The DeFi platform shows strong interest in Halal-accepted crypto products.

  • Marhaba Defi, a halal DeFi platform, reveals that there are many followers of Halal accepted crypto products on its platform.
  • It aims to release various products in accordance with Islamic law by the end of this year.

Introduced in 2020, the company aims to adhere to the laws of “Islamic finance”, which represent how companies can raise funds in accordance with Shariah or Islamic law. Marhaba DeFi Founder and CEO Naquib Mohammed gave an interview to TSWT in which he said that the users of “Sahal Wallet” have grown to almost 40,000 since its introduction.

Marhaba is an Arabic word which means “welcome”, he wants to release more products in 2022 which 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 backed by expensive metal reserves. Something like tokenized wheat, barley, soy and cocoa must also be included in the exchange, Mohammed added.

According to Mohammed, the platform cannot add anything without ensuring that it is halal. Despite a long and intensive process, the platform is fine with this.

The platform operates on the Ju’alah theory, which means “rewards for hard work”. customers receive a “reward”, which is part of the platform’s revenue for completing the task on the platform, such as helping on the board and voting on deals.

The “Mudarabah”.

Marhaba’s cash producer operates on “Mudarabah”, a profit and loss sharing system where one gives the fund and the other gives the labor, and the share is divided between the two. Marhaba empowers Islamic businesses to use NFTs.

In April, Marhaba passed the first NFT Halal certification, and Mohammed said this is the sector he as an individual wants to ensure adaptability and recognition, as it will give customers more clarity on the legality of a company’s halal certification.

“NFT certification processes verify that the certification is legal and valid and has not expired, and also ensures that the company has re-issued its certification.” “For that, we have a lot of respect within the community,” he added.

On September 27, Tijar will go live with a rebuilt NFT market scheduled for late October or so; MIRO and the Liquidity Producer are scheduled for early November and December, respectively.

Steve Anderson
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