MKR
Maker (MKR)
Is MKR Halal?
DeFi lending — DAI stablecoin backed by riba mechanisms.
What You Should Know
Maker documentation describes generating Dai against collateral, stability fees accumulating on Vault debt and Dai Savings Rate interest on deposits. MKR governance and backstop utility do not change the protocol's core interest-bearing lending and savings mechanisms.
⚠️ Concerns
- •Core mechanism is collateralized lending (riba)
- •Stability fees are interest
- •Dai Savings Rate pays interest
Current quantitative Sharia screen
Based on Protocol reference figures for the period ended 2026-07-14; calculated 2026-07-14.
- Financial
- Not calculated
- Overall
- Fails
Issuer financial ratios do not apply to a decentralized protocol; documented interest-bearing debt and savings functions drive the overall FAIL.
- Financial
- Not calculated
- Overall
- Fails
No issuer balance sheet exists; the core stability-fee and savings-rate functions remain impermissible under the qualitative screen.
- Financial
- Not calculated
- Overall
- Fails
Issuer ratios do not apply; documented interest-bearing lending and savings activity drives the FAIL.
- Financial
- Not calculated
- Overall
- Fails
Token market capitalization cannot replace issuer financial statements or override the core protocol-activity conclusion.
Business-activity disclosure
Maker's documented core protocol generates Dai through collateralized debt positions and accumulates stability fees on Vault debt, while the Dai Savings Rate pays interest on deposits. Those interest-bearing lending and savings mechanisms drive the FAIL; MKR governance and backstop utility do not remove the core riba function.
Limitation: No issuer revenue, balance sheet or universal prohibited-activity numerator exists; the FAIL rests on documented protocol functions, not a fabricated company ratio.
Purification
No issuer income statement exists and no scholar-approved purification percentage can be inferred; the core interest-bearing lending and savings functions are classified separately as FAIL.
Inputs, assumptions and primary sources
- MKR is the governance token of a decentralized protocol, not an operating company or fund with issuer financial statements.
- Maker documentation describes Dai generation against collateral, stability fees accumulating on Vault debt balances, Dai Savings Rate interest on deposits and MKR governance/backstop functions.
- Debt, liquidity, receivables and income ratios are not economically applicable; placeholder inputs exist only for the shared record schema and are not a financial classification.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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