A crypto organization in the United Arab Emirates has launched the world's First Islamic Crypto Exchange (FICE).
As revealed by Trade Arabi, UAE-based Adab Solutions has released the world's first cryptocurrency exchange that meets Sharia law. Keeping in mind the end goal to guarantee that the exchange agrees to Islamic laws, a Sharia Advisory Board (SAB) framed of independent international Sharia Experts was made.
The project aims to “ensure an enhanced quality of assets on the exchange, as well as the enhanced inclusion of Islamic cryptocurrency enthusiasts and traders.”Trade Arabi wrote:
“Shariah Advisory Board (SAB) is the independent body represented by internationally recognized Shariah experts, which will provide inputs on Shariah matters in order 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 the exchange, as well as an enhanced inclusion of Islamic cryptocurrency enthusiasts and traders,”There are numerous limitations on cryptocurrencies in Islamic law. For example, the 'fractional reserve lending' system, which empowers the majority of fiat resources, is perceived as an illicit activity. Then again, digital assets, such as Bitcoin (BTC) serve as a limited supply, making it a Sharia commodity, perceived as Gold or Salt.
Back in April 2018, the media demonstrated that Mufti Muhammad Abu Bakar-an Islamic researcher in Jakarta revealed that it considers BTC a Sharia-compliant, respectively it very well may be utilized by Muslims.
The declaration is a promising one as there will be opened new ways to about 1.8 billion Muslims. As per it, FICE expects to offer a much better cryptocurrency trading platform that may soon turn into a universal solution for connecting Muslims with the cryptocurrency space. Note that FICE's administrations will be accessible to all users irrespective of religion.
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