MRHB (pronounced ‘Marhaba’ which means ‘welcome’ in Arabic) DeFi is a platform built to embody the true spirit of an “Inclusive DeFi” by promoting participation finance, where all communities, including the faith-based, can benefit from decentralized financial solutions. MRHB has encapsulated universally applicable halal principles into those tenets of Blockchain such as trust, transparency, and security, to render a suite of DeFi offerings.
While researching DeFi solutions in the space for himself, MRHB Founder Naquib Mohammed “could not find any suitable halal investments”. He started developing conversations with like-minded individuals and realized that there was a gap in the space for solutions and protocols that were consistent with ethical and faith-based principles. Hence, MRHB DeFi was born to create interest-free and ethical DeFi solutions and financially include previously excluded faith-based and unbanked communities into the Web3 space.
Firstly, our ecosystem platform is absolutely non-discriminatory, whether based on culture or religion – all are welcome! From a financial benefits perspective, we are building a number of halal crypto offerings such as EmplifAI, a liquidity harvester that will generate 5 - 15% wealth returns; TijarX, a platform for trading tokenized commodities such as gold and silver, and acts as a wealth preservation instrument that safeguards against inflation; as well as many other decentralized financial offerings.
The MRHB Token ($MRHB) is a utility token that offers practical usage and benefits within the MRHB DeFi ecosystem. It serves as the primary form of payment in the ecosystem and will be used as a governance token on the M.I.R.O. staking platform. The Shariah Governance Board (SGB) has ensured that the issuance of $MRHB, its usage, features, current and future benefits and rights attached to it are, and will remain, halal. Further discussion can be found in the “Shariah Green Paper”.
Since compliance with the rules and principles of Shariah in all its offerings is one of the key objectives of MRHB DeFi, the operations and activities of MRHB are continuously monitored and supervised by a team of highly experienced and reputable Shariah Scholars. This in-house team is known as the Shariah Governance Board (SGB). The SGB of MRHB is mandated to conduct halal screening and review as well as endorse all of its activities and offerings. Thus, a product or service is qualified for its inclusion in the list of MRHB DeFi’s offerings only upon SGB approval.
The SGB has five key functions which include: (a) provision of halal advisory on business model, operations, activities and strategies (b) ensuring halal compliance of the offerings and operations post-launch (c) conducting halal reviews of all relevant documents, materials etc. (d) conducting halal screening of proposed protocols and tokens (e) providing halal endorsement on products and services
The Sahal Wallet is a self-custodial and multi-chain wallet that allows users to perform transactions such as send and receive as well as implement swaps with their stored crypto assets. The TijarX tokenized commodities DEX is also integrated within the Sahal Wallet and currently enables trades with precious metals such as gold and silver.
MRHB DeFi’s Souq NFT is the marketplace for digital art, calligraphy, and other NFTs that are halal. Souq NFT strictly adheres to halal guidelines regarding digital art, photography, videos, and other forms of media.
Yes, anyone can create an NFT on Souq NFT. However, they must adhere to the ethical rulings set out by the SGB. This is because Souq NFT features strictly halal NFTs, regardless of their medium e.g. artwork, GIF, videos, and gaming assets. The marketplace is governed closely by the SGB to enforce this requirement with the use of NSFW and NLP machine learning algorithms that MRHB DeFi incorporates to detect and potentially filter out any negative content such as nudity, adult content, hate speech, and racism. Of course, these algorithms are not 100% accurate and the decision to put an NFT before the SGB for a manual decision to be made will be subject to a threshold value provided by our halal compliance API.