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MRHB DeFi follows the successful DEX (decentralized exchange) listing on Pancakeswap with its first CEX (centralized exchange) listing on LBank as it continues to bring DeFi opportunities to communities previously discouraged or excluded from the cryptoverse.
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The National Ulema Council (MUI), Indonesia’s top Islamic scholarly body, has reportedly found cryptocurrencies like Bitcoin (BTC) to be haram, or forbidden, by the tenets of Islam.
Asrorun Niam Sholeh, chairman of MUI’s Fatwa Commission, confirmed the religious authority’s rejection of cryptocurrencies due to alleged elements of “uncertainty, wagering and harm.”
In order for the MIU to endorse crypto trading, cryptocurrencies like Bitcoin need to abide by Shariah guidelines as a commodity or a digital asset and show a “clear benefit,” Sholeh reportedly said following an expert MIU hearing.
The MIU discussed Bitcoin as part of the Ulama Fatwa Commission, which is designed to address some of Indonesia’s biggest social, political, economic and legal issues through the lens of Islamic law.
The MIU’s East Java branch previously issued a fatwa — a “formal ruling or interpretation on a point of Islamic law given by a qualified legal scholar” — declaring the use of cryptocurrency haram in late October.
While the MIU is a government-funded organization, the council’s latest decision is reportedly not legally binding. Despite the MUI admitting that the fatwa is not law in Indonesia, it still can be used as a source of “legislative inspiration,” according to some sources.
According to Bloomberg, the latest decision from the MUI doesn’t mean that all crypto trading will be stopped in Indonesia. However, the council could deter Muslims from investing in crypto and make local institutions reconsider issuing crypto assets.
Related: Indonesia leads global surge in interest in crypto
The news comes shortly after Bitcoin briefly passed the $69,000 price mark for the first time in history on Nov. 10.
The Indonesian government has taken a mixed stance on crypto regulation. Despite putting a blanket ban on cryptocurrency payments back in 2017, local authorities have preferred to keep crypto trading legal. In August, local crypto exchange Pintu raised $35 million from some of the biggest investors in the crypto and blockchain industry.
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November 8, 2021, Monday — Coming up this Wednesday, November 10, 2021 is the 15th Islamic Financial Services Board (IFSB) Summit where leading members in the Islamic Financial Services Industry (IFSI) will be in attendance to converse and assess new and disruptive trends and advancements in digital finance and fintech across the IFSI world.
Event Details
Date | Wednesday, 10 November 2021
14:45–16:00 KSA (Kingdom of Saudi Arabia)
Session Chair: Mr. Ayman
Sejiny, Chief Executive Officer, Islamic Corporation for the Development of the
Private Sector (ICD)
Session Line-up:
Prof. Dr. Mohamad Akram
Laldin, Executive Director, International Shari’ah Research Academy for Islamic
Finance (ISRA).
Mr. Khalid Jamal Al Kayed,
Chief Executive Officer, Bank Nizwa
Mr. Zeiad Idris, Chief
Executive Officer, Algrba
Mr. Khalid Howladar, Head
(Credit & Sukuk Advisory), RJ Fleming & Co
The Islamic Financial Services Board is a discussionary forum dedicated to meeting and talking about the Islamic Financial Services Industry (IFSI) where leaders in the field can propose ways to grow the market, argue strategies and give one another’s expertise and experience.
The general topic of the IFSB Summit will be crypto-investments, digital assets and halal crypto. Representing MRHB DeFi at the summit is Khalid Howlader, Chairman of MRHB’s Governance Board, where he will meet with policymakers, financial industry leaders, experts, and many other stakeholders in Islamic Finance. Khalid Howlader, is also the Senior Managing Director and Head of Credit & Sukuk for R.J. Fleming & Co. for institutional and sovereign clients. With his global perspectives, he is a recognised authority in his field and has addressed investors worldwide as well as audiences at the World Bank, IMF, ECB and IIF.
The main purpose of the event is to spread awareness about recent changes in the IFSI world, bringing to the forefront of Islamic Finance topics like regulatory frameworks and effective jurisdiction along with trade-offs and questions regarding ethics and innovation.
About MRHB DeFi
MRHB (pronounced ‘Marhaba’) DeFi is a decentralised finance platform built to bring ethics to the DeFi space with an approach that supports the inclusion of faith-based and other excluded communities in addition to existing crypto-natives so that everyone can benefit from the full empowerment potential of DeFi to help build a true peer-to-peer financial and economic value system.
Based on the tenets of blockchain such as trust, transparency, and security, MRHB DeFi has encapsulated universally applicable principles of Islamic Finance into those tenets of blockchain to render a suite of offerings that are also ESG compliant.
The project is backed by a diverse and strong team with backgrounds spanning crypto, technology, faith-compliant investing, finance and seasoned institutional veterans of industry. The public sale offering will be in December. Register your interest and read more about MRHB DeFi’s Shariah Concept Paper, Lite and White Paper here.
MRHB DeFi Official Channels:
MRHB DeFi Website: https://marhabadefi.com/
MRHB DeFi Twitter: https://twitter.com/marhabadefi
MRHB DeFi Telegram: https://t.me/mdf_official
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If you are interested in developments in fintech, cryptocurrency and decentralized finance, the Chairman of MRHB DeFi Khalid Howlader, is set to appear on a panel at the upcoming Turin Islamic Economic Forum (TIEF), this Wednesday in Turin, Italy.
According to the “State of the Global Islamic Economy Report” (Thomson Reuters, 2020/2021), with governments and banks encouraging Islamic finance and improving financial inclusion, both Muslim-majority and minority countries have started to recognize the untapped potential of the Islamic Finance sector. Islamic Finance is continuing to expand and the report states that it could become an important part of the future of developed nations’ ability to attract fresh capital for investment in infrastructure, new technologies, renewable energy, real estate and strategic resources.
You can find out more about the event here: https://www.tief.it/?lang=en
Khalid Howladar, is Chairman of MRHB DeFi, the world’s first ethical and faith-based decentralized finance platform.
He is also Senior MD and Head of Credit & Sukuk for R.J. Fleming & Co. and was previously Global Head of Islamic Finance and Head of the GCC banking team at Moody’s Investors Service, London and Dubai. He has addressed audiences worldwide including at the World Bank, IMF, ECB and IIF.
He will be speaking at TIEF on a panel titled: Islamic Finance And Economic Inclusion, alongside Ahmed Zourhi, in a panel discussion moderated by Alberto Brugnoni, the managing partner of ASSAIF.
The panel runs from 11am, Wednesday, at the TIEF event.
You can find out more about TIEF here: https://convention.turismotorino.org/en/events/tief-2021-turin-islamic-economic-forum
You can reserve tickets here: https://www.eventbrite.com/o/tief-torino-35070425473
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.
MRHB DeFi Official Channels
Website: https://marhabadefi.com
Twitter: https://twitter.com/marhabadefi
Telegram: https://t.me/mdf_official
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For ethics-based investment enthusiasts, here are two events to check out, solely because speakers from the first Shariah-compliant DeFi project, MRHB DeFi will be speaking there.
Islamic Fintech Leaders Forum 2021
To access event platform:
More info on event: https://emnesevents.com/fintech-islamic-leaders-forum/
Spotlight on:
MRHB DeFi’s Chairman of Shariah Board, Dr. Farrukh Habib, who will be holding a blockchain panel discussion today 25th August at 12:05 PM (UAE Time) at Islamic Fintech Leaders Forum, and Shariah Leaders Discussion session at 04:00 PM (UAE Time).
And MRHB DeFi’s Chairman of Governance Board, Khalid Howlader, who is also the Senior Managing Director and Head of Credit & Sukuk for R.J. Fleming & Co. for institutional and sovereign clients. With his global perspectives, he is a recognised authority in his field and has addressed investors worldwide as well as audiences at the World Bank, IMF, ECB and IIF.
ICCIA Leadership Talks “Digital Banking: The Way Forward”
ICCIA (Islamic Chamber of Commerce, Industry and Agriculture), a sub-organization of OIC (Organization of Islamic Cooperation), representing 56 Muslim countries, is organizing the event.
Spotlight on:
MRHB DeFi’s Chairman of Shariah Board, Dr. Farrukh Habib, who will be presenting followed by a Q & A session today.
Registration Link: https://us06web.zoom.us/webinar/register/WN_vljOAq2jSaS47CRyebdxvQ
Marhaba DeFi Official Channels:
Marhaba DeFi Website: https://marhabadefi.com/
Marhaba DeFi Twitter: https://twitter.com/marhabadefi
Marhaba DeFi Telegram: https://t.me/mdf_official
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