MRHB DeFi, the world’s first halal and ethical decentralized finance (DeFi) platform, launched their $MRHB token on the popular PancakeSwap DEX in December 2021. To promote the listing, the company set aside a pool of 5 million MRHB tokens to reward liquidity providers (LPs) with through to the end of March. MRHB has now decided to extend the LP reward period until June 30, and is adding an additional 2 million MRHB tokens to the reward pool.
For anyone unaware of this opportunity, the details are as follows: LPs must supply liquidity to the USDT/MRHB liquidity pool on PancakeSwap to qualify for rewards. A total of 2 million MRHB tokens will be divided between all participating LPs over a three-month period. This reward is provided by MRHB DeFi as a third party offering a conditional gift (‘hibah muallaqah bi al-sharth’), which is permissible according to Islamic Fiqh.
By providing liquidity on PancakeSwap, LP’s help to support the MRHB token, whose mission of bringing ethical finance to faith-based communities and others. It has been years of non-regulation and uncertainty about crypto; it is time to carve out a safe space in the cryptoverse where ethics-conscious people can manage their finances with peace of mind.
Additional Information for LPs
Providing liquidity on a DEX is not without risk. All prospective LPs must first understand about a concept known as ‘impermanent loss’. If you are unfamiliar with the term, please refer to this article to get a firm understanding of the risks involved.
Here are a couple of videos that will be useful for LPs:
Alternatively, check out the MRHB blog post for the step-by-step slideshow walkthrough on how to add liquidity on Pancakeswap: https://mrhbdefi.medium.com/how-mrhb-token-holders-can-earn-passive-income-from-trading-fees-and-5-million-pool-of-mrhb-6848152d51c7
Lastly, the importance of staying vigilant on the internet cannot be stressed enough — scammers abound. Never give your wallet password out to anyone. When sending funds to a liquidity pool, do so on the exchange itself — do not send to addresses given to you by strangers.
MRHB DeFi will never ask you for funds. The only links and information that can be trusted are those shared on their official channels below.
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.
MRHB DeFi recently announced a new strategic partnership with Sukhavati Labs, a decentralized cloud network service focused on storage. Now all NFTs minted on the MRHB DeFi network — such as on the SouqNFT Marketplace — will be stored in a secure and permissionless manner at a low cost on the decentralized Sukhavati network.
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.
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.
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 fundingrounds 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.
Melbourne, Australia, December 31st, 2021 — The world’s first ethical and halal DeFi ecosystem platform MRHB DeFi officially concluded its successful fundraising with its final public IDO rounds on DODO and ZeeDO launchpads, altogether raising a total of US$5.5 million with around 85% coming from a global community of investors looking for an ethical and halal entry into the cryptoverse.
Immediately following the close of the IDO, the MRHB token was listed on the popular DEX PancakeSwap, a leading decentralized exchange on Binance Smart Chain (BSC). For the very first time, early supporters of the project were able to trade and swap their MRHB tokens.
5 Million Pool of $MRHB Token Rewards for Liquidity Providers
Instead of standard buy/sell order books, Pancakeswap uses the Automated Market Maker (AMM) model where trades are done through a ‘Liquidity Pool’ whereby users invest funds (become Liquidity Providers or LP’s) to the pools to facilitate swaps.
MRHB DeFi has now announced that over the next three months, $MRHB token holders can become Liquidity Providers on PancakeSwap and earn their share of the pool of 5,000,000 MRHB token rewards.
The following MRHB/USDT liquidity pool has been set up on PancakeSwap, and MRHB Rewards will only apply to this pool:
Liquidity Providers to the pool can earn in two ways:
1. By supplying liquidity to the pool, the liquidity providers earn transaction fees on PancakeSwap as profit. The total trading profits made will be divided among the LPs, proportional to the amount of funds contributed and the amount of time funds are invested in the pool.
2. In addition, MRHB DeFi will offer a reward to the LP investors on condition that they invest funds into the pool at any point during the three month loyalty period. The $MRHB token reward pool will initially begin at 5,000,000 to be shared among the LP token holders. The number of tokens awarded will change over time but will be visible on the MRHB Reward Dashboard (https://rewards.mrhb.network/). Investors can withdraw their funds at any time.
As an extra incentive for LPs, MRHB DeFi has announced that LP’s who lock their tokens for the full 90 days in the pool will have the right to claim an NFT from the first collection at their Souq NFT marketplace. Souq NFT is the first anti-NSFW NFT marketplace in the world that is focussed on creating an ethical and halal marketplace for digital art and other NFT assets.
MRHB DeFi has provided more detailed instructions on how to be Liquidity Providers in the following videos:
A Conditional ‘Hibah’ Gift
The LP token rewards are defined as a conditional gift (‘hibah muallaqah bi al-sharth’) that is provided by a third party, permissible according to the Islamic Fiqh. Since there is no (bilateral) exchange contract or transaction between MRHB DeFi and LPs (liquidity providers), MRHB DeFi is considered a third party and is providing the rewards as a gesture of appreciation to their loyal supporters.
As the share of rewards depends on various factors such as the number of providers and amount of time invested, such LP rewards are not fixed, although they will be stated at the time the tokens are invested into the liquidity pool.
Such rewards must also be considered together with the price movements (Impermanent Loss) of the MRHB token to assess the overall return to the token holder should they withdraw their funds from the liquidity pool.
Reminder for Vigilance
The correct MRHB DeFi contract address for the $MRHB BEP20 Token is as follows:
MRHB token holders are reminded to be vigilant against scammers and fake addresses and should exercise caution whenever participating in transactions. Only the following official channels contain the most current and accurate information about the developments of $MRHB.
MRHB DeFi is a halal, decentralized 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 comprises 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.
Melbourne, Australia, December 23rd, 2021 — The world’s first ethical and inclusive DeFi ecosystem platform MRHB DeFihas launched its highly anticipated Souq NFT marketplace. Partnering with Gachyi Land, the first blockchain gaming gacha-launchpad ecosystem, the two parties will mint and issue Hallal Gachyi, a unique Gachyi Land-themed NFT collection created for Souq NFT.
Souq NFT is the first NFT marketplace in the world focussed on creating an ethical and halal marketplace for digital art and other NFT assets. Artists on the platform follow image, audio and video content guidelines such as no hate speech, racism or nudity, and must verify that the artworks are original pieces (no rip-offs of existing NFTs).
The MRHB DeFi collaboration with Gachyi Land will see the latter create 1,410 Hallal Gachyi NFTs (otherwise known as ‘Rimos’). MRHB DeFi will create and deploy the smart contract for these NFTs and Hallal Gachyi will be sold on Souq NFT marketplace.
“Our vision to create an inclusive, ethical DeFi and NFT ecosystem continues to take shape,” says Deniz Dalkilic, CTO of MRHB DeFi. “The Hallal Gachyi collection is the result of a unique collaboration with Gachyi Land and demonstrates our commitment to launching quality crypto products that meet and hopefully exceed community expectations.”
“NFTs are the building blocks of our digital future — they allow us to own digital items in ways we have never been able to before,” comments May Wong, founder of Gachyi Land. “We wanted to provide a colorful and cute entry point into the NFT space for the Islamic community, in the form of a ‘Rimo’. The NFT space has shown us that early adoption of NFTs that gain value over time represents opportunity. We are excited to release Hallal Gachyi with MRHB and provide value to their community!”
Hallal Gachyi NFTs will be issued on the BSC blockchain using the ERC-721 token standard. NFT owners will be able to play a mini-game at a future date where they can earn rewards such as $MRHB tokens and $Polymer tokens. The NFTs will also receive utility in Gachyi Land’s MMO RPG (Massively Multiplayer Online Role-Playing Game), expected to be released in 2023.
Both parties will promote the new venture together on their respective platforms and are exploring future plans for MRHB to create other gamification models that integrate with the MRHB ecosystem.
A Shared Vision to Empower Communities
The Gachyi Land platform was created with the desire to empower artists with its disruptive NFT ecosystem. Gachyi Land provides artists with the platform, community, technology and tools they need to display and sell their work, and further explore the possibilities of the digital realm.
Similarly, MRHB DeFi was conceived with the goal of giving excluded and crypto-cautious communities better access to cryptoverse opportunities with a key focus on the provision of decentralized financial services that avoid interest-based profits and lending. MRHB DeFi bridges the existing gap between crypto offerings and the ethical faith-based community.
The journey to an inclusive, ethical DeFi cryptoverse has not been a lonely one for MRHB DeFi. The halal project is currently backed by investors and partners which include Polygon Technology, Sheesha Finance, Blockchain Australia, Australian Gulf Capital, Mozaic, Contango Digital Assets, NewTribe Capital, Masary Capital, ZKSync, Acreditus Partners, EMGS Group, Sinofy Group, MKD Capital and others.
In collaboration with management consulting group, Sinofy, MRHB DeFi has also organized an NFT art competition, designed for creators and artists, within the framework of the DEV Challenge Season 18 championships in Ukraine. More information on how to participate can be found in the MRHB DeFi Medium blog.
December is turning out to be a very exciting and busy month for MRHB DeFi, having launched their IDO yesterday on December 22nd. The $MRHB tokens were sold out on the DODO launchpad in half a day, with the second launchpad ZeeDO catching up. Upon completion of IDO, TGE (Token Generation Event) will take place on December 24th 1PM UTC/GMT, which will then be closely followed by its listing on the popular DEX Pancakeswap.
About MRHB DeFi
MRHB DeFi is a halal, decentralized 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 comprises 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.
Gachyi Land is building an ecosystem that consists of an NFT Launchpad and Play-To-Earn MMORPG. NFTS issued on their platform will be incorporated within the ecosystem to serve either an in-game functionality such as boosts or exclusive pre-sale access, or their utility can be built into future games.
With its disruptive Play2Earn MMORPG, Gachyi is providing artists with the platform, community, technology, and tools they need to unleash their creativity and gain the exposure they deserve. NFTs will be minted via Gachyi’s interactive gachapon machines on the Polygon blockchain based on the ERC-721 token standard, priced in MATIC.
Melbourne, Australia, December 22nd, 2021 — MRHB DeFi, the world’s first inclusive and ethical DeFi ecosystem platform, has announced today the IDO of its BEP-20 token $MRHB on launchpads, ZeroSwap and DODO. Upon IDO completion, immediate listings of the token on DODO and the ever popular PancakeSwap DEX will follow. This is exciting news for the loyal community of over 1000 investors and supporters of the project who will be able to publicly trade $MRHB for the very first time.
“We are thrilled to announce the upcoming IDO and TGE (Token Generation Event) of the $MRHB token, which is the culmination of all the dedication and hard work of the entire Marhaba team,” declared CEO and founder Naquib Mohammed.
“Likewise, we are indebted to our diverse and global family of partners and investors, as well as our loyal community, who have offered steadfast support for the project throughout. The $MRHB token will be the fuel that underpins our entire ethical ecosystem platform, driving our shared vision of an inclusive DeFi for a more sustainable cryptoverse,” he added.
The public sale price of the $MRHB token is USD 0.04 on both ZeeDO, the launchpad of multi-chain DEX aggregator ZeroSwap, and on the DODO BSC launchpad, whose whitelist for the IDO has reportedly already been filled, as of this morning. There will be zero lockup periods for these tokens, which will be 100% released at TGE.
Massive Community Interest for Ethical, Sustainable and Inclusive DeFi Offerings
The community-first project has already concluded two successful pre-launch sales on their website. Unlike many other projects, where only VCs and VIPs get priority, MRHB opened their early rounds to the community to help share the crypto-opportunity — a move celebrated by the now 70,000 strong supporters. For the team, this served as an importantvalidation of the interest for DeFi services rooted in ethics, sustainability and inclusion.
MRHB DeFi was founded with a vision of providing excluded and crypto-cautious communities greater access to the growing opportunities and utilities of the crypto sphere. The project is underpinned by offering faith-based DeFi services which adhere to the ethical investment and financing principles rooted in Islamic Finance — a sector valued at around USD 3 trillion of assets. Bringing even a small portion of Shariah-sensitive liquidity into DeFi will represent a major boost to the total value of the DeFi sector worldwide.
Business practices deemed ethical include those that avoid interest, usury, social exploitation as well as support sustainability, asset or utility backed financing, transparency and equitable risk-reward sharing. These principles have universal appeal far beyond the faith conscious community as evidenced by a large number of stakeholders beyond the halal-seeking population.
Many of the values upheld by the halal platform align with several of the United Nations Sustainable Development Goals and MRHB is also a signatory of the Crypto Climate Accords, a group that seeks to achieve net-zero emissions from electricity consumption by 2030 as well as develop standards and technologies to accelerate the progress toward 100% renewably powered blockchains by the 2025 UNFCCC COP30 conference.
To date, investors include Sheesha Finance, Blockchain Australia, Australian Gulf Capital, Mozaic, Contango Digital Assets, NewTribe Capital, Acreditus Partners, EMGS Group, Sinofy Group, MKD Capital and a grant from Polygon Technology.
About MRHB DeFi
MRHB DeFi is a halal, decentralized 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 comprises 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.
Melbourne, Australia, December 17th, 2021 — Community-focused platform MRHB DeFi has received an investment from Australian Gulf Capital, a global investment management company, as part of the strategic venture round of the world’s first inclusive and ethical DeFi ecosystem platform.
The funding from Australian Gulf (AG) Capital is not the first from the region, with the Islamic DeFi pioneer having received investments from institutions such as Blockchain Australia and other Aussie angel investors. The AG Capital investment presents further opportunity to expand MRHB DeFi’s presence and growth in this key market.
“We are pleased to have an early-stage opportunity to support first-mover Marhaba in the development of their high-growth, disruptive venture in ethical and halal DeFi,” commented CEO and founder of AG Capital, Salman Masaud. “Our investments are typically focused on a company’s early funding stages when the product is nascent and the upside potential is the greatest. We expect to support the project by bringing our legal, consulting and investment banking expertise to assist the Marhaba team in launching their socially impactful vision.”
The Australian PE/VC funds management company is also currently in the process of establishing a license under ADGM in the UAE, a key growth hub for MRHB DeFi, having recently signed a partnership with local partner Masary Capital to provide halal crypto solutions to the retail and institutional sectors in the UAE.
“Australia Gulf Capital’s ethos of actively supporting startups who align with their ambitious growth vision makes them a strong partner for us,” said MRHB DeFi CEO Naquib Mohammed. “As we continue on our journey of building the world’s first ethical DeFi platform, it is this shared vision and support from amongst our family of investors and partners that will help transform our dream into reality.”
MRHB DeFi: An Islamic Finance DeFi Pioneer
MRHB DeFi was created to bridge a perceived gap — by providing excluded and crypto-cautious communities greater access to the growing opportunities and utilities of the cryptosphere. The project is underpinned by faith-based DeFi offerings which adhere to the ethical investment and financing principles rooted in Islamic Finance. Many values upheld by the halal platform also align with the United Nations Sustainable Development Goals. Business practices deemed ethical include those that avoid interest, usury, social exploitation as well as support sustainability, asset or utility backed financing, transparency and equitable risk-reward sharing. These principles have universal appeal far beyond the faith conscious community.
With the Islamic Finance market sized at around USD 3 trillion of assets, bringing even a small portion of Shariah-sensitive liquidity into DeFi will represent a major boost to the total value of the DeFi sector worldwide.
About MRHB DeFi
MRHB DeFi is a halal, decentralized 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 comprises 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.
Australian Gulf Capital is a prominent global investment management company specializing in alternative investments and providing innovative world-class products and services. AG’s substantial and diversified investor base includes corporations, financial institutions, sovereign wealth funds, superannuation/pension funds, insurance companies, qualified high-net-worth investors, and family offices.
Australian Gulf Capital’s business activities are distinguished by exceptional vigor and a profound understanding of clients’ needs and risk profiles. They have become the company of choice because of their insightful approach to creating partnerships with clients for sourcing and investing in attractive investment opportunities. Australian Gulf Capital employs high-caliber teams with diverse expertise and extensive experience.
