ADAB Solutions’ First Islamic Crypto Exchange (FICE) will be prohibiting usage of the platform for certain financing sectors of the economy. Some of these sectors include gambling, alcohol products, production of pork and others. These prohibited sectors are determined by the Shariah Supervisory Board. These aforementioned sectors are considered as “haram” (meaning forbidden by Allah in Arabic) in Islam and hence they have been prohibited.
Shariah or Islamic Law is derived from religious perceptions of Islam, in particular, the Quran and the Hadith. The term indicates God’s immutable divine law which refers to its human scholarly interpretations. ADAB Solutions has created a Shariah Supervisory Board that comprises of experts in the fields of technology, investment and Islamic finance. The board in accordance with the Regulation on the Islamic Finance Council will ensure that ADAB Solutions complies with the norms of Islam in its implementation of FICE activities.
ADAB Solutions’ First Islamic Crypto Exchange will allow the formation of a community that’s interested in cryptocurrency and will also systematically formalize the work of cryptology in accordance with Shariah principles. In fact, one of the key reasons for the extremely low involvement of Muslims (1.8 billion approximately) in the crypto market was the absence of a crypto exchange that functions in accordance with the Muslim norms of the Shariah.
The first cryptocurrency platform will be launched by ADAB Solutions in 2019. It will work in strict accordance with Islamic financial principles and guarantee honesty, security, complete absence of speculation in company activity and transparency of business conduct. The platform aims to become a guiding benchmark for a Muslim audience and to become a platform for launching many projects that are considered to be “halal” (meaning permissible in Arabic), as mentioned in Adab Solutions’ whitepaper.
In a recently published CoinShark rating titled, “TOP 10 ICO Projects That Became the Most Useful Ideas of 2018”, the First Islamic Crypto Exchange was marked as number one, as reported on Cointelegraph. To ensure that the prohibited financing sectors do not find their way into the system, FICE‘s Shariah Advisory Board will analyze and confirm that each of the cryptocurrencies to be listed on the platform are “halal”. In this way, Muslim clients who wish to avail the platform and its services can rely on the estimation done by the Board.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]