First Islamic Crypto Exchange Launched to Serve 1.8 Billion Muslims

ADAB Solutions, a United Arab Emirates (UAE)-registered financial services company, recently announced its plan to launch the world’s first Sharia-compliant cryptocurrency exchange.

The new digital asset exchange is named Islamic Crypto Exchange (FICE). will be named and will be based on “Shariah Norms”. According to the official website of ADAB Solutions, the estimated volume of daily cryptocurrency transactions on the FICE platform is $146 million.

Monthly Turnover of $4.4 Billion

Islamic exchange has achieved “4.4 per month per month” in the first 18 months of its operations. It expects a billion-dollar turnover. Moreover, it is stated that FICE will operate worldwide and its primary goal is to increase the involvement of the world’s Muslim community in the burgeoning cryptocurrency market.

The UAE-based company’s website currently states at least 250 major crypto exchanges worldwide. , but notes that Islamic crypto exchanges do not.

According to the firm’s website,

“Most cryptocurrencies are haram because of their properties, and today, no one is listed on a traditional cryptocurrency exchange. cannot guarantee that coins and projects comply with Islamic norms. ”

ADAB Solutions has made it clear that it will not be involved in digital currency projects that have a very high interest rate lending practice to provide services related to “halal” or Islamically permitted cryptos.

The Islamic finance company will also not offer “immoral services”, although it has not disclosed exactly what it would qualify as immoral. It will not include the business.

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