MRHB DeFi: A Shariah-guided Ethical Decentralized Platform
Sophia Cruz • 1 min read
According to research, most Muslim communities frequently ask whether crypto assets are Halal or Shariah-compliant before venturing into crypto. This motivated a team in Sydney to build a decentralized finance protocol that bridges the advantages of DeFi and the beliefs surrounding Islamic Finance.
To promote an ethical and transparent DeFi platform, MRHB DeFi was established, with the vision of offering wary communities more access to the unstoppable utilities and opportunities of the crypto world, focused on providing faith-based DeFi services that promote ethical investment and financing principles rooted in Islamic Finance. This protocol avoids interest, usury, social exploitation and other unethical acts, focusing instead on transparency, sustainability, asset/utility-backed financing and consistent reward sharing. Marhaba stands for “Welcome” in Arabic, creating a “Muslim also” platform rather than an exclusive “Muslim only” medium.
This platform is backed by many Australian institutions, including Blockchain Australia and TASCO. Blockchain Australia provides mentorship and guidance for startups and entrepreneurs venturing into the blockchain industry, while TASCO is the leading Australian military and law enforcement sales supplier. MRHB DeFi also receives extended support from New World’s Group Mozaic, Contango Digital Assets, Influx Group, NewTribe Capital, Sheesha Finance, Acreditus Partners and EMGS Group.
With its mission to bring crypto to the Muslim community and those unfamiliar with crypto, MRHB DeFi works on eight different Halal DeFi products; the first one is Souq NFT, an NFT marketplace that supports multi-chain transactions. The second one is Sahal Wallet, a multi-asset wallet with built-in Shariah-screening functions for convenient investing in halal digital assets.
The public sale offering of MRHB will be in December. But in appreciation of its supportive community, it will open a pre-public sale, exclusively for its members. This decentralized finance protocol opens doors for our Muslim brothers, contributing more adoption to the growing DeFi ecosystem.