ADAB Solutions, a financial services company registered in the United Arab Emirates, is set to make history as it just announced the launch of the world’s first Shariah-compliant cryptocurrency exchange.
The Islamic law (also called the Shariah law) is a set of religious teachings of the Holy Quran. According to ADAB Solution’s official website, the next exchange will be appropriately called FICE, short for First Islamic Crypto Exchange. Another interesting detail provided by the company is the projected trading volume of $146 million.
FICE expects somewhere around $4,4 billion monthly turnover during the first 18. One of the main goals of FICE is to increase the involvement of the world’s Muslim community in the ever-expanding crypto market.
According to the ADAB Solution’s website, “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.”
As per the company’s website, there are at least 250 large digital currency exchanges worldwide, but not one of these is an Islamic crypto exchange. By launching FICE, ADAB Solutions hopes to broaden their service as well as to attract more traders and investors.
In direct accordance with the Shariah law
Since the Shariah law is quite restrictive when it comes to gambling, betting, usury, and other such activities, the company’s website clearly states that the next exchange will not be involved in any digital currency projects that don’t respect the principles of the Quran.
Additionally, the service will not be associated with any business that has anything to do with “the production of alcoholic beverages and tobacco products.”
“At FICE there will be no speculative deals, margin trading or operations not corresponding to the norms of Shariah. An additional listing requirement is an approval by the Shariah Advisory Board. These restrictions are not enforced only for religious reasons, they also exclude the appearance of low-quality assets on the exchange,” the website further details.
One of the highlights of the crypto exchange is that it will be introducing its own cryptocurrency called ADAB token. The ICO is expected to launch somewhere in September 2018, even though a fixed date hasn’t been made public yet. As expected, the token will be used to pay for commissions and services within the exchange.