Adab Solutions a United Arab Emirates (UAE) based crypto start-up, is set to launch the First Islamic Crypto Exchange (FICE) based on the principles of Sharia. This project will birth the first-ever and only crypto exchange designed to be in compliance with the norms of the Islamic Sharia Law.
According to reports, a committee of independent international Sharia experts under the auspices of the Sharia Advisory Board (SAB) will be set up to ensure that the exchange adheres to laid down tenets of the Islamic law in all its dealings,policies and processes. The project a first of its kind, is aimed at providing a well regulated global platform for trading digital assets and to specifically enhance the active inclusion of Islamic cryptocurrency enthusiasts and traders.
A few note points of the project include;
-The project’s development will be from entrepreneur’s efforts and their works as Islamic ethics states source of wealth should be your own labour inputs.
-The FICE will exclude speculative transactions, margin trading and non corresponding Sharia operations.
-The platform will have capacity to handle 3 million requests per second, making it one of the fastest crypto exchanges with a added guarantee of smooth running.
-The FICE will solve problems of an absence of a crypto exchange hinged on Sharia norms, eradicate excessive crypto trade risk, support payment of Zakat on crypto returns, develop a unified and recognized standard for Islamic-crypto relations.
In line with Islamic expert opinion, it is stated that certain fiat currency policies go against the dictates of the Sharia law in contrast to cryptocurrencies which operate policies within a close range to Sharia acceptable commodities like Gold and Salt. Particular reference to a Sharia shunned fiat policy is Usury (policy of lending money for unreasonably high interest rate) which goes against the Sharia’s dictates. Another positive score card for cryptocurrency as regards the Sharia law is its finite supply and ease of transfer against fiat.
The Adab Company will in addition; launch its initial coin offering (ICO) for Adab tokens this September. With these tokens set to serve as utility keys that unlock the trading platform and also act as default payment method for exchange commissions.
Through the FICE launch, the world Muslim population of over 1.8 billion Muslims (22% of the world population) will have access to this new Sharia guided crypto trading initiative which will spur more activeness from Islamic faithful; as most had before now abstained from crypto utility pending clarity on its theological implications.
For many Muslim crypto enthusiasts this project is a welcome development and will sure set the pace for more guided and trust worthy crypto initiatives as many express confidence in its ICO legitimacy in line with halal and all round success of the project. Also this follows a new trend of Sharia-crypto relations with Stellar Lumens (XLM) being the first digital currency to acquire Sharia certification for servicing financial institutions within the Middle East Gulf Cooperation Council and some parts of South Asia; back in July 2018 with both regions predominantly Muslim.
The FICE will be open to all users irrespective of religious affiliations.