Cryptocurrency exchange Marhaba DEFI, based in Australia, is rapidly integrating halal-certified cryptocurrency items onto its platform. It has the goal of launching a new range of products that adhere to Islamic law in the year 2022.
It is launched in 2020, and its primary focus is facilitating capital-raising transactions that are compliant with Sharia law.
According to an interview between Cointelegraph and Naquib Mohammed, founder, and CEO of Marhaba DEFI, Mohammed stated that the number of users of the company’s non-custodial multi-chain Sahal Wallet has increased to over 40,000. He stated, “Just download the wallet and obtain everything halal in the crypto ecosystem.”
The Arabic word for “welcome,” Marhaba, has inspired the launch of four new cryptocurrency offerings that adhere to Islamic law. Mohammed claims this is an”end-to-end halal environment” for people who are shut out of the market due to their failure to Islamic law.
He mentions TijarX, the first halal DEX for commodity-backed tokens, a halal DEFI staking solution, and an expansion of the existing halal NFT marketplace.
The first tokenized silver and gold secured with actual, audited bullion holdings will be available this month on TijarX DEX. Mohammed suggested that the platform may expand to include tokenized versions of other commodities like wheat, barley, soybeans, and cocoa.
Mohammed said the discussion was already happening, but the platform couldn’t contribute anything to it without a vetting procedure. It assures suppliers that they have the liquidity to handle the demand and are kosher with Islamic law.
For this reason, the MIRO staking platform was developed over the course of eight months.
The Juara, which Mohammed defines as a “reward for effort,” is the foundation of the stake platform in Islam. Commissions are a percentage of the platform’s earnings that users receive for doing things on the platform. It includes voting on ideas and engaging in governance.
The liquidity harvesters at Marhaba are a subset of a different type of profit-and-loss sharing arrangement in Islamic finance known as a “mudaraba.” In this arrangement, one party provides the capital and the other party provides the labor, and both parties share in the profits and losses.
As Muhammad taught, charging or earning interest is exploitative in Islam, and for individuals who are forbidden from receiving interest. It is due to their beliefs, liquidity harvesters offer an attractive alternative. It claims to be a game-changer because it will introduce you to the product’s distinctive aesthetic.
Marhaba employs NFTs in its service to Islamic companies. With the second iteration of his company’s NFT Marketplace, he plans to focus on serving commercial clients. Mohammed disclosed that five of his companies employ NFTs and have already formed partnerships with him.
Earlier this year in April, Marhaba issued its first NFT halal certification. According to Mohammed, this will provide consumers with more insight into the reliability of halal certification for businesses in areas where they would like to see the most widespread adoption and use.
He said, “We are quite well regard throughout the community for that”.
The plan for the release of TijarX is on September 27th, with the establishment of the enhanced NFT market for late October. The launch of MIRO and liquidity harvesters for the first week of November and December, respectively.