AMA Series: Cryptotech Community x Marhaba DeFi

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$

Speaker : Mufti Billal Omarjee (Shariah Compliance Officer)

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!

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

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

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

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 ️*

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

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

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

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

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 ️*

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.

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

there will be plans for staking at some point, please follow our group to get more information about it.

@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.

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.

Website | Twitter | Telegram Chat | Telegram Announcements | Medium | Documents | Facebook | LinkedIn | Telegram Arabic Community | Arabic Community | Russian Community | Turkish Community

Official Account of the Marhaba DeFi Platform