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

[trobbert]

I think there is an opportunity to gain money due to high bonuses. How do you think, is it possible to gain on Adab coin in a short term or it is a long term investment?

The period of investing in the Adab token will directly depend on the further development of the market. If the market stops falling and starts to grow, it will be a short-term investment. If the market falls for a certain period without growth, then this will already be a long-term investment.

But you know, sometimes it is possible to flip on a market,for instance when you've purchased tokens on pre-sale. Huge discounts make your investment profitable once token got listed.

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[drrekkty]

Wow, I didn't even know that PRIVATE sale is not to be disclosed.
It is a new information for me and now I realised why don't you show this info of collected funds.

You have a little misunderstood. Private sale will be disclosed, but after its completion.

Oh, now it is getting clear for me. I think Adab team knows what they do, so collected funds will be shown later, but now it is prohibited.
I don't know why people blame on Adab because of this reason.

[lkjhg]

I think there is an opportunity to gain money due to high bonuses. How do you think, is it possible to gain on Adab coin in a short term or it is a long term investment?

The period of investing in the Adab token will directly depend on the further development of the market. If the market stops falling and starts to grow, it will be a short-term investment. If the market falls for a certain period without growth, then this will already be a long-term investment.

But you know, sometimes it is possible to flip on a market,for instance when you've purchased tokens on pre-sale. Huge discounts make your investment profitable once token got listed.

big discount is an opportunity, but if the price under the ICO is a lie,
and you can lose, 2018 is different from last 2017, we'll see 2019

[Freddy63]

big discount is an opportunity, but if the price under the ICO is a lie,
and you can lose, 2018 is different from last 2017, we'll see 2019

it is true. 2018 is completely different story and I faced multiple ICOs with trading price below pre-ico.
 One of them is Flogmall, those guys completely disappointed me, price is 20x below ICO although they have working product.

[520Bit]

I observe the actions of this inadequate (JollyGood) and draw a conclusion. You just need to add this person to the ignore list. Like this

[whitetoo]

I recommend to anyone who doubts the project to watch this video.

For those who do not know: Mufti is the highest spiritual figure among Muslims. Giving the right to make decisions on religious and legal issues, to give explanations on the application of Shariah.
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

[buttnonslet]

Come on, they are not obligated to show proofs of collected funds during private sale!
That's why it is called "PRIVATE"

they promise to show fees after the completion of a private sale. And show a smart contract too.

[luongdk]

I've just noticed this ICO. It seems you have raised soft cap, it is good. How about your private investors? How much persons are there?

[Bigjackpot]

I think there is an opportunity to gain money due to high bonuses. How do you think, is it possible to gain on Adab coin in a short term or it is a long term investment?

Taking into account the situation on the market, in my opinion, this is a long-term investment. But this is only my opinion.

[drrekkty]

Guys, any ideas on prolong tokensale? Everything is going according to plan, right? I am asking because ICOs have tendency to shift dates during bloodbath.

[Pline]

I observe the actions of this inadequate (JollyGood) and draw a conclusion. You just need to add this person to the ignore list. Like this

He added me in ignore list after my first post here and then left trust. I asked him to remove, because i don't even speak russian and all of his accusations are baseless and I've never posted in threads he mentioned in my trust(except this one), then he promised me to review posts and finally didn't keep words. 

[JollyGood]

For me, it is better to wait for the growth of the market because if we sell it now with the market conditions that are going down, of course it will not provide benefits but it will provide a definite loss, but somehow it depends on your own decision

ADAB HARAAM EXCHANGE = SCAM SO PLEASE BEWARE !!







This is part of the article on Medium about the Adab Haraam exchange being a scam:
https://medium.com/@douglaslyons/adab-solutions-exchange-major-red-flags-found-76a86d02e01b?fbclid=IwAR07tXklAZfXCbQcdsAGBmT7ZY0oZ0knBkatMIjy0rdILpgUOgfiDbfwHuI



ADAB Solutions Exchange- MAJOR RED FLAGS FOUND

I recently evaluated the ADAB Solutions project (First Islamic Exchange).

After looking at the comments and scoring given by other “experts”, I was shocked given what I found (or couldnt find).

First and foremost; both the CEO and COO have 0 verifiable work experience. I communicated directly with the CMO and was provided a link to a website for Vangaurd (http://vanguardconsulting.kz/) and told that this is an example of the “experience” of the CEO. After reviewing said website, nothing was found to indicate any involvement of the CEO, and even if there was, this particular business wouldnt qualify anyone in my opinion.

Based on the fact that not only is there 0 verifiable work experience, I am shocked that this project would be given any type of positive evaluation given the fact that as is the intent of the project (crypto exchange) you would think that a serious background in both finance and business would be required, given the potential funds at stake

ADAB Solutions sincerely believes that by following the norms of Sharia, we will be able to perform the moral and socially acceptable behavior, by exclusing all the possibilities of manipulations or speculations within business operations”.

based on this statement taken from the project information, it is my belief that the assertion here is that; because they intend to follow “Islamic Law”, that investors/clients can be assured of security and without the fear of “immoral” behaviour. This to me is nothing more than a marketing ploy, meant to decieve investors into thinking that some type of “moral standard” exists here that is not practiced elsewhere. It is also my understanding that the CEO/COO and Deputy CEO are not even Muslim.

Regardless of one’s own religious beliefs, I can’t think of anything much more cynical than adopting the principles of a religion that is not your own in order to deceive its followers.

Here is an example of a similar ploy perpetrated under the guise of being Shariah “compliant”:
https://www.cbc.ca/news/canada/toronto/2-men-defrauded-shariah-compliant-mortgage-holders-of-millions-of-dollars-crown-tells-trial-1.4867083


ADAB HARAAM EXCHANGE = SCAM SO PLEASE BEWARE !!

The OP called whitetoo is part of the Russian bounty scammer alliance consisting of 520bit, RoyalTeam, vitalii_invest, Mari Royalteam and several other sock-puppet accounts

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

[minttop]

I recommend to anyone who doubts the project to watch this video.

For those who do not know: Mufti is the highest spiritual figure among Muslims. Giving the right to make decisions on religious and legal issues, to give explanations on the application of Shariah.
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

I watched movie and read explanation.
So it it easy for me to get the main point of exchange, main questions and difficulties you faced with and reason of hiding private investment results.

[Enchantment99]

Guys, any ideas on prolong tokensale? Everything is going according to plan, right? I am asking because ICOs have tendency to shift dates during bloodbath.

That's true. Several projects have recently extended the timing of pre-sale tokens, because the collection of investments is sluggish.

[JollyGood]

I have a question regrading this Islamic exchange system how you will monitor the source of income of any person.

Maybe you post this answer before but hard to browse the whole thread. Only Muslim people will be able to trade there or invest in this project?

Adab Haraam exchange = scam devil exchange


These scammers will not investigate the source of income of any investor therefore it is not a religious exchange.

Even pimps, prostitutes and drug dealers can invest because they will not be vetted.

Adab Haraam exchange are scammers who will run away with your funds after the ICO.

They had over 90 days Private and Pre-Sale and now they are having another 75 days to the Pre-Sale AGAIN....

They are having all this "pre-sale" to maximise their scam before they run-off with investor funds

How many more days will be added to pre-sale?

This is longest pre-sale in history of all ICOs !!!

They are still offering 50% discount just to entice people to send their crypto to these Adab haraam exchange scammer thieves


SCAM SCAM SCAM !!

[FORTUNA88]

Come on, they are not obligated to show proofs of collected funds during private sale!
That's why it is called "PRIVATE"

they promise to show fees after the completion of a private sale. And show a smart contract too.

Can you ask how you plan to check smart contracts if the project’s trading platform is not yet ready?

[JollyGood]

I don't think it is scam, they have open profiles in Linked in, they operate according to shariah norms and they are legit at all.
Today they have a lot of contests in telegram and they are giving out ethereum as well!

DUDE! for real? do you think having an open account will change anything? Following your words, everyone who has no idea in religion can Make an ICO and collect money for own goods. They will never say where did they collect fiat money, They will never show you the smart contract (Just because it is freaking wallet), They sell tokens with 150% bonus, OMG come on!


DO you really think it is the legit project?

Look at their web page stating "immoral services" but there is nothing Shariah about this. They will accept ICO funding from anybody without vetting them which might be including from prostitutes and pimps.

These scammers will not approve funding for immoral services, gambling and alcohol and usuary BUT will accept ICO from prostitutes, pimps and drug dealers.

They offer 150% bonus and have been having their ICO for so many months and now added another 75 days to their "pre-sale"

These three team members from Kazakhstan but living in Uzbekistan are non-denominational Muslims so are not following Shariah they are scammers.


ADAB HARAAM EXCHANGE IS A SCAM

[Charisma359]

Honestly speaking, communication in this topic resembles a multi-colored zebra. Because after each regular post in the topic a multicolored post is published.

[MoLoKo789]

There are around 30.000.000 unique cryptocurrency users all over the world, that is less than 1% of the world’s population (Statista, 2018). In the Islamic world much fewer people involved in the crypto industry. ADAB Solutions plans to attract 0.1% of Muslims to use its services within 4 years.

[rolik2001]

I recommend to anyone who doubts the project to watch this video.

For those who do not know: Mufti is the highest spiritual figure among Muslims. Giving the right to make decisions on religious and legal issues, to give explanations on the application of Shariah.
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

Really ?? There are people who can doubt about you ? It is funny because devs are muslims and in their world scam is equal to death. Thery aren't  from eu ,asia or  russian where is a lot of scammer s because that parts of world haven't created special law yet.