The United Arab Emirates is on the verge of introducing the first-ever halal exchange platform. The First Islamic Cryptocurrency Exchange, also known as FICE, will be managed by a Shariah Advisory Board.
The board will be responsible for safeguarding the compliance of all transactions to the principles of Islamic finance. FICE is the brainchild of ADAB Solutions, a company that aspires to introduce Muslims to a halal centered cryptocurrency exchange.
ADAB Solutions characterizes this project as an exchange that will disregard the many available haram coins. The coins gained or generated through means like gambling, usury, and financial pyramids are considered haram. FICE plans to differentiate itself from this by vowing to be wholly observant of the norms of the halal.