Islamic DeFi platform MRHB DeFi ( Marhaba DeFi) is collaborating with Indian cryptocurrency trading platform CoinsBit to bring crypto asset opportunities to India’s huge population of 200 million Muslims. This is an effort to drive further participation in the blockchain economy.
“We’re excited about embarking on this shared journey with Islamic DeFi platform MRHB.Shariah-based crypto financial products are an area of extraordinary growth and potential for India. We’re committed to delivering MRHB DeFi’s visionary range of services and products to our clients across our continent,” says Ravneet Kaur, CEO of Coinsbit India.
She continues, “The time is right for a blockchain project that is based on the tenets of faith, inclusion and access for all, while being transparent and simple to use. MRHB DeFi has demonstrated to us that they are committed to a long-term vision for ethical people around the world no matter what their faith is.”
Being Halal means that MRHB DeFi operates within the highly ethical constraints of Shariah law which broadly implies that all business decisions are conducted in conjunction with Islamic teachings which promote inclusion, access, and faith, and function simply and transparently for the benefit of its users.
India is home to 200 million Muslims constituting 10% of the global population and is the world’s third-largest Muslim community. This group is often excluded from the cryptoverse due to their faith-driven principles regarding financial and business conduct. The partnership entails the following:
- Coinsbit would be the first Indian exchange to introduce a certified Shariah-compliant project to the Muslim Community. MRHB will conduct an initial exchange offering (IEO) on the Coinsbit Exchange during launch and introduce the blockchain’s native token, $MHB (Marhaba Token), to the global community
- Coinsbit is headquartered in Hyderabad which is geographically close to the large metropolitan community of Hyderabad & Bangalore that has a sizable of Muslim population
- MRHB DeFi will integrate Coinsbit’s portal with its app (Sahal Wallet), enabling users to directly use Coinsbit for trading crypto-assets.
- Coinsbit will give the users a trading platform, where $MHB (Marhaba Token) would be available to the Indian Community
- MRHB DeFi would also lead marketing activities for the exchange in the fast-growing Australian market
- Both the partners will gain substantially from each other’s marketing and community growth activities
Middle East EMGS group in the MENA region recently invested in Marhaba DeFi platform