Fully Sharia Compliant Islamic Cryptocurrency Exchange by UAE Firm

2 min read

Adab Solution, a United Arab Emirates cryptocurrency startup has announced the first cryptocurrency exchange for Muslims, which will abide by the Sharia compliance. It will be called the First Islamic Crypto Exchange (FICE).

Islam prohibits specific trading activities, and thus many Muslims have refrained from trading in cryptocurrency. However, since the exchange is fully Sharia-compliant, it will encourage Muslims to join in on the cryptocurrency trading.

The Sharia-compliant exchange will feature an in-house Sharia Advisory Board (SAB) which will have experts in the Shari field to guarantee that the exact laws are followed. According to the announcement, SAB will help FICE to achieve “the high moral requirements set forth by the Sharia community,” according to the Trade Arabia piece.

Bitcoins have been declared Sharia compatible earlier this year in April. Mufti Abu Bakar an Islamic scholar in Jakarta, Indonesia revealed this new, which drew in positive feedback and led to the apparent market hike during that time. The benefit to cryptocurrency was in the result of a ‘finite supply of cryptocurrencies’ which leads to it being similar to Sharia-compliant commodities such as salt and gold.

Before this announcement, Muslims which compromise of about 1.8 billion in population had no real cryptocurrency exchange to use. FICE will now open the way to even the most devoted Muslims.

An ICO is in the works for Adab Solutions, which is planned for September. The tokens in the ICO will be used as utility keys to access FICE’s services, with commissions paid in the same Adab tokens.

A Twitter user named ‘Lawrence’ replied to a Tweet about another Sharia enabled exchange which will attract Sharia enabled startups called  Huulk. She specified the need for such Sharia-compliant exchanges for leading the market of cryptocurrencies to a bull run.

 

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