Melbourne, Australia, Oct 5th, 2021 — In spite of the rise of decentralized finance within the crypto sphere, some still regard it as a strange, alien space where little makes sense and everything is purely speculative. Others are reluctant to enter DeFi as a result of faith-based constraints, such as the Muslim communities who refrain from partaking in financial transactions that may not be shariah-compliant. MRHB DeFi was established to speak to these communities and more.
By offering halal DeFi products, MRHB promises to create a community-driven DeFi ecosystem that abstains from exploitative practices, interest-taking, usury and generally unethical acts that violate the tenets of shariah. With over USD 3 trillion liquidity in Islamic Finance, even a minor part of this community being brought into DeFi will grow the market and usher in a largely untapped part of the world into crypto.
Contango Digital Assets, the latest investor into the new halal DeFi platform, aims to establish a close relationship with the MRHB team. Through this venture, Contango offers experience and expertise covering many areas which will help in the outreach to communities untouched by DeFi. This alliance also brings in collaborations with marketers, influencers and other established names in the blockchain industry, brought in by Contango marketing partner, Influx Group.
“This important community has been struggling to participate in DeFi opportunities and MRHB is now opening an important door to these people who wish to participate in the cryptoverse while still remaining faithful to their beliefs. We’re thrilled to be a part of that.” – Contango Managing Director Mike Grantis
“We are first in building DeFi services that solve issues of faith, ethics, exclusion, and complexity. Our user-friendly platform provides equal opportunities to everyone, not only those who share our concern for holding crypto assets that are halal. With Contango’s support, we will continue our journey of growth and development within Islamic communities and beyond.” – MRHB DeFi CEO Naquib Mohammed
Together with MRHB’s previous collaborations with Coinsbit India, Sheesha Finance, NewTribe Capital, Acreditus Partners and EMGS Group, Contango’s latest entry into the halal crypto network will work towards growing MRHB’s visibility and reach throughout the crypto space. This new partnership should help strengthen MRHB’s halal DeFi community and improve its reach into non-crypto communities, engaging those who are interested in a faith-based, ethical DeFi network.
About MRHB DeFi
MRHB DeFi is a halal, decentralised finance platform built to embody the true spirit of an “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.
Based on the tenets of blockchain such as trust, transparency, and security, MRHB DeFi has encapsulated universally applicable principles of Shariah into those tenets of blockchain to render a suite of offerings. It is a complete DeFi ecosystem whose products, protocols and crypto-assets are governed primarily by the ethical, inclusive, sustainable and charitable investment principles associated with the Islamic faith or ‘Islamic Finance’ (‘IF’ as it is commonly known).
The diverse team is comprised of researchers, technocrats, influencers, Islamic fintech experts & business entrepreneurs, who came together to ensure that MRHB DeFi prevails in a manner that will impact society as a whole, essentially bridging the gap between the faith-conscious communities and the blockchain world.
Read more about MRHB DeFi’s Shariah Concept Paper, Lite and White Paper here.
MRHB DeFi Official Channels
Contango Digital Assets was launched to empower the financial revolution that is presented by blockchain and DeFi technology. It invests in innovative projects from around the world and fosters strategic partnerships with founders who look for more than just capital.
Learn more about Contango by visiting the official website or following the fund on Twitter.