UAE-based Sheesha Finance has invested an undisclosed amount into Shariah compliant Marhaba Decentralized Financial Platform (MRHB DeFi). This comes less than a week after the Australia-based MRHB DeFi signed a partnership with India’s Coinsbit.
The investment is part of a larger collaboration between the two entities under which they will work on initiatives to promote Islamic finance business practices. The partnership also gives MRHB DeFi access to the Sheesha Finance’s network.
“As a decentralized fund we’re always on the lookout for like-minded projects and ideas that are looking to advance ethical finance and decentralize finance more. We’re very excited to have partnered with Marhaba, a unique value proposition in DeFi, who are doing that, and a lot more,” said Sheesha Finance CEO Saeed Al Darmaki.
Sheesha Finance, backed by the likes of Alphabit and Galaxy Digital, raised US$9.4 million in investment earlier this year following a two-week liquidity generation event. Offering investment solutions for crypto portfolio diversification and rewards in the DeFi space, its portfolio has a total value locked of US$162 billion.
In a previous interview with IFN Fintech, MRHB DeFi Founder and CEO Naquib Mohammed discussed the platform’s expansion plans. Read here for more.