– Launched in 2020, Marhaba DeFi is focused on adhering to the rules of Islamic finance which refers to how businesses and individuals raise capital in accordance with Sharia, or Islamic law.
– Speaking to Cointelegraph, Marhaba DeFi founder and CEO Naquib Mohammed said active users of their noncustodial multichain Sahal Wallet have grown to around 40,000 since its launch.
– Marhaba DeFi also has four more Islamic law-aligned crypto products releasing this year, something Mohammed says will be an end-to-end halal ecosystem for those excluded from the market due to the lack of Sharia compliance.
– The first is TijarX, which he says is the first halal decentralized exchange (DEX) for commodity-backed tokens, a halal DeFi staking solution, a liquidity harvesting platform, and a new version of its existing halal nonfungible token (NFT) marketplace.
– The first cryptocurrencies launching this month on the TijarX DEX will be tokenized silver and gold backed by real and audited bullion reserves. Mohammed says theres more to be added to the platform such as tokenized wheat, barley, soya and cocoa.
– Its this process that meant its M.I.R.O. staking platform took eight months to build because of the difficulty of addressing the Shariah compliance within the space.
– Marhabas liquidity harvester works on a separate Islamic financial profit and loss sharing arrangement called Mudarabah, where one party provides the capital while the other provides labor and both share in the profits and loss.
– Marhaba is also providing solutions for Islamic businesses using NFTs while the second version of its NFT marketplace will be tailored to businesses, Mohammed revealed its already partnered with five organizations that will be utilizing NFTs.
– In April, Marhaba issued the first NFT Halal certification and Mohammed expressed this was an area he wants to personally ensure finds usability and adoption, as it will give consumers greater transparency over the validity of a business Halal certification.