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MRHB DeFi and Coinsbit India Partner to Bring Halal Crypto to India's 200 Million Muslims

The world’s first halal DeFi ecosystem MRHB DeFi is collaborating with leading Indian cryptocurrency trading platform Coinsbit to bring crypto-asset opportunities to India’s huge population of 200 million Muslims, driving further participation in the blockchain economy.

MRHB DeFi’s vision of an inclusive crypto-verse, follows Islamic ethical finance principles but is suitable for those looking for a socially conscious blockchain that avoids interest, usury, exploitation and other business practices deemed unethical.

Being Halal means that MRHB DeFi operates within the highly ethical constraints of Shariah law which broadly implies that all business decisions are conducted in conjunction with Islamic teachings which promote inclusion, access, and faith, and function simply and transparently for the benefit of its users.

A Visionary Partnership to Serve 200 Million Muslims

India is home to 200 million Muslims constituting 10% of the global population and is the world's third-largest Muslim community. This group is often excluded from the cryptoverse due to their faith-driven principles regarding financial and business conduct.

What this partnership means:

- Coinsbit would be the first Indian exchange to introduce a certified Shariah-compliant project to the Muslim Community. MRHB will conduct an initial exchange offering (IEO) on the Coinsbit Exchange during launch and introduce the blockchain’s native token, $MHB (Marhaba Token), to the global community

- Coinsbit is headquartered in Hyderabad which is geographically close to the large metropolitan community of Hyderabad & Bangalore that has a sizable of Muslim population

- MRHB DeFi will integrate Coinsbit’s portal with its app (Sahal Wallet), enabling users to directly use Coinsbit for trading crypto-assets.

- Coinsbit will give the users a trading platform, where $MHB (Marhaba Token) would be available to the Indian Community

- MRHB DeFi would also lead marketing activities for the exchange in the fast-growing Australian market

- Both the partners will gain substantially from each other’s marketing and community growth activities

A Shared Mission for an Inclusive Cryptoverse

“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.

“Blockchain offers amazing potential for all communities. We aim to deliver this potential to those who may have previously struggled to access or been cautious to use DeFi products and services. We also hope to provide them with all of the rich opportunities for growth, expansion and development that DeFi offers,” adds Naquib.

“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.

She continues, “The time is right for a blockchain project that is based on the tenets of faith, inclusion and access for all, while being transparent and simple to use. MRHB DeFi has demonstrated to us that they are committed to a long-term vision for ethical people around the world no matter what their faith is.”

Asian countries are outpacing the rest of the world in terms of cryptocurrency adoption and India has ranked second in the global cryptocurrency adoption index, according to the 2021 Global Crypto Adoption Index by blockchain data platform Chainalysis. Indians have invested more than five times the amount of the previous year and the momentum is encouraging.

Crypto adoption is on the rise in India and the Indian exchanges WazirX, CoinDCX and Coinswitch Kuber have doubled their user base between January and March 2021.

Coinsbit India started its operations recently and has already captured market attention by onboarding a million users in around three months.

Dinesh Kumar

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