Interview With the MRHB Team | LetsExchange Blog

MRHB, bridging the gap between Islamic Finance and DeFi, offers a variety of halal crypto products that are ethical, sustainable, and accessible. Users can enjoy a multi-chain wallet, a decentralized commodity exchange, a halal staking platform, a halal NFT marketplace, and more.

Their MRHB token offers a range of ethical and interest-free solutions for the crypto community. You can swap it with other tokens on LetsExchange.io. Learn more about the project from the interview with the MRHB team.

LetsExchange: You promote interestless DeFi, which offers users many opportunities and fully complies with Islamic principles. However, how, then, do you incentivize liquidity providers and lenders? What resources ensure they can benefit by lending their funds?

MHRB team: Liquidity providers will receive up to 15% returns for providing liquidity. Our liquidity harvester, EmplifAI, is based on the concept of profit-sharing (Mudarabah), which is a Sharia-compliant way of investing assets with minimal risk.

LetsExchange: In your project, you introduce such terms as contribution (from members with expertise relevant to the project) and governance points. Are they connected to staking? Do the members who have not staked any tokens but actively contribute to the community and the project have voting rights?

MHRB team: On the Marhaba Incentivization and Reward Offering (M.I.R.O.) platform, only those who stake $MRHB have the right to vote on proposals. Nevertheless, we appreciate the wider MRHB Community actively contributing in terms of spreading the word about the MRHB Network and participating in our competitions. However, we do encourage the community to stake $MRHB as little or as much as they can so that they may have a voice in the decision-making process.

LetsExchange: DeFi is costly for users due to high blockchain fees. You claim that your project is working on embracing everybody and providing access to financial services to everyone, including the unbanked population. How are you going to overcome all the DeFi-associated expenses for users?

MHRB team: Thank you for highlighting this crucial issue in DeFi. At MRHB, we're tackling the challenge of high transaction costs head-on. Our approach includes:

Multi-Chain Integration: Our Sahal wallet utilizes multiple blockchain networks, focusing on those that offer lower transaction costs. This flexibility allows users to choose more affordable options for their transactions.

Low-Fee Features: We've incorporated features like low-fee swapping into the Sahal wallet, enhancing affordability.

Innovative Fee-Free Products: We've developed unique products like EmplifAI, currently offered without any fees, to further support our mission of inclusive and accessible DeFi.

Our commitment at MRHB is to continuously innovate and adapt to make DeFi more accessible, especially for those in developing countries.

LetsExchange: Are there any plans to list $MRHB on centralized exchanges such as Binance or other major exchanges? Or does it contradict the project principles?

MHRB team: Yes, we are planning strategically for the right time to list $MRHB on centralized exchanges like Binance and other major platforms. For now, MRHB is listed on 6 sources, and you can purchase it there. For detailed information on where and how to buy MRHB, please visit here.

LetsExchange: Now, a question about EMPLIFAI, the world’s first halal liquidity harvesting protocol. What will be the fees for using it? Because 15% returns from liquidity protocols sounds like a very high rate.

MHRB team: For EMPLIFAI, our world’s first halal liquidity harvesting protocol, we are committed to maintaining a fee structure that aligns with our goal of making DeFi accessible and beneficial for our users. While the exact fees for using EMPLIFAI will be clearly outlined on the website, our focus is on ensuring they remain competitive and fair.

Regarding the 15% returns from liquidity protocols, this rate is indicative of the potential within the DeFi space, and our team at EMPLIFAI works diligently to optimize strategies to achieve such returns. However, it's important to note that returns in DeFi can vary and are subject to market conditions. We always strive for transparency and will provide our users with all necessary information to make informed decisions.

LetsExchange: You claim that the project is aimed at users from Islamic countries and the Western world. Aren’t you worried that people belonging to another culture may want to abuse some project’s features, such as interestless lending, or on the contrary, you are expecting to drive a higher project adoption thanks to such benefits?

MHRB team: Our project is indeed designed to cater to users from both Islamic countries and the Western world, embracing these diverse cultures. We recognize that this diversity brings varying perspectives and practices. However, rather than seeing this as a potential for misuse, we view it as an opportunity to foster understanding and inclusivity.

The feature of interest-free lending, for instance, is rooted in Islamic finance principles but has universal appeal. It aligns with ethical finance practices that are increasingly valued worldwide. Our goal is to offer a platform where the absence of interest is seen not just as a religious compliance but also as a move towards more equitable financial practices.

We are vigilant about the potential misuse of any of our features, and we have robust measures in place to prevent abuse. At the same time, we are optimistic that the inclusive nature of our project will drive higher adoption. By offering features like interest-free lending, we aim to attract a broad user base who appreciates the ethical and fair approach to finance, irrespective of their cultural background.

LetsExchange: Only Shariah-compliant cryptocurrencies can be stored and transacted on the Sahal Wallet. How is this compliance ensured technically? Is there a specific protocol that filters out the cryptocurrencies that aren’t Shariah-compliant, or how does it happen?

MHRB team: Qualified MRHB Shariah Scholars study and analyze cryptocurrencies and determine whether they are Sharia-compliant. The Sharia-compliant cryptocurrencies are added to the Sahal Wallet, where a built-in filter layer on top of a Wallet Connect secure framework ensures that the non-Sharia-compliant ones are not being transacted.

LetsExchange: Can the Sahal Wallet interact with other DeFi ecosystems and dApps? Are there any limitations?

MHRB team: Yes, the Sahal Wallet can interact with other Dapps through the Wallet Connect feature.

LetsExchange: Only early investors have access to $MRHB, and the token is available to the broader public only if it is sold somewhere on a decentralized exchange. How do you ensure enough liquidity across exchanges to enable safe token trading?

MHRB team: Ensuring sufficient liquidity for $MRHB across exchanges is a key priority for us, and we have a strategic approach to achieve this:

Diverse Allocation: The allocation of over 33% for private token sales and 20% to the treasury is designed to create a robust foundation for the $MRHB token. This initial allocation helps in stabilizing and establishing the token in the market.
Liquidity Pools: We plan to establish liquidity pools on various decentralized exchanges (DEXs). These pools are crucial for facilitating smooth and efficient trading of $MRHB, ensuring that there is enough supply of the token for buyers and sellers.
Partnerships with Exchanges: We are actively working on partnerships with multiple exchanges, both centralized and decentralized. These partnerships are aimed at listing $MRHB, thereby increasing its availability to a wider public.
Incentives for Liquidity Providers: To encourage the provision of liquidity, we may offer incentives to users who contribute to our liquidity pools. This can help maintain a healthy level of liquidity on DEXs.
Continuous Monitoring and Adjustment: We will continuously monitor the liquidity levels across different platforms and take necessary actions, if needed, to ensure that trading remains safe and accessible.
Our approach is focused not only on providing initial access to early investors but also on ensuring that $MRHB becomes more broadly accessible and tradable in a secure and sustainable manner.

LetsExchange: Are there any plans to launch your own blockchain for the project?

MHRB team: Yes, we are building a Public Blockchain called Averoes and planning to launch it at the end of our roadmap – please see the roadmap here.

LetsExchange: Cryptocurrency is considered haram in most Islamic countries (e.g., Iran, Iraq, Egypt, etc.), while you work very actively promoting crypto with your project. Could you explain such a contradiction?
MHRB team: The original Sharia position regarding technological developments is of permissibility unless their conflict with Sharia principles is proven. In short, the technology is permissible until proven forbidden. Therefore, the permissibility of cryptocurrency is on a case-by-case basis. This is why MRHB Network has a Sharia Governance Board (SGB) to review and study each cryptocurrency and determine whether it is Sharia-compliant. As for Bitcoin, the largest cryptocurrency by market capitalization, the SGB has reviewed it to be halal crypto. Read more here.