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UAE Hosts the World’s First Islamic Cryptocurrency Exchange

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A cryptocurrency-powered company in the United Arab Emirates has released the world’s First Islamic Crypto Exchange (FICE).

As reported by Trade Arabi, UAE-based Adab Solutions has launched the world’s first cryptocurrency exchange that meets Sharia law. In order to ensure that the exchange complies with Islamic laws, a Sharia Advisory Board (SAB) formed of independent international Sharia experts was created.

The project aims to “ensure an enhanced quality of assets on exchange, as well as enhanced inclusion of Islamic cryptocurrency enthusiasts and traders.”

Shariah Advisory Board (SAB) is the independent body represented by internationally recognized Shariah experts, which will provide inputs on Shariah matters in order for the FICE to comply with Shariah principles at all times. These new standards set forth by the FICE will ensure an enhanced quality of assets on exchange, as well as enhanced inclusion of Islamic cryptocurrency enthusiasts and traders,” wrote Trade Arabi.

A global solution

There are many restrictions on cryptocurrencies in Islamic legislation. For example, the ‘fractional reserve lending’ system, which empowers the majority of fiat assets, is recognized as an illegal action. On the other hand, digital assets such as Bitcoin (BTC) serve as a finite supply, making it a Sharia commodity, recognized similar to Gold or Salt.

Back in April 2018, the media indicated that Mufti Muhammad Abu Bakar- an Islamic scholar in Jakarta revealed that it considers BTC a Sharia-compliant, respectively it can be used by Muslims.

The announcement is a promising one as there will be opened new doors to roughly 1.8 billion Muslims. According to it, FICE aims to offer a decent cryptocurrency trading platform that may soon become a global solution for connecting Muslims with the cryptocurrency space. Note that FICE’s services will be available to all users indifferent to religion.

An ICO to be launched in September

Adab Solutions is planning to release an Initial Coin Offering in September 2018. According to the UAE-based company, the tokens purchased in the ICO will be used as intermediaries to get connected with the platform services.

Speaking about the upcoming Initial Coin Offering, Founder and CEO of ADAB Solutions, Timur Turzhan elaborated:

Ideas that correspond to the norms of the Shariah are based on the understandable material value, have a clear business strategy, and this allows us to confidently assert that halal projects are incomparably safer more successful than the beautiful signs of many cryptocurrency initiatives. By investing in FICE, you will not only support the needed and well-timed project for the Islamic Ummah of the whole world, but also make a valuable acquisition that can bring a decent profit. Our team is dedicated to its business and will do its best to achieve all the goals set.”

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