Many Islamic countries, unlike its Western counterparts, have no separation between Church and State. This means that the Shariah, the religious law, is very important in most of these countries. Because of this, ADAB Solutions, a project based in the United Arab Emirates, is planning to launch the First Islamic Crypto Exchange (FICE).
This exchange will follow all the principles of the Shariah and it is expecting to trade $146 million USD daily in 2020.
The new project has already called the attention of the crypto community and was recently marked as one of the most useful ideas in a top 10 created by Coin Shark. The company affirms that this new exchange will give an opportunity for the crypto market to finally enter the Islamic world of finances and that it will operate following the Shariah to ensure that it is compliant.
There will be two special departments that will have to be created in order for the exchange to work properly: the Department of Islamic Finance and a Shariah Advisory Board. The board will have many Islamic experts that will confirm that the tokens listed on the FICE are “halal”, which means that they are compliant. This way, Muslins will finally be able to enter the crypto world without committing a sin.
ADAB Solutions has already affirmed that the main difference form an Islamic platform like FICE and a traditional crypto exchange is that no speculation and market manipulation will be allowed, which he says that is very common in the crypto market.
Future Plans For The FICE
The next few years will see a boom in the Islamic finance world as the market has grown 10 to 12% yearly for the past 10 years and the expectations are that it will continue to grow soon.
Analysts at Thomson Reuters have estimated that the Islamic Finance will be valued at $3.8 trillion USD and will be spread across about 60 countries in 2022.
With over 1.8 billion Muslims in the world today and the numbers always growing, it is expected that ADAB Solutions has chosen the right time to start to pay attention in this market, as the idea is highly relevant right now and has potential for exploring a new area.
ADAB Solutions is already with an Initial Coin Offering (ICO) open. It was launched in August 2018 and it will continue to sell ADAB tokens until the end of February 2019. At thge moment, you can buy the token for only 10 cents in USD. Expectations are that the price will rise to $11.50 USD at the end of 2022, however.
The company has already promised token burns to keep the value of each token high and they will be used on the platform. At the moment, ADAB Solutions plans to attract at least 730,000 people during 2019, when the platform will be launched. The goal is to reach 1.9 million Muslims at the end of 2022.