According to Statista the Islamic finance market is over $2.88 trillion till the 2019 report and the projection for 2024 is over $3 trillion. The total value locked so far in crypto Defi is $236 billion, so we have currently empty space to grow as a shariah-compliant platform in the Defi world for not just the global Muslims community as well as the ethical investors throughout the world who want to take the benefits of shariah regulated Defi platform.
Marhaba DEFI Overview
The project team based in Sydney, Australia started in the 1st quarter of 2021 with the aim of building an ethical financial decentralized liquidity pool platform. The project name as Marhabadefi means the name is taken from the Arabic language called Marhaba in English Welcome and DEFI decentralized finance. Marhaba Defi symbolic as MRHB on coinmarketcap currently under review and going through a phase of listing and still yet to be recognized as an established project so let’s take a look deeper in its features and products they offer to their future platform users and the gains we can receive if we take an entry in this right from now.
Conventional Defi Concept
The Crypto market is very hot in earning high returns within short terms and that’s made it very selfish and unethical, immoral, and uncertain. The reason behind stopping blockchain and crypto become mainstream is the bad activities of the crypto economical system like charging interest, gambling, and lack of Haram Halal filter chooses which differs the good or bad project and give clear understanding to their investors that discourage the major community of world from entering in crypto due to their firm believes in their faith or religion especially in Islam called as complete code of life as well as dictate from all aspects in the journey of life.
The conventional defi protocols mostly revolved around charging Interest(Riba) or usury which is entirely haram in Islam and in major ethical faiths believers communities around the world. Allah Said in Quarn Al-Baqarah 275
Curse Of Interest(Riba)
Islamic Finance Core Tenets
The core tenets of Islamic finance focusing on the distribution of wealth in a fair and appropriate manner. Society members should not involve in such practices which are considered haram/harmful or have bad effects on society with capital exploitation or manipulation. The markup or interest-based leading/borrowing system is considered as the most prohibited financial transaction/partnership instead of various lending options are been introduced and presented as positive or more fruitful ways of doing business like Equity financing, leasing read more. This gives the benefits of having a flexible economic system, emotional collaborative support, and based on firm equality within humanity.
Marhaba Defi Products
Following products are yet to be developed and publicly available for the users and are currently under maintenance.
Sahal Wallet
Like many other blockchains, dapps supported wallet Trust wallet, metamask, sahal wallet aim to provide a filtered platform for shariah-compliant coins and tokens to get access through the wallet as a non-custodial where your funds are safe and secure because you own your private keys.
Souq NFT
This is the NFT (Non-fungible tokens) marketplace where the artists like calligraphers and digitals creative art makers can post or publish their artworks which popular or categorized as Islamic, faithful, and religiously connected with different peoples interests. The people whos interested in spiritually connected vibes having artworks can bid on different favorite NFT artworks or can directly purchase at the given price of the publisher. They can, later on, sell it at a higher price and they can hold it as unique collectibles.
Liquidity Harvester
This is just like other liquidity pools but with a halal Mudarabah contract in which you can from 5% to 15% high rates in comparison to conventional Islamic banks 1% APY. The amount you stake will be used for liquidity in the contract pool and you will earn returns out of fees generated from the trading.
Cross-Chain DEX Aggregator
This will be like a 1inch aggregator with Shariah filtered options to buy or sell at the best possible prices with minimum transaction cost. You can use this aggregator for multi-chain accessibility.
Interest-Free Lending and Borrowing
The most interesting thing Marhaba Defi is doing is interest-free lending/ borrowing which encourages the new entrepreneurs to start new ventures with less pressure of starting a business capital on high markups and delays of interest adding on. Interest-free lending has its own great benefits in different use cases.
Dephi Protocol
Another great and one of the most unique features Marhaba Defi is doing called decentralized philanthropy is giving charities/donations to the approved organizations via Sahal wallet and tracking the funds directly with privacy and anonymity.
Launchpad
Enabling new projects to raise funds for their startups and grow together. Upcoming projects can do initial dex offering and sell their tokens to their initial project believers and the early investors can earn higher returns if they really succeeded in the future.
Governance & DAO
Just like other defi protocols, Marhaba also did the same with their tokens distribution method. Making the MHRB not just a utility token within an ecosystem also gives voting power to their holders. Where the governance democratic power will be divided to the firm believers of the Marhaba concept and want to vote or participate in the upcoming events within the Marhaba defi eco-system.
MHRB Marhaba Tokenomics
MRHB Token Utilities
MRHB Token Utilities
MRHB Token Private Sale
MRHB Token Private Sale
Before going to sale and entry for token booking for your tokens do be aware of their vesting period as the project is based on core principles of shariah-compliant. The project has a vesting period of 24 months for private sales members for the long-term growth of the project. The initial token release starts on 15 December 2021.
The token will be deployed on ethereum and binance chain and in the future the MRHB aims is to make it as much cross-chain available so that it can be easily and flexibly accessible on different blockchains. So far the contract is not yet deployed and pre-sale is ongoing with the digital agreement. The minimum investment is $50 and the maximum is $5000 if you want to invest more than that then you can email them for ID verification and can process further.
How to participate in the Marhaba Defi Presale?
Go to the presale page and register your account first then complete your agreement contract and then continue to buy tokens. Make a sure deposit from your Private wallets such as Metamask, Trust Wallet, or any privately supported wallet. You can deposit USDT, USDC, BUSD ERC20/BEP20. It is discouraged to invest from any exchange wallet directly in case you send from exchange wallet then do right an email to the customer support for authentication of your investment.
Closing Thoughts
The project is very early but with a strong vision. You can get in touch with them and ask your queries in telegram or read their FAQs. Do read their White Paper, Green Paper, and Light Paper. submit your docs form to the team members. Complete your due diligence before investing the amount and never invest the amount which you can’t afford to lose because you are the only responsible person in the world of the consequences of your financial decisions, take all the online material as educational or for research purposes. Let us know about your views on the Marhaba defi concept and the idea of the Shariah-compliant crypto platform.
