Sharia guides the new Australian Islamic finance DeFi platform. However, Islamic finance is not always compatible with DeFi’s focus on risk and yield. Thus, the new platform aims to blend the best of both.
Sydney Team
Sydney team, Australia, claims that they are building the world’s first Shariah-guided decentralized platform. Moreover, the platform can navigate a course between DeFi’s advantages and Islamic finance beliefs.
Marhaba Decentralized Finance platform
The launch of the Marhaba Decentralized Finance platform is expected in the coming months. In addition, it provides the Islamic world a DeFi platform informed by Shariah’s core tenets.
Naquib Mohammed
Naquib Mohammed is the Blockchain Australia solutions CIO and Marhaba’s CEO and co-founder. While speaking to Cointelegraph, he emphasized the core tenet of Sharia-based finance. We built the platform to ensure that both the financial body providing the service and the client must win in the financial transaction.
He said that they are aiming to build a community and a trusted place for faith-conscious Muslims. They can onboard without any hesitation or doubt. Muhammad founded Spherium Finance in 2020; an Enterprise focused platform. After this, he turned his attention to design a platform that could cater to the world’s Muslim population of 2 billion.
