DeFi platform sees strong interest in halal-approved crypto products

Navigating crypto is made more difficult for those with religious considerations and the founder of an Islamic-compliant DeFi platform has thousands of users looking for approved cryptocurrencies.

Australian crypto platform Marhaba DeFi says there has been strong adoption of Halal-approved cryptocurrency products on its platform, aiming to launch a suite of new Halal-compliant products. Islamic law by the end of 2022.< /p>

Launched in 2020, the platform focuses on adhering to the rules of "Islamic finance" which refers to how businesses and individuals raise capital in accordance with Sharia, or Islamic law.

Speaking to Cointelegraph, Marhaba DeFi Founder and CEO Naquib Mohammed said that the number of active users of their non-custodial multi-chain Sahal wallet has grown to around 40,000 since launch, saying:

"People need a platform where they can trust every token they interact with, so we don't have to search across different platforms, tapping into different scholars or experts [Islamic] asking 'can I invest in this protocol, this token, this strategy?'"

"You just download a wallet, and it will give you everything halal in the crypto ecosystem," he adds.

Marhaba, which means "welcome" in Arabic, is also offering four other crypto products aligned with Islamic law this year, which Mohammed says will be an "end-to-end halal ecosystem" for those excluded from the market due to lack of Shariah compliance.

The first is TijarX, which it claims is the first halal decentralized exchange (DEX) for commodity-backed tokens, a halal DeFi staking solution, a liquidity gathering platform and a new release of its existing non-fungible halal token (NFT) marketplace:

"The fundamental property of the blockchain is its transparency, it is immutable, so bringing Islamic finance onto the blockchain makes perfect sense. Thanks to this transparency...