UAE-based DeFi mutual fund platform Sheesha Finance sets eyes on MRHB DeFi, announced as “the world’s first halal decentralized finance (DeFi) ecosystem”, and has made a strategic investment in the project for an undisclosed amount.
Sheesha Finance is an early investor and supporter of MRHB (Marhaba) DeFi which has positioned itself as a first-mover, faith-based DeFi project.
Saeed Al Darmaki, Sheesha Finance CEO, commented:
“As a decentralized fund we’re always on the lookout for like-minded projects and ideas that are looking to advance ethical finance and decentralize finance more. We’re very excited to have partnered with Marhaba, a unique value proposition in DeFi, who are doing that, and a lot more.”
A Partnership Deal with a Shared Vision
Both parties are to collaborate alongside mutually beneficial business and financial initiatives which align with Islamic Finance. MRHB DeFi also stands to benefit from Sheesha Finance’s network and connections.
The DeFi mutual fund has backing from Alphabit and Galaxy Digital as well as investment partnerships with TeraBlock, Base Protocol, Zignaly Plasma Finance and Royale Finance, among others.
Sheesha Finance raised USD 9.4 million after a two-week liquidity generation event (LGE) earlier this year.
Naquib Mohammed, MRHB DeFi Founder & CEO, commented:
“Sincere thanks to the Sheesha team led by Mr Saeed for this strategic investment and partnership opportunity. We are delighted to have Sheesha Finance as one of our early supporters and partners and are absolutely looking forward to utilizing the team’s crypto and DeFi market expertise and experience. This partnership with Sheesha Finance will open new avenues for growth and expansion for MRHB DeFi across its network.”
What Being an Ethical and Inclusive Shariah-compliant Project Means
MRHB DeFi purports to be developed as an “inclusive DeFi ecosystem” allowing “people of all faiths with an ethics-first stance” to gain from financial opportunities available in the DeFi space.
In all areas that MRHB operates, they allege to comply with the central beliefs that govern Islamic finance, following ethical standards in Shariah law which means avoiding practices like charging interest, usury, exploitation and any other business practices that are considered unethical.
The Population Reference Bureau estimates that the total Muslim global population will grow to 2.2 billion people by 2030. Currently the total TVL of the DeFi space stands at USD 170 billion at the time of publication.