Adab Solutions isn’t just another exchange. It’s the First Islamic Crypto Exchange (FICE) that’s compliant with “the norms of Shariah and based on the principles of Islamic finance.” They also appear to be targeting a stock exchange.
Adab Solutions is looking to fill a void in the Muslim community, which until now lacks a Shariah-compliant crypto exchange despite the fact that fintech and cryptocurrency investing are on the rise, with Islamic crypto investments boasting an annual growth rate of 270%. Islamic crypto assets are currently worth less than $1 billion, much lower than the potential based on Muslim investments of $15 billion.
Adab reflects a way of life in Islam. As such, the services of the exchange are based on “the high moral and cultural values of Islam.” To be sure these principles are enforced, the company is forming a Shariah Advisor Board, which is comprised of Islamic finance veterans. The platform is not limited to Muslims and Islamic blockchain startups and also welcomes any other “honest technology business.”
Islamic finance similar to traditional finance is designed to “promote investment by capital owners and spark the interest of capital users.” But there are unique features to Islamic finance that distinguish it from traditional investing. Among them, Islamic finance boasts the following restrictions:
“Financial transactions can’t be based on obtaining interest on capital”
No investments tied to gambling, pork products, alcohol or pornography.
Also, investment risk sould be shared among participants. Adab Solutions is registering in Switzerland to facilitate the exchange of cryptocurrency for fiat money as well as to slash regulatory risks. The platform is fueled by the ADAB token
The Muslim population of 1.8 billion across more than 120 countries across Europe, Western/Central/South/Southeast Asia, and Northern Africa.