MRHB DeFi’s an ecosystem of crypto-financial products that aims to disrupt the $3trn Islamic finance economy
MRHB DeFi’s an ecosystem of crypto-financial products that aims to disrupt the $3trn Islamic finance economy
An Islamic Defi ecosystem
MRHB DeFi is aiming to develop a complete ecosystem of different financial products that are shariah compliant. Being the first shariah-compliant Defi project in the world, the challenging task of complete and comprehensive shariah compliance of the project has been vested upon the Shariah Governance Board (SGB). It is just not a challenge to understand — or decrypt — the existing crypto and DeFi system, products, and services, but also to implement shariah principles and fiqh rulings without any precedent and existing fiqh literature on the topic. The SGB has taken up this challenge of not only doing thorough research but also innovatively implementing fiqh rulings on the DeFi products and services.
MRHB DeFi’s an ecosystem of crypto-financial solutions by bringing together multiple products, all of which are in compliance with the rules of Islamic finance.
Tackling different interpretations
In a world of multiple scholars and their varied understanding of blockchain and cryptocurrencies, building a suite of Islamic decentralised finance (DeFi) products is easier said than done.
While the Middle East is embracing cryptocurrencies and blockchain technologies wholeheartedly, scholars in Indonesia are a little more skeptical.
Mohammed admits that it was not easy for MRHB DeFi to find scholars who have the right understanding of the industry.
shariah compliance
MRHB DeFi brought on board three scholars on a permanent basis as part of its shariah governance board. Where MRHB DeFi sets itself apart from the competition in the DeFi space as well as traditional Islamic finance, is that it takes a “top-down approach” when developing products.
In other words, the shariah governance board first looks into a business idea that MRHB DeFi has and defines the framework before the product is actually developed. Traditionally, the product is developed first before going to the scholars for their approval.
Consensus of scholars
To overcome the problem of varied rulings and fatwas of different scholars across the world, MRHB’s team attempts at taking the safest route.
“Most of the guidelines our team takes is the strictest one, even if there are different rulings against different assets. As a ground rule, what we have tried to do is take the safest rule as the general guideline,” Mohammed explains.
Five products in phase one
Five products under MRHB DeFi’s Ecosystem
• The Souq NFT marketplace,
• MRHB Token
• The Sahal Wallet
• Liquidity Harvester
• The DeXregator,”
NFT marketplace for shariah-compliant assets
The Souk NFT is a marketplace where various assets can be listed, provided they comply with Islamic laws. MRHB DeFi’s team currently manually screens such assets. According to Mohammed, the company is already in talks with “very powerful families across the globe to list their family heirlooms and artifacts as non-fungible tokens (NFTs).
“We are also considering developing a play-to-earn game where you can actually own such artefacts through NFTs,” says Mohammed.
The Sahal Wallet
The Sahal Wallet screens out non-shariah compliant cryptocurrencies for users. It is ready and will be launched soon.
Shariah-compliant investment product
Interestingly, according to the MRHD DeFi CEO, 98%-99% of cryptocurrencies are shariah compliant. “Coins are the native cryptocurrency of a blockchain. Blockchains are shariah-compliant, which makes the coin shariah-compliant, unless and until it [the blockchain] is exclusively made for an industry that does not comply to the rules of Islamic finance
The Liquidity Harvester
MRHB DeFi will offer Muslims a way to make their savings grow in a shariah-compliant manner. The product will be launched in the first quarter of 2022
“Liquidity Harvester is a traditional investment product where you would be able to earn rewards or returns on your deposited liquidity of between 5-15%. It has a reward mechanism across thousands of different pools of tokens and blockchains.
DeXregator,
DeXregator essentially offers users the chance to buy a shariah-compliant cryptocurrency at the cheapest price by aggregating data from different exchanges.
In phase two, the company will have four more products – an interest-free crypto financing product, a decentralized autonomous governance protocol, a decentralized philanthropy protocol, and an entrepreneur launchpad.
Ultimately, in phase three, MRHB DeFi plans to move to a “sidechain”. In the world of blockchain, sidechains are separate blockchains but pegged to an existing parent blockchain. The sidechains will operate with their own set of rules, functionalities and purposes, independent of the parent blockchain.
Aims to be a network
The company is in talks with Polygon and Cosmos blockchains to develop its sidechain.
“Our ambition is to be a complete network, where individual developers’ projects and teams will be building on top of us on the underlying layers that we have set up,” says Mohammed.
MRHB DeFi’s focus is not on its token and its price but rather on building quality products. The dependency on the token is directly proportional and that is how its value will increase.
more information can access via the officila website
https://mrhb.network/
https://rewards.mrhb.network/
https://twitter.com/marhabadefi
https://t.me/mdf_official
https://t.me/mdf_arabic
https://www.facebook.com/MRHB-DeFi-105893235209147/
https://medium.com/@mrhbdefi
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