Marhaba Decentralized Financial Platform is an ethical DeFi platform. MRHB Founder and CEO Naquib Mohammed targets an unmet demand of Muslims for Shariah-certified DeFi products. He has launched the start-up mid-pandemic after nine months of laying the groundwork. The platform website states that
MRHB DeFi will be free from interest/usury (Riba), excessive risk (Gharar), and financial transactions which are similar to gambling (Maysir).
The smart contracts are the backbone of the MRHB platform that are set to enforce the Shariah compliance and prohibit the use of any asset that is unlawful according to Shariah Law. The supervision of duly experienced and highly qualified in-house Shariah advisors ensure that the activities on the platform are Shariah-compliant.
Marhaba Decentralized Financial Platform is built on the Binance Smart Chain whcih greatly reduces costs of transactions and improves overall efficiency. The core services that MRHB provides are Saha wallet, Souq NFT and Liquidity Harvester, among others.
One of the core features of MDFP is a Shariah compliant digital wallet, Sahal wallet. It is a non-custodial wallet which filters Shariah-screened tokens and has internal storage for NFTs. The wallet encompasses Shariah-governed DeFi functionalities to enable users to participate in charity and Zakat using web3.
Sahal Wallet, is integrated into MRHB’s Shariah filtering technology that allows only compliant tokens to be stored, transacted, and managed by the user. The wallet serves as the gateway to the entire MRHB DeFi ecosystem where users interact with any ecosystem products within Sahal.
Another great feature implemented on the platform is MRHB DeFi’s cross-chain “no-code” marketplace to encourage and promote Shariah compliant arts such as Islamic Arts and contemporary Calligraphy. An artist will have an option to create & upload an artwork with a click of a button and a couple of seconds.
Liquidity Harvester and Finance Products
Finally, the platform implements cross-chain passive income generator available to everyone. MRHB promotes an opportunity to earn 5-15% APY a year on stablecoins via Liquidity Mining under the Mudarabah contract with low amount of risk.
Liquidity Harvester is similar to a traditional Saving Accounts. Liquidity Harvester allows users to deposit and move their funds across the ecosystem and exploit the best investment opportunities.
The financing products comply with Shariah principles. The investment instruments take the form of yield maximizing pools with each following different strategies. Some pools primarily focus on developing apps while others gain exposure to Shariah compliant established ERC-20 tokens in the DeFi space.