News By Tag
News By Location
Follow on Google News
MRHB.Network's SouqNFT Marketplace Hosts World's First NFT-based Halal Certifications
These NFTs are the first completely immutable halal compliance certifications that have been recorded on a blockchain, providing newfound transparency to the halal certification sector. The NFTs will allow companies to publicly verify that their business practices and products are certified halal, which means they are ethical according to Islamic jurisprudence principles.
"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, especially in the halal food industry. NFTs are unique and neither replaceable nor interchangeable — this makes them a perfect technology for immutable certificates," said MRHB DeFi CEO Naquib Mohammed. "The complete transparency of blockchain also means that anybody can easily cross-check a certificate with Shariah Expert's public key to verify beyond a shadow of a doubt that it was this specific Shariah advisory firm that minted the NFT and issued the certificate. By default, NFTs incorporate proof of ownership."
Shariah Experts, the issuer of the NFT certificates, is a London-based advisory firm founded in 2020 with the mission of guiding Web3 projects alongside Islamic principles. Shariah Experts' fatwas (legal rulings) include Islamic banking and finance, gold and silver, zakat almsgiving for financial institutions and investors, and waqf charitable endowments. The company is headed by world renowned Shariah scholars Dr. Farrukh Habib and Mufti Billal Omarjee. Singapore-based gold crypto platform Cache.Gold is the first receiver of the halal certification in the form of NFT minted on SouqNFT marketplace.
"Shariah Experts believe that tokenization of certificates in the form of NFTs can help avoid cumbersome authentication methods and slow verification processes," Dr Habib - Co-founder, Shariah Experts - said. "Other methods are prone to multiple points of failure along the way, such as loss or destruction of a paper or digital certificate. NFTs are a more streamlined and permanent solution."
The SouqNFT marketplace was launched in December 2021, and was MRHB DeFi's first launched product along with their $MRHB token. Notably, SouqNFT is also the world's first NFT marketplace to list halal-certified NFTs, guaranteeing users will never stumble upon inappropriate content on the site. The Shariah Governance Board (SGB) keeps an eye on all NFTs submitted to the market, and are further aided by NSFW and NLP machine learning algorithms.
Full article: https://yourprstrategist.medium.com/