Sharia-Friendly Crypto Exchange to Launch, Serve 1.8B Muslims
The UAE based financial firm, ADAB Solutions, announced the launch of a Shariah-governed crypto exchange, the first of its kind. Islam abides by a set of laws that offer a structure of which finances are regulated to avoid corruption regarding taxation, loans, and other forms of monetary exchange.
The new crypto exchange will be called FICE, First Islamic Cryptocurrency Exchange, and will facilitate and consider these cultural and religious guidelines hoping to attract a global audience of 1.8M Muslim users. Official statistics state that the platform predicts a daily trading volume of $146M dollars. In addition, a turn over of $4.4B dollars each month is expected throughout the initial eighteen months. The exchange will facilitate worldwide transactions hoping to integrate cryptocurrency into the greater Muslim community.
Crypto for Muslims Worldwide
The Islamic oriented banking system is a well established traditional industry across Islamic countries worldwide. ADAB Solutions aims to instill these foundational laws into their crypto exchange in an attempt to provide a sense of compliance and security for the greater Muslim audience. According to the firm’s official website, there has yet to be a single Islamic crypto exchange among the 250 existing and thriving exchanges globally.
The launch of FICE hopes to draw the attention of Muslim crypto enthusiasts and investors worldwide and make an impact in the crypto global community at large. Popular Muslim belief states that much of the foundational characteristics of digital currency goes against the Islamic financial guidelines, and no current coin offers compliance with Islamic law and thus neglecting a major demographic of global investors.
Shariah Law Will Dictate How the Exchange Will Operate
In order to create a crypto service that is acceptable within the financial guidelines of the Islamic religion, ADAB Solutions has clarified that it will reject the involvement of cryptocurrency projects linked to usury, or loans associated with interest rates.
The firm will also refuse to offer what is characterized as immoral practices. Although not yet specified, these practices will most likely include prediction market and future contract services facilitating the betting of crypto values. In addition, the firm has stated they will refrain from interacting with businesses linked to forbidden practices such as alcohol production or other taboo services. The official ADAB website also stated that they will not facilitate margin trading, speculative deals or any other activity that falls outside the path of Shariah law or tokens deemed as low quality.
Islamic Crypto Community Welcomes the ADAB Token
The UAE based firm will introduce their new cryptocurrency called the ADAB token with an ICO scheduled for September. A recent statement by the renowned Islamic scholar, Mufti Mohamed Abu Bakr concluded that bitcoin was not in face forbidden and can be used within the guidelines of Shariah law according to CryptoGlobe reports. This statement will no doubt boost global interest in the upcoming ICO and general faith in the ADAB token. It will also be the first of its kind to be used to fund other services and commission in the project.