Islamic finance has not always been like-minded with the focus of DeFi on risk and profit, but it seems like a new platform is now aiming to blend the best of both platforms. A team that is Sydney-based is no building something that claims that it is going to be the first shariah guided of the world. This is a decentralized platform of finance that will navigate a course by including the advantages of the DeFi along with the principles of the finance of Islamic country.
You might not be aware of the thing that Marhaba decentralized financial platform is going to be launched in the upcoming months, and it is seeking to offer the Islamic countries a decentralized finance platform that is conversant with the core canons of the shariah.
When speaking to the platform of coin telegraph, the chief innovation of the blockchain Australia and the Marhaba’s CEO and founder, Naquib Mohammed, has stated that a core belief of the shariah based finance will ensure that the financial body which is providing the service and the clients both win in the transaction that they are making.
Earlier in the year 202, Naquib Mohammed founded Spherium, which was the enterprise-focused platform, and now he is focusing on designing a platform that serves the 2 billion Muslim population of the world. He also noted that the team of Marhaba is done with all the research into the various insolements of the different Arabic communities which are related to cryptocurrencies.
As you know that while most of the projects related to cryptocurrency are started with the tinkering of the test net and seeking out help from the members who are talented on social media, meanwhile Marhaba has started its journey with Naquib Mohammed, looking for respected intellectuals of Islamic who also have the knowledge about the cryptocurrency world and who believe that the dispersed finance can be handled in a way so that it relates to the thoughts and beliefs of shariah.
It is essential for you to understand the fact that according to the Islamic concept riba, it prohibits the use of high-interest loans and aggressive byproducts. In this concept, the truncation that is related to gambling and the things which pose a higher risk or doubts are also expelled. He said that the Marhaba would appoint a team of all the highly qualified in-house shariah advisers for ensuring that the products and tokens that are reinforced by the platform are shariah guided or not.