As the UAE explores in the ecosystem of cryptocurrencies as ADAB Solutions, a UAE-based company is primed to launch a vanguard cryptocurrency exchange that will be compliant with Shariah legislation.
Reportedly, ADAB Solutions, a United Arab Emirates-based company is ready to release the first cryptocurrency exchange to be in accordance with Shariah law. The project is named First Islamic Crypto Exchange (FICE).
The new cryptocurrency exchange will offer service worldwide, and it wants to bring in Muslims and users of Islamic finance into the cryptocurrency ecosystem. The aim of the project is to be the first crypto exchange to allow digital asset transactions to be in align with the regulations of Islamic finance.
Timur Turzhan, founder and CEO at 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 successful than the many cryptocurrency initiatives.
The cryptocurrency exchange will employ an in-house Shariah Advisory Board which is comprised of international Shariah experts. They will be tasked with complying with the principles of the Islamic legislation.”
The UAE is looking to become a forerunner in the blockchain technologies space.
At the beginning of 2018, Dubai unveiled that it wants to release a minimum of 20 blockchain-based services by the end of the year. The UAE’s largest bank has supported the nascent technology in order to reduce fraudulent checks. Dubai’s transportation authority has also showcased its plans to develop a vehicle management system utilizing blockchain technology. The blockchain would allow vehicle owners to track their vehicle for the duration of its lifetime.
The capital of the UAE,Abu Dhabi, has also released that a partnership with Ripple is set begin cross-border remittances using distributed-ledger technology.