In a press release, UAE based ADAB Solutions has announced the launch of the First Islamic Crypto Exchange (FICE). The exchange will be unique in that it is the only one that is compliant to Sharia laws. According to the statement, the project will allow the 1.8 billion Muslims to access the crypto sector. The sector is presently the most technologically innovative in the world of finance. Per the release, the project intends to put a stop to the disalienation of the faithful.
Reliable crypto trading platform
The release details that as currently constituted, the crypto market is ‘haram’. This simply means that the market does not adhere to the Sharia law. Sharia law is a set of principles on aspects of life including finance and rituals such as fasting.
This is where FICE comes in. The project promises to create a “reliable crypto trading platform, which will become a universal solution for the involvement of Muslims and users of Islamic finance in the crypto market. This will be the first project, which allows crypto transactions to be performed in accordance with the principles of Islamic finance and will be open to all users, regardless of religion.”
One of the quickest crypto exchanges
In a blogpost via Medium.com Md. Mofassair Hossain Shovon, a marketing advisor at ADAB, FICE boasts technical principles that “create a technologically advanced service, which is providing traders and investors with optimal set of tools.”
The blogpost further details that the FICE platform can process up to 3 million inquiries per second. Such speed makes FICE one of the quickest crypto exchange platforms in the world of blockchain technology. The post also outlines that FICE will offer user’s crypto wallet, spot trading, tools for technical analysis and crypto-fiat trading.
As per the press release, the platform will be “gradually increasing” the sale of crypto pairs. In addition, as per the blogpost, “Exchange will be holding listing of the coins, which do not give any doubts about the safety, and has a broad users` base and liquidity. Additional requirement will be the listing approval by the Advisory Board of Islamic finances.”
Meanwhile, the FICE will be supporting the cryptocurrency trading pairs of BTC and ETC.