UAE based company launches world’s first Shariah compliant crypto exchange platform

On 21st August, a UAE based company by the name ADAB Solutions announced the launch of the world’s First Islamic Crypto Exchange [FICE] platform.

According to reports, the exchange is one of a kind as it is the only existing Shariah-compliant cryptocurrency exchange platform in the world. The project aims at providing access to high-tech financial services to 1.8 billion Muslims around the planet.

FICE claims that it will create a reliable cryptocurrency investment platform which will pose as a global solution that allows involvement of Muslims in the cryptocurrency world. The project will allow transactions to be performed in compliance with the foundations of Islamic finance and will open doors to all users, regardless of their religion.

According to ADAB Solutions, three key problems exist in the current cryptocurrency market trend:

  • Significant low involvement of Muslims in the market.
  • A deficit of trust in key tools of crypto economics in the Muslim community.
  • Deficiency of new markets and investors.

The ‘ISLAMIC FINANCE DEVELOPMENT REPORT’ published by Reuters for the year 2017, states that the crypto economy is one of the key focus areas in the field of Islamic Finance. However, the Muslim investors are unclear about investing in the present market as the community is not aware if investing in the current market is permissible or not according to Islamic financial laws. The ambiguity has resulted in Muslim investors distancing themselves from the cryptocurrency market.

FICE believes that it will be able to eliminate all 3 problems of the crypto market by stepping into the industry.

FICE states that their primary task is to help Muslims and the crypto community understand what is Shariah compliant and what is not. The company aims to achieve this understanding by following the moral standards underlined by the Shariah community.

The company will seek the help of the in-house Shariah Advisory Board that will be headed by International Shariah experts to make sure that the activity within the company is in conformity with the norms of the Shariah principles at all times.

Founder and CEO of ADAB Solutions, Timur Turzhan speaks about the advantages of following the Shariah principles:

“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,”

He further added:

“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 term ADAB signifies a way of life in Islam, and the Founder of the project believe that it is also an obligatory foundation of business relations and does not just signify a way of life.

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