UAE Startup Launches Very first-Ever Sharia-Compliant Islamic Crypto Exchange
Adab Solutions, a UAE-based crypto startup has announced the launch of the Initial Islamic Crypto Exchange (FICE), the only crypto exchange in the planet that is designed to be in compliance with Sharia law.
Islam and Crypto
According to a report from Trade Arabia, an in-home Sharia Advisory Board (SAB) made up of independent international Sharia professionals will be in place to ensure that the exchange achieves full compliance with the tenets of Islamic law at all instances.
The purpose of the project is to “ensure an enhanced top quality of assets on exchange, as well as enhanced inclusion of Islamic cryptocurrency enthusiasts and traders.”
Whilst to the uninitiated, the move could appear somewhat left field, there is actually a big quantity of synergy among the functions of cryptocurrency and Sharia law. Under Sharia law for instance, the fractional reserve lending system that underpins most fiat currencies is considered to be usury and is frowned upon.
Cryptocurrencies like bitcoin in contrast, operate with a principle of finite supply and scarcity, which makes them function like acceptable Sharia commodities like Gold or Salt. From a Sharia point of view for that reason, it makes sense to encourage the growth of a monetary method that does not depend on usury.
In April 2018, CCN reported that Mufti Muhammad Abu Bakar, a prominent Islamic scholar in Jakarta, Indonesia declared that bitcoin is Sharia-compliant, and as such can be used by Muslims.
From a sensible point of view, the move also potentially opens the cryptocurrency space to a global industry of over 1.8 billion Muslims, a lot of of whom have refrained from taking element in the sector till now due to theological ambiguity.
The announcement states that FICE will provide them with a reliable crypto trading platform that sooner or later aims to become a universal solution for the involvement of Muslims and users of Islamic finance models in the crypto market place. FICE will also be open to all customers regardless of religion.
Adab Solutions is preparing to launch the project ICO in September, and the organization has revealed that tokens bought in the ICO will be used as utility keys to access the exchange platform’s solutions. It also revealed that all commissions within the FICE will be paid exclusively in Adab tokens.
Speaking about the upcoming ICO, Founder and CEO of ADAB Solutions, Timur Turzhan mentioned:
“Ideas that correspond to the norms of the Shariah are based on the understandable material value, have a clear company strategy, and this enables us to confidently assert that halal projects are incomparably safer much more profitable than the beautiful indicators of numerous cryptocurrency initiatives. By investing in FICE, you will not only support the necessary and properly-timed project for the Islamic Ummah of the whole world, but also make a useful acquisition that can bring a decent profit. Our group is devoted to its organization and will do its greatest to obtain all the targets set.”
Featured image from Shutterstock.
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Published at Wed, 29 Aug 2018 07:06:57 +0000