Big news in the world of cryptocurrency: ADAB Solutions, a UAE based tech. company has launched the first ever Islamic cryptocurrency exchange dubbed the First Islamic Cryptocurrency Exchange (FICE). The exchange launched on August 21 marks a new era in the cryptosphere and its acceptance around the Islamic world.
What Makes this Unique?
The new crypto exchange is the first ever Islamic exchange in history. It differs from other exchanges in that it is subject to sharia law.
By this fact alone, the exchange will appeal to the nearly 2 billion Muslims that live in the world. It will run on the principles of Islamic finance, though it is not restricted by religion meaning non-Muslims can trade on the platform.
Previous Reluctance
An Islamic crypto exchange seems long overdue. However, this has stalled for quite some time due to reluctance on the part of some in the Islamic community to invest in cryptocurrency.
Cryptocurrency has been looked at with some level of skepticism from those inside and outside the Islamic community. Some Muslims were reluctant to invest because they felt that the nature of cryptocurrency might clash with their faith.
With an exchange that abides by Islamic law, these people’s fears have been alleviated.
Appealing to the Community
As one would imagine, FICE seeks to bring in Islamic investors by reassuring them that their practices will be in line with their faith.
Timur Turzhan, the CEO Of ADAB solutions said, ’’Ideas that correspond to the norms of the Shariah are based on the understandable material value, have a clear business strategy, and this allows us to confidently assert that halal projects are incomparably safer more successful than the beautiful signs of many cryptocurrency initiatives. By investing in FICE, you will not only support the needed and well-timed project for the Islamic Ummah of the whole world, but also make a valuable acquisition that can bring a decent profit. Our team is dedicated to its business and will do its best to achieve all the goals set.”
Going Forward
With the launch of FICE, a wide group of people can now be drawn to the crypto world like never before. A sharia-affiliated crypto exchange will further help to remove the stigma that often surrounds cryptocurrencies.
With time, more religiously-inclined crypto exchanges might spring up. While not all might have a target demographic quite as large, they will do their part in bringing crypto to the forefront of international business.
