About MRHB

Governance

Our faith-based and ethical principles will drive the offerings of our ecosystem

Our faith-based and ethical principles will drive the offerings of our ecosystem. Our product roadmap requires a high degree of human thinking and work from our core team to use the ethics and principles available to design and build the products and protocols needed.

This rule set will be needed for the autonomy necessary for a halal and ethical decentralised future.

This is when we hope the platform will be managed by an active community of stakeholders via governance tokens. In the interim, and to ensure we operate to the highest ideals set by our halal and inclusive vision, we have implemented the MRHB Governance Board (‘MGB’).

This is currently a group of individuals with both institutional finance, crypto and shariah backgrounds, focused on ethics (vs tech) to help ensure the development team fulfils the strategy described in this white paper.

Key to the MGB composition is that from the outset

We will have some members who have experience from the more regulated sphere of financial services, who in addition to supporting the selection of institutional partners will also ensure that the technology team considers aspects such as regulation, consumer protection and anti-money laundering in the development of our protocols.

These areas are often used by the authorities to easily criticise the cryptoverse and as we try to grow beyond this niche demographic to reach the one billion+ their engagement will be needed.

In addition, we will over time seek to add external and independent members to the MGB to ensure greater diversity and stronger governance in the platform decision making process.

Key to the MGB composition is that from the outset

These areas are often used by the authorities to easily criticise the cryptoverse and as we try to grow beyond this niche demographic to reach the one billion+ their engagement will be needed.

In addition, we will over time seek to add external and independent members to the MGB to ensure greater diversity and stronger governance in the platform decision making process.

In summary the team proposes a governance model that comprises of three entities:

1. The MRHB Governance Board (MGB)

2. The Shariah Governance Board (SGB)

3. The MRHB Community of Stakeholders (MCS)

Initially, the MGB will drive overall platform governance, focussed product economics, communications, regulatory engagement, with critical input from the SGB, who also have a representation in the MGB.

Given the theological complexity, the SGB has full ownership of Shariah compliance of the MRHB ecosystem and veto power for any products and practices they deem non-compliant.

The MGB and SGB must both agree for a product to be released. As noted, later we would seek to automate as much of the governance as possible away from the two ‘humanized’ Boards, thus allowing the MRHB Community and the Shariah experts/researchers’ community to take its place as the driving force for the future.

Although at such an early stage, it is unclear how much of the Shariah aspect could be automated given the sophistication, and multifaceted qualitative nature of the approach of deriving Shariah rulings.

From a technical standpoint we anticipate the governance model will be implemented via Aragon’s governance module.

$MRHB token holders will interact with the Governance module by proposing and casting votes on governance proposals, which will influence the MRHB DeFi platform and the behaviour of its stakeholders. While the MRHB community (be it general or the shariah experts) stakeholders will include all those who support (in any capacity) the platform to thrive and will be incentivized for their efforts via the governance token.