Best Blockchain Development Consultancy Firm in 2021 by APAC Insider

Developing Ethical DeFi Platform, Marhaba

Marhaba is bringing a world-first Shariah compliant DeFi platform to the space, backed by Blockchain Australia's end-to-end services.

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The Challenge

As the current DeFi system and the cryptoverse continues to expand, it still largely fails to accommodate the needs of the 2 billion + Muslims. Because of a lack of clarity around the Shariah status of crypto assets, Islamic economies have generally missed out on the benefits of the DeFi market, with a low adoption of cryptocurrencies in many Muslim countries.

The volatility of cryptocurrencies makes them forbidden in Islam, according to some scholars.

Marhaba’s aim was to bridge the gap between the Muslim community and the blockchain world. That meant merging their knowledge of the Islamic ecosystem, with Blockchain Australia’s legal, tech and marketing expertise, and our links with VCs and investors.

  • Lack of Shariah compliance

    The very nature of cryptocurrencies is against the faith of a large portion of the Islamic community.

  • Gap in the DeFi ecosystem

    The benefits of Decentralised Finance were unattainable for the Muslim community, who were unable to create wealth in the space.

  • Charitable donations up against market volatility

    The volatility of the market meant that charity donations in cryptocurrency were risky. There was a need for these to be backed by stable coins.

The Challenge

Marhaba Decentralised Finance Platform (MDFP) recognised the fact that the world is moving quickly in the direction of the crypto ecosystem.They wanted to accommodate those Muslims that care about Shariah-compliant trade, through a platform that was “Muslim also” rather than exclusively “Muslim only”. 

Bringing Shariah principles to blockchain, Marhaba’s services include a wallet that allows only Sharia-screened tokens, ethical crypto trading, yield maximiser buckets, an NFT marketplace for Islamic artists, and the option for users to securely send crypto to charity organisations.

The Solution

As the only company in Australia that provides the complete end-to-end services needed to get MDFP up and running, Blockchain Australia played a key role in launching the project. 

We provided technology and blockchain consulting, which was vital for the successful launch and encompassed the development of the application, tokens and smart contracts. We assisted with legal matters and advice throughout the project, which covered:

  • Corporate Structuring
  • Licensing Negotiations
  • Drafting of License Agreements (2 Companies) 
  • Tokenomic Advice
  • Blockchain Advisory 
  • NFT advisory
  • Terms and Conditions for platform
  • Privacy Policy for platform
  • Token Sale Advice
  • SAFT Agreements 
  • Token Sale Terms and Conditions
  • Intellectual Property Advice
  • Attendance on relevant third parties
  • Introduction to Networks 
  • Announcement and Marketing Legal auditing  
  • Audit of all legal contracts entered into
  • In House Counsel Services 
  • Whitepaper

Blockchain Australia also provided introductions with investors and crypto advisors, to raise the necessary funds and help Marhaba to build the right connections across Australia. These introductions played a key part in blockchain product development, covering everything from website development to the design and deployment of the NFT platform.

Post-launch, we provided comprehensive crypto marketing services, including launching bounty campaigns, PR marketing, community management (via Telegram and Discord), social media marketing, and exchange listing services. Working with Blockchain Australia means connecting with an award-winning team of blockchain experts, designers, developers, lawyers, marketers and investors, who come together to execute your vision from beginning to end.

What Marhaba DeFi achieves

Facilitation of Halal transactions

An interest-free solution when trading crypto assets, and ensuring trades are free of excessive uncertainty.

Multi-currency & multi-chain products

A multi-currency wallet that only holds Shariah-compliant tokens, and a multi-chain NFT platform.

More inclusivity

Opening the doors to more finance opportunities to a wider portion of the Muslim community.

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Ralph Kalsi
Ralph Kalsi

Founder and CEO, Blockchain Australia