MRHB DeFi is a decentralised finance platform that differs from all other existing DeFi platforms by taking into considerations ethics, faith and religious morals into the DeFi arena. MRHB is pronounced as “” in Arabic which means “Welcome” and is spearheaded by fintech gurus and Islamic practitioners like Naquib Mohammed who is currently the Chief Strategist. The vision of MRHB is to bring 'Muslim' to DeFi and get them involved in Shariah compliant decentralized finance technology.
To foster their vision and achieve their goals, MRHB offers the following services which will help them penetrate the competitive DeFi market:
- Sahal wallet
- Soug NFT
- Liquidity harvester
- Cross-Chain DEX Aggregator
- Interest Free Lending and Borrowing
- DePhi Protocol
In today’s article which is Part 1, I will deal in detail with the SougNFT platform. This is an NFT (non-fungible tokens) marketplace which like any other NFT marketplaces like Opensea, allows the creation and minting of artwork, collectibles, music and videos as NFTs. However, the golden rule in SougNFT is that the work created and traded MUST be Shariah-compliant. Wondering what Shariah compliance means, Let me break it for you. Since the vision of MRHB is to bring “Muslim also” and ‘ethics’ to DeFi, there is need to provide services that allowable in the laws and regulations of Islam. This is avoid having Muslims involved making profits or participating in things that against the Shariah laws of Islams.
Sharia compliance is made of the following foundations which have to be followed within the Islamic/Halaal banking and finance systems:
Sharing of profit
Prohibition of riba (unjust, exploitative gains)
Gambling prohibition
Investing in lawful activities only
Upholding of ethical and moral values at all times
A successful and functional with the real economy.
Therefore, for the SougNFT platforms NFT creators have to create Shariah-compliant NFTs like in Islamic Artscontemporary Calligraphy. The creator will have to make their own artwork or writing and upload it into SougNFT platform where it will be converted to an NFT file. Below are examples of Shariah-compliant artworks or writings that can be come NFTs.
Example of Islamic art which be converted into NFTs. Adapted from Frist Art Museum (https://fristartmuseum.org/exhibition/ink-silk-and-gold-islamic-art-from-the-museum-of-fine-arts-boston/)
Example of Shariah compliant caligraphy that can be an NFT. Adapted from Dreamstime (https://www.dreamstime.com/translation-allah-best-providers-arabic-islamic-calligraphy-traditional-modern-art-name-koran-arab-arabian-image108776016
Looking for a way to make money by trading NFTs in an ethical and Shariah-compliant way, then SougNFT platform is the best marketplace for you.
Marhaba! We welcome you!
#MRHBDeFiExplained
