LONDON, April 29, 2022 (GLOBE NEWSWIRE) — Shariah Experts Ltd. has become the world’s first halal advisory firm to issue shariah compliance certificates on blockchain in the form of non-fungible tokens (NFTs).
The halal NFT certificates are minted and issued by the firm on Souq NFT, which is powered by MRHB DeFi, an ethical decentralised finance (DeFi) platform. Singapore-based gold crypto platform Cache.Gold has become the first receiver of the halal certification in the form of NFT.
Shariah Experts is a London-based halal advisory firm founded in 2020 with the vision to achieve shared prosperity for the Muslim world through technological advancements and Industrial Revolution (IR) 4.0 advancements. It aims to guide Web3 projects in the light of halal principles and Islamic rulings. Shariah Experts’ scope includes not only cryptocurrencies, NFTs, decentralized finance (DeFi), and metaverse, but also fintech, traditional Islamic finance, banking, capital markets (sukuk), Takaful, social finance (zakat, waqf, Islamic charity), wealth management and financial planning.
The company is headed by world-renowned Shariah scholars Dr. Farrukh Habib and Mufti Billal Omarjee, who have over 15 years of combined experience. Both scholars have deep and vast experience in the crypto verse and blockchain projects.
“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,” said Dr Habib, Co-founder of Shariah Experts. He further 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.”
These immutable NFTs are the first of their kind that holds records of shariah compliance that are publicly verifiable on a blockchain, providing newfound transparency to the halal certification sector. These NFTs will allow companies to show definitive proof 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.”
Guiding Halal Crypto, DeFi, NFT & Metaverse Projects
Shariah Experts, a global leader in guiding Crypto, DeFi, NFT, Metaverse projects in the light of Islamic principles, focuses on streamlining blockchain technology among the Muslim masses. It offers high quality shariah advisory and consultation services to its clients with innovative ideas and tech-driven projects.
“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.
While working with the latest tech-advancements in finance, Shariah Experts does not lose sight of the traditional financial industry. The firm also caters to the needs of their clients in various sectors, including Islamic banking, capital markets, Sukuk, Takaful (Islamic insurance), fund management, Zakat, Waqf and inheritance law.
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