We Talk to Marhaba DeFi about Ethical Issues and Faith Based DeFi Ecosystem

Faith-based decentralized finance (DeFi) solutions are rare.

We had never come across a faith-based DeFi ecosystem until we discovered Marhaba DeFi.

The Shariah-compliant decentralized finance (DeFi) ecosystem caught our interest as another use-case scenario that holds the keys to unlocking liquidity.

We reached out to Deniz Dalkilic who is the CTO at MRHB (Marhaba) DeFi for more explanations on how this works.

Here is what he told us.

About Deniz Dalkilic

Deniz Dalkilic is the CTO of MRHB (Marhaba) DeFi and is an experienced Software Engineer with a decade of experience in developing small to large (distributed) systems, primarily focusing on backend development.

Deniz has been involved in the blockchain space for the past 5 years and has been building (and co-founding) decentralized platforms. He is interested in expanding blockchain (and decentralization) ideas beyond its boundaries and always looking out for opportunities to offer cryptocurrencies to the masses.

Deniz has earlier co-founded Bounty0x, which is an automated cryptocurrency bounty hunting platform. The platform now has distributed assets, across borders, close to $5m notional-value to its end-users.

MRHB DeFi Explains Ethical Issues and More

E-Crypto News:

  • Please, can you tell us more about the general concept behind MRHB DeFi (pronounced ‘Marhaba’)?

E-Crypto News:

  • How does the Halal concept work in finance?

Sharia law prohibits Muslims from using unethical products or services. So, for example, the buying and selling (and consumption) of alcohol is deemed “haram”, or sinful and against Sharia law.

Specifically, concerning finance, Islam has strict injunctions against usury — interest is considered to be an inequitable, exploitative form of financial conduct that only serves to spread the state of indebtedness and inequality at the socio-economic level.

E-Crypto News:

  • What are the basic elements of Islamic finance? Please, can you tell us more about this?

E-Crypto News:

  • What are Halal crypto assets? Please, can you tell us more about this?

E-Crypto News:

  • How does the Shariah validator work?

E-Crypto News:

  • Can you tell us more about the Souq NFT Platform?

E-Crypto News:

  • Can you tell us more about the liquidity harvester?

The liquidity harvester will be a cross-chain liquidity harvesting protocol hosted in the MRHB ecosystem. It will essentially operate similar to a Savings Accounts whereby users will generate passive income 5–15% EAPR/annum*** (on stablecoins initially).

The idea at a bird’s eye view is simple; the tool will scan the crypto universe and find the most lucrative liquidity pools across chains and protocols and offer it as an option to the end-user.

V2 of the dApp will behave similarly to a fund where we move users funds on their behalf to most lucrative pools periodically to maximize their gains as well as open the doors to beyond stablecoins where returns can range from 30–60% EAPR whilst of course increased risk due to volatility of altcoins and impermanent loss.

In order to remain Sharia-compliant, liquidity harvesting will be focused on profit sharing and joint ventures under a contract called Mudarabah and will only allow users to deposit Shariah-compliant tokens as well as only utilize Shariah-compliant methods such as liquidity mining as opposed to interest gains via lending, etc.

In short, users will be able to deposit their supported Sharia-compliant tokens into supported DEX liquidity trading pools and earn returns through trading fees.

E-Crypto News:

  • How much money is locked within the Islamic financial ecosystem? How can the cryptocurrency space help unlock this liquidity?

E-Crypto News:

  • Please, can you tell us more about governance within the MRHB DeFi ecosystem?
  • Tell us more about your cross-chain DEX aggregator.

E-Crypto News:

  • Can you tell us more about the concept behind decentralized philanthropy (De-Phi)?

E-Crypto News:

  • More about the $MRHB token?

E-Crypto News:

  • What are the various functions of the $MRHB token within the Marhaba DeFi ecosystem?
  • A $MRHB fee must be paid for a project to apply for Sharia approval
  • Fees for minting NFTs on our marketplace
  • Buying and selling NFTs on our marketplace with lower transaction fees than other cryptocurrencies
  • Fees for use of the liquidity harvester
  • Fees paid to boost a cryptoasset’s exposure in the Sahal wallet
  • Paid to users who opt in to view advertisements
  • Fees for DApps to go public on our Launchpad
  • Transaction fees on the MRHB DEX
  • Incentivization strategies to promote $MRHB on other Shariah approved projects
  • People who hold 10,000 $MRHB or more will have voting rights on our DAO
  • MRHB will be compulsory for API integrations with B-2-B customers and any payments to utilise any MRJB product

E-Crypto News:

  • What is the general idea behind your decentralized autonomous organization (DAO)?


All products will have a fee that can only be paid in $MRHB. Our DAO will include a smart contract holding a pool of all fees paid.

Our community of token holders will have voting rights on proposals, which will all be regulated through smart contracts and automatically paid out from the pool. It will be a truly automated blockchain-based system — no human interaction involved.

E-Crypto News:

  • What are the para-chain capabilities within the MRHB DeFi ecosystem? Can you tell us more about this?

The final phase of our platform rollout will be to migrate to the Polkadot ecosystem as a parachain.

We are aiming to do this in order to become a truly frictionless platform bridging across a range of networks.

E-Crypto News:

  • What is the DAO Treasury? How does it work?

All products will have a fee that can only be paid in $MRHB.

Our DAO Treasury which is a chain of Smart contracts will be holding a pool of all fees paid across all our products. The pooled funds will be utilized for many things including buy-back, marketing, burns, subsidization of TX fees where possible, and more.

E-Crypto News:

  • Please, can you tell us more about the entrepreneur launchpad?

E-Crypto News:

  • How do you think MRHB DeFi will change the world?

First and foremost, we will bring DeFi to the Islamic Finance community, representing USD 3 trillion in value. This will undoubtedly make the DeFi and cryptocurrency industry, in general, grow rapidly.

Secondly, our hope is that the ethical, moral standards of Shariah-approved finance will be recognized by an even larger demographic, and thereby help to reposition the financial industry in many ways to become more ethical itself and not make the same mistakes fuelled by greed we see in Wall St today.

Through blockchain technology, we can fight against injustices such as money laundering, human trafficking, excessive fees, and the opaqueness of the financial world.

E-Crypto News:

  • Please, can you tell us more about your tokenomics?
  • From a total supply of 1 billion tokens, our tokenomics break down thus:
  • Seed: 30%
  • Treasury: 20%
  • Team: 15%
  • Platform rewards: 10%
  • Strategic partnerships: 7%
  • Advisors: 5%
  • Private whitelist: 5%
  • Exclusive entry sale: 5%
  • Public sale: 3%