[ANN] ADAB - First Islamic Crypto Exchange, based on the Shariah norms

[Enchantment99]

I just received a VIDEO MESSAGE from Mufti Faraz Adam:



If it is hard to perceive by ear, then I have an approximate text. You can read:

Shariah Pronouncement – Adab Token
By Mufti Faraz Adam and Mufti Muhammad Abu Bakar

Adab Token is a Utility Token which is based on the ERC20 standard and is subject to automatic executing upon the occurrence of pre-specified conditions. It is structured and based on the following criterion of Shariah and Islamic law.

There are various types of crypto-assets such as coins, equity tokens, utility tokens, commodity tokens etc. The Shariah treatment varies depending on the nature and features of the particular crypto-asset. Since the Adab token is regarded as a utility token, our review focuses on utility tokens. Before delving on the particulars of the Adab token as a utility token, it is imperative to appreciate that tokens qualify as lawful property from an
Islamic commercial law perspective.

There is a difference of opinion among scholars with regard to the definition of Mal (wealth / property). This is primarily due to the Holy Qur’an and the Sunnah of the Prophet (peace be upon him) being silent on the matter. Hence, as per the dictates of Islamic law, Urf or customary practice is considered an important source in determining something as Mal. Scholar have opined that anything which has the following attributes can be considered as Mal:
a) It has commercial value according to customary practice or naturally desirable,
b) It is capable of being stored for the time of necessity,
c) It is capable of being possessed and owned.

In order to use something as Mal, it is also necessary after fulfilling this basic criterion that it should be Mutaqawwim. Mutaqawwim refers to something which is lawful in Shariah and has permissible uses. For instance, alcohol fulfills the basic criterion of Mal, but it is not classified as Mutaqawwim as it is not permissible according to Islamic law.

Taking into consideration this criteria of Mal Mutaqawwim, we are of the view that the Adab token fulfills this criteria. The Adab token has commercial value as each token is backed by permissible services and products offered on Islamic Cryptocurrency Exchange. Further, these tokens can be possessed through digital wallets. The Adab token is Mutaqawwim as it provides access to only Shariah complaint
services and products.

Since the Adab token is a utility token, it is of benefitto discuss utility tokens. Utility tokens are crypto-assets which derive their value from future utility. Such tokens are commonly used to raise funds for a particular project. The tokens promise certain benefits, services or rights to token holders. The Adab token functions as a utility token. It will be issued through an ICO to raise funds for the development and scaling of the Islamic Crypto Exchange. The token will be the property of its owner (token-holder) and hence token holders will be entitled to get access to the products and services of the Islamic Crypto Exchange.

Underlying Platform:

The Adab tokens give access to permissible services and products on Islamic Cryptocurrency Exchange (FICE). The proposed structure of Islamic Cryptocurrency Exchange does not allow any Shariah non-compliant securities to be traded such as conventional bonds, derivatives etc. Likewise, any Shariah non-compliant investment strategy or contract such as short-selling, margin trading and roll-over etc are also strictly profited on the platform. To ensure Shariah compliance of each facility on Adab FICE, there will be an ongoing review and audit of Adab by Shariah Supervisory Board in conjunction with the Internal Shariah Compliance Officer, Mufti Faraz Adam.

To best of our knowledge on the basis of above justification, we are of the view that participation in Adab ICO and its secondary trading is permissible.

Allah (swt) knows best.

Mufti Faraz Adam and Mufti Muhammad Abu Bakar

Shariah Advisors at Adab Solutions

Thanks for this text. He helped me in the evening to get acquainted with the information when I could not listen to the video. Everything is told in an accessible language, the examples are simple and straightforward.

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[JollyGood]

More sock-puppet accounts to post propaganda here  

Please avoid Adab Haraam exchange

[Charisma359]

Hey guys, what about updates? Any upcoming events and meet ups?
I think supporters need some news about Adab. We want hearing some positive steps

Typically, fresh news is regularly published in social networking groups to create movement and communication. But discussing the news is convenient here already in the forum topic.

[MoLoKo789]

Here are some recent notes posted by the team in their social groups:

Ethical uncertainty of Muslims regarding the admissibility of work on the crypto market leads to distancing, and as a result to non-involvement of the Muslim community in the technologically innovative financial sector, ADAB Solutions will solve this probems

By purchasing ADAB tokens now and participating in a project designed for a large community, you not only share with us the benefits of entering the new fast-growing market of Islamic crypto-economics, but also contribute to the development of a new areas

[Ring8523]

Wow this thread is all messed up I wonder if they are doing good in their sales, they should answer all these accusations but their channel is doing great a lot of updates here, despite all of these they manage to attract support, following this thread for more update of they will succeed or not.

I haven't follow this thread for a period of time and it seems like a progress for adab collections.
Their community has a growth, some positive news, but market is hard at the moment...

the market is currently flushing, because of the bitcoin civil war, I know ADAB is a good project,
but if the market with a situation like this certainly ICO will not develop well

Each participant must decide to participate in the project or not. And assess the risks, including the situation on the market.

I think that in the coming days, investors will not buy a single token at all, because it is not clear what will happen next with the course of Bitcoin.

In any case, this situation is unlikely to last long. Soon it will become clear whether the market is moving further down or is turning up.

[buttnonslet]

In subsequent developments for unsold tokens(ADAB), will it be burned or destroyed later to boost the value of tokens on the market?

Yes, it is planned to burn some of the tokens, as far as I know. But for a start the ICO should end.

[JollyGood]

Dear Members Of The BitcoinTalk Community,

THIS ADAB HARAAM EXCHANGE IS A BIG SCAM  -- WARNING!!

The OP called whitetoo is alt-name for another account called 520bit and RoyalTeam and several others.

These fake accounts flood threads with sock-puppets for posting propaganda and used to generate fake hype and fake buzz







ADAB HARAAM EXCHANGE = SCAM SO PLEASE BEWARE !!

[fgp5]

Mates, what do you think about islamic banking in general?
is it a good way to make a business in this sphere?

This market is big. And almost empty at the moment. Draw your own conclusions.

[JollyGood]

LOOK AT THE STATE OF THIS SCAM !!!!!












These scammers are happy to receive ICO funding from the following:

pimps
prostitutes
porn actors
those currently behind bars in prison serving prison sentences
those that sell drugs/narcotics
those that manufacture, test and sell weapons
those that own publications online/print media cursing Muslims and those that have anti-Muslim agenda
those that own, transport or sells alcohol
those that own breweries and manufacture alcohol



They use a cheap $5 websote template from the year 1998 and have added freebie tradingview.com plugins 

The trio from Kazakhstan but living in Uzbekistan do not follow Shariah.

They are happy to accept ICO funding from the following so how can they comply with Shariah?

They use Russian bounty manager scammers with alt-accounts including whitetoo, 520bit and RoyalTeam to flood the thread with their sock-puppet accounts

[Genrix]

I would like draw attention to one fact about UAE's strict laws without caring what they are selling or not. I was watching this thread for long time and timely read what is going on here. Based on ground realities I don't think they will take risk using UAE's name to deceive people as there is no forgiveness for such activities in local laws. I will let this comment here and based on this to judge the project.

thanks for your reply. We appreciate your opinion and attention.


I just received a VIDEO MESSAGE from Mufti Faraz Adam:



If it is hard to perceive by ear, then I have an approximate text. You can read:

Shariah Pronouncement – Adab Token
By Mufti Faraz Adam and Mufti Muhammad Abu Bakar

Adab Token is a Utility Token which is based on the ERC20 standard and is subject to automatic executing upon the occurrence of pre-specified conditions. It is structured and based on the following criterion of Shariah and Islamic law.

There are various types of crypto-assets such as coins, equity tokens, utility tokens, commodity tokens etc. The Shariah treatment varies depending on the nature and features of the particular crypto-asset. Since the Adab token is regarded as a utility token, our review focuses on utility tokens. Before delving on the particulars of the Adab token as a utility token, it is imperative to appreciate that tokens qualify as lawful property from an
Islamic commercial law perspective.

There is a difference of opinion among scholars with regard to the definition of Mal (wealth / property). This is primarily due to the Holy Qur’an and the Sunnah of the Prophet (peace be upon him) being silent on the matter. Hence, as per the dictates of Islamic law, Urf or customary practice is considered an important source in determining something as Mal. Scholar have opined that anything which has the following attributes can be considered as Mal:
a) It has commercial value according to customary practice or naturally desirable,
b) It is capable of being stored for the time of necessity,
c) It is capable of being possessed and owned.

In order to use something as Mal, it is also necessary after fulfilling this basic criterion that it should be Mutaqawwim. Mutaqawwim refers to something which is lawful in Shariah and has permissible uses. For instance, alcohol fulfills the basic criterion of Mal, but it is not classified as Mutaqawwim as it is not permissible according to Islamic law.

Taking into consideration this criteria of Mal Mutaqawwim, we are of the view that the Adab token fulfills this criteria. The Adab token has commercial value as each token is backed by permissible services and products offered on Islamic Cryptocurrency Exchange. Further, these tokens can be possessed through digital wallets. The Adab token is Mutaqawwim as it provides access to only Shariah complaint
services and products.

Since the Adab token is a utility token, it is of benefitto discuss utility tokens. Utility tokens are crypto-assets which derive their value from future utility. Such tokens are commonly used to raise funds for a particular project. The tokens promise certain benefits, services or rights to token holders. The Adab token functions as a utility token. It will be issued through an ICO to raise funds for the development and scaling of the Islamic Crypto Exchange. The token will be the property of its owner (token-holder) and hence token holders will be entitled to get access to the products and services of the Islamic Crypto Exchange.

Underlying Platform:

The Adab tokens give access to permissible services and products on Islamic Cryptocurrency Exchange (FICE). The proposed structure of Islamic Cryptocurrency Exchange does not allow any Shariah non-compliant securities to be traded such as conventional bonds, derivatives etc. Likewise, any Shariah non-compliant investment strategy or contract such as short-selling, margin trading and roll-over etc are also strictly profited on the platform. To ensure Shariah compliance of each facility on Adab FICE, there will be an ongoing review and audit of Adab by Shariah Supervisory Board in conjunction with the Internal Shariah Compliance Officer, Mufti Faraz Adam.

To best of our knowledge on the basis of above justification, we are of the view that participation in Adab ICO and its secondary trading is permissible.

Allah (swt) knows best.

Mufti Faraz Adam and Mufti Muhammad Abu Bakar

Shariah Advisors at Adab Solutions

Thank you for this interview. I have been waiting for something like it. Please,make more similar content

[drrekkty]

Mates, what do you think about islamic banking in general?
is it a good way to make a business in this sphere?

This market is big. And almost empty at the moment. Draw your own conclusions.

Yes, market is too big and what is more important- there aren't competitors!
I can't believe, how it is possible! But it is a plus for Adab!

[Freddy63]

Good to know positive news on this dropping market!
And this interview above is something positive explaining more on Adab exchange!

[trobbert]

thanks for your reply. We appreciate your opinion and attention.


I just received a VIDEO MESSAGE from Mufti Faraz Adam:



If it is hard to perceive by ear, then I have an approximate text. You can read:

Shariah Pronouncement – Adab Token
By Mufti Faraz Adam and Mufti Muhammad Abu Bakar

Adab Token is a Utility Token which is based on the ERC20 standard and is subject to automatic executing upon the occurrence of pre-specified conditions. It is structured and based on the following criterion of Shariah and Islamic law.

There are various types of crypto-assets such as coins, equity tokens, utility tokens, commodity tokens etc. The Shariah treatment varies depending on the nature and features of the particular crypto-asset. Since the Adab token is regarded as a utility token, our review focuses on utility tokens. Before delving on the particulars of the Adab token as a utility token, it is imperative to appreciate that tokens qualify as lawful property from an
Islamic commercial law perspective.

There is a difference of opinion among scholars with regard to the definition of Mal (wealth / property). This is primarily due to the Holy Qur’an and the Sunnah of the Prophet (peace be upon him) being silent on the matter. Hence, as per the dictates of Islamic law, Urf or customary practice is considered an important source in determining something as Mal. Scholar have opined that anything which has the following attributes can be considered as Mal:
a) It has commercial value according to customary practice or naturally desirable,
b) It is capable of being stored for the time of necessity,
c) It is capable of being possessed and owned.

In order to use something as Mal, it is also necessary after fulfilling this basic criterion that it should be Mutaqawwim. Mutaqawwim refers to something which is lawful in Shariah and has permissible uses. For instance, alcohol fulfills the basic criterion of Mal, but it is not classified as Mutaqawwim as it is not permissible according to Islamic law.

Taking into consideration this criteria of Mal Mutaqawwim, we are of the view that the Adab token fulfills this criteria. The Adab token has commercial value as each token is backed by permissible services and products offered on Islamic Cryptocurrency Exchange. Further, these tokens can be possessed through digital wallets. The Adab token is Mutaqawwim as it provides access to only Shariah complaint
services and products.

Since the Adab token is a utility token, it is of benefitto discuss utility tokens. Utility tokens are crypto-assets which derive their value from future utility. Such tokens are commonly used to raise funds for a particular project. The tokens promise certain benefits, services or rights to token holders. The Adab token functions as a utility token. It will be issued through an ICO to raise funds for the development and scaling of the Islamic Crypto Exchange. The token will be the property of its owner (token-holder) and hence token holders will be entitled to get access to the products and services of the Islamic Crypto Exchange.

Underlying Platform:

The Adab tokens give access to permissible services and products on Islamic Cryptocurrency Exchange (FICE). The proposed structure of Islamic Cryptocurrency Exchange does not allow any Shariah non-compliant securities to be traded such as conventional bonds, derivatives etc. Likewise, any Shariah non-compliant investment strategy or contract such as short-selling, margin trading and roll-over etc are also strictly profited on the platform. To ensure Shariah compliance of each facility on Adab FICE, there will be an ongoing review and audit of Adab by Shariah Supervisory Board in conjunction with the Internal Shariah Compliance Officer, Mufti Faraz Adam.

To best of our knowledge on the basis of above justification, we are of the view that participation in Adab ICO and its secondary trading is permissible.

Allah (swt) knows best.

Mufti Faraz Adam and Mufti Muhammad Abu Bakar

Shariah Advisors at Adab Solutions

Impressible, new video with Adab's team member!
I like the way Adab operates its business and how transparent it is.

[drrekkty]

Privatesail will end soon. They promised to name the numbers of fees and sales after its completion.

but why they cant post crowdsale contract and tell us amount of collected funds?

we should wait for this info from team members. You know, some projects collect funds with fiat investment. Probably it is that case.

[Freddy63]

Hey guys, what about updates? Any upcoming events and meet ups?
I think supporters need some news about Adab. We want hearing some positive steps

Typically, fresh news is regularly published in social networking groups to create movement and communication. But discussing the news is convenient here already in the forum topic.

It is what I am saying! I would like to discuss news right here, because I am not a fan of social networks, I don't have twitter and facebook.

[buttnonslet]

I would like draw attention to one fact about UAE's strict laws without caring what they are selling or not. I was watching this thread for long time and timely read what is going on here. Based on ground realities I don't think they will take risk using UAE's name to deceive people as there is no forgiveness for such activities in local laws. I will let this comment here and based on this to judge the project.

thanks for your reply. We appreciate your opinion and attention.


I just received a VIDEO MESSAGE from Mufti Faraz Adam:

Many doubt now. I think this video will give many answers to their questions.

[JollyGood]

@ Abeer Mousa from Egypt -  Community Development Manager  


What are you doing about the flooding of scammers in the thread Abeer?

Why are there 30+ multiple aliases are posting here to pump the thread?

[whitetoo]

They use a cheap $5 websote template from the year 1998 and have added freebie tradingview.com plugins  

This is our own development! This is not a purchased plugin!
How can we prove it?
And on the other hand, How can you prove that this is a purchased plugin?

The trio from Kazakhstan but living in Uzbekistan do not follow Shariah.

They are happy to accept ICO funding from the following so how can they comply with Shariah?

Especially for you once again duplicate this link! https://bitcointalk.org/index.php?topic=4720775.msg48182957#msg48182957
Take a look and read! https://bitcointalk.org/index.php?topic=4720775.msg48182957#msg48182957
Or the words of the Mufti mean nothing to you??? Mufti SCAMMER??? May Alah punish you!

[JollyGood]

The truth is Adab Haraam exchange = scam because they are lying in order to seek invest via the ICO it is that simple.

They have hired Russian bounty sock-puppets to try to create fake buzz and fake hype.

This flood threading is run by Russian scammers calling themselves "RoyalTeam" because they are part of the bounty team alongside 520but and whitetoo







This accounts are part of the common connection alliance between Russian bounty seeking scammers that not only get a percentage of the bounty from project owners by being bounty managers but also get extra percentages by pumping the threads with regular incoherent nonsense.


ADAB HARAAM EXCHANGE = SCAM

[Charisma359]

Here are some recent notes posted by the team in their social groups:

Ethical uncertainty of Muslims regarding the admissibility of work on the crypto market leads to distancing, and as a result to non-involvement of the Muslim community in the technologically innovative financial sector, ADAB Solutions will solve this probems

By purchasing ADAB tokens now and participating in a project designed for a large community, you not only share with us the benefits of entering the new fast-growing market of Islamic crypto-economics, but also contribute to the development of a new areas

The time will come when all sectors of the market will accept cryptocurrencies and the blockchain base. Now is the moment when the Islamic sector of the market has to do this.