Marhaba: An Ethical DeFi Platform

By MikeZillo | Blockchain Insights | 21 Nov 2021

Good morning Publish0x community and welcome to a new article dedicated to the latest contest of this blog! I'm very happy that Publish0x has given this new opportunity to us authors to try a new contest dedicated to Marhaba!

When I read about this contest I was immediately intrigued and attracted to the platform. I didn't know it before but the concept of DeFi associated with the themes "Islamic" and "Halal" intrigued me a lot, so I immediately decided to investigate and research the topic.

Before we start talking about the platform, I think it's only fair to give an important introduction to the world of Islamic finance to understand the value that money has in the Islamic economy. So I started to do some research and ask some friends of Islamic religion to let me explain better what is the relationship between Islamic religion and money.

Pay attention to this explanation because it will make you understand many things!

On which principles is Islamic economy and finance regulated?

When talking about economics in Islam, one cannot disregard what are the fundamental foundations and religious principles that belong to it. Islam is a norm of life itself, it is a force that manifests itself in every aspect of human existence. Every single action of a man of Muslim faith is in fact regulated by Allah's instructions that govern every aspect of human life. In order to better understand Islam, it is necessary to analyze the sources which are the Koran and the Sunnah, that is the conduct (the set of sayings and behaviors) of Muhammad, the last Prophet and Messenger of Allah, peace and blessing on him.

One of the first principles referred to is the distinction between the permissible (halal) and the forbidden (haram). The continuous connection with religion shapes an economy based on ethical values. Among these is the prohibition of the misuse of money to exploit the weakest and force them to contribute passively to the accumulation of capital, on pain of poverty and loss of civil rights. It is always the sacred texts that guide man, his behavior in every context of life, from the family to the social one, from the scientific to the legal one, up to the broader areas that concern the political and economic spheres.

What is the value of money in the Islamic economy?

The Shariah, i.e. Islamic canon law, clearly explains the value of money and capital, the relationship between risk, profit and the social responsibilities of financial institutions and individuals. Not everyone knows that money in Islam is not conceived as an exchange commodity but rather as a credit instrument. Money cannot stand still to accumulate for the benefit of the individual who owns it. In order to grow, it must necessarily be invested in concrete activities and businesses that can generate wealth for the community. Therefore, the unproductive accumulation of wealth and the desire to possess it is considered as misuse of money. Once the permitted use of money has been established, it follows that the main financial operations must also follow the rules dictated by the Koran, which are based on the prohibition of: charging interest or usury (ribà), speculating or gambling (maysìr) using elements that make the nature of contracts uncertain (ghàrar); using, trading or investing in prohibited goods or activities (haram) such as those linked to tobacco, pornography, weapons, alcohol, pork and gambling.

Among the principles that regulate economic life in Islam there is "free gain", what does it consist of?

Another fundamental concept of economy or Islamic finance is the gain that Islam considers "free" as long as it comes from lawful sources. Every Muslim has the duty to become economically self-sufficient since depending on others for one's survival is considered a social humiliation. All those who can work can, therefore, earn, produce and work honestly to cover their needs and be able to help others. The more man earns honestly, the closer he comes to God because he can help his neighbor with charity (zakat and sadakat). This principle opens the door to virtuous actions such as charity and social solidarity that cannot be lacking in the life of a Muslim. Whatever the individual earns by honesty and lawful means is considered his personal possession and cannot be claimed by the state or anyone else. In the head of the worker arises only the obligation to pay taxes to the state.

I think I have summarized well the concepts regarding the world of money and finance for Islamic people. I felt this introduction necessary for those who are encountering this topic for the first time and want to understand why a project like Marhaba should work.

Marhaba is a Decentralized Finance platform started with the aim of bringing a “Muslim also” platform, rather than making it an exclusive “Muslim only” offering. The word Marhaba means “welcome” in Arabic. Finally we can see a team of young Islamic people, with excellent experience, leading a project in the cryptocurrency world.

MHRB DeFi wants to go about solving mainly 3 problems:

1) Faith: MHRB team believe that none of the current DeFi platforms available create a “halal” and ethical ecosystem that meets the needs of the one billion plus Muslims and faith constrained people globally.
2) Access: MRHB DeFi provides equal access to low-cost crypto/DeFi services and wealth/business creation tools and opportunities.
3) Complexity: It provides a single simple and user friendly platform to help people feel safe and comfortable.

As you can see in the image below they want to achieve an amazing goal.


The MHRB DeFi ecosystem is composed by 3 phases.

In phase 1 they want to release 4 products:

1) Multi-Asset Non-Custodial Wallet: would be holding only Shariah compliant assets.
2) NFT Creation Platform and Marketplace (SouqNFT).
3) Liquidity Harvester: crypto-wealth product that offers solid and halal token returns.
4) Cross Chain DeX Aggregator.

In phase 2 they planned to release 3 products:

1) “Decentralized Philantropy” (De-Phi) protocol: fully auditable and ZKP-based to facilitate charitable, zakat and waqf related activities in the cryptoverse.
2) Interest Free financing solution for cryptoassets.
3) Community driven launchpad: designed to be democratic platform for entrepreneurs, protected from crypto “whale” and “bot” manipulation.

Then, in phase 3, Mahraba team has planned to become a Parachain on Polkadot ecosystem.


Marhaba team has planned a total supply of 1 billion of MRHB tokens.

MRHB token will be a utility token that will be initially minted on the TBC. MRHB token will have different utilities:

1) NFT Minting Platform
2) NFT MarketPlace
3) Shariah Approval
4) Sahal Wallet
5) Liquidity Harvester
6) MRHB Launchpad
8) Incentivisation
9) Governance

I would like to continue to talk more specifically about Marhaba but I know that we have already said everything we need to understand project.

I don't want to dwell on this article any further.

For all those who want to learn more and know more details of the project I leave you the link to their white paper:

In a market as open and with as much potential as cryptocurrencies, I'm glad to see a new, innovative project with an out-of-the-box idea.

I believe that, being able to introduce the "halal-friendly" market into the crypto world as well, is a great help for everyone. I see crypto as a tool born to give freedom back to as many people as possible that could take back the real control over their assets. It would be stupid to not allow a large portion of the population to not enter this amazing world just for religious reasons. I think Marhaba has a great idea. We know that just the idea is not enough so I think the team can make a difference to bring something new and unique to the market.

Thanks to Publish0x for letting me discover Marhaba and I wish the whole team a great project development. It will be curious to talk about it again in a few months to see how the developments proceed.


What’s your opinion about this topic? Do you consider bitcoin and cryptos Halal or Haram?

Let me know in a comment below!

How do you rate this article?


MikeZillo Verified Member

Daily Trader, Mining Farm Project Manager, Blockchain consultant, Cryptocurrency evangelist. You can find more videos here Telegram: @mikezillo

Blockchain Insights
Blockchain Insights

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