Dubai, United Arab Emirates, June 12th, 2022 — MRHB DeFi Network, the first decentralized finance platform strictly focused on only ethical and halal offerings, announced three new products and dozens of new technical developments to be added to their halal DeFi platform from this summer throughout H2 2022. The new products and enhancements set the stage for the launch of four other major products in 2023.
“We’re following a very ambitious roadmap to rapidly develop a series of full-featured halal DeFi products and services for the MRHB DeFi ecosystem,” said Naquib Mohammed, founder and CEO of the company. “We’re currently working on increasing our platform’s utility, which will then be expanded with three new offerings this year that are highly-anticipated among our community.”
Naquib added, “We are absolutely committed to our roadmap, no matter the state of the market. Our plan is to just continue building and developing as strongly and steadily as we can until we emerge a winner among all our peers. We will succeed!”
Meet the New True Halal DeFi: CommDex, M.I.R.O. and Liquidity Harvester
Launching this year are two new “truly halal” DeFi products. M.I.R.O. — which stands for Marhaba Incentivization & Reward Offerings — is the first halal staking solution for DeFi. There is also a halal liquidity harvester under development which will enable people to generate passive crypto income without worrying about the ethicality of their investments. While many DeFi income products currently rely on usurious interest-based loan strategies that could be seen as exploitative, MRHB DeFi is focused on avoiding this altogether with a bottom-up halal compliance approach.
“MRHB DeFi Network’s Shariah Governance Board (SGB) worked very closely together our development team for six months straight to find the perfect solutions for building truly halal DeFi solutions — not just halal in name but in every aspect of the code,” said MRHB DeFi’s CTO Deniz Dalkilic. “We are building an ecosystem of DeFi protocols that have all been declared halal by the SGB. Regarding the liquidity harvester, there will be options for both active or passive participation, with additional options, VIP strategies and perks offered to stakers. M.I.R.O. users who lock up tokens will be rewarded based on a tiered incentive staking model.”
The third DeFi product launching this year is CommDex, a decentralized exchange for commodity-backed tokens that will be built right into MRHB’s Sahal Wallet. Sahal Wallet is the first self-custodial multi-chain wallet in the world developed to only be compatible with halal tokens.
“CommDex will launch with physical gold and silver-backed tokens, in which it will be possible to purchase a gram of actual physical gold or silver that is safely stored as bullion in our partners’ fully insured vaults. We also have plans to expand the CommDex offerings to other tokenized physical commodities such as iron, corn and wheat,” Deniz said.
Sahal Wallet will also see a number of exciting enhancements added soon, including compatibility with Bitcoin, gamification features and reversible transactions.
Here’s a quick look at MRHB DeFi’s development roadmap over the coming few months:
- May 2022 (completed): SouqNFT – NFT reporting; Sahal Wallet – Token display and backend upgrade for Shariah coins and admin panel; Liquidity Harvester – Version 1 (active management)
- June 2022: Sahal Wallet – Price charts, a referral program and integrations with Avalanche and NFTs; Liquidity Harvester – testing, auditing and M.I.R.O. staking integration; M.I.R.O. – staking tokens, voting contracts and a UI portal
- July 2022: SouqNFT – Fantom integration, fiat onramp, GAN-based art tools, suggestive searching; Sahal Wallet – integrations with Bitcoin, Fantom and RSK; Liquidity Harvester Version 2 (automated), UI upgrade; CommDEX – launch with gold and silver tokens
- August 2022 and onwards: SouqNFT – unique NFT checker and reverse image lookup; Sahal Wallet – gamification mining tab, reversible transactions, localization to five new languages, multiple wallet capability, integrations with Liquidity Harvester Version 1, ZKSync and Arbitrum; Liquidity Harvester – Version 2 testing, auditing and M.I.R.O. staking integration; M.I.R.O. – in-wallet staking, NFTs and incentivized tiers
Leader of MRHB DeFi’s advisory board Khalid Howladar remarked, “MRHB is still in its early stages, but we are making great strides toward our ambitious vision. Our team is devoted to building a trusted portal to halal DeFi that our community can safely and easily access. In the end, we will have a robust ethical ecosystem of DeFi products.”
Say “Marhaba” to the First Halal DeFi Platform
MRHB is meant to be pronounced ‘Marhaba’, which means ‘welcome’ in Arabic. It’s a fitting name for a company founded to serve over 1.8 billion people concerned with the ethicality of their financial investments. This includes the world’s Muslims, a demographic worth US$3 trillion in market value who previously were unable to invest in cryptocurrency as there were no halal options in the crypto space.
Naquib founded MRHB DeFi Network to meet this market demand by ensuring every aspect of the MRHB platform — including every token, service and product — are passed through a strict halal vetting procedure, thus ensuring that only ethical business practices are followed in the creation and maintenance of the platform.
MRHB DeFi Network launched their token — also called MRHB — at the end of 2021, raising more than US$5.5 million in an oversubscribed IDO. The company boasts a community of over 60 thousand people from 106 different countries, and more than 85 percent of the initial MRHB investors came directly from this group of enthusiastic supporters.
MRHB DeFi recently won “Best New Islamic Crypto Platform” (Crypto/FOREX category) at the Global Brand Awards. Nasdaq and InvestorPlace also featured the MRHB token as a “killer crypto” in both January and March 2022. The world’s first NFT-based halal certifications were also recently launched by halal advisory board Shariah Experts and hosted on MRHB’s SouqNFT marketplace.
MRHB has an ambitious roadmap for 2023. Four major products and services will be launched on their platform, including:
- Decentralized philanthropy (DePhi) for decentralized and anonymous charitable donations
- An entrepreneur launchpad to help raise up less fortunate people
- Halal crypto financing that is interest-free
- Decentralized autonomous governance (DAG)
Once these four products have launched, MRHB DeFi Network is planning to migrate to their own Layer-1 blockchain.
MRHB DeFi Network’s vision is supported by a number of partners and investors, including Polygon Technology, Sheesha Finance, Australian Gulf Capital, NewTribe Capital, Blockchain Australia, Mozaic, Contango Digital Assets, ZKSync, Acreditus Partners, EMGS Group, Sinofy Group, Sukhavati Protocol and MKD Capital, amongst others.
About MRHB DeFi Network
MRHB DeFi 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 will impact society as a whole, essentially bridging the gap between faith-conscious communities and the blockchain world.
MRHB DeFi Network Official Channels
Telegram Announcements: https://t.me/marhabadefi_ANN
Telegram (Arabic): https://t.me/mdf_arabic
Telegram (Russian): https://t.me/marhabadefi_russia
Telegram (Turkish): https://t.me/MarhabaDefiTR
Telegram (Persian): https://t.me/mrhbdefi_persian
Telegram (Urdu/Hindi): https://t.me/MRHBDeFi_Urdu_Hindi
SouqNFT Marketplace: https://souq.mrhb.network