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.