The world’s first DeFi ecosystem MRHB DeFi has announced to partner with one of India’s leading crypto exchanges Coinsbit to offer Halal Crypto services to Indian Muslims.
MRHB DeFi has a vision of an inclusive crypto-verse, which follows the financing principles of Islamic ethics. However, this DeFi ecosystem is suitable for those users, who are searching for a socially conscious blockchain that avoids interest, usury, exploitation and other business practices deemed unethical.
Notably, the whole process of this Halal crypto would be operated under the highly ethical constraints of Shariah law, which says that all the decisions related to businesses are processed in conjunction with Islamic teachings.
As per the report, the collaboration between MRHB DeFi and Coinsbit will serve 200 million Muslims in India.
Most of the time, Muslims were kept excluded from cryptoverse because of their faith-driven principles regarding financial and business conduct.
After its partnership with MHRB DeFi, Coinsbit will become the first Indian crypto exchange to release a certified Shariah-compliant project in the country, for the Muslim Community.
MRHB, in its announcement, has mentioned that it will initiate an initial exchange offering (IEO) on the Coinsbit platform during the introduction of MRHB’s native token $MHB (Marhaba Token).
“Blockchain and DeFi have exploded in popularity in 2021, and we forecast this stratospheric growth to continue. That’s why we’re excited to be teaming up with one of India’s premier cryptocurrency exchanges to offer MRHB DeFi products and services to everyone across the Indian subcontinent who are looking for a true, ethical alternative to the existing platforms in the cryptoverse,” says Naquib Mohammed, MRHB DeFi Founder & CEO.