Let's talk about the Elephant in the room real quick. I had no idea what MRHB was until a week ago and that is because of Publish0x's writing contest. However because of the writing contest I have done some digging into it and wanted to share what I thought of the service and also quite possibly win a prize for writing this article. #FullTransparency :)
Now before we get into the nitty gritty I need to confess I am not Islamic. And while I did attend a religious school growing up and learned a little about Islamic law, I forgot it all. So with that in mind let's all learn a little about Islamic Law. I also want to state if I get something wrong I apologize in advance.
Sharia is a word you are going to need to get to know. Sharia is at it's core the fundamental religious concept of Islam. So basically Islamic Law = Sharia.
Islam believes that God has given them specific rules to follow when it comes to various things and it even includes how to conduct business and money things. Sharia translates to "the path leading to the watering place". As in it's a divine path of conduct to lead to God.
So why does that word matter? Well because this:
MRHB DeFi brings the first shariah-compliant (Halal) 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.
Also you might ask yourself what does MRHB stand for? Is it an acronym? NOPE it is just short for Mahaba which means "Welcome" in Arabic.
"TPL you lost me already, what does all that have to do with trading crypto's and HODL'ing till the moon and then some?"
Well dear reader, I will tell you. MRHB is a decentralized exchange that also adheres to Islamic Law. So basically all Islamic people can use it for their crypto needs and all of those who are not Islamic and don't 'need' to follow Halal can still use it. That is because the team wanted to be all inclusive and if you build your business around the most specific subset of standards then the most amount of people can utilize it. Come to think about it though, it's ingenious and I am surprised it took this long for something like this to be a thing.
What does MRHB offer?
1) Sahal Wallet
A non-custodial wallet on iOS and Android. From what I can find is 'Sahal' is a Syrian village in Al-Tamanah Nahiyah in the Maarrat al-Nu'man District.
Sahal also means "easy" or "simple" in Arabic so I think that is what they are referring to here. 😊
2) Souq NFT
A simplified NFT system built to promote Halal arts as NFT's. You are not going to probably see your CryptomonKey NFT's in your Sahal Wallet anytime soon if ever.
3) Liquidity Harvester
Passive Income baby! Earn 5-15 % APY on stable coins. Think of this as a normal 'savings account'. Easy to use and great returns.
4) Cross-Chain DEX Aggregator
We all want the best trading rates and small slippage and minimal transaction fees. Here you go. (fun fact this is labelled as #2 on their site and not #4)
5) Interest Free Lending and Borrowing
Shariah has some specific in regards to lending money and borrowing money and you will see that applied here. Interest Free lending = enough said.
6) DePhi Protocol
Now this is cool. DePhi stands for Decentralized Philanthropy. Which means you can donate to a approved charity across the world and track your funds to it's destination. No more charity scams!
7) Launchpad
This is aimed at funding startups that focus on Halal ideas and ventures.
8) Governance and DAO
Governance to anyone who holds ($MRHB). Meaning if you own some of their tokens you can vote on protocol changes and other matters. #Power2thePeople
You still with me? Okay now that we got through what you can find on their website let's get into the day to day stuff and my opinions.
If you were to tell me that MRHB was going to come out in 2012 I would have told you that I don't think it would have made it. I think the people behind it are smart and making the right steps. They have watched what works and what doesn't work. They have built a really nice looking wallet with great features. BUT... I haven't been able to find the wallet myself. I have tried looking through their White Paper, their Lite Paper, and the Google App Store. Nothing. I don't know if the Android App is region locked.
So without being able to use the wallet myself I can't say if it is just great on paper or great to actually use. The team is currently going through a $MRHB pre sale right now. So the other option is that it just isn't live yet.
Which is a perfect segway to the Presale!
You have the opportunity right now to purchase the $MRHB token. You can purchase it with USDT, USDC or BUSD.
Minimum purchase amount $50
Maximum purchase amount $5,000
Each token is worth $0.25
When I first started to research MRHB I was getting a little nervous because of how many times it was mentioned that only approved tokens would be listed on the exchange and available in the wallet. Also from what I have gathered is it is against Halal to gamble. (please correct me if I am wrong guys).
So with that being in mind any crypto token that the team behind MRHB deems a scam or something similar would not be allowed on the exchange or ecosystem. That bit right there is kind of refreshing. Sure we all like to watch to madness that was DOGE or SHIB. But with no real weight behind the project or use cases (sure you can spend DOGE as a payment crypto but come one) one could see how it could be perceived as a scam. The cryptos that serve a purpose and have a use case and have value would be allowed into the ecosystem.
Remember this whole ecosystem is built around the 'strict' Islamic laws. It's not some oppressive laws put it place to cause harm or danger. But laws in place to protect the people behind the money and bring truth and honestly to the forefront while also utilizing cryptos' built in anonymity.
Here is how I look at it. Say there are 100 people in a group. Ever person has a preference. There are some people who like every color of the Rainbow.
Red - Orange - Yellow - Green - Blue - Indigo - Violet
There are some people who only like Red through Green colors. While there are others who only like Red and Orange. If you built something that was "Red" then all 3 of those groups could use it and would like it. While if you built something based on Green then only 2 of the 3 groups would use/like it. Sharia is more serious then liking certain colors but the principle is the same. Create something with the strictest set of rules so that everyone "CAN" use it if they want.
All images have been taken from https://marhabadefi.com/ to advertise for MRHB Defi.
Now being this isn't my first rodeo in the Publish0x writing contest I did some extra digging. I may have even read some other people's submissions because well you got to see if other people found cool things that I didn't obviously. #FullTransparency 😊
What I didn't find much of and only found in their whitepaper was the following that kind of intrigued me a LOT.
MRHB DeFi has stated they support the United Nations Sustainable Development Goals. Which is part is trying to bring poverty to zero and reduce inequalities among other things by the year 2030.
The other thing they are aligned with is the "Crypto Climate Accords" in which they are a Signatory.
The Crypto Climate Accord is an agreement to decarbonize the world's crypto industry by the year 2040. They plan to do that by achieving net-zero carbon emissions from electricity consumption for the people who signed the Accord by the year 2030. And the other part is they will develop standards, technologies and tools to accelerate the adoption of and a 100% renewably powered blockchain by the year 2025.
I can not stress this enough that MRHB DeFi is built around faith and how that faith applies to finances. But on the other side of the coin that doesn't mean you have to be religious to use the service. Shoot you could be a atheist and still use the service. The whole ecosystem is built on clear fundamentals but is open to everyone. The only downside I could see to this ecosystem is if you wanted to say use the Sahal wallet and use a crypto gambling site it wouldn't work for you. But if you are in the interest of buying, selling, hodling your crypto then this could be a very lucrative option for you.
I for one now have this service on my radar and when it goes live and I can download the wallet I will be one of the first to do so. I also LOVE that this writing contest is for something BEFORE it goes truly live. It let's us do the digging and give it more publicity then it normally would. Well done Publish0x, well done!
*Update 1* It has been brought to my attention that the phrase "Halal" is more appropriate to be used in conversation then "Shariah-compliance", so I have edited where needed to fix those issues.
