Islamic world will get involved into the cryptocurrency market
Arab Emirates will launch the first Islamic cryptocurrency exchange in 2019
ADAB Solutions is the name of the project that the company FICE has planned to launch, the first exchange of Islamic origin that will be governed by the principles of shariah law. Its headquarters are located in the United Arab Emirates and it is expected that it will reach 146 million dollars in daily transactions.
Its acronym, FICE, corresponds to the First Islamic Cryptocurrency Exchange and is considered as the golden opportunity to include the Islamic world in the cryptocurrency market.
FICE will be divided into two departments: a special department of Islamic finance and an advisory council of the shariah. In the same way, the shariah’s advisory board will bring together the most prominent experts in the field and will verify that the coins exchanged on the platform are “halal”.
The token called ADAB may be used as payment for the commission of transactions carried out within the platform. Around this, the company has promised to burn automatically 10 percent of each commission, in order to reduce the inflationary phenomenon, reduce the number of chips for their value to increase.
The company has made a thorough study of the economic situation of the country and considers that it has launched the project at the ideal time. Taking into account that recently Daily News reported an annual growth of between 10% and 12% in Islamic finance during the last decade.
L.Sáenz
Source: Coincrispy
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