- Marhaba Defi, a halal DeFi platform, reveals that there are many followers of Halal-accepted crypto products on its platform.
- It targets freeing various products following Islamic law by the end of this year.
Introduced in 2020, the company is targeted to hold the laws of “Islamic finance,” which represents how businesses can raise funds following the Sharia or Islamic law. Marhaba DeFi founder and CEO Naquib Mohammed gave an interview to TSWT in which he stated that the users of “Sahal Wallet” have increased to almost 40,000 from its introduction.
Marhaba is an Arabic word that stands for “welcome,” it wants to release more products in 2022 that follow Islamic law. It will be an “end-to-end halal ecosystem,” according to Mohammed.
The first halal DEX is TijarX, which is the upgraded version of the current halal NFT marketplace. The first crypto to be introduced on this platform will be tokenized silver and gold supported by actual expensive metal reserves. Something like tokenized wheat, barley, soy, and cocoa is also required to include in the exchange, Mohammed added.
According to Mohammed, the platform can’t add anything without ensuring it is halal. Despite of a time-consuming and intensive process, the platform is okay with that.
The platform works on Ju’alah theory, which stands for “rewards for work.” clients receive a “reward,” which is a part of the platform income for doing the task on the platform, like helping on the board and voting on offers.
Marhaba’s liquidity producer functions on “Mudarabah,” a profit and loss sharing scheme where one gives the fund and the other gives labor, and the share is divided among both. Marhaba gives ways for Islamic firms to use NFTs.
In April, Marhaba passed the first NFT Halal certification, and Mohammed expressed that this is the sector he, as an individual, wants to make sure of the adaptability and acknowledgment as it will give clients more clarity about the legality of a firm’s halal certification.
“The NFT certification processes to verify that the certification is legal and valid and hasn’t expired, and also ensures that the company has revived its certification.” “for this, we immensely respect within the community, he further added.
On September 27, Tijar will be live with a reconstructed NFT market set for about the end of October; MIRO and the Liquidity producer planned for the starting of November and December, respectively.
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