Marhaba DeFi Network (MRHB), a Muslim-focused ethical decentralized finance platform, has launched what it is calling the “world’s first” certifications for non-fungible tokens (NFTs) that are compliant with halal.
Hosted on MRHB’s SouqNFT marketplace, the certifications could help companies bring transparency to their work, allowing them to show “definitive proof to their customers that their business practices are halal and acceptable for Muslims.”
“The trustless nature of NFT-based halal compliance certifications fills a pressing need in the halal economy sector, where certificate forgeries are common or difficult to validate,” MRHB founder and CEO Naquib Mohammed, told BeInCrypto.
“NFTs are unique and neither replaceable nor interchangeable — this makes them a perfect technology for immutable certificates,” he added. He said the “first” entity to receive such halal compliance certification is Cache Gold, a gold crypto platform from Singapore.
How does the certification process work?
Under the system, businesses looking to comply with Shariah law can now do so by getting certified by London-based Shariah Experts Ltd., a halal advisory outfit specializing in Web3 projects.
The company leverages the SouqNFT platform to issue and mint the halal certificates on the blockchain, in a new use case for NFTs. Until now, halal certification has mostly been done on paper or digitally, but that tended to expose users to “forgery and slow verification processes.”
Mohammed said that every project within the MRHB ecosystem is reviewed for modesty and morality, in conformity with halal, an Arabic concept describing that which is permissible under Islamic law.
While SouqNFT also hosts non-fungible tokens that are halal but non-certified, its screening process typically checks against issues such as nudity, hate speech, racism and authenticity for all NFTs, whether in the form of an image, video or audio, he explained.
“The complete…
