IslamicFinance.de

UAE-based Adab Solutions has announced the launch of the First Islamic Crypto Exchange (FICE). An in-house Sharia Advisory Board (SAB) made up of independent international Sharia experts will be in place to ensure that the exchange is in compliance with Sharia law. In April 2018, Mufti Muhammad Abu Bakar declared that bitcoin is Sharia-compliant, and as such can be used by Muslims. The move potentially opens the cryptocurrency space to a global market of over 1.8 billion Muslims. Adab Solutions is preparing to launch the project ICO in September and tokens will be used as utility keys to access the exchange platform’s services. All commissions within the FICE will be paid exclusively in Adab tokens.

On paper, it will be very difficult for Bitcoin and other cryptocurrencies to gain traction within the Islamic finance industry. Unlike what most people may assume, Bitcoin can still be Shariah-compliant. For example, Adab Solutions has launched the First Islamic Crypto Exchange (FICE), which is fully Shariah-compliant and will expose users to various cryptocurrencies. FICE has its in-house Shariah Advisory Board and will conduct an initial coin offering. Investors purchasing these tokens will be given access to all services provided by the exchange. Additionally, commissions paid to users of the FICE will come in the form of Adab tokens.