The ADAB Solutions is planning to launch the First Islamic Crypto Exchange [FICE]. ADAB Solutions having its base in the United Arab Emirates was founded to create a stage for halal projects. It will be working according to the principles of Shariah law. It aims to work in full compliance with the norms of Islam and the Islamic finance system.
The task of ADAB Solutions is to help their Muslim fellowmen and the community of cryptocurrency investors to understand what in the market the cryptocurrency is adaptable with the Shariah rules and what is not.
Speculative transactions, operations and margin trading will be excluded from the First Islamic Crypto Exchange. Basically, all operations that do not correspond to Shariah laws will be excluded. Gharar and Maisir and Riba will be excluded from the work of exchange. The First Islamic Crypto Exchange [FICE] platform having been able to handle 3 million requests per second will make FICE one of the fastest and most convenient crypto exchanges.
Users of FICE would be assured that their applications would never be suspended due to congestion of the platform. The development of the FICE will rely on the work of the organizers and the entrepreneurial efforts. According to the norms of Islamic ethics. It is right that the source of wealth is own labour inputs and the entrepreneurial efforts.
The new project has not even been launched and it has already got the attention of the cryptocurrency family. The First Islamic Crypto Exchange was marked as number one in a recently published Coin Shark rating “TOP 10 ICO Projects That Became the Most Useful Ideas of 2018.” The company says their product is an “opportunity for the crypto market to enter the Islamic world” and that it is going to be the “world’s first cryptocurrency exchange that will fully operate in compliance with the regulations of Islamic finance.”
According to the Pew Research Center, “There are 1.8 billion Muslims in the world and this number is growing every year. That’s why ADAB Solutions believe that they’ve chosen the best time to create First Islamic Crypto Exchange.” “The idea of FICE is really relevant and needed” the company has said.
The company also noted that the industry being spread over more than 60 countries the business has a really bright future. The experts predict that the Islamic finance will grow to $3.8 trillion by 2022. ADAB Solutions is expecting to reach $146 million daily trading. The expectation for the monthly turnover by 2020 is $4.4 billion.