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DeFi Platforms Show Strong Interest in Halal-Approved Crypto Products

Australia-based cryptocurrency platform Marhaba DeFi aggressively adopts halal-certified cryptocurrency products on its platform, aiming to release a new set of Islamic law-compliant products by the end of 2022 It says it does.

Launched in 2020, the platform focuses on adhering to the rules of “Islamic finance,” which refers to how companies and individuals raise capital according to Sharia (Islamic law).

Marhaba DeFi Founder and CEO Naquib Mohammed said in an interview with Cointelegraph that the company’s non-custodial multi-chain Sahal Wallet has grown to around 40,000 active users since its launch. said to

“People want a platform that they can trust every token they exchange, so they don’t have to hunt around and use different platforms. [Islamic] Academics and experts asking, “Can I invest in this protocol, this token, this strategy?”

“Just download the wallet and get everything halal in the crypto ecosystem,” he adds.

Marhaba, which means “welcome” in Arabic, has released four more Islamic-compliant cryptocurrency products this year. According to Mohammed, this will be an “end-to-end halal he ecosystem” for those excluded from the market for not complying with Islamic law. .

The first is TijarX, the first halal decentralized exchange (DEX) for commodity-backed tokens, a halal DeFi staking solution, a liquidity harvesting platform and a new addition to the existing halal non-fungible token (NFT) marketplace. version, he says. .

“It makes perfect sense to bring Islamic finance to blockchain because the fundamental properties of blockchain are transparent and immutable. Thanks to its transparency, blockchain fits this gap. It’s the perfect puzzle piece to do.”

The first cryptocurrencies to launch this month on TijarX DEX are tokenized silver and gold, backed by real audited bullion reserves. Mohammed said there are other things that could be added to the platform, such as tokenized wheat, barley, soybeans and cocoa.

Debate is already underway, Mohammed said, but without a vetting process that ensures providers have enough liquidity to handle the volume, as well as being compliant with Islamic law, the platform could nothing is added to the

“If your business is not Shariah compliant, if it is not halal, it cannot be listed on the platform. This is all a very time consuming and intensive process, but we are fine with it.”

It is for this process that it took eight months to build the MIRO staking platform.

The staking platform is based on the Islamic concept of the Juara, which Mohammed describes as “reward for work”. Users earn “commissions”, a portion of the platform’s revenue, for their work within the platform, such as participating in governance and voting on proposals.

Marhaba’s liquidity harvesters are part of a separate profit and loss sharing arrangement in Islamic finance called a ‘mudaraba’, where one side provides the capital and the other side the labor, and both share the profits and losses. It is working.

Muhammad said that charging or earning interest in Islam is considered exploitative, and liquidity harvesters are equally profitable for those who are prohibited from accepting interest because of their beliefs. It describes it as being a “game changer” as it will expose you to the style of product.

Related: NFTs and Islamic Education: A New Frontier for Teaching Religion?

Marhaba also uses NFTs to provide solutions for Islamic businesses. His second version of the company’s NFT Marketplace will be tailored for businesses. Mohammed revealed that he has already partnered with five of his organizations that use NFTs.

In April, Marhaba issued its first NFT halal certification, and Mohammed said this will give consumers greater transparency about the validity of halal certification for their businesses, in areas where they would personally like to see ease of use and adoption. I said there is.

“This NFT certification is a method of authorizing and authenticating that a company has renewed its certification and confirming that the certification is valid and has not expired.”

“We were very well regarded within the community for that,” he added.

TijarX is scheduled to go live on September 27th, the improved NFT market will be set up in late October, and MIRO and liquidity harvesters are scheduled for the first week of November and December respectively.