Dubai’s MRHB to Release Major Halal DeFi Solutions

Ethics-focused decentralized finance platform MRHB from Dubai has announced three world-first product/feature launches together with dozens of new enhancements to be added to their Halal DeFi platform in the next six months. This announcement comes along with over a dozen more developments to be added to the platform from August onwards. The developments will pave the way for four other major products to be launched next year.

What is DeFi?

According to the definition given by The New York Times, “DeFi (pronounced dee-fye) is short for decentralized finance. It’s an umbrella term for the part of the crypto universe that is geared toward building a new, internet-native financial system, using blockchains to replace traditional intermediaries and trust mechanisms”.

The paper goes on to explain that in a traditional financial system, banks or stock exchanges act as intermediaries. All parties to the transactions in question need to trust these intermediaries. However, in DeFi, these intermediaries are replaced by software.

MRHB is a Dubai-based ethical cryptocurrency platform acting as an intermediary. It had issued the world’s first certification for non-fungible tokens (NFTs). The DeFi Network has a roadmap to rapidly build out a full-featured DeFi ecosystem of ethical and Halal finance solutions. The developments to be rolled out this summer will bring a wide array of functionality and utility to the platform, which we are very excited to present to our community,” said Naquib Mohammed, the project’s CEO, and founder.

“Whether the markets are up or down, MRHB continues to build and contribute to the development of the overall blockchain ecosystem. We are totally committed to our revolutionary long-term vision – MRHB will emerge a leader from a crowded sea of projects,” declared Naquib.

‘Truly Halal’ DeFi Solutions: Liquidity Harvester, M.I.R.O., and CommDex

The two new but highly anticipated crypto wealth products launching in Q3 – Q4 include the Liquidity Harvester for generating passive income/wealth and M.I.R.O. (Marhaba Incentivization & Reward Offerings), the world’s first halal DeFi staking solution.

Architect of the MRHB DeFi solutions, Deniz Dalkilic, CTO of MRHB, explained:

“Our tech team has spent almost 6 months with the Shariah Governance Board (‘SGB’) to find crypto solutions that are truly Halal in substance — not just in form.”

Many income products in crypto rely on interest-based borrowing and lending strategies which are seen as usurious and possibly exploitative in the ethics-focused ecosystem.

Deniz continued, “Instead, we will use a different approach for our end users where they can harvest rewards from the different underlying protocols that are deemed Halal by the SGB. The Harvester will also provide the option of manual (active) or automated (passive) functions. If you participate in the staking program, you can access better options or are given early access to certain VIP strategies, as well as many other perks based on your locked amount and tier. For M.I.R.O., the reward of locked-up tokens is based on a staking model with tiered incentives.”

The MRHB community can also look forward to the pioneering ‘CommDex’ feature, a decentralized exchange for commodity-backed tokens, which will be accessible via the Sahal Wallet, the world’s first self-custodial multi-chain wallet made specifically to hold halal tokens.

“With CommDex, we are tokenizing physical-backed gold and silver – with these tokens, you are buying a gram of actual physical gold or silver, stored in our partners’ bullions or vaults,” said Deniz. “Starting with the universal wealth preservation solutions of gold and silver, we will be expanding to other physical commodities such as wheat, corn, and iron.”

Other highly-anticipated tech developments include integrations for Sahal Wallet such as Bitcoin compatibility, reversible transactions, and gamification features.

A summary roadmap for the developments starting in May into the next few months is as follows:

• May 2022: Sahal Wallet – Token display and a backend upgrade for Shariah coins API and admin panel; SouqNFT – NFT reporting added; Liquidity Harvester Version 1 (active management)
• June 2022: Sahal Wallet – Price charts and integrations with Avalanche and NFTs; a referral program; Liquidity Harvester – testing, auditing, and I.R.O. staking integration; M.I.R.O. – development of staking tokens and voting contracts and a UI portal
• July 2022: CommDEX – launch with gold and silver tokens; Sahal Wallet – integrations with Bitcoin, Fantom, and RSK. SouqNFT – Fantom integration, a fiat onramp, GAN-based art tools, suggestive searching; Liquidity Harvester Version 2 (passive) – UI upgrade
• August 2022 and onwards: I.R.O. – in-wallet staking, NFTs, and incentivized tiers; Sahal Wallet – a gamification mining tab, reversible transactions, localization to five new languages, multiple wallets capability, integrations with Liquidity Harvester Version 1, ZKSync and Arbitrum; SouqNFT – a unique NFT checker and reverse image lookup; Liquidity Harvester Version 2 – testing, auditing and M.I.R.O. staking integration

Khalid Howladar, who leads the Advisory Board at MRHB, noted, “We are still at an early stage in an ambitious vision of an ethical ecosystem suite of products. Ultimately the team hopes to provide the community safe and easy access to a wide range of robust halal DeFi services from one trusted portal.”

The Road to Marhaba, the World’s First Halal DeFi Platform

MRHB — pronounced ‘Marhaba’, meaning ‘welcome’ in Arabic — was founded to serve over 1.8 billion people concerned about making ethical financial decisions — a first in the industry. This includes the world’s Muslim population, a demographic representing a massive US$3 trillion market that was previously excluded from the cryptocurrency space due to a lack of halal options in the industry.

MRHB DeFi Network fills this need by putting every token, product, and service on its platform through a rigorous Halal vetting process, ensuring ethical business practices are followed every step of the way.

The company launched its MRHB token in December 2021 in an oversubscribed IDO that brought in over US$5.5 million in funding. Over 85 percent of their investors are members of their enthusiastic community of over 60 thousand supporters coming from 106 different countries.

Last month, MRHB DeFi Network won the Global Brand Awards for “Best New Islamic Crypto Platform” (Crypto/FOREX category). The MRHB token was also featured on Nasdaq and InvestorPlace as a “killer crypto” in January 2022 and March 2022. In another first, Shariah Experts launched the world’s first NFT-based halal certification on MRHB’s SouqNFT platform.

MRHB’s ambitious product launch roadmap for 2023 will see four major products and services added to the platform. These are as follows.

• Interest-free crypto financing to provide decentralized access to Halal loans that avoid usury or interest
• An entrepreneur launchpad to provide a gateway for the less fortunate to realize their financial dreams
• A whole platform dedicated to decentralized philanthropy (DePhi)
• Decentralized autonomous governance (DAG) for end-to-end financial transparency

Following the launch of these four products, Marhaba plans to migrate to its Layer-1 blockchain.

MRHB DeFi Network’s vision is supported by several partners and investors, including Polygon Technology, Sheesha Finance, Australian Gulf Capital, NewTribe Capital, Blockchain Australia, Mozaic, Contango Digital Assets, ZKSync, Acreditus Partners, EMGS Group, Sinofy Group, Sukhavati Protocol and MKD Capital, amongst others.