Saturday, June 15, 2024

Reltime & MRHB Network bring Sharia compliant Web3 Services to faith sensitive customers

MRHB, hailed as the ‘Best New Islamic Crypto Platform’, has forged a strategic alliance with Reltime to integrate its shariah compliant products into the Reltime Ecosystem. This partnership aims to deliver sharia compliant digital assets and services for faith sensitive customers globally.

Sharia finance refers to how businesses and individuals raise capital in accordance with Sharia – the Islamic law. It refers to the types of investments that are permissible, ensuring socially responsible investments. Islamic finance is banking, lending, and saving practices that comply with Islamic law. Shariah/ Halal compliance focuses on an ethical framework of financial instruments and restricts potential harm from the conventional systems currently established. For example, it views lending as a relationship where interests cannot be earned. Sharia law also forbids investors to invest in companies that engage in unethical activities. The Islamic finance industry reached almost USD 4 trillion in 2021, with a growth rate of 17%, up from 14% in 2020.

CEO of Reltime, Marlene Julo, expressed her enthusiasm, “This collaboration marks a pivotal moment in our journey where we can target many key markets (MENA, South- East Asia) more deeply, taking into account religious and social sensitivities of the end users. Together with MRHB Network, we are not just envisioning but actively sculpting the future of the Shariah compliant Web3 services. It’s an exhilarating time for both teams, and the possibilities are boundless.”

Echoing these sentiments, CEO of MRHB Naquib Mohammed added, “Reltime has built right suite of digital and financial services in its Layer-1 blockchain platform. We see immense value in integrating and offering our Sharia compliant service modules and business logic through Reltime to our institutional partners”.

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