Adab Solutions is looking to bring the Islamic community to the world crypto stage.
On Monday the 20th of August, Adab Solutions a UAE-based start-up, launched FICE (the first First Islamic Crypto Exchange). This is the first time a cryptocurrency exchange has been considered to be Sharia-compliant. An announcement made by the company last week: “FICE will create a global infrastructure that operates on the principles of Islamic finance and the community that regulates the development of Islamic crypto-economics”.
Adab is hoping to solve the problem currently being faced by Islamic countries that deems cryptocurrencies impermissible and unlawful against traditional Islamic law. If successful this will allow 22% of the world’s population to enter the crypto market and not to be sneezed at, the global Islamic community has an estimated controlling financial asset value, of a whopping $2 Trillion!
The company has made it clear that it will comply with guidelines set by Sharia law and will be overseen indefinitely by the Sharia Advisory Council (SAC), an independent organization of internationally recognized Sharia leaders and experts, to ensure the exchange remains under high Islamic moral standards.
To remain compliant FICE cannot list any crypto projects that are against Islamic laws and/or morals. These include but not limited to projects created for the following:
– Adult Services
Adab Solutions has announced they will launch an ICO next month for a native token ADAB to be used on the platform. Similar to other exchange tokens such as BNB, ADAB will allow users access to the various features on the exchange.