Halal DeFi Gets Recognition with MRHB DeFi

Halal DeFi Gets Recognition with MRHB DeFi

MRHB received recognition for building halal DeFi products targeting nearly 25% of the global population previously lacking access to crypto.

Last year marked the beginning of halal decentralized finance (DeFi) options for Muslims. Before the tail end of 2021, there weren’t any halal safeguards in the crypto space, meaning that Muslims had a very difficult time determining which crypto projects followed ethical business practices admissible under Islamic Law. The vast majority of the world’s 1.9 billion Muslims — representing over 24 percent of humankind — was completely absent from the world of crypto.

MRHB.Network, the world’s first halal DeFi platform, launched their $MRHB token in December 2021, with their Sahal Wallet halal token storage solution launching two months later. 2022 also saw the launch of the company’s SouqNFT marketplace for halal NFTs — which also hosts halal compliance certificates in NFT form — and TijarX, the first decentralized exchange (DEX) for halal commodities such as tokenized gold and silver. MRHB now has over 70,000 loyal supporters in over 100 countries across the globe.

The company has now been bestowed with a total of three prestigious awards for their efforts to make ethical DeFi accessible to all: “Best New Islamic Crypto Platform” in the Crypto/FOREX category at the Global Brand Awards, as well as “Best New Islamic Crypto Platform Australia 2022” and “Most Ethical DeFi Network Australia 2022” from the World Business Outlook Awards. In addition, MRHB has been selected to participate in the Turkish government–supported Islamic Cooperation Youth Forum (ICYF) incubator, an initiative aimed at supporting startups building in the OIC, which is an organized alliance of 57 countries with strong ties to Islam.

MRHB won three awards in 2022 for their ethical DeFi platform.

MRHB won three awards in 2022 for their ethical DeFi platform.

A Distinguished Pioneer in a Growing New Market Segment

Halal financial services are commonly known as Islamic Finance, which represents a whopping market size of over US$3 trillion. Thanks to the halal opportunities offered by MRHB and other companies who are following their example, more and more of the Islamic Finance market is being exposed to cryptocurrency as alternative investment assets — an accomplishment that MRHB has been honored for with their recent award wins.

The Global Brand Awards in particular saw MRHB selected from a pool of more than 18,000 candidate companies with a combined brand value of over 5 trillion pounds, according to Jay Reddy, Head of Branding at the Global Brands Magazine which oversees the awards. Reddy said that companies selected as winners are those that “place the greatest value on building long-term brand value through long-term customer satisfaction.”

The ICYF incubator will see MRHB team up with the OIC youth wing to establish the Blockchain Centre of Excellence in Istanbul, Turkey, which will help promote prospects in the field of distributed ledger technologies (DLTs) for youths of OIC member countries. The incubator will also give MRHB numerous other benefits, including unparalleled investor and partnership networking opportunities across the region’s Islamic Finance sector.

Sami Serdar, CEO of the ICYF Young Business Hub, expressed the organization’s excitement to work together with MRHB to promote the expansion of halal Web3 and DeFi opportunities. He said that ICYF is primarily focused on the sustainable development of Islamic communities and economies in the OIC, and as such is highly supportive of projects like MRHB with a strong community commitment.

ICYF Young Business Hub CEO Sami Serdar with MRHB Marketing Head Ahmed Jawa, commemorating the official acceptance of MRHB into the ICYF incubator in Istanbul, Turkey.

ICYF Young Business Hub CEO Sami Serdar with MRHB Marketing Head Ahmed Jawa, commemorating the official acceptance of MRHB into the ICYF incubator in Istanbul, Turkey.

MRHB Advisory Board Chairman Khalid Howladar explained that the ICYF incubator is a critical opportunity for the company to connect with two important groups: the halal business ecosystem and the global faith-based community.

“Web3 is being adopted rapidly in the West and many parts of Asia. Participation in this incubator represents a means for us to help spread the adoption of blockchain technology in the OIC,” Howladar said.

About MRHB.Network 

MRHB.The network is a halal, decentralized finance platform built to embody the true spirit of “Ethical and Inclusive DeFi” by following faith-based financial and business principles where all excluded communities can benefit from the full empowerment potential of DeFi.

The diverse team comprises researchers, technocrats, influencers, Islamic fintech experts, business entrepreneurs, and industry professionals, who have all come together to ensure that MRHB DeFi prevails in a manner that impacts society as a whole, essentially bridging the gap between faith-conscious communities and the blockchain world. 

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