MRHB a halal, decentralized finance (DeFi) platform built for Ethical and Inclusive DeFi has expanded into the Saudi market after receiving a license from the Ministry of Investment.
MRHB plans to relocate its research and development team to Riyadh KSA.
According to the press release, “At $830bn Saudi Arabia has the largest Islamic Banking market globally and as such it was inevitable for MRHB.Network – the world’s most mature halal web3 ecosystem – to come onshore. By securing the license, MRHB.Network is now better able to partner with local, regulated institutions to drive its vision of a more inclusive, ethical, and halal approach to the world of decentralized finance and digital assets.”
The relocation of MRHB.Network’s R&D team to Riyadh is a strategic decision to tap into the vibrant and innovative fintech and venture capital ecosystem in the region. Riyadh’s dynamic, tech-forward environment offers the perfect backdrop for MRHB.Network to spearhead research and development efforts to bring the six trillion dollar Islamic economy into the digital assets era.
On LinkedIn Founder of MRHB Naquib Mohammed stated, “With great pleasure, I am excited to announce that MRHB.Network has received the local license from The Ministry of Investment, Saudi Arabia and has now expanded to the Kingdom. Our R&D team will soon relocate to Riyadh, where we will begin the next phase of our research and development. We are committed to providing empowering fintech solutions to the GCC, MENA region, and beyond.”
Prior to the move to KSA, MRHB Network partnered up with Shari’ah Review Bureau (“SRB”), a Bahrain-based Shari’ah advisory firm, to independently assess and review its new product EMPLIFAI (Earnings Amplified with Algorithms & AI) which aims to provide Sharia-compliant passive income.
At the time Mohammed stated, “The MRHB ecosystem aims for a wide array of crypto-based DeFi solutions. After a successful launch of the Sahal Wallet app, a multichain self-custodial digital wallet, we are pleased to present our new product to the Muslim community – a liquidity harvester product, EMPLIFAI which incorporates a Sharia-compliant mechanism and structure for users to invest and generate passive income.”