Adab Solutions, a UAE-based company, recently launched a Sharia-compliant cryptocurrency exchange platform called the First Islamic Crypto Exchange (FICE). In strict adherence to the high moral requirements by the Shariah community, the company will employ an in-house Shariah Advisory Board. This is to make certain that Islam is finally included in the global cryptocurrency market.
The Shariah Advisory Board (SAB) is an independent body represented by internationally recognized Shariah experts. These experts will give input on Shariah matters for the exchange platform to comply with Shariah principles at all times.
The new cryptocurrency exchange platform has reportedly set standards that will ensure an enhanced quality of assets on the exchange. It will also ensure that Islamic cryptocurrency enthusiasts and traders are included in the exchange, without violating Shariah laws.
The company is not stopping at launching a cryptocurrency exchange platform, as it also has plans to launch an ICO in September. During the ICO, Adab tokens will be issued. These tokens will be used to access the services of the exchange. Commissions within the FICE will be paid in Adab tokens only.
According to a statement,
“The First Islamic Crypto Exchange is a unique project has all the features of innovation that will change your tomorrow. ICO of Adab Solutions is not just an investment in needed and well-timed project for the Islamic Ummah, but also a valuable acquisition that can bring a decent profit.”
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Cryptocurrency in the Islamic World: ‘Halal’ or ‘Haram’?
Debates among Islamic scholars have been going on for a while as to whether cryptocurrency is ‘halal’ (permissible) or ‘haram’ (not permissible). While some predominantly Islamic countries have embraced cryptocurrency, others see the digital currency as against Islamic laws. In July 2018, it was reported that Pakistani citizens were gradually turning towards cryptocurrency following the country’s economic crisis. Earlier in the year, the country banned banks from dealing with digital currencies.
Iran has also been considering using cryptocurrencies to avoid the effects of U.S. economic sanctions. According to the country, it believes that digital currencies could help reduce the U.S. dollar’s dominance on international trade.
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