we hosted an amazing AMA with MRHB DeFi on the 11th of September
And here we will put some of the best questions:
Q1. Can you please introduce yourself as well as MRHB DeFi ?
My name is Naquib, and I am the founder and chief strategist of the Marhaba Decentralized finance project. I have a 13+ years of experience in the InfoTech domain and my last role as a corporate professional before I head dived into Marhaba, was a technology architect, where I have managed to deliver solutions across half the globe.
I m a blockchain enthusiast since a couple of years, started in enterprise projects and then moved to defi 2 yrs back. My work in blockchain backed Fintech was recognized, and I was humbled enough to receive an invitation from the Australia government to migrate to Australia as a Global Distinguished Talent of Fintech.
Our project, M⋀RH△B⋀ is building a unique ecosystem of [shariah-compliant/faith-based/ethical] crypto-financial solutions to the market. We are doing this by bringing multiple ethical products, usually isolated, together in one single coherent ecosystem.
While inclusive of all faiths – Marhaba is focussed on the Islamic Finance liquidity pool which is currently over $3 trillion in size, growing and serves over 1,000,000 people globally.
The majority of whom are excluded from Crypto and Defi markets due to faith, complexity and product fragmentation. Therefore Marhaba is the “first-mover” in this enormous space and takes pride in being a truly “inclusive” DeFi Platform.
We are a team of researchers, technocrats, influencers, reputed islamic fintech experts and senior business entrepreneurs, who came together to ensure that we bring a DeFi solution, that will impact the society as a whole
Q2. What are the advantages of MRHB DeFi project ?
MRHB is not just “another Blockchain Project”. Its a vision that is being shaped by handpicked individuals to create an impactful financial system.
M⋀RH△B⋀ is focussed on serving one billion+ people who are excluded from crypto for reasons of faith, access and complexity.
We are building an entire [halal] ‘safe crypto space’ that will offer the community defi products & services that seeks to apply a high standard of ethics, transparency and governance missing from the cryptoverse.
On the other hand MRHB does not look at its peers as competitor. With a strong ideological basis, we believe to set a new direction for other peers as well
Jazak Allaah Sister. Yes indeed a project like MRHB is needed in the DeFi ecosystem today
Q3 please tell us about the goal you want to achieve in this year
We are rolling out our ecosystem in 2 Phases.
Phase 1 will consiste of our SOuq NFT, a Non Custodial Wallet (The SAHAL WALLET), a Cross chain Dex Aggregator and a Liquidity Harvesting solution
we will first roll out the NFt marketplace, followed by our token Launch in this quarter InshaAllaah
Our Wallet is realeased internally, and is being tested witin a closed group of beta testers
and our star product, The liquidity harvester will be live InshaAllaah by Dec
Q4. Every project has a story behind their name, Can you tell us more about the story
We concieved the concept of MRHB DeFI, when we saw the boom in the defi industry, and the muslim community was either not aware of defi, or was afraid to onboard it due to shariah issues
myself, being a muslim, I wasnt able to reap the benefits of DeFi, as the landscape was full with Haraam Protocols of Interest based Yields
This is where MRHB started, as we wanted to benefit from DeFi, but in a halal Way
And here we will put best questions from our members and MRHB DeFi fans:
Q1) Marhaba DeFi will be free from interest/usury (Riba), excessive risk (Gharar), and financial transactions which are similar to gambling (Maysir). So,how would your platform manage to be free from interest, excessive risk, and financial transactions?
Being part of the fintech landscape we tend to belive that it is difficult to survive without dealing in financial transactions that are not permitted under shariah
MRHB team is working to change that perspective
and our shariah team has created the platform idea in a way, that we will interact only with shariah audited and shariah screened tokens and liquidity pools , so that our users can use the ecosstem in a halal way.
the details are explicity explained in the SHARIAH GREEN PAPER that our shariah board released yesterday
This is the link to the shariah paper
This is the worlds first reference for a Halal DeFi ecosystem
Q2) One of the features/utilities of Marhaba platform ecosystem is Machine Learning based Auto Portfolio Creation and Management system. Can you tell us more about this system, how it is used and how can it be beneficial for your users?
Well, this is part of our Phase 2 roadmap, and the research and develpment will start in Q2 2022 InshaAllaah .
to be brief, the solution will be capable of autolearning the trading methods of the user,a nd and suggest the optimum solutions based on the other successful traders of the ecosystem
more details cannot be divulged now. Keep an eye on our roadmap
Q3) Marhaba DeFi brings the first sharia compliant solution to the world of decentralized finance. But what is Sharia? It is the first time that I see this term within finance. What is it and how can it benefit a whole general ecosystem?
Cummon Bro. Its not first Time…..!!! Shariah Based Finance , or Islamic Finance exists since 1400 years. Right from the day, our Holy Prophet, taught the etiquettes of lifestyle and finacial dealings to everyone
We are just replicating these teachings, to the world of DeFI
Q4) One of Marhaba DeFi offerings is DeCha & Zakat Solution. So,can you explain more about this offering in your platform? How does it works? How can investors and users can take advantage with this offering? Is it only for Muslim Communities?
This is the third time I am answering the same question, in the exact same words. I request the questioner to read our past AMA sessions on our medium channel
Q5) Look at MarhabaDeFi which has a combination of Finance, Technology, and Islamic Theology that drives its ecosystem forward for Muslims. But With “Islamic trading principles” in mind, how do they ensure that they are respected when trading and competing in Crypto world?
We are not trying to compete with the crypto world, or with any projects in the crypto world.
The working principles are simple
Our shariah team screens and approves the shariah compliant protols and gives us clear methodologies for its workings in the platform
we , as the tech team, have to ensure that the “principles” are coded into smart contracts, and it stays immutable in the ecosystem
Just the way , any finacial DAPP works on the blockchain, M⋀RH△B⋀ will work in the same way too
just that the underlying principles, or logic would be different
Q6) Will sahal wallet automatically deduct 2.5% of holdings as per tha “Shariah” rule or it will be according to the will of the holder?
Shariah rule does not duduct 2.5% .
This number is exclusive to the Zakat Dealings. So the answer is “NO” . The wallet will not automatically deduct anything.
Q7) You have just released the MRHB Green Paper. Can you tell us the contents of this Green Paper? Is there any education about sharia in this Green Paper?
Yes, we realeased the GReen Paper yesterday. This is the Worlds first researched reference material for a Shariah Based DeFi ecosystem. M⋀RH△B⋀ is just not creating the worlds first DeFI, but also acting as a gateway for many other aspiring projects, who want to tap into the “Islamic Liquidity” of the Global Fintech Market
Q8) Will you consider community feedback and needs when you create your project?
Yes, 100%. Going forward, we would be creating our DAO, where the community will be taking over most of the roadmap and decisisions. This would inturn be vetted by the Shariah DAO, and then pass into the implementation phase.
Q9) Who is your project’s biggest rival? In the future, does your project have a plan to beat your rival or cooperate with them? I think that will be a huge step forward for your project.
No Rivals sir. We have the first movers advantage of being the first defi project aiming for a global coverage. We have lot of comparisons to do, with each of our products, but on an overall, no such competitions Alhumdulillaah.
Q10) Do you also build NFT ?
Yes, we would be working on a lot of NFT usecases. We would focus on institutional usecases as well, as part of our upcoming roadmaps. Right now, we are onboarding artists and content creators to build and utilise our platform.
And this was the end of our AMA with MRHB DeFi.
If you have any other questions you can ask here:
ℹ️ℹ️ Useful links ℹ️ℹ️
Medium :- https://medium.com/@marhabadefi
Twitter :- https://twitter.com/marhabadefi
Facebook :- https://facebook.com/marhabadefi