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I teach a class of students who are from different races and religions. Guided by the desire to prepare them for the groundbreaking innovations that will be part and parcel of their lives, I wanted to introduce them to cryptocurrencies. The advantages of cryptocurrencies are manifold: empowering of the individual, removing of intermediaries and their costly fees, creating another income stream, among others. There was one problem, though.
Some of my students are Muslim. This means that their religious faith will disallow them from investing in cryptocurrencies as such digital assets are perceived to contain elements of volatility and wagering and thus, are considered to be "haram" (banned in Islamic). This has implications on my teaching because I need to be sensitive to their faith and not introduce material that will rock the boat. Obviously, I do not want to incur the wrath of concerned parents and community leaders!
So I was really glad to learn of the existence of Marhaba DeFi. Marhaba means "Welcome" in Arabic - and yes, I felt like the website - with its pleasing green hues - embraced me with open arms. I was relieved to learn that Marhaba DeFi prided itself as the first shariah-compliant solution to the world of decentralized finance as it conducts cryptocurrency transactions in ethical ways that are approved by the Islamic religion. But don't just take my word alone. The practices of Marhaba DeFi have been resoundingly backed by Australian companies, the likes of which include Blockchain Australia, which is Australia's leading blockchain development company.
Serving 2 billion+ Muslims
The launch of Marhaba DeFi could be seen as a form of salvation to the more than 2 billion Muslims globally. Currently, many Muslim countries have typically seen a low adoption rate of cryptocurrencies as Muslims feel that its volatile nature is against their faith. This is especially so when they wish to make donations to charitable organizations but cannot guarantee the monetary due to cryptocurrencies being a high-risk asset. Marhaba DeFi thus collaborated closely with Blockchain Australia to implement faith-based practices and systems so that Muslims could rest assured that they were engaged in Shariah-compliant trade.
Offering wide array of products and services
By paying heed to Shariah-compliant principles, Marhaba DeFi offers a wide range of products and services that not only bring about convenience to the lives of Muslims, but also empower them to build financial wellness and wealth. The products offered include:
- Sahal Wallet - a multi-currency wallet that only holds Shariah-compliant tokens as all tokens are rigorously examined by MRHBDeFi's filtering technology and thus, certified to be ethical. Token swaps are available so that users need not incur any transaction fees when they wish to convert their assets.
- SouqNFT platform - a dynamic marketplace that showcases the talents of artists motivated to promote Shariah-compliant arts such as Islamic arts and contemporary calligraphy
- Liquidity Harvester - cross-chain liquidity harvesting protocol that enables users to gain 5-15% APY* a year on their stablecoins via liquidity mining
- Decentralized Philanthropy (De-Phi) protocol - a service that lets users make zakat (almsgiving as a form of charitable donation) in cryptocurrencies
Educating my students
I am thrilled that MRHBDeFi helps Muslims take advantage of the burgeoning cryptocurrency world. I can't wait to educate my students about MRHBDeFi as it is a well-rounded platform that not only serves to help people meet their religious obligation, but also provides a conducive environment for the arts and commerce to flourish. At the individual level, it enables users to build their wealth in a low-risk, faith-based manner that will put huge grins on their faces. What's reassuring to know is that Marhaba is an inclusive platform that aims to serve the needs of people of diverse faiths, so perhaps my non-Muslim students might be interested to check out this platform when they have reached investing age!
