Last Updated on April 30, 2022
- Singapore-based gold crypto platform Cache.Gold is the first receiver of the NFT halal certification.
- Shariah Experts aims to guide Web3 projects based on halal principles and Islamic rulings.
- The firm’s scope includes NFTs, metaverse, DeFi and crypto.
London-based halal advisory firm, Shariah Experts Ltd., has issued the world’s first shariah compliance certificate as an NFT. Singapore-based gold crypto platform, Cache.Gold, is the first receiver of the halal certification in the form of NFT.
The halal NFT certificates are minted on Souq NFT, a marketplace for digital art that complies with shariah law. Souq NFT is powered by MRHB DeFi, an ethical decentralised finance (DeFi) platform guided by halal financial principles.
Founded in 2020, Shariah Experts Ltd. hopes to achieve shared prosperity for the Muslim world through technological and Industrial Revolution (IR) 4.0 advancements. The advisory firm aims to guide Web3 projects based on halal principles and Islamic rulings while focusing on streamlining blockchain technology among the Muslim masses.
“There is a huge gap between the Muslim world – consisting of mostly underdeveloped countries – and blockchain innovations and crypto verse. Shariah Experts is bridging this gap through halal compliance advisory, so that those projects, on the one hand, can find new markets; and on the other hand, Muslims can benefit from such projects without compromising their faith-based values,” said Dr Habib, co-founder of Shariah Experts.
The firm’s scope not only includes NFTs, metaverse, DeFi and crypto, but also, traditional Islamic finance, banking, fintech, capital markets, Takaful, social finance (zakat, waqf, Islamic charity), wealth management and financial planning.
Shariah Experts is led by Shariah scholars Dr. Farrukh Habib and Mufti Billal Omarjee. Both scholars have vast knowledge and experience of the Web3 world.
“Shariah Experts believe that tokenization of certificates in the form of NFTs can bring more transparency and auditability; hence more confidence and trust which is much needed in the halal industry. NFTs can help prevent forgery and cumbersome authentication methods and slow verification processes,” Dr Habib added. “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 immutable NFTs issued by the firm hold records of shariah compliance that are publicly verifiable on a blockchain, giving newfound transparency to the halal certification sector.
“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,” said MRHB DeFi CEO Naquib Mohammed.
On Monday, crypto exchange Kraken announced that it’s expanding into the Middle East, with regional headquarters in Abu Dhabi. The UAE’s cultural hub, health ministry and flagship carrier have launched NFT and metaverse experiences, indicating that the shariah law is gradually opening up to blockchain technology.
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