First Islamic Cryptocurrency Exchange to be Released in 2019
ADAB Solutions, a project based in the UAE, is outlining the launch of a new concept in the crypto world, the FICE or the First Islamic Cryptocurrency Exchange. The exchange website will operate in accordance with the rules of Shariah law. The firm is predicting a profit of $146 million daily from trades and an amount of $4.4 billion in monthly profits by the year 2020.
The unique venture hasn’t even been released yet and has already been attracting the attention of many cryptocurrency enthusiasts. The firm described the product as a great opportunity for the crypto industry to join with the Islamic community with a crypto exchange platform that is set to be the first of its kind, designed according to Islamic financial rules.
Being an Islamic exchange platform means that there are 2 separate divisions controlling the way it operates. One handles Islamic finance and the other is an advisory board for Shariah. The assigned board will consist of different experts in the field who will inspect and confim whether or not a certain digital currency to be listed on the platform is, in fact, halal, for Muslim users to trust the decision and use the offered services. As per the company, the main difference when comparing traditional with Islamic platforms is the lack of any speculations or any sort of distrust with FICE.
The Rise of Islamic Finance
Specialists have reported that Islamic Finance has been constantly on the rise over the past 10 years. Last September, it was revealed that the growth of this specific market on an annual basis has been 10% to 12% over the last 10 years. Furthermore, as of last July the overall value of the market was estimated to be about $2.2 trillion. The market has quickly expanded beyond sixty countries. It is predicted to continue growing and that valuation reaches $3.8 trillion by the year 2022.
Planning for the Future
An ICO was already held last August and should be held up until February of next year, in which users are allowed to buy their ADAB tokens. Currently, the cost of the Islamic cryptocurrency stands at $0.1 and the firm predicts its value to reach $11.5 by the end of the year 2020. Users can use the token to pay commissions of all Txs made using the platform. It is also promised that 10% of each commission will be automatically burnt in hopes of reducing the total amount of the tokens and simultaneously should raise its value.
ADAB predicts it will serve about 730,000 individuals using this platform after its launch next year. This number should be raised by about 3 fold and become 1.9 million individuals by 2022, taking into account both Muslims and non-Muslims.