Shariah compliant Marhaba Decentralized Financial Platform (MRHB DeFi) will be bringing crypto assets opportunities to the Indian market through a new collaboration with digital asset trading platform Coinsbit.
Under the partnership MRHB DeFi will integrate Coinsbit’s portal with its digital wallet enabling users to directly use Coinsbit to trade crypto assets. MRHB DeFi’s Marhaba Token, $MHB, will also be made available on its platform to the Indian market as the Australian platform plans to conduct an initial exchange offering and introduce its native token.
This would make Coinsbit, launched in 2017, the first Indian exchange to offer a certified Shariah compliant project, according to the entities. Home to over 200 million Muslims, the commercial opportunity for Islamic financial services is immense in the world’s third-largest Muslim market.
“We’re excited about embarking on this shared journey with MRHB. Islamic DeFi and Shariah-based crypto financial products are an area of extraordinary growth and potential for India. We’re committed to delivering MRHB DeFi’s visionary range of services and products to our clients across our continent,” says Ravneet Kaur, CEO of Coinsbit India.
Naquib Mohammed, the founder and CEO of MRHB DeFi, spoke to IFN Fintech earlier in May, revealing the start-up’s marketplace and funding plans. Read here for more.