The Sharia law governs many Islamic countries; therefore, it is important that every financial product is adapted according to the law. To this effect, ADAB Solutions has set in motion plans to launch the First Islamic Crypto Exchange (FICE). The exchange hopes to trade $146 million daily and $4.4 billion monthly by 2020, and will be structured according to the principles of Shariah. FICE will be headed by the Department of Islamic Finance (DIF) and the Shariah Advisory Board (SAB).
The project is a means of creating an opportunity to include the Islamic world into the crypto space. To ensure that the exchange functions properly and according to Sharia laws, the DIF and the SAB will head the exchange. The duty of the board will include confirming that the tokens listed on the FICE are compliant, or “halal.” This will enable Muslims to participate in crypto activity without committing a sin.
ADAB Solutions already has initiated its Initial Coin Offering (ICO). The ICO was launched in August 2018 and will continue through the end of February 2019. ADAB tokens can be purchased for only US$0.10, and expectations are that the price will rise to US$11.50 at the end of 2022.
ADAB has seen a great opportunity in the Islamic finance market and aims to make the most of it. It is expected that the Islamic finance world will see a boom in the coming years. Currently, the market has grown about 10% to 12% yearly for the past 10 years and there is still expected growth. Analysts at Reuters have estimated that the Islamic finance market will be valued at $3.8 trillion in 2022 and will be spread across about 60 countries by that time.
The FICE was ranked as number one in the recently-published Coin Shark “TOP 10 ICO Projects That Became the Most Useful Ideas of 2018.” The project aims to reach at least 730,000 people in 2019 and over 1.8 billion Muslims in the world by 2022.
As cryptocurrency adoption continues to expand, it is important that it be able to serve people of all backgrounds and ADAB is poised to ensure that it is available to an important part of the global community.
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