UAE-based financial services firm ADAB Solutions has announced plans to launch the world’s first Shariah-compliant cryptocurrency exchange.
The platform, called the First Islamic Crypto Exchange (FICE), is primarily aimed at the 1.8-billion Muslim community worldwide. However, the firm will be operating globally and be available to all users.
The exchange will support the cryptocurrency trading pairs of Bitcoin (BTC) and Ethereum Classic (ETC), as well as other cryptocurrencies, approved by ADAB’s Advisory Board of Islamic Finances.
According to a statement in ADAB’s website, FICE is a unique exchange, as it is the only Shariah compliant crypto exchange at this moment. By adhering to the high moral requirements set forth by the Shariah community, the company will utilise the in-house Shariah Advisory Board (SAB) to ensure that Islam is finally included in the global cryptocurrency market.
SAB is the independent body represented by internationally recognised Shariah experts, which will provide inputs on Shariah matters in order for the FICE to comply with Shariah principles at all times.
“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,” said ADAB.
In order to offer crypto-related services that are “halal”, or permissible in Islam, ADAB Solutions will not be involved in digital currency projects related to gambling, betting, usury and other “immoral services”. Additionally, FICE will not be associated with any business involved with the production of alcoholic beverages and tobacco products.
The Islamic exchange also expects a “monthly turnover of $4.4 billion” during the first 18 months of its operations.
ADAB Solutions will also be introducing its own crypto token called ADAB and advertised as “the only cryptocurrency, which can be used to pay for commission and services within the project”. Its initial coin offering (ICO) is set to launch in early September.
