FICE Exchange To Operate In Accordance With Shariah Law

The First Islamic Crypto Exchange (FICE) is going to be launched in 2019, according to the company behind the project, ADAB Solutions.

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The First Islamic Crypto Exchange (FICE) is going to be launched in 2019, according to the company behind the project, ADAB Solutions.

Based in The United Arab Emirates, FICE is going to operate in accordance with the strict Shariah law and is expecting to reach $146 million of daily volume, with $4.4 billion monthly turnovers by 2020.

Halal cryptocurrencies exclusively

Since this is the first Islamic cryptocurrency project of its kind, the ADAB Solutions company is going to appoint two separate bodies to ensure that the business is being run in accordance with Islamic finance principles.

The Department of Islamic Finance, which is going to ensure that there is no speculations or market manipulation by FICE. And the Shariah Advisory Board, which will be responsible for confirmation that listed cryptocurrencies on FICE exchange are “halal”.

That means that cryptocurrency projects that are in any way connected to gambling, usury, immoral services, production of alcoholic beverages and tobacco products, and pyramid schemes are going to be banned from the trading platform.

The two entities will employ some leading Islamic financial experts.

A strong business case

ADAB Solutions emphasize the importance of the context in which the exchange is going to conduct business.

According to some experts, during the constant rise in Islamic finance over the last decade, the annual growth of this market reaches 12%, while the estimated value of Islamic finance is speculated to be about $2.2 trillion.

As it is spread over 60 countries, experts predict that Islamic finance has enough potential to grow to $3.8 trillion by 2022.

Moreover, since there is 1.8 billion Muslims in the world today, ADAB Solutions believe that the First Islamic Crypto Exchange is not only a relevant idea but also a much-needed one.

The official launch

According to the ADAB Solutions’ official website, after developing the cross-platform trading clients in April 2019, the fully functional cryptocurrency exchange is scheduled to launch in July the same year.

Despite the fact that there is a number of cryptocurrency projects which came from Arab states, FICE is going to be the first cryptocurrency exchange based in the geographical area, and ADAB Solutions aims to leverage that for their benefit.

Doing business in accordance with the Shariah law may provide another boost for the company’s dealings throughout the Arab states, but it may yet prove to be an extra encumbrance for the startup, as it has the potential to disqualify some potentially lucrative projects’ cryptocurrencies which have the potential to add some extra trading volume to the platform.

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