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Dubai, U.A.E., March 10, 2022 — MRHB DeFi Network, the world’s first decentralized finance (DeFi) platform focused solely on providing ethical and halal crypto opportunities, is listing its $MRHB token on BitMart, a global centralized cryptocurrency exchange (CEX). This follows its current listing on LBank Global Exchange as well as popular DEX, Pancakeswap.
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Dubai, U.A.E., February 22nd, 2022 — MRHB DeFi, the world’s first ethics-based decentralized finance (DeFi) platform, is announcing the 22.2.22 launch of Sahal Wallet, a non-custodial cryptocurrency wallet that functions as a gateway to the entire MRHB ecosystem of ethical DeFi products.
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Dubai, UAE, Jan 31st, 2022 — MRHB DeFi, the world’s first decentralized finance ecosystem platform focused on ethical, sustainable and halal crypto opportunities, has successfully raised a total of USD 5.5 million through a series of private and public funding rounds which culminated in an initial DEX offering (IDO) that was oversubscribed on the DODO and ZeeDO launchpads.
Prior to its IDO, the startup gave the community direct access through two public sales on its official website, which saw tremendous support from its community of over 50,000 members.
“Our funding rounds have surpassed our expectations and prove beyond doubt the huge demand for ethics in the cryptoverse,” said MRHB DeFi CEO Naquib Mohammed. “We want to take the opportunity to express our heartfelt appreciation for our valued partners and loyal supporters, without whom we would not have made it this far. These are just the first steps of our ambitious multi-year journey that we have begun, together with our community, to ensure that everyone can participate in building an ecosystem where trust and values matter — hence giving access to the growing opportunities of the crypto-economy.”
The ethical startup is also backed by investors and partners which include Polygon Technology, Sheesha Finance, Australian Gulf Capital, Mozaic, NewTribe Capital, Blockchain Australia, Contango Digital Assets, Masary Capital, ZKSync, Acreditus Partners, EMGS Group, Sinofy Group, Sukhavati Protocol and MKD Capital amongst others.
“It always seems impossible until it’s done.” — Nelson Mandela
MRHB began as an idea 15 months ago, when Naquib, who was at that time working on Enterprise Blockchain use cases, was interviewed by a crypto news agency about the general trends of DLT.
The questions came around to the acceptance of crypto within the muslim communities in the Middle East, an interesting angle which led Naquib to delve further into the DeFi world, where he noticed the absence of halal projects. Understanding that there was a gap, he started putting down ideas and developing conversations with tech friends and like-minded connections, all of whom saw the immense possibilities with crypto but were disheartened by the absence of projects and protocols that were halal and consistent with their financial and ethical principles. The immense complexity of the cryptoverse as a whole also stood out as a further deterrent.
Resident in Saudi Arabia, he soon realised through various community discussions — both in the middle east and farther afield — that many fellow Millennials and Gen Z’ers were facing the same challenges and were hence avoiding the entire cryptoverse. This meant that many communities — especially Muslims — were excluded from the opportunities in this new tech frontier. Thus began his journey of taking on the challenge and goal of building a landmark halal project in the DeFi ecosystem.
Over the course of six months, Naquib assembled a team that included not just developers but reputable industry professionals and Shariah experts, all of whom shared his vision of creating an ethical DeFi ecosystem that reflects community values and beliefs. It would be the first to fill a major gap in the crypto space and address the needs of communities that number more than a billion, who have all thus far been excluded due to ethics, faith, fear and complexity.
While the DeFi offerings were aimed at adhering to ethical investment and financing principles rooted in Islamic Finance (primarily the prohibition on interest-based lending and income, and sectors deemed unethical or exploitative like gambling, pornography etc), MRHB would also be focused on removing technological complexity. Thus the overall objective was to build a more empowering and ethical community-focused platform that would also cater to those new to crypto while addressing the negative perception created by extensive instances of fraud, risk and opacity in the crypto space.
The Islamic Finance sector is the first target and is the largest and most active faith-based market. It is currently sized at around USD 3 trillion — attracting even a small portion of Islamic liquidity into DeFi will represent a major boost to the total value of the DeFi sector worldwide.
Community Focused and Community Supported
Approximately 85% of the funds raised came from the MRHB global community which spans from Canada to Australia — all of whom are looking for an ethical and halal entry into the cryptoverse. The inclusive startup is aptly named, with MRHB being short for “Marhaba”, which means “welcome” in Arabic, as the project ushers in entire crypto newbie communities.
The platform’s $MRHB token is now available for trades on PancakeSwap, one of the leading decentralized exchanges on the Binance Smart Chain (BSC) network and remains above the launch price in spite of overall bearish markets.
To reward the community and encourage more market liquidity, a 5 million pool of MRHB token rewards has been set aside for token holders who provide liquidity to the MRHB/BNB pool on PancakeSwap. These rewards are for the next two months and apply on top of their share of trading fees earned. Token lockups for early project supporters will begin soon, allowing liquidity providers to invest their $MRHB tokens and receive additional rewards.
MRHB DeFi is already moving forward with their production roadmap, having recently launched its Souq NFT Marketplace, the first NFT marketplace guaranteed to contain halal-only content. The launch of Sahal Wallet, a non-custodial mobile wallet featuring filtering technology that will allow for frictionless access to halal tokens, is slated for the middle of next month. The pioneering Liquidity Harvester, MRHB’s passive and stable crypto income product, will be launching in Q2 and the project is currently in advanced discussions with pioneering regulated institutional partners to offer halal crypto-wealth products. More decentralized and centralized exchange listings are also coming up in the near future, welcome news for the MRHB community.
About MRHB DeFi
MRHB DeFi is a halal, decentralised finance platform built to embody the true spirit of an “Ethical and Inclusive DeFi” by following faith-based financial and business principles, where all excluded communities can benefit from the full empowerment potential of DeFi.
The diverse team is comprised of researchers, technocrats, influencers, Islamic fintech experts & business entrepreneurs, who came together to ensure that MRHB DeFi prevails in a manner that will impact society as a whole, essentially bridging the gap between the faith-conscious communities and the blockchain world.
MRHB DeFi Official Channels
Website: https://mrhb.network
NFT Marketplace: https://souq.mrhb.network
Twitter: https://twitter.com/marhabadefi
Telegram: https://t.me/mdf_official
Telegram Announcements: https://t.me/marhabadefi_ANN
YouTube: https://www.youtube.com/c/MarhabaDeFi
Medium: https://medium.com/@mrhbdefi
LinkedIn: https://www.linkedin.com/company/marhabadefi
Facebook: https://www.facebook.com/MRHB-DeFi-105893235209147
Telegram (Arabic): https://t.me/mdf_arabic
Telegram (Russian): https://t.me/marhabadefi_russia
Telegram (Turkish): https://t.me/MarhabaDefiTR
Telegram (Persian): https://t.me/mrhbdefi_persian
Telegram (Urdu/Hindi): https://t.me/MRHBDeFi_Urdu_Hindi
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Faith-based decentralized finance (DeFi) solutions are rare.
We had never come across a faith-based DeFi ecosystem until we discovered Marhaba DeFi.
The Shariah-compliant decentralized finance (DeFi) ecosystem caught our interest as another use-case scenario that holds the keys to unlocking liquidity.
We reached out to Deniz Dalkilic who is the CTO at MRHB (Marhaba) DeFi for more explanations on how this works.
Here is what he told us.
Deniz Dalkilic is the CTO of MRHB (Marhaba) DeFi and is an experienced Software Engineer with a decade of experience in developing small to large (distributed) systems, primarily focusing on backend development.
Deniz has been involved in the blockchain space for the past 5 years and has been building (and co-founding) decentralized platforms. He is interested in expanding blockchain (and decentralization) ideas beyond its boundaries and always looking out for opportunities to offer cryptocurrencies to the masses.
Deniz has earlier co-founded Bounty0x, which is an automated cryptocurrency bounty hunting platform. The platform now has distributed assets, across borders, close to $5m notional-value to its end-users.
E-Crypto News:
Marhaba is built around the foundational concept of promoting ethical finance in the cryptocurrency space. We are building a platform where Muslims and other faith constrained people can be assured they are using only ethical, Sharia-compliant products and services.
It will also be a platform that promotes equality by bringing unbanked, under-represented populations, primarily from poorer countries, into the empowering world of decentralized finance.
E-Crypto News:
Sharia law prohibits Muslims from using unethical products or services. So, for example, the buying and selling (and consumption) of alcohol is deemed “haram”, or sinful and against Sharia law.
Specifically, concerning finance, Islam has strict injunctions against usury — interest is considered to be an inequitable, exploitative form of financial conduct that only serves to spread the state of indebtedness and inequality at the socio-economic level.
E-Crypto News:
The basic elements of Islamic finance revolve primarily around making sure one’s investments and financial activities only promote ethical, Sharia-compliant businesses, people and products. As usury is considered unethical, Islamic finance bans interest on loans. Furthermore, Islamic finance requires that ambiguity and deception should be avoided at all costs.
Blockchain is truly the perfect tool for Islamic finance to ensure transparency and fairness for all.
E-Crypto News:
“Halal” crypto assets are those that have been determined to be Sharia-compliant.
The process of determining whether an asset is halal or not requires an intermediary, in many cases, as the judgement requires a deep knowledge and understanding of both theology and the financial industry.
E-Crypto News:
Marhaba employs a team of finance experts and a team of theology experts to deliberate and vote on every single asset or service we intend to include on our platform.
In order to be deemed Sharia compliant, and therefore permissible to include under Islamic finance, both our finance and theology teams must have consensus amongst them that the product or service is halal.
The team is independent from the inner-workings of Marhaba in order to stay objective and get rid of any bias.
The Shariah team has their own dashboard they review, scrutinize and make decisions on.
The rest of the applications within MRHB Network simply consume a list of coins that are deemed to be Shariah compliant and allow our end users to trade and/or interact with these coins.
E-Crypto News:
The Souq NFT Platform (sNFT for short) will be an open, “no-code” marketplace hosted by Marhaba where individual creators can mint their own NFTs. The platform will make use of AI to detect and filter out non-Shariah compliant content i.e. NSFW content such as nudity, adult content, hate speech and racism.
Aside from NSFW filtering, the marketplace place will be cross-chain (EVM based chains initially) and will have a built-in “uniqueness” checker to ensure no copyrighted or already existing NFTs can be re-minted.
sNFT will also team up with orphanages and special schools to teach kids how to mint and sell their own NFT artworks, with the proceeds of these sales going directly to the participating institutions.
E-Crypto News:
The liquidity harvester will be a cross-chain liquidity harvesting protocol hosted in the MRHB ecosystem. It will essentially operate similar to a Savings Accounts whereby users will generate passive income 5–15% EAPR/annum*** (on stablecoins initially).
The idea at a bird’s eye view is simple; the tool will scan the crypto universe and find the most lucrative liquidity pools across chains and protocols and offer it as an option to the end-user.
V2 of the dApp will behave similarly to a fund where we move users funds on their behalf to most lucrative pools periodically to maximize their gains as well as open the doors to beyond stablecoins where returns can range from 30–60% EAPR whilst of course increased risk due to volatility of altcoins and impermanent loss.
In order to remain Sharia-compliant, liquidity harvesting will be focused on profit sharing and joint ventures under a contract called Mudarabah and will only allow users to deposit Shariah-compliant tokens as well as only utilize Shariah-compliant methods such as liquidity mining as opposed to interest gains via lending, etc.
In short, users will be able to deposit their supported Sharia-compliant tokens into supported DEX liquidity trading pools and earn returns through trading fees.
E-Crypto News:
Total liquidity/assets locked in the Islamic finance sector are around USD 3 trillion in value, which is around 20 times the total value of assets locked in DeFi. Currently, $0 of this Islamic liquidity is locked in DeFi, showing an enormous potential for growth once halal DeFi options are made available.
MRHB aims to capture just 1% of this total liquidity which will set it at $30B TVL, larger than any major player like Compound or AAVE TVL.
E-Crypto News:
It is our hope that in the future MRHB will completely decentralize and be governed entirely by its community. If you hold MRHB you can raise proposals and allow other MRHB holders to vote on protocol level changes such as fee mechanism, burn rates, buy-backs, integration of chains or pools and so on.
Until DAO governance is released, we have two governance boards — one group that governs the protocol and one group that ensures Sharia compliance — to guide MRHB’s evolution.E-Crypto News:
Our DEX aggregator, or ‘The Dexregator’ as we like to call it, will be a hybrid platform that uses both on and off-chain methods for connecting to and analyzing several approved DEXes.
It also works across blockchains, so our users will not be stuck within any single ecosystem.
Idea of the Dexregator is to provide users with a single point of entry to the entire liquidity available across all chains thus get the best rates with minimal slippage. Dexregator will only charge a small fee if POSITIVE slippage is achieved otherwise completely feeless.
E-Crypto News:
Our vision is to build the world’s first dedicated protocol for decentralized philanthropy.
MRHB DeFi Platform users will have the option to send a portion of their crypto portfolios to approved charity organizations with full traceability and transparency while preserving donors data.
In addition to voluntary donations and general philanthropy, we will include a system to help users make automated donations at set intervals — this is useful for Muslims to fulfill their “Zakat” obligations but at the same time help non-Muslims to fulfill their obligations as a human to help one another without compromising their privacy.
E-Crypto News:
$MRHB is a digital utility token with a total supply of 1 billion.
In addition to having monetary value when traded on exchanges, $MRHB has many uses on our platform (check our whitepaper for full list), and will have many further uses added as Marhaba grows.
E-Crypto News:
Intended uses include:
E-Crypto News:
DAO
All products will have a fee that can only be paid in $MRHB. Our DAO will include a smart contract holding a pool of all fees paid.
Our community of token holders will have voting rights on proposals, which will all be regulated through smart contracts and automatically paid out from the pool. It will be a truly automated blockchain-based system — no human interaction involved.
E-Crypto News:
The final phase of our platform rollout will be to migrate to the Polkadot ecosystem as a parachain.
We are aiming to do this in order to become a truly frictionless platform bridging across a range of networks.
E-Crypto News:
All products will have a fee that can only be paid in $MRHB.
Our DAO Treasury which is a chain of Smart contracts will be holding a pool of all fees paid across all our products. The pooled funds will be utilized for many things including buy-back, marketing, burns, subsidization of TX fees where possible, and more.
E-Crypto News:
The launchpad will be an initiative to help fund entrepreneurial dreams and goals in a Shariah compliant manner whilst utilising Quadratic Funding model.
We aim to finance entrepreneurs from around the world, regardless of their backgrounds, to onboard Shariah approved projects to our platform.
The projects have to be cryptocurrency-focussed.
The launchpad will have built-in features to deter bots, “sniping” and any other exploit that puts “whales” at an advantage and will set a fair playing field for all.
E-Crypto News:
First and foremost, we will bring DeFi to the Islamic Finance community, representing USD 3 trillion in value. This will undoubtedly make the DeFi and cryptocurrency industry, in general, grow rapidly.
Secondly, our hope is that the ethical, moral standards of Shariah-approved finance will be recognized by an even larger demographic, and thereby help to reposition the financial industry in many ways to become more ethical itself and not make the same mistakes fuelled by greed we see in Wall St today.
Through blockchain technology, we can fight against injustices such as money laundering, human trafficking, excessive fees, and the opaqueness of the financial world.
E-Crypto News:
Notably, we have chosen to implement a long vesting schedule to all but the public sale tokens.
We are committed to building a platform that brings value to the Muslim community and the world at large.
We are steadfastly against ‘pump and dump’ schemes!Source
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Melbourne, Australia, Oct 5th, 2021 — Community-focused DeFi ecosystem MRHB DeFi is teaming up with Canadian venture capital fund Contango Digital Assets to expand its reach, offering and services beyond the crypto-fluent to excluded communities globally.
Contango has made a strategic investment into MRHB DeFi, and will work alongside the MRHB DeFi team, providing expertise and experience across a wide variety of areas. The partnership will also support collaboration with influencer marketing leaders in the blockchain space, Influx Group.
Faith-based, Excluded Communities, An Untapped Opportunity
The partnership is aimed at expanding the reach of MRHB DeFi beyond crypto-natives to engage new users and communities who are attracted to a more ethical and faith-based vision.
“This important community has been struggling to participate in DeFi opportunities and MRHB is now opening an important door to these people who wish to participate in the cryptoverse while still remaining faithful to their beliefs. We’re thrilled to be a part of that.” — Contango Managing Director Mike Grantis.
“We are first in building DeFi services that solve issues of faith, ethics, exclusion, and complexity. Our user-friendly platform provides equal opportunities to everyone, not only those who share our concern for holding crypto assets that are halal. With Contango’s support, we will continue our journey of growth and development within Islamic communities and beyond.” — MRHB DeFi CEO Naquib Mohammed.
MRHB DeFi was founded on the principle of bringing societies and communities not familiar with decentralized finance into the space, and has a particular focus on delivering halal DeFi services which adhere to the tenets of Islamic faith, such as business practices that avoid interest, usury, exploitation and other acts deemed unethical.
With more than USD 3 trillion in liquidity available in the Islamic finance market, bringing even a tiny portion of this to DeFi will represent a major step forward in the growth of DeFi worldwide, and will enable people with no experience of the market to share in its opportunities.
MRHB DeFi recently announced partnerships with Sheesha Finance, NewTribe Capital, Acreditus Partners, EMGS Group and Coinsbit India, working towards expanding its reach and visibility to people new to blockchain, as well as long time believers in the cryptocurrency and digital asset industry.
About MRHB DeFi
MRHB DeFi is a halal, decentralised finance platform built to embody the true spirit of an “Ethical and Inclusive DeFi” by following faith-based financial and business principles, where all excluded communities can benefit from the full empowerment potential of DeFi.
Based on the tenets of blockchain such as trust, transparency, and security, MRHB DeFi has encapsulated universally applicable principles of Shariah into those tenets of blockchain to render a suite of offerings. It is a complete DeFi ecosystem whose products, protocols and crypto-assets are governed primarily by the ethical, inclusive, sustainable and charitable investment principles associated with the Islamic faith or ‘Islamic Finance’ (‘IF’ as it is commonly known).
The diverse team is comprised of researchers, technocrats, influencers, Islamic fintech experts & business entrepreneurs, who came together to ensure that MRHB DeFi prevails in a manner that will impact society as a whole, essentially bridging the gap between the faith-conscious communities and the blockchain world.
Read more about MRHB DeFi’s Shariah Concept Paper, Lite and White Paper here.
MRHB DeFi Official Channels
Website: https://marhabadefi.com
Twitter: https://twitter.com/marhabadefi
Telegram: https://t.me/mdf_official
Telegram Announcements: https://t.me/marhabadefi_ANN
YouTube: https://www.youtube.com/channel/UCHuvZG9DbS5ffeoqLX_bERg
Medium: https://mrhbdefi.medium.com/
LinkedIn: https://www.linkedin.com/company/marhabadefi
Telegram (Arabic): https://t.me/mdf_arabic
Telegram (Russian): https://t.me/mdf_russia
Telegram (Turkish): https://t.me/MarhabaDefiTR
About Contango
Contango Digital Assets was launched to empower the financial revolution that is presented by blockchain and DeFi technology. It invests in innovative projects from around the world and fosters strategic partnerships with founders who look for more than just capital.
Learn more about Contango by visiting the official website or following the fund on Twitter.
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Melbourne, Australia, Aug. 30, 2021 — The world’s first halal DeFi ecosystem MRHB DeFi is collaborating with leading Indian cryptocurrency trading platform Coinsbit to bring crypto-asset opportunities to India’s huge population of 200 million Muslims, driving further participation in the blockchain economy.
MRHB DeFi’s vision of an inclusive crypto-verse, follows Islamic ethical finance principles but is suitable for those looking for a socially conscious blockchain that avoids interest, usury, exploitation and other business practices deemed unethical.
Being Halal means that MRHB DeFi operates within the highly ethical constraints of Shariah law which broadly implies that all business decisions are conducted in conjunction with Islamic teachings which promote inclusion, access, and faith, and function simply and transparently for the benefit of its users.
A Visionary Partnership to Serve 200 Million Muslims
India is home to 200 million Muslims constituting 10% of the global population and is the world’s third-largest Muslim community. This group is often excluded from the cryptoverse due to their faith-driven principles regarding financial and business conduct.
What this partnership means:
A Shared Mission for an Inclusive Cryptoverse
“Blockchain and DeFi have exploded in popularity in 2021, and we forecast this stratospheric growth to continue. That’s why we’re excited to be teaming up with one of India’s premier cryptocurrency exchanges to offer MRHB DeFi products and services to everyone across the Indian subcontinent who are looking for a true, ethical alternative to the existing platforms in the cryptoverse,” says Naquib Mohammed, MRHB DeFi Founder & CEO.
“Blockchain offers amazing potential for all communities. We aim to deliver this potential to those who may have previously struggled to access or been cautious to use DeFi products and services. We also hope to provide them with all of the rich opportunities for growth, expansion and development that DeFi offers,” adds Naquib.
“We’re excited about embarking on this shared journey with MRHB. Islamic DeFi and Shariah-based crypto financial products are an area of extraordinary growth and potential for India. We’re committed to delivering MRHB DeFi’s visionary range of services and products to our clients across our continent,” says Ravneet Kaur, CEO of Coinsbit India.
She continues, “The time is right for a blockchain project that is based on the tenets of faith, inclusion and access for all, while being transparent and simple to use. MRHB DeFi has demonstrated to us that they are committed to a long-term vision for ethical people around the world no matter what their faith is.”
Asian countries are outpacing the rest of the world in terms of cryptocurrency adoption and India has ranked second in the global cryptocurrency adoption index, according to the 2021 Global Crypto Adoption Index by blockchain data platform Chainalysis. Indians have invested more than five times the amount of the previous year and the momentum is encouraging.
Crypto adoption is on the rise in India and the Indian exchanges WazirX, CoinDCX and Coinswitch Kuber have doubled their user base between January and March 2021.
Coinsbit India started its operations recently and has already captured market attention by onboarding a million users in around three months.
About MRHB DeFi
MRHB DeFi is a halal, decentralised finance platform built to embody the true spirit of an “Ethical and Inclusive DeFi” by following faith-based financial and business principles, where all excluded communities can benefit from the full empowerment potential of DeFi.
Based on the tenets of blockchain such as trust, transparency, and security, MRHB DeFi has encapsulated universally applicable principles of Shariah into those tenets of blockchain to render a suite of offerings. It is a complete DeFi ecosystem whose products, protocols and crypto-assets are governed primarily by the ethical, inclusive, sustainable and charitable investment principles associated with the Islamic faith or ‘Islamic Finance’ (‘IF’ as it is commonly known).
The diverse team is comprised of researchers, technocrats, influencers, Islamic fintech experts & business entrepreneurs, who came together to ensure that MRHB DeFi prevails in a manner that will impact society as a whole, essentially bridging the gap between the faith-conscious communities and the blockchain world.
Read more about MRHB DeFi’s Shariah Concept Paper, Lite and White Paper here.
MRHB DeFi Official Channels
Website: https://marhabadefi.com
Twitter: https://twitter.com/marhabadefi
Telegram: https://t.me/mdf_official
Telegram Announcements: https://t.me/marhabadefi_ANN
YouTube: https://www.youtube.com/channel/UCHuvZG9DbS5ffeoqLX_bERg
Medium: https://medium.com/@marhabadefi
LinkedIn: https://www.linkedin.com/company/marhabadefi
About Coinsbit India
Since its inception in 2017, Coinsbit has been one of the most trusted exchange platforms for cryptocurrency traders from around the world. Coinsbit India aims to become the leading trading platform for the Indian market, which is just beginning to realize the potential of cryptocurrencies. It always works according to the guidelines set by the government of India. Coinsbit India is committed to providing a service, reliability and convenience that cannot be matched by any other platform, and as one of the world’s largest cryptocurrency exchanges, is proud to represent India.
Coinsbit India Official Channels
Website: https://coinsbit.in
Telegram: https://t.me/CoinsbitIndiaChannel
Twitter: https://twitter.com/CoinsbitIndia
Facebook: https://www.facebook.com/CoinsbitIndia
Instagram: https://www.instagram.com/coinsbitindia
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