Eps 1567: Decentralized Halal certificate as non fungible tokenn
— The too lazy to register an account podcast
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Tracy Bryant
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If an art piece qualifies as Halal, the Arabic phrase for permissible in Islamic law, then NFTs works are submitted to the Sharia-governed board for evaluation. NFTs are sent to a Shariah governing board, which reviews the artwork to determine whether it is compliant with Halal, a phrase from Arabic that defines what is permissible under Islamic law. NFTs mined are sent to a Shariah governance board which reviews the artwork to determine if it is in accordance with Halal, a Arabic thought defining what is permitted below Islamic law.
As long as the basic data is in compliance with sharia, the usage of NFTs to represent is permitted. In that respect, NFTs that are not Shariah compliant may include images of Allah or prophets. NFTs which mock or deform individuals are also not Shariah compliant.
If you are curious about NFTs, you may be wondering if they are halal or Shariah-compliant. As a Muslim, it is important for your NFTs to be in a form acceptable under the Shariah.
Mohammed said halal-compliant NFTs are also appropriate for those who do not follow Islam. Muhammad further added that, apart from the religious aspects, the principles behind halal NFTs are agreeable to those not adhering to Islam as well. He explained that in addition to religious considerations, the principles of halal-compliant NFTs are agreeable even for those who do not follow Islam, as the standards expectations are usually consistent with moral practices on the Internet.
With that in mind, the halal NFTs cannot stand for anything illegal that is seen in the Islamic Sharia. Muslims must not invest in NFTs that expose the limbs and areas Shariah orders cover and hide.
If the NFT is itself Shariah-compliant, then, assuming that no other problems are found, then NFTs will be considered to be compliant. If an artist makes a NFT composed of anything that is not compliant, or has a potential for additional issues, that may put them at risk for non-Shariah compliance.
The non-reliable nature of certificate for Halal-compliant content on NFTs fills an urgent need within the Halal economics industry. Forgery of certificates is widespread and hard to verify in the halal food industry. Where certification forgeries are common or difficult to verify, particularly in the halal food industry.
The full transparency of the Blockchain also means that anyone can easily cross-check a certificate against a Sharia experts public key, thereby verifying without any doubt that the NFT was issued by a Sharia expert, and that halal certifications issued by NFT are valid. The NFT certification is the first fully unchangeable certification for Halal Compliance to be recorded in the Blockchain, providing a newfound transparency in the Halal Certification industry. London-based Shariah Experts Ltd. is using SouqNFTs platform to issue and mint halal certificates on a blockchain, in a novel NFT use case. It says that the first entity to get this type of certification of Halal Compliance is Cache Gold, the gold cryptocurrency platform based out of Singapore.
He added that the first entity to receive such certification is Cache Gold, a gold crypto platform based in Singapore. Singapore-based Gold Crypto Platform, Cache.Gold has been the first recipient of the Halal Certification, in the form of NFT.Shariah Experts is a London-based Halal consultancy company established in 2020, which has a vision of creating shared prosperity in the Muslim world by technological advances and industrial revolution 4.0 advances. LONDON, April 29, 2022 - Shariah Experts Ltd. has become the first halal advisory firm in the world to issue halal certifications in blockchains as Non-Functionable Tokens . Marhaba, a Muslim-focused decentralized financial system, has developed the worlds first certificate of compliance with NFTs, while remaining Sharia-compliant.
This opens up significant opportunities for blockchain-enabled non-fungible tokens in a halal supply chain. Tokenizing a supply chain using NFTs for enabling trust and security could help to eradicate counterfeit goods and fraudulent marketing practices, and using NFTs in halal supply chains provides further security, tracking, and accountability in the halal food market. NFTs provide end-consumer traceability via distributed applications, also known as dApps, that trace products through the entire halal supply chain in order to provide data integrity. Sharia Compliance Certificates would enable companies to provide irrefutable evidence of the certification of their trade practices and products to halal, meaning that they are ethical according to Islamic jurisprudence principles.
Shariah Compliance Certificates are minting and issued by Shariah Experts Ltd in Souq NFT, powered by MRHB DeFi, a Decentralized Ethical Finance platform. Sharia Experts Ltd, the Islamic advisory platform for Web3 projects, curated the blockchain-minted certificates for the halal NFTs. Notably, SouqNFT Marketplace is also the first global NFT market to list Halal certified NFTs, guaranteeing users never come across any unsuitable content on the site.
While SouqNFT platform also hosts non-fungible tokens which are halal, but not certified, its review process generally checks issues like nudity, hate speech, racism, and veracity of all NFTs, be it image, video, or audio, it explained. Against that backdrop, Naquib Mohameds MRHB DeFi Network is moving into the NFT space, hoping to attract the conservative Muslim faithful with its non-fungible, halal-compliant tokens.