Adab Solutions opens first Islamic crypto currency exchange based on Sharia law
Financial services company registered in UAE, Adab Solutions will launch the world’s first Islamic crypto currency exchange, corresponding to the laws of Sharia, or Islamic law, derived from religious teachings of the Holy Quran, which is followed by over 1.8 billion Muslims.
Exchange will be the name of the First Islamic crypto currency exchange (First Islamic Crypto Exchange (FICE)) and will work on a global scale for thousands of users around the world. According to the official website of ADAB Solutions, projected volume of daily trading digital currencies on the platform of FICE will be $ 146 million it is Also expected that the exchange will have a monthly turnover of $ 4.4 billion during the first 18 months of operation.
On the website, the company notes that currently worldwide there are about 250 major cryptocurrency exchanges, but the Islamic – no. In addition, in modern times the coins are placed on a regular cryptocurrency exchanges are Haram, i.e. prohibited in Islam and do not meet his standards. Adab Solutions clearly determined that it will not participate in projects related to:
• usury (lending at very high interest)
• immoral services (the company would not cooperate with projects that offer futures, prediction market, betting on the future prices of currencies or events, and gambling)
• the production of alcoholic beverages and tobacco (although Smoking tobacco has become socially acceptable in most Muslim countries)
In FICE will not be speculative transactions, margin trading or transactions that do not meet the standards imposed by the Consultative Council of Sharia. These restrictions are imposed not only for religious reasons, but also preclude the appearance on the exchange of low-quality assets.
Adab Solutions will introduce its own cryptocurrency, called ADAB. The token will be the only cryptocurrency that can be used to pay the fee and services in the framework of the project. The initial range of coins (ICO) will start in September 2018.
With the launch of its exchange the company hopes to increase the participation of the Muslim community in the developing world of cryptocurrency and to attract more Muslim investors.