World’s First NFT-Based Halal Certification
Shariah Experts Limited has become the first halal advisory firm to issue shariah compliance certificates in the form of NFTs using blockchain technology.
The company publishes halal certificates on Souq NFT, which is traded on MRHB DeFi, an ethical decentralized finance (DeFi) platform in Singapore. Singapore-based gold crypto platform Cache.Gold is the first business to receive NFT halal certificates.
Shariah Experts is a UK-based halal advisory service founded in 2020 with the vision to achieve a greater way of life for Muslims and Islamic societies using cost cutting and structural economic changes and GDP growth in conjunction with the Industrial Revolution (IR 4.0).
Through the guidance of the Shariah Experts scope, Web3 projects will be for the purpose of Islamic principles and Shariah rulings. Shariah Experts (shariah app) scope consists of not only cryptocurrencies, non-Fiat currencies (New Monetary Standards [NFTs]), decentralized finance (decentralized finance), metaverse, and also fintech, traditional Islamic finance, public finance (waqf, zakat, Islamic charity), wealth management and financial planning.
The company is led by renowned Shariah lawyers Farrukh Habib and Mufti Billal Omarjee, who owe more than 15 years of combined experience to crypto-transactions. Both have extensive knowledge and a considerable background in blockchain ventures.
These immutable NFTs are the first of its kind, which contain hash records that can verify halal certification topics on a blockchain, creating greater transparency in this sector. These NFTs will allow companies to provide proof that their business practices comply with the tenets of Islamic law.
The extent of transparency in blockchain makes it easy for anyone to verify a certificate with a Shariah Expert by obtaining their public key. By default, NFTs utilize proof of ownership.