Name of Project
Barakah Finance
Proposal overview
Barakah Finance is the world’s first shari’ah compliant staking and investment platform. Barakah Finance aims to disrupt the Islamic Finance industry by creating new and exciting DeFi products and services for the world’s 2 billion Muslims, many of whom adhere to the faith-based financial rules that do not allow usury/interest in the financial system, nor does it permit excessive speculation (in the aim of protecting the less well-off). For context, Islamic finance is a growing part of the international financial system with assets of $US 1.2 trillion, which represents approximately 1% of global banking assets. With an estimated annual growth rate of 10-15% it is likely to become an increasingly important financial market in the future, and at Barakah Finance we want to be at the heart of the Blockchain revolutions which powers Islamic Finance for the web 3.0. Just diverting 0.01% of Global Islamic Finance assets towards a shari’ah Compliant protocol for digital asset management would give a TVL of $US 120 million.
On Barakah Finance users will be able to stake tokens for shari’ah compliant rewards, and will also be able to take part in other approved investment and wealth-protecting products such as ‘takaful’ products (similar to Insurance products). We are lucky to have Dr Ziyaad Mahomed as one of our key team members, and our Shari’ah Advisor, who is currently the Chair of the Board of Scholars for HSBC Amanah in Malaysia, as well as being an Assistant Professor at INCIEF, the Global University of Islamic Finance (Kuala Lumpur, Malaysia).
. The rest of our team consists of:
- Bryan Cho, a seasoned Blockchain Engineer and Developer who is our CTO;
- Faisal Naru, Executive Director of the Policy Innovation Unit in the Nigerian Economic Summit Group (NESG) and part of Rockefeller Philanthropy Advisors. Faisal looks after Barakah Finance strategy.
- Faraz Ahmed a Principal Transformation and Delivery Consultant with experience in Aerospace, Defence, Security & Technology and current COO of Barakah Finance
- Mohammed Imran, co-founder of Funoon.io (world’s first faith-based NFT marketplace on the Binance Smart Chain) and award-winning social activist and business leader. Mohammed is the CEO of Barakah Finance.
We believe the Harmony blockchain perfectly represents our values of embracing diversity, and building a global web 3.0 ecosystem that takes into account different values and belief systems.
Proposal ask
We are requesting $50K in equity-free contribution: $10K after launching the world’s first shari’ah compliant and approved staking contract for Barakah Finance’s native HRC20 token (see whitepaper for details), BRKH onto test net; $10K after main net launch, $10K after forming a DAO for our community, $10K for after 1K users, and $10k after hitting a TVL of $250,000 within the Barakah Finance staking pools. As well as funding, we are looking for Harmony’s help with product development, fundraising, and talent recruit.
Metrics for success
Our milestones are:
- Weeks 1-8: shari’ah compliant staking contract complete and deployed onto testnet
- Weeks 9-11: Give beta access to Harmony community to test and give feedback
- Weeks: 12-14: Deploy to mainnet and ramp up marketing efforts
- Second month after launch: Form DAO
- Fourth month: Acquire 1k new users
- Fifth month: Reach TVL of $250,000
We believe these milestones will be slower than for some projects as we are actively marketing to audiences that have hitherto seen DeFi as inaccessible to them on account of their particular needs for a shari’ah compliant protocol.
External links
Website: https://www.barakah.finance/
White paper: Barakah Finance Team - Barakah Finance
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