ADAB Solutions news

ADAB Solutions is developing the FICE - First Islamic Crypto Exchange , based on the norms of Shariah.

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FICE: First Islamic Crypto Exchange by ADAB Solutions to Launch Next Year Using Halal Coins

Many Islamic countries, unlike its Western counterparts, have no separation between Church and State. This means that the Shariah, the religious law, is very important in most of these countries. Because of this, ADAB Solutions, a project based in the United Arab Emirates, is planning to launch the First Islamic Crypto Exchange (FICE). This exchange will follow all the principles of the Shariah and it is expecting to trade $146 million USD daily in 2020. The new project has already called the attention of the crypto community and was recently marked as one of the most useful ideas in a top 10 created by Coin Shark. The company affirms that this new exchange will give an opportunity for the crypto market to finally enter the Islamic world of finances and that it will operate following the Shariah to ensure that it is compliant. There will be two special departments that will have to be created in order for the exchange to work properly: the Department of Islamic Finance and a Shariah Advisory Board. The board will have many Islamic experts that will confirm that the tokens listed on the FICE are “halal”, which means that they are compliant. This way, Muslins will finally be able to enter the crypto world without committing a sin. ADAB Solutions has already affirmed that the main difference form an Islamic platform like FICE and a traditional crypto exchange is that no speculation and market manipulation will be allowed, which he says that is very common in the crypto market. Future Plans For The FICE The next few years will see a boom in the Islamic finance world as the market has grown 10 to 12% yearly for the past 10 years and the expectations are that it will continue to grow soon. Analysts at Thomson Reuters have estimated that the Islamic Finance will be valued at $3.8 trillion USD and will be spread across about 60 countries in 2022. With over 1.8 billion Muslims in the world today and the numbers always growing, it is expected that ADAB Solutions has chosen the right time to start to pay attention in this market, as the idea is highly relevant right now and has potential for exploring a new area. ADAB Solutions is already with an Initial Coin Offering (ICO) open. It was launched in August 2018 and it will continue to sell ADAB tokens until the end of February 2019. At thge moment, you can buy the token for only 10 cents in USD. Expectations are that the price will rise to $11.50 USD at the end of 2022, however. The company has already promised token burns to keep the value of each token high and they will be used on the platform. At the moment, ADAB Solutions plans to attract at least 730,000 people during 2019, when the platform will be launched. The goal is to reach 1.9 million Muslims at the end of 2022.
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ADAB Solutions: Building the First Islamic Shariah Compliant Cryptocurrency Exchange

This is a sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. In the past few years, the cryptocurrency market has seen a sharp increase in adoption from countries in Asia, Africa, and East Europe. For the majority of cryptocurrency’s existence The post ADAB Solutions: Building the First Islamic Shariah Compliant Cryptocurrency Exchange appeared first on CCN

ADAB Solutions’ First Islamic Crypto Exchange (FICE) To Serve 1.8 Billion Muslims Once Launching

First Islamic Crypto Exchange (FICE) To Launch and Serve 1.8 Billion Muslims Even if you live in the Western world, you have probably heard about the shariah, the Islamic law. Not only the Islamic law governs some aspects of the political and societal life in Islamic countries, but it also regulates their financial market. Now, a new exchange created by ADAB Solutions called First Islamic Crypto Exchange (FICE), has been launched to be 100% compliant with the shariah laws. With its so very original name, FICE is a financial services firm registered in the United Arab Emirates. The shariah derives its teachings from the Holy Quran book (the Muslims’ equivalent of the Bible), which is followed by 1.8 Muslims worldwide. While it would simply not be sensible to believe that all these Muslims would only use an exchange compliant with the shariah, FICE is ready to take this share of the market and it projects a total volume of $146 million USD on the platform daily. The exchange is expecting about $4.4 billion USD during the first year and a half of the project and its main goal is to increase the adherence of the Muslim community for this kind of app. As traditional Islamic banking is very common in most Islamic countries, the company is not trying to introduce its services to users who want to be compliant with the Islamic finance rules while using the blockchain technology and cryptocurrencies, so the company expects to be an open gate to this new world for Muslims. The UAE-based company notes that there is a total of about 250 large exchanges around the whole world, but they are not aimed at the Islamic world. Because of this, FICE, as its own name so clearly states, intends to be the first exchange to reach out to the Muslim community to do business. This way, ADAB Solutions is hoping to find Muslim crypto traders and investors. How? By providing an environment that can be compliant with the moral from the religion, unlike most of the exchanges in the world. No Immoral Services Allowed The main way to actually be compliant with the shariah is to create a platform that will not allow for “haram”, the immoral services banned by the Islamic law, only “halal”, permissible ones. According to ADAB Solutions, the company will not support usury projects which have loans at very high interest rates or will not offer the so-called immoral services. Gambling and alcohol-related tokens, for instance, can be considered immoral. However, there is no clear definition on what can be considered immoral or not. For instance, it is possible that the company will not support futures contracts or prediction markets, for instance, as they may involve gambling and betting, which is forbidden by the Islam. Any services related to the production and commerce of alcohol will also be banned from the platform. No speculative deals will also be accepted on the platform. Bitcoin, however, is not forbidden, as the Islamic scholar Mufti Muhammad Abu Bakr concluded that Bitcoin is not haram as it is compliant with the shariah, because it is used as a medium of exchange in many countries. The ADAB Token And ICO The company is planning an Initial Coin Offering (ICO) to fund its investments on the platform. ADAB Solutions has created the ADAB token, which will start to be sold in September. The tokens will be only crypto that you can use to pay for fees on the service.
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