Eid al-Adha Celebrated with First Shariah Crypto Exchange
Main page News, Cryptocurrency Exchanges, Islamic Finance

From now on Muslim crypto investors will have a “halal” crypto exchange operating under Shariah moral regulations. This news came right on time during the Islamic holy days and could be perceived as a gift to Muslims all around the world.

United Arab Emirates-based ADAB solutions made a move to launch the First Islamic Crypto Exchange (FICE). FICE will give the opportunity to approximately 2 billion Muslims in the world to trade crypto within the principles of Islamic Finance system.

The debate regarding the position of cryptocurrencies from the Islamic perspective is an ongoing one. Recently religious advisors of a Turkish owned mosque in the UK, Shacklewell Lane Mosque also called Masjid Ramadan, deemed cryptocurrencies as “halal”, provided that all related processes are completed lawfully.

Until now Muslim world had a curious but undecided approach to crypto. FICE is planning to operate under the supervision of a Shariah Advisory Board. The exchange will not list tokens which are related to gambling, exploitation, immoral services, alcohol, tobacco, and Ponzi schemes. On the other hand, FICE is forecasting 10,000% growth in revenue in three years.

At the moment board of FICE, advisors include names like Sulaiman Al Fahim, fourth in Arabian Business magazine's list of "The World's most influential Arabs", and Md Mofassair Hossain, member of Malta Blockchain Association and Global Blockchain Advisory Professionals.

FICE plans to hold an ICO in September 2018 to promote the initiative and raise funds in order to finally launch officially in July 2019.

WHY IS IT IMPORTANT?

  • There are zero crypto exchanges operating within Islamic Finance Model. FICE will attract Islamic investors who were not participating in crypto revolution due to religious reasons.
  • Muslims make up more than 22% of the world's population, and assets controlled by Islamic communities are estimated at 3.8 trillion dollars. The creation of a special site will ensure their access to the crypto-currency market.
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