Adab solutions launching the ‘First Islamic Crypto Exchange’: Is it any good?
UAE-based Adab Solutions has recently announced the First Islamic Crypto Exchange (FICE) in a video and to be officially launched on September 6, as pre-initial coin offering (ICO). The Shariah-compliant crypto exchange will be adhering to the high moral requirements set forth by the Shariah community.
Adab Solutions said that they are “providing access to the cryptocurrency market for the Muslim Ummah, which accounts for 22% of the world’s population and manages Islamic financial assets with a projected volume of $3.8 trillion.”
However, what is the difference between this ICO and Bitcoin?
How is this different?
Adab said to achieve this high standard; the company will utilize the in-house Shariah Advisory Board to ensure that Islam is finally included in the global cryptocurrency market.
Shariah Advisory Board (SAB) is the independent body represented by internationally recognized Shariah experts, which will provide inputs on Shariah matters for the FICE to comply with Shariah principles at all times. These new standards set forth by the FICE will ensure an enhanced quality of assets on an exchange, as well as the enhanced inclusion of Islamic cryptocurrency enthusiasts and traders.
Adab tokens issued during the pre-ICO and ICO “will be used to serve as a key to accessing the services of the exchange and all commissions within the FICE will be paid only in Adab tokens,” the company said.
How do you get in?
The ICO is set at $0.1 per ADAB token with a minimum investment of $100, according to ICObench, an ICO company. Moreover, getting Adab early would be a good idea since there’s a discount: – 25% (private sale), – 15% (pre-ICO; ends on 30th September), – 12% (1st week of ICO; starts on 30th, September), – 7% (3rd week of ICO), – 5% (end of ICO).
The soft cap is set at $2.5 million, while the hard cap is at $18.7 million.
This is all good, and everyone is praising the projects, but we looked into what experts had to say about it.
What do the experts think?
Igor Karavaev, an ICO expert, advisor, and investor said that “[Adab is a] good savvy team. An excellent idea, as there is a strong positive movement in this field. There is surely a demand on this, and we all are interested in attracting more Islamic people in crypto. I believe the project has strong support from the proper influencers and a precise, professional crowdfunding strategy.”
However, another expert, Tobias Schulz, wasn’t in massive support of the project, stating: “The video contains nearly no information. If you want to collect millions of dollars you could spend some more to inform the investors.”
“The numbers of the future, e.g., $4.4 billion are presented as facts. The project would look more respectable if you state more facts what differentiates the Islamic crypto exchange and why other exchanges cannot be used according to Sharia.”
The ICO is overall rated at 4.5/5 which is a high rating considering that most ICOs, on ICObench, are rated lower than that.