ADAB Solutions, which is based in the United Arab Emirates, has announced plans to launch FICE - the First Islamic Crypto Exchange - next year, which will operate “in accordance with Sharia law.” It is reported that by 2020 the company plans to achieve daily trading volume of $146 million and monthly trading volume of $4.4 billion.
The project has not yet been launched, but it has already attracted the attention of the cryptocurrency community. FICE was ranked first in Coin Shark’s list of “Top 10 Most Useful ICO Projects of 2018.” According to company representatives, their product “will open up the cryptocurrency market to the Islamic world,” and will also “become the world’s first crypto exchanger that operates according to all the principles of the Islamic financial system.”
This means that the operation of the platform will also be controlled by two separate special departments - Department of Islamic Finance (Department of Islamic Finance), as well as the Shariah Advisory Council, whose employees will analyze and approve “halal” cryptocurrencies.
According to ADAB Solutions, the difference between conventional and Islamic trading platforms will be that FICE will not speculate or manipulate the market.
According to a report published by Daily News in September 2018, the annual growth of the Islamic financial market over the past 10 years is 10-12%. In addition, analysts from Thomson Reuters in July 2018 estimated the value of the Islamic finance market at $2.2 trillion. Experts predict that by 2022 its value will rise to $3.8 trillion.
According to representatives of ADAB Solutions, they chose the best time to create the first Islamic crypto exchanger. “The idea of creating FICE is more relevant and necessary than ever,” the company said in a statement.
ADAB Solutions invites users to buy ADAB tokens during the ICO, which was launched in August 2018 and will last until February 2019. The cost of the Islamic digital currency is $0.1, the company expects that by the end of 2022 its value will rise to $11.5. The ADAB token can be used to pay fees for all types of transactions on the platform. Company representatives promised that they would destroy 10% of the tokens received from each commission fee in order to reduce the number of tokens and increase their value.
According to cointelegraph.com
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