The First Sharia Compliant Crypto Exchange Launched In UAEAugust 29, 2018
A startup based in the UAE, Adab Solutions, has announced it will be launching FICE (the First Islamic Crypto Exchange). FICE will officially be the first and only Crypto exchange compliant to Sharia Laws worldwide.
Sharia Compliance For Crypto Exchange
Going by the reports made by Trade Arabia, the start-up will have a board in place to ensure that all of the exchange’s activities are fully compliant with Islamic laws. The Board will be known as the SAB (Sharia Advisory Board) and will be comprised of independent international experts on Sharia Laws.
The main aim of the project has been said to be ensuring the enhancement of the quality of assets on the Crypto exchange and at the same time be more inclusive to traders and crypto enthusiasts who are Islamic.
Although to many who are not very conversant with Sharia Laws this move may seem to be very odd and unusual, the basic concept of Cryptocurrency is actually very in tune with Sharia Laws. According to Sharia Laws lending systems that are based on the fractional reserve, which fiat currencies rely on, are considered usury and are therefore generally disapproved.
In contrast, however, Cryptocurrencies rely on the basis of finite supply and therefore functions in compliance with Sharia Laws much like Gold and Salt. This explains the promotion of a Sharia-compliant Crypto exchange, one which does not depend on fractional reserve.
An All-inclusive Platform
Earlier this year a well-known Muslim Scholar, Mufti Muhammad Abu Bakar, based in Jakarta announced that Cryptocurrencies like Bitcoin were in compliance with Sharia Laws and can, therefore, be utilized by Muslims. By opening up a Sharia-compliant Crypto exchange, the start-up has officially opened the Crypto sphere to the over 1.8 billion Muslims all across the globe who have been resisting the industry on account of theological ambiguity.
Though the announcement clarifies that the Crypto exchange platform will be open to all people religion background notwithstanding it specifically states that the main aim was to offer a crypto trading platform that would promote the inclusion of Muslims and Islam based financial models.
FICE Initial Coin Offering
Adab Solutions will be launching its Initial Coin Offering this coming month (September), with the company stating that the tokens that will be purchased in the ICO will act as the utility keys for accessing the services on the exchange’s platform. The company has also announced that any commissions to be paid will be completed strictly in Adab tokens.
The company’s CEO, Timur Turzhan, while making statements about the soon to be held ICO said all ideas corresponding to the principles of Sharia Laws have 4basis in an understandable material value and a set business strategy which is why they are generally not only safe but also boast of a higher success rate. He said that all who will invest in FICE will be supporting the projects for the Islamic community and at the same time make a decent profit adding that the company is dedicated to achieving the set goals as best as it could.