The world’s first halal DeFi platform, MRHB.Network, has celebrated its one-year anniversary and released a performance report detailing their successes during their initial year of operations.
MRHB DeFi, which launched the $MRHB token in December 2021, developed and released three world-first halal products for the MRHB.Network platform over the following year: Sahal Wallet, a self-custodial wallet and halal DeFi ecosystem portal; SouqNFT, a halal NFT marketplace; and TijarX, a halal decentralized exchange (DEX) built specifically for tokenized commodities such as gold and silver. The wallet and NFT marketplace are both multichain products—the wallet is scheduled to support 14 different blockchains by Q3 2023. Two more DeFi products are also coming soon: EmplifAi, a halal liquidity harvester to make crypto investments easier and M.I.R.O., a halal staking and rewards platform.
The company’s founder and CEO, Naquib Mohammed, stresses that everything on their platform is built with ethics and a “community first” mission in mind. To ensure the company remains aligned with community goals, the MRHB Governance Board opted to delay releasing the MRHB DeFi team’s vested tokens until after M.I.R.O. is launched later this year.
Halal From the Ground Up
MRHB DeFi ensures the halal and ethical status of all of the products on their platform via a strict vetting procedure by their Shariah Governance Board (SGB). In addition to overseeing halal compliance for every step of the development process in products built by MRHB DeFi, the SGB has conducted halal screening for more than 150 external tokens, products and protocols.
The SGB also creates crucial documentation and training resources for the company. Last year, they wrote the first publicly published paper about Shariah governance in DeFi and drafted the first DeFi-related Shariah governance framework and Standard Operational Procedures (SOPs).
The hard work of the SGB has made MRHB DeFi the largest halal ecosystem in the entire crypto industry. It is also critical for enabling the company to make partnerships with other halal projects.
Owing to this, MRHB DeFi has secured more than 30 strategic partnerships, including a few notable ones: MRHB is collaborating with the youth wing of the Organisation of Islamic Cooperation (OIC), with whom MRHB DeFi is establishing an educational Blockchain Centre of Excellence in Istanbul via an incubation program supported in part by the Presidency of the Republic of Türkiye Investment Office. They are also partnered with Polygon Technology to help ensure MRHB’s optimization for the Polygon network, including in an upcoming decentralized philanthropy (DePhi) product for halal Zakat and Waqf donations. MRHB is also partnered with Ainslie Bullion, Australia’s leading bullion group, which onboarded their bullion-backed Gold & Silver Standard tokens to TijarX.
The company’s Chairman, Khalid Howladar, stressed that MRHB has received great recognition of the project’s transparency, ethics, quality and credibility, despite token pressures from the crypto bear market. He also said that this recognition is leading to further partnership opportunities in 2023, which could lead to the project’s expansion into further commodities, real estate and the metaverse.
A testament to their hard work and drive, numerous accolades were bestowed upon the MRHB DeFi project in 2022. They won three awards—two World Business Outlook awards and one from the Global Brand Awards—and were featured as one of the year’s top Muslim projects by the US-based Center for Global Muslim Life. The $MRHB token also received a perfect audit score by Hacken.
The full One Year Performance report is only available to investors of the project, but the many highlights from MRHB DeFi’s first year can be accessed in the below-linked document:
Visit MRHB.Network and follow MRHB DeFi on social media to learn more and get the latest updates.