The world’s first Shariah-compliant cryptocurrency exchange is set for launch by the ADAB Solutions, a United Arab Emirates (UAE) financial services firm. The so-called First Islamic Crypto Exchange or FICE respects the religious teachings of the Holy Quran, and it would permit over 1.8 billion Muslims to trade cryptocurrencies. Following the launch of this project, ADAB Token ICO would also commence in September.
Being the first cryptocurrency exchange in the whole world developed by Muslims for the Muslims, with respect for the Shariah or the Islamic Law, FICE is expected to score big profits. According to its devs, the ADAB Solutions, the First Islamic Crypto Exchange would score a “monthly turnover of $4.4 billion” in its first 18 months of activity.
First Islamic Crypto Exchange (FICE) would not list cryptocurrencies related to gambling, alcohol, and usury
According to ADAB Solutions, the Islamic world needed a Shariah-compliant crypto exchange as “many cryptocurrencies, due to their characteristics, are haram [forbidden in Islam]. Today, no one can guarantee that the coins and projects listed on conventional cryptocurrency exchanges comply with the norms of Islam.”
To respect the Islamic law to the letter and to only provide services that are “halal” (permitted by Islam), ADAB Solutions announced that the First Islamic Crypto Exchange (FICE) wouldn’t list crypto projects related to gambling, alcohol, or usury. Additionally, they also informed that FICE would not offer services that are immoral.
“At FICE there will be no speculative deals, margin trading or operations not corresponding to the norms of Shariah. These restrictions are not enforced only for religious reasons, they also exclude the appearance of low-quality assets on the exchange,” informed ADAB Solutions.
ADAB token ICO to launch in September
The next step following the launch of the First Islamic Crypto Exchange (FICE) for ADAB Solutions would be the start of the ADAB token ICO in September 2018.
ADAB token would the ADAB Solutions’ proprietary cryptocurrency which will be “the only cryptocurrency, which can be used to pay for commission and services within the project.”
Ian Kennedy is the newest contributor to Crypto Daily Gazette. He enjoys running, practicing minimalism and cooking. Ian is a graduate of Wesleyan University in Connecticut where he studied journalism, Arabic and international affairs. Ian mostly covers stories concerning emerging blockchain technology.