Best Blockchain Development Consultancy in 2021 by APAC Insider
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.
The very nature of cryptocurrencies is against the faith of a large portion of the Islamic community.
The benefits of Decentralised Finance were unattainable for the Muslim community, who were unable to create wealth in the space.
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.
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.
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:
An interest-free solution when trading crypto assets, and ensuring trades are free of excessive uncertainty.
A multi-currency wallet that only holds Shariah-compliant tokens, and a multi-chain NFT platform.
Opening the doors to more finance opportunities to a wider portion of the Muslim community.