Aussie-headquartered crypto platform Marhaba DeFi claimed a major incline of Halal-approved crypto offerings has been recorded on its platform. 

Specifically, Marhaba DeFi has plans down its pipeline to roll out a suite of new products which align with Islamic law by the end of 2022.

Introduced in 2020, the platform will place a concentration on abiding by the regulations of “Islamic finance” which is a reference to the way businesses and individuals attract funding in accordance with Sharia, or Islamic law.

Marhaba DeFi founder and CEO Naquib Mohammed reportedly remarked that the figure of active users of their noncustodial multichain Sahal Wallet have witnessed an increase to approximately 40,000 since its introduction. 

“People need a platform where they can trust every token they interact with, so we don’t have to go hunting on different platforms, tapping into different [Islamic] scholars or experts asking ‘can I invest in this protocol, this token, this strategy? You just download a wallet, and it will give you everything that’s halal in the crypto ecosystem”. 

Marhaba, which is translated to “welcome” in Arabic, also has four additional Islamic law-aligned crypto offerings introducing in 2022, something Mohammed revealed to be an “end-to-end halal ecosystem” for those excluded from the market because of an insufficiency in Sharia compliance.

The first is TijarX, which he says is the first halal decentralized exchange (DEX) for commodity-backed tokens, a halal DeFi staking solution, a liquidity harvesting platform, and a new version of its current halal nonfungible token (NFT) marketplace. 

“The fundamental property of blockchain is its transparent, it’s immutable, so bringing Islamic finance onto the blockchain makes perfect sense. Because of that transparency blockchain is the perfect puzzle piece that fits this gap.”