By Mark Ackman
Marhaba DeFi is a crypto platform based in Australia and it recently disclosed that Halal-approved crypto products had garnered strong interest on its platform.
It is also planning to introduce a suite of new products by the end of the year, which will be in accordance with Islamic law.
Islamic finance
Founded in 2020, the decentralized finance (DeFi) platform is dedicated to complying with the rules associated with ‘Islamic finance’.
This refers to how individuals and businesses raise capital according to Islamic law, also called Sharia.
The founder and chief executive of Marhaba DeFi, Naquib Mohammed said that the noncustodial multichain Sahal Wallet has seen its number of active users increase to 40,000 after being launched.
He added that people are searching for a platform where they can trust all tokens that are available because they do not want to go searching for different platforms.
Likewise, they do not want to reach out to Islamic scholars repeatedly to ask them if a protocol, strategy or token is acceptable or not.
He stated that all people have to do is download the wallet and they will have access to every halal product available in the crypto ecosystem.
Products
Meaning ‘welcome’ in Arabic, Marhaba DeFi is planning on introducing four more crypto products this year that are aligned with Islamic law.
Mohammed said that all those people who have been unable to engage in the crypto market because of the lack of Sharia compliance will be able to benefit from the halal ecosystem they plan on offering.
The first product is known as TijarX, which he claims would be the first halal-approved decentralized exchange (DEX) developed for commodity-backed tokens.
They also plan on introducing a platform for liquidity harvesting, a halal solution for decentralized finance (DeFi) staking and also a new version of its existing halal marketplace for non-fungible tokens (NFTs).
He stated that integrating Islamic finance on the blockchain is sensible because the fundamental property of the technology is its transparency and immutability.
More details
Tokenized gold and silver will be the first cryptocurrencies to be launched on the TijarX DEX this month and these will be backed by audited and real bullion reserves.
According to the CEO, they will add more to the platform in the form of tokenized cocoa, soya, barley and wheat.
He also said that they were already having discussions, but they have a vetting process in place before anything would be added to the platform.
This is to ensure that the provider possesses the liquidity needed for handling the volume, but also for ensuring compliance with Islamic laws.
He revealed that they cannot list a business on the platform that is not Sharia compliant and even though the process is intensive and time consuming, they do not have a problem with it.
It is because of this process that it took them eight months to build their M.I.R.O platform because they have to ensure Sharia compliance at each step and this is not easy.