In a move set to broaden the appeal of decentralized Islamic Finance down under, ethical and faith-based MRHB DeFi has been backed by many Australian Angels and institutions like Blockchain Australia and TASCO. MRHB (pronounced ‘Marhaba’) DeFi is a decentralised finance platform built to bring ethics to the DeFi space with an approach that supports the inclusion of faith-based and other excluded communities in addition to existing crypto-natives so that everyone can benefit from the full empowerment potential of DeFi to help build a true peer-to-peer financial and economic value system.
Blokchain Australia is a Melbourne-based technology products and services company that provides industry and company-specific blockchain solutions for startups and entrepreneurs, investors, corporate teams, and venture capitalists and at the same time encourages new ideas by incubating them with the required guidance and mentorship. TASCO is a leading Australian supplier of products catering for law enforcement sales, military sales and commercial sales as well as world class astronomy and optical products.
Both have made strategic investments in the halal ecosystem platform, which is built on Islamic principles of fairness and benevolence. It aims to bring an ethical, community-first focus to the world of decentralized finance, which has grown in popularity and size from a market with a total value locked of USD1 billion less than a year and a half ago, to USD220 billion today.
Ralph Kalsi, CEO and Founder of Blockchain Australia, expressed solidarity with the vision of the ecosystem startup: “We believe in Marhaba’s vision, which is a unique offering encompassing Islamic trading principles with smart contract-based transparency and open not only to the Islamic community but to the entire world – a laudable ethical cause that has motivated us in Blockchain Australia to back the initiative and help ensure its success.”
“It didn’t take me long to realise MRHB DeFi is very unique and has the ability to capture an extremely large untapped market,” commented Christopher Watkins, Founder and CEO of TASCO. “Once I investigated further, it was clear this project is backed by a professional team. The potential was too great to walk away from.”
MRHB DeFi was founded with a vision of providing greater access to excluded and cautious communities to the growing opportunities and utilities of the cryptoverse, and has a particular focus on delivering faith-based DeFi services which adhere to the ethical investment and financing principles rooted in Islamic Finance, many of which align with the United Nations Sustainable Development Goals. Such business practices include those that avoid interest, usury, social exploitation and other acts deemed unethical as well as support sustainability, asset/utility backed financing, transparency and equitable risk/reward sharing.
With the Islamic Finance industry sized at around USD 3 trillion of assets, bringing even a small portion of Shariah-sensitive liquidity into DeFi will represent a major boost to the total value of the DeFi sector worldwide.
Besides Blockchain Australia and TASCO, MRHB DeFi has also received strategic investments from Mozaic, Contango Digital Assets, Influx Group, NewTribe Capital, Sheesha Finance, Acreditus Partners and EMGS Group.