DeFi Platform Marhaba Aims to Leverage Halal-Certified NFTs to Tap the $3 Trillion Islamic Economy
The “world’s first” certification for Shariah-compliant non-fungible tokens (NFTs) has been presented by Marhaba DeFi Network (MRHB), a Muslim-focused “ethical” decentralised finance platform.
Islamic law defines “halal” as everything that is allowed under Islamic law. Minted NFTs are submitted to a Shariah governance board, which assesses the artwork for modesty and morality.
As MRHB CEO Naquib Mohammed said to BeInCrypto, the NFTs would be reviewed for concerns like nudity, racism and hate speech as well as legitimacy.
Shariah Experts Ltd., a London-based halal consultancy business that specialises in Web3 projects, issues a blockchain certificate after the project is complete. A Singaporean gold crypto platform called Cache Gold has received the “first” accreditation, according to him.
In the halal economy sector, “certificate forgeries are prevalent or difficult to confirm, particularly in the halal food market,” Mohammed said. NFT-based halal compliance certificates “meet a vital demand,” he said.
“NFTs are great for immutable certificates since they are unique and cannot be replaced or interchanged,” he noted. MRHB’s marketplace SouqNFT hosts the halal non-fungible tokens.
worth $2.7 trillion to the global economy In the Islamic financial industry, bitcoin is seen as a threat.
In many Muslim countries, customers and regulators alike place a high value on Shariah compliance. Bitcoin (BTC), for example, has been the subject of much debate over its authenticity.
Bitcoin has been branded “haram” by prominent Islamic clerics, which means Shariah prohibits it since it may be used for unlawful acts including money laundering, gambling, and fraud.
Many people worry about the absence of central authority and how digital currencies weaken governments’ and central banks’ control over their national monetary systems. Islamic scholar Asrorun Niam Sholeh, one of Indonesia’s most prominent scholars, issued a fatwa (religious pronouncement) in November advising Muslims against investing in cryptocurrency, stating “it’s like a gambling bet.”