The cryptocurrency industry has had limited influence from rules and regulations from pre-existing establishments such as governments and religious institutions. The high moral and cultural values of the Islam community have however necessitated the development of solutions that take into consideration their unique requirements.
What Is ADAB?
ADAB solutions is a project creating the first Islamic crypto exchange (FICE) based on the Shariah laws. The platform follows the moral and cultural Islamic values while providing access to all users of crypto currencies. The project will be registered in the UAE while the exchange platform (FICE) will be registered in Switzerland to enable exchange of cryptocurrency to fiat. The main aim of the project is to reduce the ethical uncertainty of the Islam community on the crypto industry in order to increase their participation in this first growing industry.
FICE will have the capability to handle up to 3 million transactions per second making one of the fastest in the industry. Its functionality will include key functions of crypto exchange, spot trade, technical analysis, unlimited withdrawal of funds among others. It will initially support trading pairs in BTC and ETH while other cryptocurrencies will require approval from the Shariah Advisory Board. It will also support cross-platform trading clients for both PC and mobile devices.
Studies into the cryptocurrency market among Islam commenced in June with the goals and objectives that lay the foundation for ADAB solutions being formed in September 2017. The white paper was prepared between December 2017 and May 2018 and the registration of the exchange is set for October 2018.
The ADAB Team
Timur Turzhan, the founder of ADAB solutions is a financial services expert with experience in creating businesses. He spent the last 16 years in finance and the last 2 years managing cryptocurrencies. He is ADAB solutions’ CEO.
Rustam Turzhan is the cofounder and operations director at ADAB solutions. He holds an MBA and has over 10 years experience building his own companies.
Maxat Salpyn serves as ADAB solutions’ deputy CEO of Islamic finance. He has over 15 years financial experience. He has created Shariah compliant micro-crediting organizations, developed master plan for development of Islamic finance among others. He holds a masters degree in Investment and Islamic finance.
How ADAB Shariah Compliant Crypto Trading Exchange Works
ADAB solutions integrates the Islamic management model into its business and risk management systems. It will also incorporate the Shariah Advisory Board to oversee compliance with the Shariah norms. ADAB tokens will be the platforms native currency and will provide access to the services provided by ADAB solutions. Security will be guaranteed through a secure development life cycle (SDL). It will implement threat modeling and STRIDE analysis, static code analysis (SAST), dynamic code analysis (DAST) and hacking testing.
ADAB Token ICO Details
The initial coin offering will be held between July 15th and November 23rd at an initial cost of USD 0.1 a unit. ADAB tokens will only be released during this period and no further tokens can be created or mined. ADAB forecasts a daily trade volume of USD 140 million and a turnover of USD 4.2 billion within the first 18 months of the exchange’s operations.