Second, its main clients are conventional, interest-based banks, for example The Clearing House's tokenised-deposit network, where Quant provides the coordination layer; the deposits themselves belong to those banks. Providing technology to such institutions is a service, but some scholars treat it as assisting interest-based business, so the concern is recorded rather than ignored.
The token contract is public, but the platform is closed-source and run by one company, supply figures differ between the contract and data sites, and company and treasury holdings are not disclosed.
Gharar is excessive uncertainty or hidden information in a deal. Some things are clear: QNT's Ethereum contract is verified on Etherscan, and its mint function can be called only by the original crowdsale address. Several things are not. The contract still reports a total supply of 45,467,000 QNT, while CoinGecko reports a fixed supply of about 14.6 million; secondary sources explain the gap by a 2018 burn of unsold sale tokens, but the contract code has no burn function and Quant's own supply statement could not be opened.
According to secondary sources, about 30% of the original supply was allocated to Quant, and neither the company's current QNT holdings nor the treasury's balance are published. Quant's public GitHub holds SDKs and guides rather than the Overledger platform code, which secondary sources describe as proprietary and patented, so users rely on one company's software, and how licence QNT is bought, held and later sold by the treasury is described only in secondary sources. This is partial opacity by a named, registered company, not the arbitrary issuance that would mean fail.
QNT serves payment and interoperability infrastructure, which is a permissible use, though clients are mainly conventional banks.
This criterion looks at what the asset is used for in practice. QNT is the access and payment token of Overledger, software that connects blockchains with each other and with bank payment systems. Its best-known deployments are in payments: The Clearing House chose Quant on 24 September 2026 to coordinate clearing and settlement of tokenised bank deposits, connected to the RTP and CHIPS systems, with launch expected in the first half of 2027, and on the same day UK Finance reported the first live customer transactions with tokenised sterling deposits by seven UK banks on a platform developed
by Quant. Payments and settlement infrastructure is a permissible use. The interest-based nature of the client banks is weighed under business model, not counted again here.
Fully paid spot QNT is available on major exchanges, and it can be held in one's own Ethereum wallet.
This criterion asks whether the asset can be owned in a permissible way. QNT trades spot, with full payment and delivery, on major exchanges such as Binance, and as an ERC-20 token it can be withdrawn to a self-custody Ethereum wallet, where 168,418 addresses held it on 27 September 2026. Ownership therefore does not depend on derivatives or leveraged wrappers.
Quant's software aims to make interbank settlement faster and more automatic; no notable fraud or abuse tied to QNT was found.
Maslahah weighs public benefit against harm. The benefit is practical: Quant's software is used to move tokenised bank money under rules set in advance, such as locking funds and releasing them automatically at completion of two remortgages in the UK tokenised-deposit pilot, and to connect bank networks with blockchains. No study or enforcement action linking QNT to fraud, sanctions evasion or exploitation was found. Speculative trading losses are counted under maysir, and the dependence on one company under gharar, not again here.
How you can use it
Tap a card for the ruling and sourcesBuying QNT with full payment and immediate delivery is available on major exchanges, and tokens can be moved to a self-custody Ethereum wallet. Spot is acceptable for a DOUBTFUL asset for those who follow the permissive view.
No US spot QNT exchange-traded fund was found; QNT exposure through index products or European exchange-traded products was not checked. Any such product must be checked for lending of the tokens, borrowing and derivative exposure before use.
QNT is used to pay for Quant's platform rather than as money between people. Tier-1 bodies such as Indonesia's MUI rule that using cryptocurrency as currency is not permissible, and some countries ban crypto payments, so paying with QNT outside its platform role is treated with caution.
QNT staking was not live on mainnet on 27 September 2026; Quant's docs say it will first come to testnet. Its reward source and terms are unknown, so it cannot be rated pass until they are published. Exchange 'earn' products for QNT are usually lending and fall under lending.
Margin trading in QNT is never acceptable: it is a deferred exchange with borrowed money and leverage (AAOIFI SS 20).
QNT perpetual futures are the largest part of its trading volume, but futures, perpetuals and options always fail under AAOIFI SS 20: deferred exchange without delivery, usually with leverage.
Lending QNT through exchange lending programmes or DeFi lending markets pays depositors interest from borrowers. This is riba.
QNT yield products built on lending or basis trading pay interest or interest-like returns and fail. There is no native staking yield to compare them with yet.
Scholars quotes
Penggunaan cryptocurrency sebagai mata uang hukumnya haram, karena mengandung gharar (ketidakjelasan), dharar (bahaya) dan bertentangan dengan Undang-Undang nomor 7 tahun 2011 tentang Mata Uang dan Peraturan Bank Indonesia nomor 17 tahun 2015 tentang Kewajiban Penggunaan Rupiah di Wilayah Negara Kesatuan Republik Indonesia.Sebagaimana mata wang yang lain, mata wang digital hendaklah tidak digunakan sebagai bayaran kepada barangan, perkhidmatan dan aktiviti tidak patuh Syariah seperti pembelian dadah, pelacuran, perjudian dan pendanaan aktiviti keganasan serta penggubahan wang haram.The SAC has also resolved that investment and trading of Digital Assets that fulfil the above requirements and which are traded on Digital Asset Exchange (DAX) registered with SC are permissible.Third: In light of the above and given the significant risks associated with this type of currencies and the instability of their transactions, the Council of the Academy recommends pursuing research and studies on issues affecting its ruling.Bitcoin is a digital currency that does not meet the legal and Sharia criteria that make it a currency subject to the rulings of dealing with official legal currencies recognized internationally.بناءً على ذلك: فلا يجوز شرعًا تداول عملة "البتكوين" والتعامل من خلالها بالبيعِ والشراءِ والإجارةِ وغيرها، بل يُمنع من الاشتراكِ فيها؛ لعدمِ اعتبارِها كوسيطٍ مقبولٍ للتبادلِ من الجهاتِ المخُتصَّةِ، ولِمَا تشتمل عليه من الضررِ الناشئ عن الغررِ والجهالةِ والغشِّ في مَصْرِفها ومِعْيارها وقِيمتها، فضلًا عما تؤدي إليه ممارستُها من مخاطرَ عاليةٍ على الأفراد والدول.Regarding the verdict matrix, buying and holding QNT is Halal because it is a utility token for a neutral network with no identified impermissible business activities or impure protocol revenue.According to research and opinion of experts so far, cryptocurrency is not considered ‘ maal ’ (wealth) in Sharia.Muhammadiyah memandang transaksi dan investasi kripto pada dasarnya mubah (boleh) tetapi dengan syarat tertentu.The opinion on this is the same as doing the same with any halal assets such as shares – 1) is permissible, 2) is more debatable and there are differing opinions on short-term trading.Our current position is 'tawaquf'; we can't say it is halal or haram, but we say it is better not to engage in itWe classify Quant as Shariah Compliant.As I mentioned at the beginning of this article it is not necessary to substantiate the permissibility of something as long as there are no prohibited factors involved in it or surrounding it.AI-assisted analysis checked against sources. Not a fatwa or investment advice.
Where it trades
No exchanges from our coverage trade Quant yet
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