The Graph

Indexers earn variable fees and rewards for real work; delegators share in them passively, but nothing is lent and no fixed rate is guaranteed.

Riba means interest or any guaranteed increase on a loan. GRT holders earn nothing by holding. Indexers stake GRT, run servers and earn query fees and newly issued indexing rewards; they can be slashed if they misbehave. Delegators hand GRT to an Indexer and receive a share of its fees and rewards, which the docs say is typically 9–12% a year but varies with the Indexer's work; delegators are not slashed and pay a 0.5% delegation tax. CryptoUmmah finds no riba element. Because delegated income is largely passive, the score is set at 90 within pass.

GRT is required to provide and secure a widely used data service.

Mal is property that Islamic law recognises as having value and that can be owned and traded. GRT is needed to run the network: Indexers must stake at least 100,000 GRT, Curators signal with it and queries are paid through it. The Graph says it has served over 1.27 trillion queries to more than 75,000 projects. CryptoUmmah rates it halal, so the criterion gets the maximum score; the general disagreement among tier-1 bodies about cryptocurrency is reflected in confidence, not here.

GRT is not a gambling token, but most of its trading volume is in perpetual futures.

Maysir is gambling: winning or losing by chance rather than through productive exchange. GRT has no chance-based payout and a real service role. The market around it is speculative, though: on 1 October 2026 perpetual futures were about 83% of GRT/USDT volume on Binance and Bybit combined (single-day snapshot). The futures dominance lowers the score within pass.

The network earns query fees for serving data, a permissible service.

This criterion asks how the protocol earns. The Graph's income is query fees paid by applications for data, shared between Indexers and Delegators, plus newly issued indexing rewards; 1% of query fees is burned. CryptoUmmah describes the revenue as entirely usage-based. No interest-bearing or other impermissible income stream was found, so the criterion gets the maximum score.

Token rules and code are public, but a small Council sets key parameters and in 2026 redirected 20% of issuance to the Foundation.

Gharar is excessive uncertainty or hidden information in a deal. The docs publish issuance, burn rates, taxes and slashing rules, and the code is open source. One concrete point lowers the score slightly: The Graph Council, not token holders, approves governance proposals, and it approved GIP-0089, sending 20% of protocol issuance to a Foundation-managed Innovation Allocation. The Graph itself found that 15.2% of 2025 indexing rewards went to Indexers not delivering value, which it addressed with a new eligibility oracle in September 2026.

GRT is used to stake, delegate, curate and pay for a general data service.

This criterion looks at what the asset is actually used for. GRT secures and pays for indexing of public blockchain data used by many kinds of applications. DeFi protocols, including lending ones, are among its customers, but the service is general infrastructure and is not shown to exist mainly for them, so the criterion gets the maximum score.

Fully paid spot GRT is widely available and can be held in one's own wallet.

This criterion asks whether the asset can be owned in a permissible way. GRT trades spot with full payment and delivery on major exchanges such as Binance and Bybit, and as an ERC-20 token it can be withdrawn to a self-custody wallet on Ethereum or Arbitrum. Ownership does not depend on derivatives, so the criterion gets the maximum score.

The Graph provides open data infrastructure for many applications; no concrete harm specific to GRT was found.

Maslahah weighs public benefit against harm. The Graph makes public blockchain data easy to use for more than 75,000 projects across more than 60 networks. No study found links GRT specifically to fraud, sanctions evasion or exploitation at scale; speculative trading is counted under maysir. The criterion gets the maximum score.