A company based in the United Arab Emirates now wants to launch the first digital currency exchange that is also compatible with the Islamic legal system. Around 1.8 billion potential customers should be pleased.
In order to enable strict Muslims to trade in digital currencies such as Bitcoin and Ethereum Classic, the entrepreneurs of the company Adab Solutions, based in the United Arab Emirates, have come up with something very special. With the so-called First Islamic Crypto Exchange (FICE), the world’s first crypto currency platform is to be created, which is compatible with the rules of the Islamic legal system, the Sharia, and the regulations of Islamic finance.
Platform for 1.8 billion potential customers
With around 1.8 billion potential customers worldwide, the offer could well meet with brisk demand. In addition to the leading crypto currencies such as Bitcoin and Ethereum Classic, the specially developed ADAB token will also be traded on the platform. The inclusion of further currencies on the trading platform then depends on the approval of an ethics council, which checks the compatibility with Islamic finance. Furthermore, the trading activities of the platform are permanently monitored by a so-called Internal Shariah Compliance Officer.
The ethical crypto token
The ADAB token is a digital currency that was developed on the basis of the Sharia laws. Adab Solutions follows the moral and cultural Islamic values, which means that the token is particularly recommended for payment transactions among Muslims. The main goal of the ADAB-Token project is to reduce the ethical uncertainty of the Islamic community regarding the digital currency industry in order to increase their participation in this area.
Three million trades per second
According to the developers, the First Islamic Crypto Exchange will be one of the fastest digital currency exchanges in the world. Up to three million trades should be processed per second. The platform’s offering should be available for the PC browser and an Android app. In addition to the classic trading platform, Adab Solutions would also like to offer its customers the option of technical analysis of the crypto charts and the use of their own wallet.
Do good with cryto-trading
In contrast to many other crypto exchanges, there will be no margin trading on FICE. The trade, which is based on the Islamic legal system, provides for a fee of 0.05 to 0.2 percent, which must be paid after every successful deal. In addition, as provided for in one of the five pillars of Islam, part of the profits are donated to the needy as a mandatory social contribution called “zakat”. The donations should amount to 2.5 percent of the quarterly and five percent of the annual proceeds.