UAE-based firm launches world’s first Shariah-compliant digital assets trading platformAug 23, 2018 at 22:34
ADAB Solutions, a financial services provider based in the United Arab Emirates, has rolled out the world’s first cryptocurrency exchange that is Shariah-compliant.
Dubbed as the First Islamic Crypto Exchange (FICE), the platform created by ADAB Solutions will aim to draw in 1.8-billion global Muslim market to use cryptocurrency. However, the platform can still be accessed by all users of whatever religion, worldwide.
The FICE, according to Cryptovest, is being positioned as one of the speediest crypto exchanges as it can process up to 3 million inquiries per second, according to Md Mofassair Hossain, a marketing advisor at ADAB.
The commission fee for the currency exchange will be fixed at 0.05%-0.2% per deal. It accepts several units of digital tokens, including Bitcoin and Ethereum Classic.
The Shariah experts will be tasked with complying with the principles of the Islamic legislation, which is derived from the religious teachings of the Holy Quran.
Some Muslims have since been reserved in their stance with cryptocurrency due to earlier interpretations of its use as going against some principles of the Quran. However, several scholars have recently been proving points to discredit such claims.
“Many cryptocurrencies, due to their characteristics, are haram (forbidden in Islam). Today, no one can guarantee that the coins and projects listed on conventional cryptocurrency exchanges comply with the norms of Islam,” ADAB’s official website states.
The company assured that its project will not engage in activities not permissible in the holy guide, such as gambling, betting and usury, among other “immoral services” which include the production of alcoholic beverages and tobacco products.
“These restrictions are not enforced only for religious reasons, they also exclude the appearance of low-quality assets on the exchange,” ADAB added.
The company estimates FICE to post $146 million daily in trading volume and a monthly turnover of $4.4 billion during the first 18 months of operations.
ADAB Solutions will also be introducing its own crypto token called ADAB which will be the lone cryptocurrency it will accept in exchange for its services. The firm’s initial coin offering is set to launch in early September.