UAE set to be abode for First Islamic Crypto-Exchange: 2019. DUBAI: ADAB Solutions project, located in the United Arab Emirates, is planning to launch FICE — the First Islamic Crypto Exchange which would abide within all the principles of Islamic Shariah law. The company believes it will reach $146 million in daily trading and $4.4 billion in monthly transactions by 2020.
Although the new project hasn’t been launched yet it has already received the attention of the crypto community, attracting cryptocurrency enthusiasts and analysts. FICE has been deemed as number one in the “TOP 10 ICO Projects That Became the Most Useful Ideas of 2018.”
The company believes their product is an “opportunity for the crypto market to enter the Islamic world” and that it will be the “world’s first cryptocurrency exchange that will operate in full compliance with the principles of Islamic finance.”
Abide By Islamic Sharia
UAE set to be abode for First Islamic Crypto-Exchange: 2019. Acknowledging the Islamic Sharia implies there would be two special departments to control the administration of the platform. FICE will have a special Department of Islamic Finance and a Shariah Advisory Board in its structure. The Shariah Advisory Board will unite famous Islamic financial experts who will examine and confirm that all of the cryptocurrencies listed on FICE are “Halal” so that the crypto exchange’s Muslim clients can use the trading platform’s services without violating Sharia law. According to ADAB Solutions, the difference between conventional and Islamic exchange platforms is that there will also be no speculations or market manipulation by FICE.
Islamic jurisprudence and the Financial Roar
Over the last decade, there has been a significant rise in Islamic Finance. The same was reported earlier in September 2018 by Daily News, that the annual growth of this market has been 10-12 percent over the past 10 years. Moreover, the analytics from Thomson Reuters in July 2018 estimated the value of Islamic finance as $2.2 trillion. They also noted that the industry is spread over more than 60 countries. The experts predict Islamic finance will grow to $3.8 trillion by 2022.
ADAB Solutions believe that they’ve chosen the best time to create the First Islamic Crypto Exchange. “The idea of FICE is really relevant and needed considering the population of Muslims across the globe”, the company said.
ICO and Future Trends
ADAB Solutions allows users to buy their own ADAB tokens. Since the ICO that was launched in August 2018 and will be held until February 2019. The cost of Islamic digital currency is $0.1. The company expects the coin’s value to increase to $11.5 by the end of 2022. The ADAB token can be used for paying commission on all transactions within the platform. The company also promises to automatically burn 10 percent of each commission that it receives. This is in order to reduce the number of tokens and increase its value.
ADAB Solutions anticipates attracting around 730,000 people after the launch of the project in 2019. The team plans to increase this number by almost three times and reach a 1.9 million audience by 2022.