Following is the encapsulated recap of AMA with Crypto Library. Mufti Billal Omarjee (Shariah Compliance Officer) addressed the community about Marhaba’s progress and roadmap updates.
Date : 28th August 2021, Saturday
Time : 06:00 PM UTC
Venue : Crypto Library
Reward Pool : 100$
AMA Transcript
* Introduction Segment *
Rozy Vanns
Hello @Mufti_Billlal_ShariahExperts Welcome to our community
Shariah Experts Ltd
Hello everyone!
Thank you!
Rozy Vanns
Are you ready to start the AMA Guys?
Shariah Experts Ltd
Let’s do this!
Rozy Vanns
Okay, Before I start the first session can you introduce yourself to our community?
Shariah Experts Ltd
sure!
Shariah Experts Ltd
I am Mufti Billal Omarjee, I am currently the Chief Shariah Compliance Officer at Marhaba Defi. 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.
Done!
Rozy Vanns
Thank you for introduce yourself, Your experince will certainly motivate us in the future😊
Okay, In the first session I will give questions about MARHABA DeFi, of you have given an answer please say “Done”
Shariah Experts Ltd
ok cool!
Rozy Vanns
let’s start with the first question
Q1. Can you tell the members a little about MARHABA DeFi?
Shariah Experts Ltd
Well, Marhaba was incubated when we were researching DeFi protocols. We discovered most of them are strictly non shariah compliant. Hence Marhaba was born to bring shariah based DeFi solutions, to include the Muslim community AS WELL into the defi ecosystem. We are much 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.
done
Rozy Vanns
Next question
Q2. What are the major milestones MARHABA DeFi achieved so far?
Shariah Experts Ltd
“Interest free Liquidity lending
Sahal Wallet:
A non custodial wallet, that has a trusted framework of a “filter” layer that allows only sharia screened tokens and NFTs to be stored, transacted, and managed by the user.
Ethical Trading Platform:
A decentralized Crypto Trading, a Sharia compliant Liquidity Farming and Staking — all at one place.
Yield Maximizer Buckets:
The Marhaba investment buckets symbolize different strategic approaches adopted by the Marhaba platform to invest in the DeFi space
and many more!
To have been able to put together an entire shariah compliant platform within a DeFi ecosystem, is the greatest achievement to date!
done
Rozy Vanns
Last Question for session 1
Q3. What makes MARHABA DeFi different and unique from all other projects out there?
Shariah Experts Ltd
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.
done!
Rozy Vanns
Okay, we move on to the second session, which is a question from Twitter
* Twitter Segment ️*
Q1.How strong is your team ? Many projects starts with good impression and later abandoned the project. What makes your project different than others? Please share with us?@JashonWilliam09
Response:
Our team is made out of experts in various field that are essential to Marhaba’s project. From the developer to marketing team, or from financial professionals to the Shariah experts team, we all have acquired years of experience in our respective fields. Our objective is to bring solutions in a place where we found a huge gap between people who use DeFi on a daily basis and those who cannot access DeFi because of their faith or morals. In another word, we know what we are doing and we are here to stay!
done
Q2.As an investor, I want to know how strong is your project security system? and what benefits will I have in the years to come when I decide to join the project you are working on right now?@Merymars1
Response:
The security is in line with the industry standard if not above. All of our products are created with all the highest industry security standards
done
Q3.What is the MISSION of #MARHABA? How is your project designed build real benefits and investment return to global community of crypto investors? How will you create positive impact on people and in the digital ecosystem using blockchain technology?@ayanalove
Response:
A shariah compliant platform is currently non-existent in the defi space, therefore,
Marhaba defi brings a real innovation into the space. In other words, it brings ethical and
social aspects to the defi world, which in turn, gives more credible, sustainable, and
responsible touch to it.
- the users will have more confidence and trust in a defi platform with more peace of mind.
- It is a huge step towards bridging the gap between an underserved market (the Muslim
world) and the defi world looking for extending its outreach
done
Q4.Marketing strategies are necessary in all projects, so, can you give details of what would be the marketing plan that #MarhabaDeFi will implement to reach every corner of the world & thus attract a good number of investors to the project?@jerryevaan
Response:
We have a very well experienced marketing team who are I believe and trust are beyond amazing at their job. A marketing plan is being put together to push our products out there and attract users and lliquidity. As we move forward we will be making announcements on our plan of action so please stay tuned and follow our channels.
done
Q5.Too many projects disappear in this tough market conditions, How do you ensure the sustainability of MHB Token? and what are the features MHB Token and why everyone will buy it?@GamaLidi
Response:
we are attempting to offer multiple products within our ecosystem to keep up with market demand and changes. This will continue to be the plan and as a team we want to be as agile as possible to react to market conditions and add value as we go along. We plan to add products as they make sense and expand the product suite with time. All codebase for Marhaba will be audited and open-sourced as we make progress which I believe will greatly contribute to DeFi development in general.
done
* Live Segment ️*
Q1. Multi-cryptocurrency wallets have been around for a while, and popular today. First, what is Sahal? What innovative features can attract users to use your wallet, Sahal? And how does the wallet work in the Wallet holder Offer(WHO)?Marhaba was born as an idea after we personally had trouble finding solutions that were Shariah compliant within DeFi space. But, can you first tell what is SHARIAH? What is the objective of Shariah to Marhaba ecosystem?
Response:
First of all, you must know that in Islam, every trading method is permissible by default, unless we have a clear proof that something unIslamic is present in that particular trade (for example interest charges). To put it into context, the scholars at Marhaba looked at the products that are being offered in a DeFi ecosystem, and how these products are traded. Whatever we think is acceptable from an Islamic perspective, we will keep and whatever we think is not acceptable, we will reject 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.
Q2. I have seen that you have done many AMAs, my question is, what do you expect to get it from so many AMAs and what are your goals with is the community? Do you consider the community to be a fundamental role in is the project?I have seen that you have done many AMAs, my question is, what do you expect to get from so many AMAs and what are your goals with the community? Do you consider the community to be a fundamental role in the project?
Response:
the primary reason to do the AMA is to raise awareness of our products and to also create a form of trust in the community. Many projects out there do not try to connect with people and we want to be the opposite
Q3. Talking about staking, what is the minimum that can be staking on your project, for how long, and is worth it for us doing staking or holding?
Response:
there will be plans for staking at some point, please follow our group to get more information about it.
Q4. @Mufti_Billlal_ShariahExperts @DrFarrukhHabib. Salam Aleykum. I have a question related to Sharia compliance in defi with regards to Marhaba. I hope you can give clarification on this. wouldn’t a yield strategy earning SNX (synthetix token) be deemed impermissible? SNX is a derivatives protocol that has many features not compliant with Islamic principles (kwenta, dhedge) etc. The Marhaba defi underlying strategy may only make use of compliant activity such as liquidity providing, arbitrage opportunities, staking etc, but use certain functionality of protocols that partake in non-compliant activity. Also receiving the token of the protocol as a reward. How can this be deemed as compliant with Islamic principles? Yearn finance also has vaults that are mainly catered to providing liquidity but their protocol partakes in Riba based activity. Isn’t this the case for SNX with regards to some of the functionality in their Kwenta and dHedge applications?
Response:
@ddnzdd has already responded to the question, but just add, any third party protocol or token used in the MRHB defi system would be subject to shariah scrutiny. They can only be used if they are shariah complaint or If MRHB is only leveraging on a specific feature or part of the offerings of such other systems, that specific feature and leveraging on that should be shariah compliant.
Q5. Do you have any plans to add NFT’s to your ecosystem as this is the hottest topic in the crypto space???
Response:
yes we do have plans to develop a shariah complliant NFT SOUK, please stay in touch to view our new whitepaper which will be released soon to get more information
Thank you
Don’t forget to join
@cryptotech_community
@mdf_official
* End of AMA Transcript *
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 here:
Website | Twitter | Telegram Chat | Telegram Announcements | Medium | Documents | Facebook | LinkedIn | Telegram Arabic Community | Arabic Community | Russian Community | Turkish Community
