Following is the encapsulated brief of AMA with The Grey Crypto Hub. Naquib Mohammed (Chief Strategist), Ahmed Jawa (Marketing & Operations) addressed the community about DeFi space and shared Marhaba’s progress.
Date : 7th August 2021, Saturday
Time : 03:00 PM UTC
Venue : The Grey Crypto Hub Telegram group
Host : Mrs.Grey, Mr.Grey
Speaker : Naquib Mohammed (Chief Strategist), Ahmed Jawa (Marketing & Operations)
AMA Transcript
* Introduction Segment *
Q1. Could you please introduce yourself as well as Marhaba DeFi?
Ahmed Jawa:
My name is Ahmed, I have been working with MarhabaDeFi for some time focused on Marketing, Strategy and Operations
I come from a Finance background and have been working in various Corporate and IGO roles in the past. Having a strong passion for Faith-Based investing brought me to MarhabaDeFi. On the side I also run a Faith-Based Finance Youtube Channel that is known by the name Think Halal and Grow Rich.
Naquib:
My name is Naquib, and I am the founder and chief strategist of the Marhaba Crypto finance project. I have a 12+ years of experience being a technology architect all my career, and have delivered solutions half the globe. In blockchain since a couple of years, started in enterprise projects and then moved to defi 2 yrs back.
Mrs.Grey | The Grey Crypto Hub:
Awesome looking forward to an informative and energetic session with you guys!!
Naquib:
Likewise
Mr. Grey | The Grey CryptoHub:
This introduces you guys very well 👍😉
Naquib:
By the way, Naquib in arabic means Captain or Leader. Which also explains the position in the team :)
Lets go to the next question
Mrs.Grey | The Grey Crypto Hub:
Of course
Mr. Grey | The Grey CryptoHub:
Ah! Amazing 🔥
Ahmed Jawa:
Haha is our sheikh
Mrs.Grey | The Grey Crypto Hub:
Q2. We are so curious about MarhabaDeFi and the Shariah Concept! Tell us about the competitive advantages of MarhabaDeFi?
Ahmed Jawa:
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.
In summary the competitive advantage is:
- This project is a first of its kind (focused on inclusive ethical and faith-based)
- Has most of the crypto based solutions available in the market in one location
- Easy to understand and use user-interface
Mrs.Grey | The Grey Crypto Hub:
Thankyou for the detailed answer
The term “first” always excites us🤩
Mr. Grey | The Grey CryptoHub:
Yes amazing explanation 🔥🔥😉
Mrs.Grey | The Grey Crypto Hub:
Also definitely it’s ideal for those Muslims who still didn’t got the chance to explore DeFi world
Because of the term you mentioned “Shariah”
Naquib:
Exactly Ma’am. We are addressign a huge gap in the defi ecosystem
Mrs.Grey | The Grey Crypto Hub:
Excited to dive deep in it as the session moves
Q3. Which partnerships you have now? Which partnerships in the Future you will be Heading to ?
Naquib:
We have some corporate and industry backings, (Blockchain Australia for example) , Technology Collaborations, (Sukhavati Protocol for example). These are the major ones, that we have announced . There are many, which are currently under discussion, and as we go closer to our IDO target, we would be announcing them in a sequence. Its all part of the marketing strategy, that our team has formulated
Mrs.Grey | The Grey Crypto Hub:
We’ll keep an eye on the upcoming stuff 👀
Well you mentioned Blockchain Australia also I saw on your Twitter Sydney, Australia
Mr. Grey | The Grey CryptoHub:
Community too
Naquib:
yeah right
Mrs.Grey | The Grey Crypto Hub:
Marhaba team is based in Australia?
Naquib:
No, the team is completely decentralized, spread across continents and time zones. The legal incorporation is in Sydney
I am based in Melbourne
Mrs.Grey | The Grey Crypto Hub:
Interesting a completely global project
Did you guys ever got the chance to meet each other😂
Naquib:
Few of us met in Dubai Last year. But the Ovid is preventing us to travel much. We look forward to a day, where we could all meet and celebrate our success
Mr. Grey | The Grey CryptoHub:
Seriously this is attractive 😅😜
Ahmed Jawa:
I’m from Canada but currently in south asia
Mrs.Grey | The Grey Crypto Hub:
Well time to satisfy the curiosity of our Twitter Community!!!!!
Mr. Grey | The Grey CryptoHub:
I Mean the team celebration gives a great feeling
Naquib:
Yeah. Actually, the most difficult part was to set the right team together to come up with a concept like this. Its not a traditional defi project
Ahmed Jawa:
Its been fun working with a phenomenal team from around the world
Mrs.Grey | The Grey Crypto Hub:
Yeah indeed
That’s the best part 🔥
Mr. Grey | The Grey CryptoHub:
Exactly we also love to contact and promote new projects all over the world.
Naquib:
Thank you for supporting us
* Twitter Segment ️*
Mr. Grey | The Grey CryptoHub:
First question from twitter
Q1. The goal of any crypto projects is to offer DeFi features which are safer and easy to use for anyone and provide a simple platform for developers to participate and grow. Kindly share your plans of making DeFi accessible to both crypto and non-crypto users?
From @muditrawat
Naquib:
Our target community is majorly the non crypto community. Keeping them in mind, we have designed the entire customer journey, from on boarding to usage to trading. The minimalist UI, the color palette, the simplicity of the products aiming to solve base problems of the users, are all strategies to ensure that the non crypto savvy community are benefited and at the same time feel encouraged to explore more.
Mr. Grey | The Grey CryptoHub:
And this would definitely help to the non crypto world!!🔥🔥
Naquib:
hence “Marhaba”
Mrs.Grey | The Grey Crypto Hub:
Welcome!!
I’ve done my homework😁😉
Naquib:
impressive
Mrs.Grey | The Grey Crypto Hub:
Moving ahead to the next question
Q2. Marhaba aims to promote “inclusive DeFi” in blockchain. What are the steps taken to achieve this? Can you tell us about the various offerings of marhaba platform?
From @albertjaison2
Ahmed Jawa:
Financial exclusion is one of the major problems in the world. Many researches have found that financial inclusion can contribute in eliminating poverty. Marhaba Defi is focusing on financial inclusion. Shariah compliance is the main ingredient of $MHB token and Marhaba platform that aims to bring ethical and social values to the defi world.
To put it into context, we have an internal Sharia team (Sharia Experts) that of very accredited Sharia scholars from the field of Islamic Finance. Not only do we have an internal team, we will also get an external team to audit our products and services.
The scholars at Marhaba looked at the products that are being offered in a DeFi ecosystem, and how these products are traded. What ever we think is acceptable from an Islamic perspective, we will keep and what ever we think is not acceptable, we will reject it. So for Marhaba, we 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.
Mrs.Grey | The Grey Crypto Hub:
Woahhh a detailed one
Lemme digest the info😅
Naquib:
Ahmed is displaying his writing talents😉
Mrs.Grey | The Grey Crypto Hub:
Yeah I can clearly see that
Well that says a lot about the project
Ahmed Jawa:
Hahahaha, sorry just had to give as much details as possible
Mr. Grey | The Grey CryptoHub:
I love your choice for not allowing the token for gambling, btw any particular reason for this?
Mrs.Grey | The Grey Crypto Hub:
I guess because of Shariah rules right?
Mr. Grey | The Grey CryptoHub:
But i think this one is connected to Islam.
Ahmed Jawa:
For many reasons to be honest
1) As the platform is a ethical and sharia based solution, it is guided by the morals values from them.
2) It’s the reason why many young and new traders and investors get burned really quickly.
Yea this plays a big role
Mr. Grey | The Grey CryptoHub:
Totally Agree with the second reason!🔥👍
Let’s move forward to next question.
Mrs.Grey | The Grey Crypto Hub:
Sure dear
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?
From @dhivya14712308
Mrs.Grey | The Grey Crypto Hub:
Seems like this AMA made a lot of non Muslims eager
Naquib:
Yes, the logic is being first discussed with the Shariah team, getting it approved, and then they are being converted to codes and algorithms, so that they function immutably without human friction. The way the platform is built, is a top down approach. Its the shariah team that does the research and advises what product could be shariah compliant, and then the tech team looks into the development feasibility. This is how the rules are converted into the smart contracts.
Appreciate the observation. Marhaba platform is not meant for muslims only. Its meant to accommodate Muslims also. Hats the reason, we are focusing a. lot on the innovation and profitability aspect as well
who wouldnt like an ethical financial system? Its all about how we represent
Mrs.Grey | The Grey Crypto Hub:
The vision is really great!!
I’ve some friends of mine as well who face this barrier when it comes to investment and related stuff
Naquib:
Yeah. DeFi is meant for all. If a particular section od society is being left out, its a challege to the economists and the technologists. This is where Marhaba comes into picture :)
Just tell them “Marhaba”
:)
Mrs.Grey | The Grey Crypto Hub:
Of course ☺️
Mr. Grey | The Grey CryptoHub:
Fourth question from twitter
Q4. One of Marhaba DeFi offerings is DeCha & Zakat Solution. So,can you explain more about this offering in your platform? How does it works? How can investors and users can take advantage with this offering?
From @cryptomate20
Naquib:
Let me take this one as well Ahmed?
Ahmed Jawa:
Yes forsure!
I mean you when you told me about this solution idea, I got even more excited for the project
I’m looking forward to the launch of this soon.
Naquib:
We have become more creative, and renamed this product as the Decentralized Philanthropy (DePhi) , instead of DeCha.
The Marhaba ecosystem, envisions to build the world’s first dedicated protocol for decentralized philanthropy, based on auditable zero knowledge proofs (We are looking into the Findora Network to satisfy this requirement). ZKP is the most suited mechanism to build a protocol dedicated to philanthropy. To promote and encourage the growth of the overall crypto ecosystem, Marhaba Platform users will have the option to send a portion of their portfolio value in crypto, to charity organizations, which would be linked to the Marhaba Platform. The charity can be in the form of “voluntary donation (Tithe & Sadaqat)”, “compulsory donation” (Zakat) or general philanthropy.
btw, Tithe is to Christianity, what sadaqa is to Islam :)
Mrs.Grey | The Grey Crypto Hub:
I see 🧐
It’s all going so smooth we reached the last question of our Twitter segment already ⭐
Naquib:
I am loving the coversation. You are great hosts tbh
Mr. Grey | The Grey CryptoHub:
Epic explanation again!💥💫
Mrs.Grey | The Grey Crypto Hub:
Appreciation is something that makes me more energetic🙈
Mr. Grey | The Grey CryptoHub:
😁mee too dear!!
Q5. So Marhaba Defi plans to bridge the gap between the Muslim Community and the Blockchain world. Blockchain tec is global so why did you feel the need to create a “Muslim also” platform? How do you plan to integrate Islamic Finance & Theology with blockchain technology?
From @aravind75154890
Ahmed Jawa:
@odiatokkanaquib this is a great question, can I take this one on?
Naquib:
yes go ahed. It needs a comprehensive answer.
Ahmed Jawa:
Ooops
In addition to the answers above, it is important that the Faith-based finance world at large has solutions in blockchain. We want to bridge this gap by providing a all-in-one solution which allows everyone (Muslim or non-Muslim) to take full advantage as an investor and/or day to day financial needs. The Islamic Finance market is currently at 2.8 trillion dollars and is expected to grow to 3.7 trillion by 2025. Globally as everyone shifts towards DeFi and blockchain we strongly believe that this will also happen with the Islamic Finance market, thus this is the gap we fill.
We integrate the theology of Islamic Finance with Blockchain technology through our research, tech and Shariah experts teams. You can read more about the solutions that they have provided by reading our litepaper and Shariah concept paper — visit our website to see these.
You can read more about the solutions that they have provided by reading our litepaper and Shariah concept paper — https://marhabadefi.com/info-centre.php"
Naquib:
The DeFi tokens, behave very differently than native blockchain coins. So the rules of finance and trades apply their. Its important that they comply to the laws of Islamic finance,and are ethical in general. Hence , we are building Marhaba to address this issue
Mrs.Grey | The Grey Crypto Hub:
Fantastic🌟🌟
Well one more thing I’d like to add I went through your YouTube channel Mr.Ahmed
Great work 👏
There’s a lot info about Marhaba and Shariah
Mr. Grey | The Grey CryptoHub:
Yeah you guys are rocking seriously 😀
Naquib:
yeah….Ahmed is a celebrity 🙂
Ahmed Jawa:
Hahha, hopefully the research helps people
Happy to hear you are enjoying it!
* Live Segment ️*
Q1. #MarhabaDeFi operates under shariah compliance principles. What references (established criteria) are used in carrying out the compliance? (like AAOIFI in Shariah Bank)? Who is the party that oversees the shariah implementation and provides guarantees to #Greyteam as investors?
Response: Yes, the standards are taken from the AAOFI code of ethics as the base. Our Internal Shariah team is ensuring complete transparency, and after we go live, we will be audited and scrutinised by external shariah compliance bodies and researchers.
Q2. Do you have any plans to add Nft’s to your ecosystem as this is the hottest topic in the crypto space?
Response: Yes for sure, actually this is one of our first major solution that will be launched. You can read more about this through our website.
Currently the backend has been developed and now the team is working to make it as user friendly as possible.
Q3. What benefits does your project bring to me? Is there potential? Please give why I should choose your project, not in the short term but in the long term?
Response: Great question. Because you are asking about yourself. The platform is being built by keeping individual user into consideration. We are extremely bullish about the products we are building, especially the Liquidity harvestor. It is meant for individuals as well as organizations. We are targetting to make an average wealth generation profit of 10–15% APY, and that too shariah compliant.
Q4: As it is known, there are a lot of scammers in the market, think of me as a simple trader, how can you get me Your Token? How can you make me believe in Your project?
Response: Our strongest asset is the reputation of our team. Everyone has a stellar profile, publicly verifiable. Why would such reputed people build a project, that would eventually be a scam? Investors put money more on people, and less on promises. We know this,a nd that is where we score better than all others out there
Q5: I am an EXPERIENCED DEVELOPER AND ETHICAL HACKER, do you have plans for HACKATHON so as to check the security of your ecosytem periodically and also invite developers to build?
Response: 100%. Please do get in touch with our team. We would be launching hackathons and bug bounty programs soon
* Segment concluded *
Mrs.Grey | The Grey Crypto Hub:
Thankyou so much for participating #GreyTeam
@odiatokkanaquib @Jawa001
Before we conclude the AMA
Ahmed Jawa:
Thank you!
Mrs.Grey | The Grey Crypto Hub:
Any last message you want to convey to the Grey Community
Naquib:
This was my best AMA so far. Would love to come back again later.
Amazing hosts, and a very professional community. Thank youa ll for the support and love.
Ahmed Jawa:
Yea for sure! Thanks a lot to you all for joining!
We are looking forward to you all joining our community. Remember this project is a first of kind unique solution that is targeting a massive gap in the industry.
Mrs.Grey | The Grey Crypto Hub:
Inshallah😉
Mr. Grey | The Grey CryptoHub:
Inshallah 😁
Ahmed Jawa:
Haha inshallah indeed
Mr. Grey | The Grey CryptoHub:
Special thanks again to @odiatokkanaquib @Jawa001 for this informative session!
* 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
