‘Halal Coins Only’: First Islamic CryptoExchange to be Launched in 2019

The ADAB Solutions project, based in theUnited Arab Emirates, is planning to launch FICE ? the First Islamic CryptoExchange which will be operating “according to the principles of Shariah law.”The company is expecting to reach $146 million daily trading and $4.4 billionmonthly turnover by 2020.

Islamic finance as crypto exchange base

The new project hasn’t been launched yetbut it has already gotten the attention of the crypto community. The FirstIslamic Crypto Exchange was marked as number one in a recently published CoinShark rating “TOP 10 ICO Projects That Became the Most Useful Ideas of 2018.”The company says their product is an “opportunity for the crypto market toenter the Islamic world” and that it will be the “world's first cryptocurrencyexchange that will operate in full compliance with the principles of Islamicfinance.”

That means there will be two specialdepartments to control how the platform works. FICE will have a specialDepartment of Islamic Finance and a Shariah Advisory Board in its structure.The Shariah Advisory Board will unite famous Islamic financial experts who willanalyze and confirm that each of the cryptocurrencies which will be listed onFICE are “halal”, so Muslim clients which wish to use their services can relyon this estimation. According to ADAB Solutions, the difference betweenconventional and Islamic exchange platforms is that there will also be nospeculations or market manipulation by FICE.

Islamic finance’s boom

Experts report a constant rise in Islamicfinance over the last decade. In September 2018, Daily News wrote that theannual growth of this market is 10-12 percent over the past 10 years. Moreover,the analytics from Thomson Reuters in July 2018 estimated the value of Islamicfinance as $2.2 trillion. They also noted that the industry is spread over morethan 60 countries. The experts predict Islamic finance to grow to $3.8 trillionby 2022.

According to the Pew Research Center, thereare 1.8 billion Muslims in the world and this number is growing every year.That’s why ADAB Solutions believe that they’ve chosen the best time to createFirst Islamic Crypto Exchange. “The idea of FICE is really relevant and needed”?  the company said.

ICO and future plans

ADAB Solutions offers users to buy theirown ADAB tokens during the ICO that was launched in August 2018 and will beheld until February 2019. The cost of Islamic digital currency is $ 0.1 and thecompany expects the coin’s value to increase to $11.5 by the end of 2022. TheADAB token can be used for paying the commission on all transactions within theplatform. The company also promises to automatically burn 10 percent of eachcommission that it receives in order to reduce the number of tokens andincrease its value.

ADAB Solutions expects to attract around730,000 people after the launch of the project in 2019. The team plans toincrease this number by almost three times and reach a 1.9 million audience in2022, including Muslim and non-Muslim users.

Link->https://cointelegraph.com/news/halal-coins-only-first-islamic-crypto-exchange-to-be-launched-in-2019