Islamic crypto exchange launches in UAE

UAE-based ADAB Solutions has launched what it claims is the world’s first sharia-compliant cryptocurrency exchange.

The company says that its platform, First Islamic Crypto Exchange (FICE) will aim to address some of the shortfalls in the current cryptocurrency market including the low level of participation and “deficit of trust in key tools of crypto economics” within the Muslim community.

A reticence among Islamic investors to consider the crypto market has resulted from a lack of clarity over what elements of crypto investing are in line with Islamic financial laws. The FICE operators will be advised on these matters by an in-house Shariah Advisory Board comprising international sharia experts.

There has been an increased interest within the Islamic finance industry to explore greater involvement in the crypto economy and the platform operators are projecting a daily trading volume of $146 million in its first year.  

It is planning an initial coin offering to finance its investment in the platform and in September will be selling its ADAB crypto token for users to pay fees for the platform.

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