Sahal Wallet. A halal wallet (allowed under Islamic law) for all your cryptoassets

By jadams2k18 | jadam2k18 | 22 Nov 2021


MRHB (Marhaba) DeFi platform brings the first shariah-compliant solution to the world of decentralized finance. It is powered by a team of dedicated experts in the fields of finance, technology, and Islamic Finance & Theology.

Marhaba in Arabic means "Welcome".

One of the biggest offerings from MRHB DeFi platform is The Sahal Wallet

The Sahal Wallet is the first of its kind in the world, it is a non-custodial wallet, i.e. your money and your passwords are yours; it is Defi-compatible and only allows you to exchange, store, and trade "permissible" crypto assets. The wallet will not only have a framework with the highest level of security (with high-grade cryptographic layers and protection of user data) but will also have a layer or "filter" that will allow only tokens examined under Shariah principles. In this way, they will not only be admitted but also recognized by the laws of Islam (halal).

Shariah (Islamic law) constitutes a set of divine principles, beliefs, rulings, and ethical norms. Its construct is founded on the instructions received from the Lawgiver, Allah (the Almighty God). Shariah treats the matters of individual dealings, businesses, financial transactions, and other mundane activities with almost an equal emphasis as it treats the matters of belief, prayers, and morality.

The Sahal Wallet will also allow for the storage of both unique tokens and collectible assets (NFTs). This feature is enabled through MRHB's NFT platform called Souq NFT. Thus, users will easily be able to buy and sell NFTs and use a beautiful integrated gallery to manage them. The wallet will be compatible with the most widely used NFT standards such as ERC-20, ERC-721, and ERC-1155.

In addition, the Sahal Wallet will incorporate Islamic social finance options (integration of charity and charitable activities) including zakat, sadaqah, waqf, etc. in the future. Users will be able to send their alms to MRHB's SGB (Shariah Governance Board) approved charities or NGOs in the form of crypto-assets. Also, the wallet will allow the automatic calculation of zakat easily through a user-friendly interface.

Among the crypto assets that will be allowed to use this wallet, will be stablecoins such as Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and others; since from the Shariah point of view, stablecoins should fall under the category of money or payment system. By virtue of the same, Shariah's rules on foreign exchange should be applicable to such currencies.

Similarly, tokens backed by gold and silver will also be approved; since according to Islamic Law, gold and silver are treated as currency and therefore fall under Shariah rules.

Of course, non-stable tokens such as BTC, LTC, ETH, and even XRP, as well as other more widely used tokens, will be allowed within Sahal Wallet, as they are considered as money from a Shariah perspective.

 

Solutions offered by the Sahal Wallet

  • Unified Interface with DeFi Features: The wallet serves the purpose of being the gateway to MRHB offerings, including swapping, liquidity mining, NFTs, and attractive tools for portfolio management.
  • Highest Level of Security: MRHB DeFi does not store any private keys of the users. Moreover, MRHB DeFi's high-grade cryptographic layers shield the keystore and users' confidential data.
  • A Simple and Efficient Wallet: Sahal Wallet strikes an equilibrium in offering a wide range of DeFi solutions on the one hand, and on the other hand adopting an easy and minimalist approach for the front end.
  • Rich UI/UX: Sahal Wallet design is optimized for a rich user interface with robust components under the hood
  • Privacy and Data Protection: Sahal Wallet is highly committed to being free from unwanted advertisements and data trackers
  • Avoiding Unnecessary Restrictions: Sahal Wallet does not impose any KYC restrictions on its users. Anybody can get onboarded with a few clicks in the shortest time.
  • Sahal Wallet aims at promoting financial inclusion to unbanked population: The users can get access to financial solutions without any discrimination or imposing unnecessary controls.

 

Final thoughts

Sahal Wallet is undoubtedly a great application. The support of having a good wallet, highly protected not only by security frameworks but also backed by a concept of reliability, trust and remarkable principles such as those present in Islamic law gives us the security we have always required into the world of the crypto sphere.

We all know that the crypto world even though it is transparent and secure with respect to its ability to not be tampered with, has always been considered as the world of hackers and will always have a dark connotation and distrust.

Developing a Defi platform with the advantages of blockchain technology supported with the principles of morality, respect, truth, prayer, charity practiced by Islam ensures greater confidence to large investors and therefore, make crypto-assets accepted on a larger scale as profitable, reliable, and secure economic system that will change the old centralized economic system that we all know, dominated and driven by banks.

 

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More about MRHB

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jadams2k18
jadams2k18

I'm a system engineer. I like to program and write about crypto and sci-fi stories.


jadam2k18
jadam2k18

I suppose cryptos have come to be part of our economy and means of sustenance. Especially for me. This is a new style of living. So, I create this blog to continue improving my writing skills and earning during my journey

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