A year and a half ago, decentralized finance (DeFi) was valued at about USD1 billion. Today it has a total value locked (TVL) of USD220 billion. In spite of this, many have yet to join the DeFi Wave, fearing the risks associated with it and the possibility of bad actors exploiting them in this space.
Thus many groups, especially those which value ethics, have been hesitant in adopting DeFi and have been mostly left out of DeFi’s surge and rise. MRHB DeFi was founded specifically to address this, to include communities that were left out of DeFi and to bring faith-based ethics through Islamic Financial principles into DeFi.
Part of its goal involves tapping into the rest of the mainstream Islamic Finance industry and including it into DeFi. Should even a small piece of the Islamic Finance USD3 trillion asset market adopt DeFi, it could potentially grow DeFi and specifically MRHB DeFi to much greater levels than now.
MRHB has now received the backing of Australian institutions like Blockchain Australia, a move that is sure to expand decentralized Islamic Finance’s appeal even further.
Based in Melbourne, Blockchain Australia is a tech products and services company that provides investors, corporate teams, entrepreneurs, startups and venture capitalists with personalized blockchain solutions. It also provides mentorship and guidance to its clients, helping them work out and innovate new ideas and solutions.
“I would like to thank Blockchain Australia… for their support,” said MRHB DeFi CEO Naquib Mohammed. “It is crucial for us to work with organisations that are in a position to help shape the way blockchain and decentralized finance can develop in Australia. I look forward to working with both Blockchain Australia… to forward our shared goals, and deliver an ethics-focused brand of blockchain to Australia and beyond.”
Ralph Kalsi, CEO and Founder of Blockchain Australia, expressed solidarity with the vision of the ecosystem startup: “We believe in Marhaba’s vision, which is a unique offering encompassing Islamic trading principles with smart contract-based transparency and open not only to the Islamic community but to the entire world – a laudable ethical cause that has motivated us in Blockchain Australia to back the initiative and help ensure its success.”
Other than Blockchain Australia, MRHB DeFi has also received strategic investments from Contango Digital Assets, Mozaic, Influx Group, NewTribe Capital, Sheesha Finance, Acreditus Partners and EMGS Group.
About MRHB DeFi
MRHB (pronounced ‘Marhaba’) DeFi is a decentralised finance platform built to bring ethics to the DeFi space with an approach that supports the inclusion of faith-based and other excluded communities in addition to existing crypto-natives so that everyone can benefit from the full empowerment potential of DeFi to help build a true peer-to-peer financial and economic value system.
Based on the tenets of blockchain such as trust, transparency, and security, MRHB DeFi has encapsulated universally applicable principles of Islamic Finance into those tenets of blockchain to render a suite of offerings that are also ESG compliant.
The project is backed by a diverse and strong team with backgrounds spanning crypto, technology, faith-compliant investing, finance and seasoned institutional veterans of industry. The public sale offering will be in December. Register your interest and read more about MRHB DeFi’s Shariah Concept Paper, Lite and White Paper here.
MRHB DeFi Official Channels