UAE startup Adab launches Sharia-compliant Islamic crypto exchange
United Arab Emirates (UAE)-based crypto startup Adab Solutions is launching the First Islamic Crypto Exchange (FICE), the world’s first crypto exchange that is designed to be in compliance with Sharia law.
According to a report in Trade Arabia, an in-house Sharia advisory board (SAB) of independent international Sharia experts will be in place to ensure the exchange achieves full compliance with the tenets of Islamic law.
The project aims to “ensure an enhanced quality of assets on exchange, as well as enhanced inclusion of Islamic cryptocurrency enthusiasts and traders.”
A meeting of attitudes
Analysts suggest there is significantly more synergy between the functions of cryptocurrency and Sharia law than many might suppose. Under Sharia law for example, the fractional reserve lending system that underpins most fiat currencies is considered to be usury and is frowned upon.
According to Timu Turzhan, CEO and founder of Adab Solutions:“Ideas that correspond to the norms of the Shariah are based on the understandable material value, have a clear business strategy, and this allows us to confidently assert that halal projects are incomparably safer more successful than the beautiful signs of many cryptocurrency initiatives.
“By investing in FICE, you will not only support the needed and well-timed project for the Islamic Ummah of the whole world, but also make a valuable acquisition that can bring a decent profit. Our team is dedicated to its business and will do its best to achieve all the goals set.”
The company will launch its initial coin offering (ICO) for Adab tokens next month. Adab tokens will function as utility keys that unlock the trading platform and act as the default payment method for commissions paid on the exchange.
The new exchange potentially opens the cryptocurrency space to a global market of over 1.8 billion Muslims, many of whom have refrained from participating in the sector before now due to theological ambiguity.
The announcement promises that FICE will provide them with a reliable crypto trading platform that eventually aims to become a universal solution for the involvement of Muslims and users of Islamic finance models in the crypto market. FICE will also be open to all users regardless of religion.