First Halal Crypto Exchange In 2019

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A crypto exchange operating only on the principles of Sharia law? Yes, it’s coming. ADAB Solutions, a startup based in the United Arab Emirates, has announced its plan to launch the First Islamic Crypto Exchange (FICE).

From the very beginning of the crypto industry, there has been a dispute if cryptocurrencies are against Islam laws. Shawki Allam, the Grand Mufti of Egypt, has banned virtual currencies due to ‘possible money laundering through the crypto’. On April, Blossom Finance released a report which claimed that cryptocurrencies are compliant with Sharia laws.

Islamic crypto exchange

It seems like Muslims have been excluded from the crypto world. That is going to change. According to the white paper, FICE will be the first crypto exchange following the Islamic rules.

ADAB Solutions predicts that after 12 months the exchange will reach the turnover of $ 4.4 billion per month and almost a million active users of the platform. The startup expects to attain the net profit of $10 million per month in less than a year.

The company said that their project is an opportunity for the crypto market to enter the Islamic world. The startup also stressed:

“The idea of FICE is really relevant and needed. It will be the world’s first cryptocurrency exchange that will operate in full compliance with the principles of Islamic finance.”

Rules of the exchange

To follow the principles of Islamic laws, ADAB will create two special departments. FICE will have a Department of Islamic Finance (DIF) and a Shariah Advisory Board (SAB) in its system.

The advisory board will gather Islamic financial experts who will examine which cryptocurrency can be enlisted and which not.

ADAB Solutions claims that the new exchange won’t tolerate any speculations or market manipulation.

FICE platform will be able to handle 3 million requests per second.

Initial Coin Offering

The company offers its token during the ICO. Initial Coin Offering was launched in September 2018 and will last till Nov.15th. The token costs $0,1 and the company expects the coin’s value to increase to $0.98 in a year. The firm claims that 72% of all distributed token will go to the community.

 

Image by alexskopje / shutterstock.com

 

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