DeFi platform sees strong interest in halal-approved crypto products
Australian-based crypto platform Marhaba DeFi says there has been a strong take-up of Halal-approved cryptocurrency products on its platform, with aims to release a suite of new products which align with Islamic law by the end of 2022.
Launched in 2020, the platform 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 non-custodial multichain “Sahal Wallet” have grown to around 40,000 since its launch, stating:
“You just download a wallet, and it will give you everything that's halal in the crypto ecosystem,” he adds.
Marhaba, meaning “welcome” in Arabic, 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, what 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 non-fungible token (NFT) marketplace.
The first cryptos launching this month on the TijarX DEX will be tokenized silver and gold backed by real and audited bullion reserves. Mohammed says there's more to be added to the platform such as tokenized wheat, barley, soya, and cocoa.
Mohammed says discussions are already underway but nothing is added to the platform without a vetting process which ensures not only that the provider has enough liquidity to handle the volume but also is complying with Islamic laws.
It’s this process which meant its M.I.R.O.
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