MRHB DeFi releases Green Paper for an ethical, inclusive and halal DeFi platform
We are delighted to announce the release of MRHB Green Paper, earlier this week we also released MRHB Whitepaper. These papers define our dream to create an ethical, faith-based & secure DeFi solution. MRHB DeFi aims to provide a comprehensive Shariah-compliant solution in the crypto space as well as in the Defi ecosystem; the relevant Shariah rules and principles are applicable to it too. Shariah Concepts as defined in MRHB Green Paper provides a complete guide on how Shariah compliance is attained and maintained in the MRHB DeFi ecosystem.
“The principle is that Shariah has come to bring benefits and ward off evils”.
MRHB Platform aims to offer Shariah compliant solutions in the Defi (decentralized finance) space. In the financial sphere, be it CeFi (centralized finance) or Defi, offering a Shariah compliant solution is ensured by resorting to Shariah-based contracts, controls and compliance in the offered products, services, operations, and governance.
This Shariah concept paper endeavors to elucidate how the existence of Shariah-based contracts, controls and compliance makes the activities and offerings of MRHB DeFi consistent with the rules and principles of Shariah. For this, the paper uses various relevant Shariah principles, rulings and Islamic legal maxims applicable to financial activities and transactions. Finally, the paper deals with different elements of the MRHB DeFi ecosystem from a Shariah perspective, and provides the premises and reasoning of their treatment as Shariah compliant.
MRHB DeFi is focused on faith-based virtues in financial dealings that seek to promote societal justice, including avoidance and shunning of dishonesty, exploitation, and unjust enrichment. Most prominent are principles regarding the ban on usury or interest, gambling and excessive uncertainty. It also includes the exclusion of investments that derive a majority of their income from the sale of alcohol, pork products, pornography, gambling, military equipment, or weapons.
In the MRHB DeFi ecosystem, all crypto assets are screened against Shariah criteria in order to be considered as permissible to deal with. In this process we put them into very distinct categories to begin with and this will help us establish how they must be treated from a Shariah perspective.
The MRHB Ecosystem aims for a wide array of crypto based decentralized financial solutions, which will be scaled up and expanded as per the roadmap and contribution from its community and R&D Team. The platform will be powered by the $MRHB token.
MRHB DeFi is an attempt to apply ijtihad in the crypto space and on its products and services. It is not only a step towards developing the “fiqh of fintech and crypto”, but also an initiative to bring the technological advancement to the Muslim world without compromising their Islamic norms.
About MRHB DeFi
MRHB 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; MRHB DeFi has encapsulated universally applicable principles of Shariah into those tenets of Blockchain to render a suite of offerings.
MRHB 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 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: