Following is the encapsulated recap of AMA with Crypto Maxxis. Mufti Billal Omarjee (Shariah Compliance Officer) addressed the community about Marhaba’s progress and roadmap updates.
Date : 18th August 2021, Wednesday
Time : 04:00 PM UTC
Venue : Crypto Maxxis
Reward Pool : 100$
AMA Transcript
* Introduction Segment *
Q1. First of all, please introduce yourself to us. How and when did you start? What’s Your role in MarhabaDefi?
Response: I am Mufti Billal Omarjee, I am currently the Chief Shariah Compliance Officer at Marhaba Defi since 2020. I graduated in Islamic Theology from Darul Uloom Bury and I am a BA holder in Banking and Law from the London Met University. I did my fatwa training in Blackburn Darul Uloom, all in the UK. I am part of the team that have built Marhaba which is a project that aims to bring halal solutions to the Muslims interacting in the DeFi ecosystem.
Q2. Can you tell us briefly about MarhabaDefi and its usecases?
Response: Marhaba was born as an idea after we personally had trouble finding solutions that were Shariah compliant within DeFi space. Which makes it unique in that we are as the team solving a real issue that we all personally faced. As far as the product itself. Marhaba is an ecosystem rather than a single project. It amalgamates a range of industry standard products within DeFi space today with a layer on top to bring in Shariah compliance plus innovation to minimise complexity and maximise wealth generation. Marhaba ecosystem will have 8 individual products. To name some of our version 1 products; Sahal Wallet, Cross-chain NFT Marketplace, Liquidity Harvester, Cross-chain DEX aggregator. All products are placed under a single umbrella and integrated with our $MHB token.
Ultimately Marhaba DeFi is about bringing halal solutions to the Muslim community in a DeFi ecosystem where halal investment is almost non existent. Similarly it is about bringing solutions to those who are wishing for ethical finance.
Q3. What is the logic of keeping the name as “Marhaba”? Does it have any special meaning?
Response: Marhaba means welcome in Arabic, by keeping this name we want to welcome everyone who is looking for an alternative to conventional Defi ecosystem. Although we are creating specific solutions for Muslims investors, we do not want it to be a Muslim platform only, rather we want to welcome everyone: Muslims and Non Muslims who are also seeking ethical solutions in the crypto investment world.
Q4. What is Sahal Wallet? What features we will get in that wallet? Why someone will prefer Sahal wallet instead of popular wallets like Metamask etc?
Response: Sahal will serve as the gateway to our ecosystem. This is our long term vision. We want to get to a state where user downloads Sahal and has access to each and every product we have under our umbrella. Sahal’s other main benefit of course is that the tokens permitted to be stored are Sharia compliant and each and every token will undergo continous review meaning a token that is Sharia compliant today may not be in 3 months thus Sahal wallet will update accordingly.
Q5. NFT is very hot topic currently. Projects having NFT Supports are booming. Do you also have kept some NFT functionalities in your wallet? If yes then which?
Response: One of the products we’re building atm is a Cross-Chain NFT Marketplace. We in fact have two flavours of this marketplace. First one being Souq NFT. This marketplace will serve those who are into Islamic art such as calligraphy and other forms of Shariah compliant art. The second flavour which we have dubbed it as NFT Garage for the time being is more of a generic NFT marketplace like Opensea. Both marketplaces will be deeply integrated into Sahal Wallet as well as accessible via browser as a normal web app. All fees from this marketplace again are payable in $MHB and in fact the assets themselves could be sold for MHB as well as other currencies. Both marketplaces will also offer cross-chain asset support (EVM based assets for now) and uniqueness checking mechanism which is an innovative flow built in-house.
* Twitter Segment ️*
Q1. So many DEFI projects like yours that offer investors to generate magnificent returns. Can you explain to us what is the special feature of @MarhabaDeFi? Why is your project the best of the DEFI platforms in terms of long-term sustainability, profitability and safety?
- @abdulazzam1505
Response: Marhaba is more than a single product. Its an entire ecosystem that has a range of DeFi products. Some building on existing DeFi “lego blocks” and others completely innovational. We are striving to allow individuals who are keen and interested in DeFi to earn, sell, borrow and yield on DeFi products hence the suite of applications. Our goal is to create an ecosystem where our Sahal Wallet will serve as the gateway and $MHB as the token behind it to power and govern the ecosystem. $MHB total supply will be 1b which has changed from our initial total supply upon more members joining and more brain power contributing to reasons behind it. The token will as mentioned serve as the backbone of the ecosystem and will be put forward in all our products as a way to pay fees, offset fees, earn rewards, stake for perks and more.
Q2. Marhaba DeFi brings the first sharia compliant solution to the world of decentralized finance. But what is Sharia? It is the first time that I see this term within finance. What is it and how can it benefit a whole general ecosystem?
- @Hoan26571098
Response: Shariah means a way of life. Muslim believe that this way of life has been revealed by God though His Messenger. The objectives of shariah is to protect the religion of an individual, to protect his wealth, his life, his honour and his sanity. Hence, a Muslim will have to follow certain rules to achieve these objectives in his/life. For example, He will have to perform certain acts of worship to protect his relation with God. He will have to stay away from intoxicating substance to protect his sanity. He will have to be trading in certain ways to protect his wealth and the wealth of others etc
So in essence, having shariah compliant solutions in DeFi, will help Muslims to trade in a way that is line with their faith. But at the same time, it will benefit other people who are not Muslims, by bringing to them solutions that are ethical to everyone.
Q3. One of the the advantages in MarhabaDeFi is Users can build digital assets and decentralized financial products based on Marhaba. So how do you filter developed digital assets in your ecosystem when there are so many token rug pull and exit scams?
- @MsNazmul4
Response: The reason we have setup in-house shariah team is because, we would be periodically & continuously screening the assets and products, including the partnerships of the platform. Obviously, this is not the opportunity to discuss the methods or criteria of the eligibility. All of this is described in our shariah paper that is on the website. In fact the version 2 would be available by the end of the week. I urge all of you to check it out for details.
Regarding the rug pulls and scams, these are external products and 3rd party integrations. The business team will do its DD before the integrations are done to ensure clean associations.
Q4. MarhabaDeFi wants to be at the forefront of the journey by creating an easy option for investors and Muslim Community to diverse their investments into not only one DeFi token, but the whole space, all in one trade. Can you tell me how and when you plan to actualise this?
- @Meziprayoga1
Response: This is a very good question. But honestly, it’s not a straight forward answer that we can give. To summarize up, the team is working in a way that our focus is towards the non crypto community. We are working with customer journey analysts and UI Researchers to ensure that the users of the platform have a seamless experience. We are looking at the entire DeFi stack, and by putting the hat of a shariah scholar, we try to ensure how best we can integrate the different products together.
Q5.
1) I’m Muslim and How can i take Benefit of MDFP
2) How Marhaba ecosystem works?
3) Where we can use Saha wallet and how it is different from other wallet what are the benifit of using it?
- @AlqamaRahman
Response: Thank you Alqama, great set of questions. Makes me feel that you have taken time to understand what we are doing.
I will send separate answers for each questions
1) I’m Muslim and How can i take Benefit of MDFP
You can be anything. We are working hard to create an inclusive platform. As a Muslim, Marhaba is the only platform you can benefit from, as the platform conforms to the laws of Islamic Finance. Every transaction, and every trade that happens would be compliant. This assurance you cannot have in any other platform. I can say this with confidence, as me and my team is responsible to ensure that :)
2) How Marhaba ecosystem works?
Funny Question. Marhaba Ecosystem is a set of dapps and protocols built on top of the blockchain. It has smart contracts’ logarithms, and UIs just like any other project. The differentiating factor however is that the laws of trade and transaction are as per the laws of Islamic Finance.
3) Where we can use Saha wallet and how it is different from other wallet what are the benifit of using it?
Sahal Wallet would be a non custodial multi currency wallet. The Uniqueness of this wallet would be that it will list only shariah compliant tokens. These would be reviewed and certified on a timely basis by our shariah team. Apart from that, the wallet would be the front interface or the gateway to the whole ecosystem. Anything that is built on the platform, the user would be able to access it from the wallet. So, you don’t have to jump applications and screens and platforms to use the different offerings of DeFi. We give you all of packed under one super app. Hope that clarifies the question.
Ultimately, as I said earlier, we are bringing unique and great solutions to the Muslim community and to those seeking ethical investments
* Live Segment ️*
Q1. Do you have Whitepaper if yes please share it with us and secondly do you have plans for pre-sale? Where can we join it?
Response: The Whitepaper is currently being finalised and will be published by the end of this week or next. keep checking our website!
Q2. ❤️first of all a very happy muhorram to to you❤️
As your main goal is to introduce Muslim community with blockchain World..will your team plan to reach more famous muslim community and make them more close with this blockchain world?
@ShariahExperts
Response: thank you and yes we will try as much possible to reach to everyone from the Muslim community fanous and non famous who are seeking halal alternatives and also non Muslims too as we are inclusive of people of all faith
Q3. Based on my research, I read that the Smart Contracts play an important role in the Marhaba Ecosystem as they follow the principles of Islamic Trade, however, can you tell me how you adapted those tenets into each smart contract? How can they recognize the laws of Islamic Trade?
Response: me and my collegues in the Marhaba shariah team are well versed in the Islamic trading laws, so along developer we will be ensuring that the smart contracts are structured in a way that is operating within the Islamic laws parametres
Q4. I think Marhabha NFT Program has Mainly Focused to Spread Islamic NFT , Does it’ll affect to Other Religion People’s Arts ? Or it will be Leading Programme For Islamic NFT? Do you have also any Charity Programme in this Whole Project ?
Response: Our primary objective is to ensure that the NFTs are shariah compliant. We will be screening each NFT before listing. If something is not shariah compliant then it won’t be listed. And yes we will have charity program and zakat solutions in the future which will be part of our DePhi protocol.
Q5. Do you have any YouTube channel, or website and others, for this project?? From where, we can learn something??’’
Response: yes we recently started a weekly crypto show on podcast, you can find the link to our channel in the pinned messages
* End of AMA Transcript *
About Marhaba DeFi
Marhaba DeFi is a platform built to embody the true spirit of an “Inclusive DeFi” by promoting participation finance, where all communities, including the ones from the Islamic World, can benefit from the benefits of DeFi.
Based on the tenets of Blockchain such as trust, transparency, and security; Marhaba DeFi has encapsulated universally applicable principles of Shariah into those tenets of Blockchain to render a suite of offerings.
Marhaba DeFi was founded with the vision of bringing a “Muslim also” platform, rather than making it an exclusive “Muslim only” offering.
We are a diverse team of researchers, technocrats, influencers, islamic fintech experts & business entrepreneurs, who came together to ensure that Marhaba 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 Marhaba DeFi here:
Website | Twitter | Telegram Chat | Telegram Announcements | Medium | Documents | Facebook | LinkedIn | Telegram Arabic Community
