Adab Solutions has launched the First Islamic Crypto Exchange (FICE) and will be launching an Initial Coin Offering (ICO) in September 2018. The exchange is going to run on the standards set by the Shariah Advisory Board and is expected to revolutionize the perception with which the whole Islamic world views the cryptocurrency market.
Announced earlier today by UAE-based startup Adab Solutions, the launch of the First Islamic Crypto Exchange is unique in that it is the first Shariah-compliant cryptocurrency exchange. According to a post earlier this week on the company’s official blog, FICE will create a “global infrastructure, that operates on the principles of Islamic finance, and the community that regulates the development of Islamic crypto-economics.”
The company believes that the new crypto exchange will solve the problem of halal cryptocurrency transactions as well as provide entry into the market space for the Muslim Ummah, which comprises more than 22% of the world’s population and controls Islamic financial assets worth more than $3.8 trillion.
Fundamentals of the Exchange
As the world’s first Islamic cryptocurrency exchange, FICE is absolutely committed to “adhering to the high moral requirements set forth by the Shariah community.” To that end, the platform will incorporate an in-house Shariah Advisory Board (SAB) to “ensure that Islam is finally included in the global cryptocurrency market.” The SAB is an independent body made up of internationally recognized Shariah experts who will provide input and guidance on all Shariah matters within the company.
In line with the principles of Shariah upon which it was built, First Islamic Crypto Exchange will only list projects that are deemed halal (permissible) by the advisory board. Projects labeled as haram (forbidden) will not be listed on the exchange. Tokens that will not be allowed on the exchange include – but are not limited to – those related to the following:
- Gambling
- Usury
- Immoral services
- Production of alcoholic beverages and tobacco products
- Financial pyramids
Adab Solutions plans to launch its own ICO next month for the platform’s native token, ADAB. The tokens will be used as a “key” to allow users access to the various features on the exchange. Furthermore, any commissions paid out on the platform will be paid in ADAB as well.
What are your thoughts on a Shariah-compliant cryptocurrency exchange? Is it something that the cryptocurrency market sorely needs or is it more of a marketing tactic to gain users? Let us know in the comments below.
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