ADAB Solutions, a cryptocurrency startup based in the United Arab Emirates, has launched the First Islamic Crypto Exchange (FICE), one of the few crypto exchanges in the world designed to be compliant with Sharia law.
The company published a press release through PR Newswire on August 21, claiming to be “the only Sharia-compliant crypto exchange at this moment.” FICE “aims to create a cryptocurrency platform and services that comply with the norms of Sharia,” or Islamic law, helping the world’s 1.8 billion muslims “overcome ethical uncertainty” regarding participation in the cryptocurrency market.
In order to ensure Sharia compliance, FICE maintains an in-house Sharia Advisory Board represented by international Shariah experts to “ensure that FICE activity will comply with Shariah principles at all times,” including reviewing each project intended to be listed on the exchange.
As part of its effort to comply with Islamic law, FICE will not list any projects related to gambling, usury, immoral services, production of alcohol or tobacco, financial pyramids, speculative deals, margin trading, or any other operations that do not comply with Islamic law.
ADAB Solutions founder and CEO Timur Turzhan added that “halal projects are incomparably safer” than many other non-compliant cryptocurrency initiatives, which will help to “ensure an enhanced quality of assets” on the new exchange.
However, despite the focus on guaranteeing that all crypto transactions performed on the exchange are “in accordance with the principles of Islamic finance,” FICE “will be open to all users, regardless of religion.”
An article on FICE published by TradeArabia last week reveals that the project is planning on holding an initial coin offering (ICO) for its ADAB token in September. A pre-sale of ADAB tokens began on August 15.