Marhaba DeFi offers Shariah Compliant Crypto on its Platform

  • to protect themselves from the devaluation of their national currencies, and from inflation.
Picture Credited to Statista found in the article published on https://halalop.com/

THE BASICS: ABOUT CRYPTOCURRENCIES

Cryptocurrencies are digital currencies not backed by real assets. The most well known cryptocurrencies are Bitcoin and Ethereum. They are traded between consenting parties without a middleman (bank) and tracked on digital ledgers.

COINS VS. TOKENS: WHAT ARE THEY?

In crypto terms, you might have heard of coins and tokens. While some people use it interchangeably, there are actual significant differences.

THE BASICS: ABOUT DEFI (DECENTRALIZED FINANCE)

DeFi is short for decentralized finance, where the aim is to create decentralized versions of traditional finance. DeFi works on the blockchain, such as the Ethereum blockchain, where tokens are created.

FINTECH VS CRYPTO

There is a major difference between Fintech (financial technology) and cryptocurrency. While both rely on technology and innovations, there is one major factor that separates them: money. Fintech is based on fiat money where it can be withdrawn as physical money whereas crypto is based on virtual currency, and does not exist in the real world.

IS CRYPTOCURRENCY HALAL IN ISLAM?

This is a major concern for many Muslims: whether Bitcoin and other cryptocurrencies are Halal or not? This has led to low adoption of cryptocurrencies in many Muslim countries (see previous chart).

Marhaba DeFi: Ethical | Inclusive | Unified

HOW MARHABA DEFI CAME ABOUT

“I started with another DeFi project,where I realized during working that this is pure lending and raising interest, which is against my faith. So, I didn’t work on this project anymore. Apart from that, if projects like these role out in the market, there are so many Muslim users from the crypto ecosystem who will use this. And when I did some research in the market, I didn’t find even one crypto project that is Shariah-screened or certified. This is when I suggested to my co-founders to create a Shariah-compliant offering. Then Marhaba DeFi was created.”

FEATURES OFFERED ON MARHABA PLATFORM

“Our first phase of development focus on yield farming, where the users of Marhaba DeFi are able to create wealth out of Shariah compliant protocols which our Shariah team are screening and adding to the basket of Halal projects every day. Yield farming is generating profits out of existing protocols.”

WHY SHOULD MUSLIMS USE THE MARHABA PLATFORM?

“There are a lot of Muslim users in the crypto system and they really don’t care if the DeFi protocols from where they are buying. People are attracted to the huge returns. Many Muslims see the benefit of it and don’t really care if its Halal or not. For example, they put in USD100 and it returns into USD100,000.”

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MRHB DeFi

MRHB DeFi

Official Account of the Marhaba DeFi Platform