‘Halal Coins Only’: First Islamic Cryptocurrency Exchange Being Launched
BE2C2 Report; Oct 30, 2018: UAE based ADAB Solutions is planning to launch the First Islamic Crypto Exchange (FICE) which will be operating “according to the principles of Shariah law.” The company said it is expecting to reach $146 million daily trading and $4.4 billion monthly turnover by 2020.
The Shariah compliant crypto project hasn’t been launched yet but it has already gotten the attention of the global crypto community.
The company expects to attract 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 in 2022, including Muslim and non-Muslim users.
Their optimism is based on experts reports of a constant rise in Islamic finance over the last decade and UAE aiming to become one of the hubs for FinTech in the region with the capability and capacity to provide digital services using solar technology to power huge data centers.
Analytics from Thomson Reuters in July 2018 estimated that the value of Islamic finance as $2.2 trillion.
In September 2018, Daily News wrote that the annual growth of this market is 10 to 12 percent over the past 10 years.
Experts predict Islamic finance to grow to $3.8 trillion by 2022.
They also noted that the industry is spread over more than 60 countries and growing at a very high rate in Pakistan, Indonesia, Malaysia and Egypt.
The crypto exchange company says 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.”
According to Pew Research Center, there are 1.8 billion Muslims in the world and this number is growing every year. That’s why ADAB Solutions believe they’ve chosen the best time to create First Islamic Crypto Exchange. “The idea of FICE is really relevant and needed” — the company said.
According to ADAB Solutions, the difference between conventional and Islamic exchange platforms is that there will be no speculations or market manipulation by FICE.
Also, 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 analyze and confirm that each of the cryptocurrencies which will be listed on FICE are “halal”, so Muslim clients which wish to use their services can rely on this estimation.
The company offers users to buy their own ADAB tokens during the ICO that was launched in August 2018 and will be held until February 2019.
The cost of Islamic digital currency is $ 0.1 and 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 the commission on all transactions within the platform. The company also promises to automatically burn 10 percent of each commission that it receives in order to reduce the number of tokens and increase its value.
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