We Talk to Marhaba DeFi about Ethical Issues and Faith Based DeFi Ecosystem

About Deniz Dalkilic

MRHB DeFi Explains Ethical Issues and More

Marhaba is built around the foundational concept of promoting ethical finance in the cryptocurrency space. We are building a platform where Muslims and other faith constrained people can be assured they are using only ethical, Sharia-compliant products and services.
It will also be a platform that promotes equality by bringing unbanked, under-represented populations, primarily from poorer countries, into the empowering world of decentralized finance.

The basic elements of Islamic finance revolve primarily around making sure one’s investments and financial activities only promote ethical, Sharia-compliant businesses, people and products. As usury is considered unethical, Islamic finance bans interest on loans. Furthermore, Islamic finance requires that ambiguity and deception should be avoided at all costs.
Blockchain is truly the perfect tool for Islamic finance to ensure transparency and fairness for all.

“Halal” crypto assets are those that have been determined to be Sharia-compliant.
The process of determining whether an asset is halal or not requires an intermediary, in many cases, as the judgement requires a deep knowledge and understanding of both theology and the financial industry.

Marhaba employs a team of finance experts and a team of theology experts to deliberate and vote on every single asset or service we intend to include on our platform.
In order to be deemed Sharia compliant, and therefore permissible to include under Islamic finance, both our finance and theology teams must have consensus amongst them that the product or service is halal.
The team is independent from the inner-workings of Marhaba in order to stay objective and get rid of any bias.
The Shariah team has their own dashboard they review, scrutinize and make decisions on.
The rest of the applications within MRHB Network simply consume a list of coins that are deemed to be Shariah compliant and allow our end users to trade and/or interact with these coins.

The Souq NFT Platform (sNFT for short) will be an open, “no-code” marketplace hosted by Marhaba where individual creators can mint their own NFTs. The platform will make use of AI to detect and filter out non-Shariah compliant content i.e. NSFW content such as nudity, adult content, hate speech and racism.
Aside from NSFW filtering, the marketplace place will be cross-chain (EVM based chains initially) and will have a built-in “uniqueness” checker to ensure no copyrighted or already existing NFTs can be re-minted.
sNFT will also team up with orphanages and special schools to teach kids how to mint and sell their own NFT artworks, with the proceeds of these sales going directly to the participating institutions.

Total liquidity/assets locked in the Islamic finance sector are around USD 3 trillion in value, which is around 20 times the total value of assets locked in DeFi. Currently, $0 of this Islamic liquidity is locked in DeFi, showing an enormous potential for growth once halal DeFi options are made available.
MRHB aims to capture just 1% of this total liquidity which will set it at $30B TVL, larger than any major player like Compound or AAVE TVL.

It is our hope that in the future MRHB will completely decentralize and be governed entirely by its community. If you hold MRHB you can raise proposals and allow other MRHB holders to vote on protocol level changes such as fee mechanism, burn rates, buy-backs, integration of chains or pools and so on.
Until DAO governance is released, we have two governance boards — one group that governs the protocol and one group that ensures Sharia compliance — to guide MRHB’s evolution.

E-Crypto News:

Our DEX aggregator, or ‘The Dexregator’ as we like to call it, will be a hybrid platform that uses both on and off-chain methods for connecting to and analyzing several approved DEXes.
It also works across blockchains, so our users will not be stuck within any single ecosystem.
Idea of the Dexregator is to provide users with a single point of entry to the entire liquidity available across all chains thus get the best rates with minimal slippage. Dexregator will only charge a small fee if POSITIVE slippage is achieved otherwise completely feeless.

Our vision is to build the world’s first dedicated protocol for decentralized philanthropy.
MRHB DeFi Platform users will have the option to send a portion of their crypto portfolios to approved charity organizations with full traceability and transparency while preserving donors data.
In addition to voluntary donations and general philanthropy, we will include a system to help users make automated donations at set intervals — this is useful for Muslims to fulfill their “Zakat” obligations but at the same time help non-Muslims to fulfill their obligations as a human to help one another without compromising their privacy.

$MRHB is a digital utility token with a total supply of 1 billion.
In addition to having monetary value when traded on exchanges, $MRHB has many uses on our platform (check our whitepaper for full list), and will have many further uses added as Marhaba grows.

Intended uses include:

The launchpad will be an initiative to help fund entrepreneurial dreams and goals in a Shariah compliant manner whilst utilising Quadratic Funding model.
We aim to finance entrepreneurs from around the world, regardless of their backgrounds, to onboard Shariah approved projects to our platform.
The projects have to be cryptocurrency-focussed.
The launchpad will have built-in features to deter bots, “sniping” and any other exploit that puts “whales” at an advantage and will set a fair playing field for all.

Notably, we have chosen to implement a long vesting schedule to all but the public sale tokens.
We are committed to building a platform that brings value to the Muslim community and the world at large.
We are steadfastly against ‘pump and dump’ schemes!

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