An Australian team is building a new Islamic DeFi platform guided by Sharia, which is world’s first, and will offer the Islamic world a decentralized finance platform informed by the beliefs of Islamic finance.

It plans to launch Marhaba Decentralized Financial Platform in later this year.

According to Naquib Mohammed, Marhaba’s CEO and founder and  Blockchain Australia Solutions CIO, the basic principle of Sharia finance is making sure both the financial service provider and its client win in the financial transaction.

“We are building a platform that aims at the inclusivity of the community and a trusted place where faith-conscious Muslims can be onboarded without any hesitation or doubt,” he said as quoted by Cointelegraph.

Mohammed founded Spherium Finance platform in early 2020, but later turned to designing a platform that caters the needs of the Muslim population, taking into consideration the attitudes of many Arabic communities toward crypto assets.

“In the Muslim countries, we found that 99% of the time people ask: ‘Is this token Halal? Is this token Shariah compliant?’ Question number two is: ‘Where do you buy this?’” Mohammed recalls.

Marhaba’s journey is based on the belief that decentralized finance can be conducted in a Sharia compliant way. It will launch its non-custodial Sahal Wallet first, “which will support custody and transfers in Shariah-screened tokens and NFTs.”

Marhaba Shariah advisors will ensure the products and tokens supported by the platform are Shariah compliant and will assess the tokens listed on crypto data aggregators and conduct reviews of approved projects.

According to Mohammed, “future versions of the wallet will be integrated with Marhaba’s forthcoming ethical trading, yield maximizer buckets, DeFi charity, payments solution, and NFT marketplace products.[

Hi points Marhaba’s yield maximizer buckets as a pretty innovative Shariah-compliant version of yield farming that will make different investment buckets to maximize profits.