AMA Series: EPID Community x Marhaba DeFi
Following is the encapsulated recap of AMA with EPID Community. Deniz Dalkilic (Products & Architecture) and Mufti Billal Omarjee (Shariah Compliance Officer) addressed the community about Marhaba’s progress and roadmap updates.
Date : 12th August 2021, Thursday
Time : 05:00 PM UTC
Venue : EPID Community
Reward Pool : 100$
* Introduction Segment *
Q1. Could you briefly introduce about your project?
Sure. 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. I’ll let @ShariahExperts dive into what is Shariah. 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.
At the back of what Deniz has said I would like to add the following:
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.
Therefore the shariah board of Marhaba will allow only those existing tokens that we feel are shariah compliant to be traded on the platform. For example, we will not allow token created for gambling purposes etc. Similarly, the methods of trading that are unislamic, we will adapt them to make them shariah compliant. For example, conventional forward trading is not shariah compliant, but with few changes to its structure, we could make it Islamic.
Q2. What makes the MarhabaDeFi project stand out more than the projects in the same direction at the moment?
What makes us unique is firstly we are the first and only Shariah compliant DeFi application. Second unique point will be that Marhaba is not aiming to be a single product as mentioned. We’re taking what we believe is the best DeFi products out there in terms of generating wealth for crypto investors and providing a one stop solution for those who are interested in ethical investing while retaining the lucrative returns DeFi provides with a clear concious. We are unique solution to a common problem not only for Muslims but all faith background based users.
Beside the commercial aspect of the product, Marhaba is unique due to the fact that it is the only project that currently has a full shariah board with 3 Islamic scholars as part of its structure. Those seeking halal alternatives can feel confident that they will be able to trade in the DeFi ecosystem without having to compromise their faith. And of course, those seeking ethical ways of trading will also find what they are looking for on our platform.
Q3. What are the memorable milestones of MarhabaDeFi in the research and development process?
We have several. To highlight some from tech aspect I’d say the following. Release of our MVP version of all our products in v1 as per roadmap, starting with Sahal Wallet by the end of the year. Building extensive farming strategies in to Liquidity Harvester to allow for more “hands-off” investment for those looking to generate passive income. Building our cross-chain mechanisms i.e. bridges to accomodate our DEX and NFT marketplace interoperability, becoming a Parachain on Polkadot to further extend our interoperability, building our DAO governance model.
To have been able to put together an entire shariah compliant platform within a DeFi ecosystem, is the greatest achievement to date.
* Twitter Segment ️*
I found very little information regarding MarhabaDeFi, but what I do know is that you will dive into the NFT world. Will #MarhabaDeFi also create an NFT marketplace on its platform? Can users create NFTs & sell them on your platform later?
This is correct. 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.
Only NFTs that are shariah compliant will be able to be listed. There will be a screening process to ensure the compliance.
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?
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.
There are already multi-crypto wallets.They’ve been in business for a while now and are still going strong. What are the advantages of non-custodial Wallet (SAHAL) or what new features can attract users to use your wallet? And how do wallets work in the Wallet Holder Offer (WHO)?
Sahal is more than a wallet for Marhaba. It will be the gateway to our entire ecosystem. Our goal with Sahal is to allow users to pick up this wallet; invest, earn and hold funds using a single app with a tonne of features built-in. Its unique in the sense that no other wallet has an entire ecosystem built around it but merely they utilise and plug into existing products. Sahal users can deposit to DeFi pools, mint/buy/sell NFTs, swap across chains, borrow/lend interest free and more. This we believe make Sahal unique in its proposition and feature-set.
Apart of the above, the wallet can only hold shariah compliant tokens which would have been screened by the scholarly board of Marhaba.
Currently, projects are continuously attacked by hackers. That is the nightmare of many projects. So, what is your strategy to anticipate hacking possibilities on your platform? What plan do you have in order not to let “Marhaba “ get hacked and cost investors?
This is a very good point. As with all projects, Marhaba will do its utmost to test and trial every single line of code we write in various test environments to assure our code is safe. We are already working with a very well known audit company to audit all our SmartContracts, including our token. We will continue to work in such manner for all our future developments. As well as auditing and testing we are building our contracts in an “upgradeable” manner to allow for easy swapping of contracts should there be an exploit. To add an additional safety net we do have a DeFi Insurance product (in v2 of product line-up) which we will utilise to cover our own platform as well as allow others to integrate into it.
The biggest dilemma today in crypto is the issue of volatility and liquidity, both old / new projects that end in project fraud. What steps can we take as investors / traders to solve this dilemma?
As a project that is pushing for ethical investment, first advice would be to NOT invest more than you can afford to lose. Thereon, we have few products in our line-up that actually addresses these cocnerns. To allow access to liquidity we are building a cross-chain DEX aggregator. This will utilise a range of algorithms to find the most liquid pools at most minimal fees. Using this tool traders can achieve the best results in terms of slippage and minimal fees. As for our own token $MHB has set aside a decent percentage of our token supply to liquidity programmes. We will lock these into pools to make sure liquidity for $MHB is always sufficient.
As for volatility, this is by nature what cryptocurrencies do and where a lot wealth is generated by pro-traders. However, for those not so “pro” or do not have the time this is where our Liquidity Harvester will help. For example instead of holding an x token you can convert to stable and deposit to one of the supported DEX liquidity pools to earn a portion of the fees generated. In fact the more volatile an asset in this model the more fees generated as more volatility means lots of people buying and selling. This is one way we can offer our users the sought after stability and protection against turmoils in the market.
* Live Segment ️*
What are the use cases of your token, and how are we as users motivated to buy and hold long term? Will new use cases come along time?
People who are seeking shariah alternatives will be motivated to come to Marhaba
Do you have #MARHABA Token Burning plan to increase Token value and attract Investors to invest?
Yes, we do have a buyback and burn programme inteded and we will utilise our fees to operate this. Details will be made available close to programme release.
Q) Which do you think is more important:
C. Token Price
If all of the above is important to you, which should come first?
I would definitely say in the order you have put so; community, investors then lastly token price as price should follow community growth and usage.
Do the token holders have right to the participate in the governance of the project? On what kind of decisions can they vote on about the project?
There will be a form of governance where users can participate in the future, however, the governance of the users will be monitored by the shariah board
While you build your project, do you take into account community feedbacks and demands?While you build your project, do you take into account community feedbacks and demands?
Yes, of course. We will be keeping community at the forefront of what we do and our governance module will reassure our intentions and give power back to the community through $MHB voting and proposals.
Q6: Where can I buy your tokens now, what are your current contracts address and how can I buy them and what are the benefits?
Tokens are not minted. Stay tuned for announcement as we make our progress towards our IDO.
Q7: How important is the community to you? and how can we collaborate or help you for the development of the project?
the community is very important to us, as the project is built to support those who are seeking halal mode of trading and we are also encouraging non Muslims who are seeking ethical ways of interacting in the DeFi ecosystem.
Q8: I have some doubt to trust you. Can you share your telegram, Twitter, website and social link where are we find you next..thank you?
if you visit our website, you will find all the information that you need: https://marhabadefi.com/
* 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: