Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with MRHB DeFi October 6, 2021. This guest star,

  • Dr. Farukh Habib

Introduction

Farrukh :
I am Dr Farrukh Habib, Chairman of the Shariah Governance Board (SGB). I am an expert in Fintech, finance and Shariah. I am an advisor, consultant, trainer, researcher, and product architect with a vast global experience of more than 9 years. I am involved in various projects under Islamic fintech and halal digital economy. I have also developed his own proprietary shariah-compliance screening criterion for crypto-assets.

Previously, I was a researcher and advisor at ISRA, an institute under the Central Bank of Malaysia, where he carried out research and consultancy work. I am also the editor and reviewer of various reputable academic journals. I have a strong educational background with a PhD in Islamic Finance from Malaysia; a master in banking & finance from the UK; another master & bachelor’s in economics from Pakistan; and have also received traditional Islamic education for 8 years acquiring another bachelor & master in Islamic studies.

QUESTIONS MODERATOR

What is MRHB? Can you share with us more in detail?

Farrukh :
MRHB is a shariah compliant Defi ecosystem. Shariah compliant means it is aligned with the Islamic values, and does not contradict with the prohibitions in Islam. Having said that, it is also beneficial for non-Muslims who are interested to see ethical and social values in the defi space.

What triggers you to launch MRHB? What are some of the real-world problems/pain points that MRHB aims to solve?

Farrukh :
There are almost 2 billion Muslims. Among many reasons for avoiding crypto/defi space, one of them is their faith based values. They need shariah compliant defi solutions. It is not the problem of inidviduals, but also Islamic finance (IF) institutions. The IF sector is fast growing with total liquidity / assets reaching around US$3 trillion in value — this currently 20x the Total Value Locked in DeFi . Nearly zero of this Islamic ‘liquidity’ is active or ‘locked’ in the DeFi sector representing both an extraordinary growth catalyst for the entire DeFi community and MRHB token holders.

MRHB is aiming to solve this problem by providing Islamic ethical and social defi solutions to the community.

Could you please give a brief intro of MRHB salient product/features? What solutions are offered?

Farrukh :

If I may share this diagram, it summarizes all the products nicely

1. A Multi-Asset Non-Custodial Wallet, that would be holding only Shariah compliant tokens/assets, with Token Swapping Features.
2. A NFT Creation Platform & Marketplace (SouqNFT), a Multi Chain solution for both B2X and C2X use cases. While initially focussed on creative endeavours the platform potential for the efficient exchange of unique and halal tangible value is immense.
3. A Liquidity Harvester crypto-wealth product that offers solid and halal token returns with reduced risk for both individuals and institutions relative to CeFi products currently available.
4. A Cross Chain DeX Aggregator that is blockchain agnostic hence consolidating the liquidity fragmented across the DeFi ecosystem for more efficient markets.

Who are MRHB current partners and backers?

Farrukh :
First and foremost, we have a fast growing community of common people. Their support encourages us to achieve excellence in our work and provide them the best solutions. It is really motivating. Secondly, we have HNWI and institutions which see immense value and potential of growth in MRHB. There are few VCs already onboarded, and more are hopefully coming onboard soon.
As MRHB is growing exponentially, we are observing partners and backers coming from different parts of the world.

Are there any exciting news or updates with regards to MRHB that you would like to share with us here?

Farrukh :
Yes, our seed round is complete, and now private white list round and Pre public sale rounds are still open. We are aiming to launch our products and MRHB token very soon.

QUESTIONS TWITTER

I didn’t find much information about the $MHRB token on your website. So, can you explain about the tokennomics, use cases and utility that the $MRHB token has in the MarhabaDeFi ecosystem? How much total supply & where will it be allocated? What are the advantages of holding it?

Farrukh :
The MRHB DeFi Digital Token or the $MRHB Token, will be a utility token that will be initially minted on the TBC. The MRHB DeFi ecosystem, will have a total supply of 1Billion. Further tokenomics can be found in the whitepaper of MRHB.
Our halal ecosystem will be built on top of the world’s best-in-class, open-source technology ensuring maximum reliability, performance, scalability and security. The team estimates a 24month schedule to deliver Phase 1 and 2 of our vision. We fully aligned with the community for long term token utility and value creation.
The $MRHB token will have the below utilities:
1. Shariah Approval — Projects wishing to receive Shariah approval will be required to pay a fee in $MRHB. They will then be required to pay an annual fee in $MRHB to be reassessed ensuring they maintain Shariah compliance standards.
2. NFT Minting Platform — MRHB’s NFT platform will require relevant fees to be paid in $MRHB.
3. NFT MarketPlace — Users that wish to buy or sell on the MRHB’s NFT marketplace may pay their transaction fee in $MRHB which will attract lower transaction fees.
4. Liquidity Harvester — Use of the liquidity harvester will require users to pay fees in $MRHB tokens.
5. Sahal Wallet — Cryptoassets listed in the Sahal Wallet may pay a $MRHB token fee to boost their exposure within the Sahal wallet. Users may opt in to receive pop up notification advertisements via the Sahal wallet. If they do so they will receive a certain amount of $MRHB for viewing an advert. Entities wishing to display their adverts within our wallet will be required to pay a fee in $MRHB.
6. MRHB Launchpad — Users that wish to launch on our MRHB launchpad will be required to pay the launchpad fees in $MRHB tokens.
7. MRHB DEX — the $MHRB d-exchange will allow its users to pay its fees in MRHB. Paying fees in MRHB on the MRHB exchange will attract lower fees. User will also be able to convert the DEX dust into $MRHB
8. Incentivisation — $MRHB will provide up and coming Shariah approved projects incentivisation strategies to implement the $MRHB token with their ecosystem.
9. Governance will be achieved via $MRHB tokens and owners holding more than 9999 $MRHB tokens will have rights to vote and raise proposals.

Can you explain more about DeCha & Zakat, how it works in your platform? How can users take advantage of the solution? It’s only for the Muslim Community or Non-Muslims can also participate? Are you planning to expand to all users?

Farrukh :
To promote and encourage the social impact of the overall crypto ecosystem, MRHB DeFi Platform users will have the option to send a portion of their portfolio value in crypto, to charity organizations, which would be linked to the MRHB DeFi Platform. The charity can be in the form of “voluntary donation (Tithe & Sadaqat)”, “compulsory donation” (Zakat) or general philanthropy.

MRHB DeFi will create and utilise a set of liquidity pools through its Liquidity Harvester product. End users, who are interested in charitable actions, will be able to deposit and generate rewards via trader fees for a given pool. All the rewards will then be donated to one of the charities and recorded on chain for transparency. The deposited assets will be locked for 60 days within the liquidity pool. MRHB DeFi itself will also contribute to these pools and set aside 5% of its DAO Treasury to be invested in these pools thus continuously generating wealth to be shared amongst the less fortunate population.

MRHB will seek to support Zakat where globally these charitable distributions are estimated to be between $230bn and $560bn every year and only 2–3 percent of this market is being sufficiently served. Only the charity organizations approved by the SGB will be eligible to receive the funds. Moreover, the organizations would be part of the ecosystem, only after enhanced due diligence is done on them by independent third-party verifiers.
While Zakat has its specific categories for distribution, other forms of charities can be extended to include non-Muslims on need basis.

I see MarhabaDeFi which has a combination of Finance, Technology, and Islamic Theology that drives its ecosystem forward for Muslims. But With “Islamic trading principles” in mind, how do they ensure that they are respected when trading and competing in crypto space?

Farrukh :
The SGB at MRHB will ensure that not only the underlying assets (subject matter of sale transactions/trade are shariah compliant, but also the transactions are carried out in a shariah compliant manner. For more details, please see MRHB Shariah Green Paper.

Security is so important with all of us nowaday. How does MRHB DeFi ensure that the assets of your users are safe and secure? do you have insurance for users?

Farrukh :
We are opting for the highest standards for security according to the common defi industry practices. We are already in talks with independent security auditors for our smart contracts, and we are using multi-sig wallets for funds. As for the insurance, we are still considering having a viable solution, and exploring options, because shariah compliant insurance solutions are not available in the space yet. Even conventional insurance in the defi space is scarce at the moment. There are only very few players in the space. However, we are still exploring this option.

One of the solutions offered by MRHB is “Souq NFT”, what makes it different from other Marketplaces? Can we freely trade cross-chain NFTs? What exactly is a “no code” platform for creating NFTs?

Farrukh :
The most prominent difference of sNFT is its shariah compliance. Souq NFT will be for Shariah compliant NFTs, regardless of their type i.e., artwork, GIF. The marketplace will be monitored closely by the SGB to enforce this requirement with the use of NSFW and NLP machine learning algorithms that MRHB DeFi will incorporate to detect and potentially filter out any negative content such as nudity, adult content, hate speech and racism. Of course, these algorithms are not 100% accurate and the decision to take an NFT to the Shariah board for a manual decision to be made will be subject to a threshold value provided by our “Shariah Compliance API”.

It is a Multi Chain solution for both B2X and C2X use cases. While initially focussed on creative endeavours the platform potential for the efficient exchange of unique and halal tangible value is immense.

A “no-code” platform to enable the creation of NFTs by individual creators. An artist will have the option to upload his artwork to the app, and the smart contracts lying under the hood, will convert the uploaded file into an NFT.

Version 1 will be to have just the marketplace to create and sell digital art in the form of NFTs. Later versions will be expanded into an end-to-end supply chain model that will enable the creator to sell physical versions of his work to the buyers, this will be achieved with MRHB DeFi’s physical vaults and escrow services going forward. This same technology can be applied to many other sectors of the Islamic Economy where value needs to be transparently and immutably exchanged but we are only at the beginning of our token economy journey.

The proposal is to create the marketplace on the Binance Smart Chain network initially then expand to become cross-chain, thus allowing creation of NFTs on multiple chains.

QUESTIONS TELEGRAM

How strong is your team? Many projects starts with good impression and later abandoned the project. What makes your project various than others?

Farrukh :
If you take a look at our whitepaper, you will find the team section there. Our team consists of various people with diverse background contributing in the project immensely. The whole team has a track history and is visible. MRHB is a project based on strong ethical and social inspiration, it is not a pump and dump scheme or just fixing a tech problem in the defi space. Therefore, it is unique and has strong basis.

Marhaba DeFi is a platform built to promote the true spirit of an “Inclusive DeFi”. Can you explain the advantages of inclusive DeFi to the users? What are the major principles of Shariah you plan to implement in blockchain? Why do you think it is necessary?

Farrukh :
One of the major reasons why a big number of the population does not want to be part of the defi phenomenon is their value system. There are almost 2 billion Muslims, 25% of the population, majority of it lives in 57 countries. Among many reasons for avoiding crypto/defi space, one of them is their faith based values. They need shariah compliant defi solutions. It is not the problem of inidviduals, but also Islamic finance (IF) institutions. The IF sector is fast growing with total liquidity / assets reaching around US$3 trillion in value — this currently 20x the Total Value Locked in DeFi . Nearly zero of this Islamic ‘liquidity’ is active or ‘locked’ in the DeFi sector representing both an extraordinary growth catalyst for the entire DeFi community and MRHB token holders.

The major principles of shariah that we are implementing, among many of course, are:
1. avoiding interest / usury (riba)
2. gambling like products (financial derivatives)
3. avoiding fraud and deception (pump and dump schemes)

I love this project is placing importance on the community aspect. It’s something that I think is lacking in a lot of projects. How can us early investors really help project grow before it launches? From providing liquidity to general participation, what different roles are there when it goes live?

Farrukh :
There are many ways in which you can participate and contribute in the project. Since it is community driven project, there are many aspect of it. It is not only about providing liquidity, but also to understand the vision of this project, support it in your own capacity (not necessarily financially) by going beyond. Because this project is to benefit the whole society, and it is for a good cause.

good day sir ❣️❣️❣️❣️❣️
Revenue is a very important, aspect for all projects, to survive and maintain the project / company.
-What is the way to generate profit / revenue of token?,”
-What is the income model,???”

Farrukh :
The revenue is based on the utility of our token. The $MRHB token will have the below utilities:
1. Shariah Approval — Projects wishing to receive Shariah approval will be required to pay a fee in $MRHB. They will then be required to pay an annual fee in $MRHB to be reassessed ensuring they maintain Shariah compliance standards.
2. NFT Minting Platform — MRHB’s NFT platform will require relevant fees to be paid in $MRHB.
3. NFT MarketPlace — Users that wish to buy or sell on the MRHB’s NFT marketplace may pay their transaction fee in $MRHB which will attract lower transaction fees.
4. Liquidity Harvester — Use of the liquidity harvester will require users to pay fees in $MRHB tokens.
5. Sahal Wallet — Cryptoassets listed in the Sahal Wallet may pay a $MRHB token fee to boost their exposure within the Sahal wallet. Users may opt in to receive pop up notification advertisements via the Sahal wallet. If they do so they will receive a certain amount of $MRHB for viewing an advert. Entities wishing to display their adverts within our wallet will be required to pay a fee in $MRHB.
6. MRHB Launchpad — Users that wish to launch on our MRHB launchpad will be required to pay the launchpad fees in $MRHB tokens.
7. MRHB DEX — the $MHRB d-exchange will allow its users to pay its fees in MRHB. Paying fees in MRHB on the MRHB exchange will attract lower fees. User will also be able to convert the DEX dust into $MRHB
8. Incentivisation — $MRHB will provide up and coming Shariah approved projects incentivisation strategies to implement the $MRHB token with their ecosystem.
9. Governance will be achieved via $MRHB tokens and owners holding more than 9999 $MRHB tokens will have rights to vote and raise proposals.

2021–2022 is the year of DeFi and its ability to transform finance; of course, during the following year, more and more DeFi projects will emerge. How can # gain a competitive advantage in “one-stop” DeFi?

Farrukh :
MRHB is a whole ecosystem of various products intertwined with and complementing each other. It is not a technical fix in the defi space, or a get-rich-quickly scheme, it is a initiative to bring ethics and social values. Inclusivity is one of the main objective, where we want non-crypto savvy people to come onboard. Moreover, people who are looking for faith based solutions, would find it very helpful. We believe that in terms of the market positioning, customer base, and demand side we have a great advantage over other defi solutions out there.

Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about MRHB DeFi.

Join our Telegram Group and you can talk directly with other Communities and enjoy some of the events that we created. We are always here to support.

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