MRHB.Network’s SouqNFT Marketplace Hosts World’s First NFT-based Halal Certifications | by The Capital | The Capital | Apr, 2022

*“Disclaimer: The Capital has acquired fee in change for writing this text.”*

Dubai, U.A.E. — Halal NFT market SouqNFT now hosts the world’s first NFT-based halal compliance certifications. The NFT certificates, minted and issued by Shariah Specialists Ltd., are powered by moral decentralized finance (DeFi) platform MRHB.Community.

These NFTs are the primary fully immutable halal compliance certifications which have been recorded on a blockchain, offering newfound transparency to the halal certification sector. The NFTs will enable firms to publicly confirm that their enterprise practices and merchandise are licensed halal, which implies they’re moral in accordance with Islamic jurisprudence rules.

“The trustless nature of NFT-based halal compliance certifications fills a urgent want within the halal economic system sector, the place certificates forgeries are frequent or troublesome to validate, particularly within the halal meals business. NFTs are distinctive and neither replaceable nor interchangeable — this makes them an ideal know-how for immutable certificates,” stated MRHB DeFi CEO Naquib Mohammed. “The entire transparency of blockchain additionally implies that anyone can simply cross-check a certificates with Shariah Skilled’s public key to confirm past a shadow of a doubt that it was this particular Shariah advisory agency that minted the NFT and issued the certificates. By default, NFTs incorporate proof of possession.”

Shariah Specialists, the issuer of the NFT certificates, is a London-based advisory agency based in 2020 with the mission of guiding Web3 tasks alongside Islamic rules. Shariah Specialists’ fatwas (authorized rulings) embody Islamic banking and finance, gold and silver, zakat almsgiving for monetary establishments and traders, and waqf charitable endowments. The corporate is headed by world famend Shariah students Dr. Farrukh Habib and Mufti Billal Omarjee. Singapore-based gold crypto platform Cache.Gold is the primary receiver of the halal certification within the type of NFT minted on SouqNFT market.

“Shariah Specialists imagine that tokenization of certificates within the type of NFTs can assist keep away from cumbersome authentication strategies and sluggish verification processes,” Dr Habib — Co-founder, Shariah Specialists — stated. “Different strategies are liable to a number of factors of failure alongside the way in which, resembling loss or destruction of a paper or digital certificates. NFTs are a extra streamlined and everlasting answer.”

The SouqNFT market was launched in December 2021, and was MRHB DeFi’s first launched product together with their $MRHB token. Notably, SouqNFT can be the world’s first NFT market to record halal-certified NFTs, guaranteeing customers won’t ever come upon inappropriate content material on the positioning. The Shariah Governance Board (SGB) retains a watch on all NFTs submitted to the market, and are additional aided by NSFW and NLP machine studying algorithms.

Bringing Collectively an Moral Web3 Ecosystem

MRHB DeFi Community was based to create a platform ecosystem of halal DeFi services and products made particularly for folks involved about making solely moral monetary choices. This consists of the Islamic Finance sector, a market representing over 1 billion folks and US$3 trillion in worth. So as to be thought of halal for Islamic Finance, companies should adhere to strict moral and financing rules, together with avoidance of social exploitation, curiosity or usury and assist of transparency, sustainability, asset or utility-backed financing and equitable risk-reward sharing — all rules which have a common enchantment past the Muslim group.

“It’s our honest hope that the NFT certificates we host on SouqNFT will encourage others to affix MRHB DeFi Community in our mission to construct a Web3 ecosystem centered on moral enterprise practices,” Naquib stated. “The cryptocurrency business has been unregulated for much too lengthy, and this has introduced many unhealthy actors and immoral conditions. A protected, reliable house must be constructed within the cryptoverse for folks with robust convictions of what’s proper and fallacious, and we predict that blockchain will be the proper instrument to make this occur.”

MRHB DeFi Community not too long ago launched their flagship product, Sahal Pockets, which is a self-custodial multichain cryptocurrency pockets constructed particularly to be suitable with solely tokens licensed halal. The pockets can be a portal to the remainder of the MRHB DeFi ecosystem — together with linking on to SouqNFT — making it simple for anyone to make use of the MRHB DeFi Community platform as a trusted gatekeeper to the halal cryptoverse, 5 extra merchandise are additionally being constructed for this ecosystem, together with interest-free crypto financing, a cross-chain DEX aggregator and a liquidity harvester, together with an entrepreneur launchpad and decentralized philanthropy (DePhi) geared toward creating higher alternatives for underprivileged communities.

MRHB DeFi Community’s imaginative and prescient is supported by quite a lot of companions and traders, together with Polygon Know-how, Sheesha Finance, Australian Gulf Capital, NewTribe Capital, Blockchain Australia, Mozaic, Contango Digital Property, ZKSync, Acreditus Companions, EMGS Group, Sinofy Group, Sukhavati Protocol and MKD Capital, amongst others.

About MRHB DeFi Community

MRHB DeFi Community is a halal, decentralized finance platform constructed to embody the true spirit of “Moral and Inclusive DeFi” by following faith-based monetary and enterprise rules the place all excluded communities can profit from the total empowerment potential of DeFi.

The various staff includes researchers, technocrats, influencers, Islamic fintech consultants, enterprise entrepreneurs and business professionals, who’ve all come collectively to make sure that MRHB DeFi prevails in a way that may impression society as an entire, basically bridging the hole between faith-conscious communities and the blockchain world.

MRHB DeFi Community Official Channels

Web site: https://mrhb.community

Twitter: https://twitter.com/marhabadefi

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Medium: https://medium.com/@mrhbdefi

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Fb: https://www.fb.com/MRHBDeFi

Telegram (Arabic): https://t.me/mdf_arabic

Telegram (Russian): https://t.me/marhabadefi_russia