Based On Sharia Law And Islamic Finance, World’s First Islamic Crypto Exchange (FICE) Is Set To Launch
ADAB Solutions recently announced that is planning to launch a Sharia-compliant cryptocurrency exchange. ADAB solution is a financial services firm registered in the United Arab Emirates that launches the world’s first FICE. It will be based on the norms of Sharia and aims to serve 1.8 billion Muslims. ADAB solutions stated that the projected volume of daily cryptocurrency that is trading on the FICE platform is $146 million.
During the first 18 months of its operation, the Islamic exchange expects a monthly turnover of $4.4 billion. The goal of FICE is to increase the contribution of the world’s Muslim community in the evolving cryptocurrency market. The UAE-based company’s website states that currently at least 250 large digital currency exchanges worldwide, none are Islamic crypto exchanges. ADAB solution is making an attempt to attract more Muslim crypto traders and investors with the launch of FICE. FICE will gradually increase the sale of cryptocurrency trading pairs of ETC AND BTC.
ADAB solutions will also provide an opportunity to make donations in order to support the people and families. It will be giving 5% of the revenue for each quarter and annual revenue of 2.5% to the charity. These will become a part of ADAB Charity fund.
ADAB Solutions will also introduce ADAB token, its own cryptocurrency. This initial coin offering is expected to be launched on September 2018. The ADAB token will be considered as the only cryptocurrency that can be used to pay for commission and services.
Mufti Muhammad Abu Bakr, an Islamic scholar claimed that bitcoin is not Haram that is Sharia-complaint. According to him, bitcoin qualifies as Islamic customary money. He says that it is being widely used as a medium of exchange in the US and has been recognized as legal tender in Germany.
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