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

[Crypton2018]

I also think they will be operating like other exchanges but excluding to list non shariah tokens connected with gambling, drugs, alcohol etc

With alcohol, drugs, etc. all clear. But how will they deal with the issue of inclusion of tokens to trade? There are many different tokens. Some Muslims may disagree with them about the Halal value of some token.

I think that if people who profess Islam consider that investing in this project is contrary to their religion, then they simply will not do that. I do not see the problem.

[1714871276]

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[1714871276]

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[sword024]

If you are Muslims clarify are you non-denominational Muslims?

We await your answers to find out how much you follow Shariah

Wiki (https://en.wikipedia.org/wiki/Kazakhstan#Religion): "Some figures show that non-denominational Muslims form the majority"

Why do you think you can accept investment from the following and it can still be Shariah?

Is that what non-denominational Muslims believe that you can accept investment from the following and it can still be Shariah?

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

This is a scam ICO and scam project. Any and all projects cannot be Halal or Shariah compliant if they are willing to take ICO funding from the above list and more.

If you trio team members are like most Kazakhs from Kazakhstan "non-denominational Muslims" then describe in your own words what does that mean? And explain how a "non-denominational Muslims" can conform to Shariah and preach Shariah to others

They are talking about a business here (exchange), for the listing of coins and tokens or launching of ICO on this exchange, and these will be studied and approved by an Islamic Financial Compliance Committee which will be appointed in the process( according to them). not by the founder or co-founder.

Is that so important whether those founders are Muslim or not since they do not decide on the type of coins and tokens that will be listed on the exchange to make it sharia-compliant,  but instead, by the Islamic Financial Compliance Committee which is run by a different group of people. The action and decision of the Islamic Financial Compliance Committee will be the one that decides whether FICE will be a sharia-compliant exchange or not.

Be realistic, a non-Chinese can open a Chinese restaurant if he got a Chinese cook who can cook Chinese food, many vegetarians restaurants in Asia owned by non- Buddha worshiper, and you can see many Buddha statues and figurines in the restaurant, simply because the important thing here is about the food they provide is for vegetarian or not, and this goes the same for the Chinese restaurant as long as they can provide Chinese recipe.

I believe this is an interesting project, which those founders found it to be unique and with such an idea, it provides them a good chance to venture and came out with success. Also, I believe, should this project be successful, there will be more sharia-compliant exchange joining the race.

Regarding how Halal is the fund, I  had also given my opinion on the other thread you written ; https://bitcointalk.org/index.php?topic=5043659.msg46777914#msg46777914

Point of Argument.
When restaurants title themselves Halal, it simply means they are selling food which is suitable for Muslim, so the main concern here is, whether that food is really halal or not, if not they are a dishonest trader, black marketeer or whatever you want to call them,  and sooner or later they will be closed down by the government authority if a report is made or a complaint is filed. However, on the other hand, the restaurant will accept any customer that came to them disregard whether they are Muslim or not,  for sure they are not going to ask or interrogate each customer to make sure they are not pimps, prostitutes, porn actors, drug dealer or someone who just released from prison. The main argument over here is, simply because this is not their responsibility or duty to do so, if not, all the Halal shop in the world will have to close shop, the main aim of their business is to provide Halal food for Muslim, and the rest is always welcome to enjoy the food.

Our Stand.
Now come back to ADAB, but before we go further, we need to make our stand here regarding blockchain and cryptocurrency,  most of us join this " one of the Greatest  inventions of the human history " because we believe these technologies can bring positive impact to our society, and the world should be a better place with more transparency and trust, reduces wastage and save time, improve efficiency, or even reduce the disparity between the rich and the poor. whether you are a developer, an investor or a bounty hunter, whatever your reason is, you want to be and hope to be part of this new technology, you might have your own reason ( hopefully is a 'Good' one), one thing is for sure, you believe in it and wanted to benefit from it in a good way.

What is ADAB?
So what is ADAB? they title themselves to be the "First Islamic Cryptocurrency Exchange", in short, it calls "FICE". (Thinking them as a Halal restaurant who try to serve the Muslim community) , it will be an exchange platform for existing tokens and coins, but at the same time, they also provide a platform base for new companies to launch their ICO projects on this FICE platform, in their whitepaper they indeed tried to explain how they will consider themselves as a Halal exchange. (feel free to read their WP, is 70 pages)

What is to consider for Halal or not?
There are 2 parts to this issue. First, ADAB has to make sure those existing tokens and coins to be listed in FICE exchange are Halal. Secondly, those projects that use FICE to launch their ICO must be "Halal" if not it will be rejected. According to them, they will have a "Shariah Advisory Board" to have a final say on this. So what is Halal and what is not which will be rejected by FICE?

They have mentioned project related to gambling, pork products, alcohol, and pornography will be rejected, to make thing simple to understand, I am going to use some of those projects that I had worked on in the past to further illustrate on this point.

Some Examples
Here are 2 example of projects which I had worked on and also strongly believe are Halal ( base on my understanding from their WP) :
1. EHealthFirst (https://ehfirst.io/) this is a health and medical project
2. 4New (https://4new.io) this is a clean green energy project

So which are those that are Not Halal, there is a hand full of them which I had worked on,(again this is only based on the nature of the project that posts concern to the Muslim community, there is nothing wrong with those projects, except for No.6)

Here are a few examples:
1. ViceIndustrial (https://vicetoken.com/) pornography industry
2. Budbo (https://budbo.io/) Cannabis Industry
3. Winstar - Gambling Industry
4. Exolover - pornography industry
5.Tombola (https://www.tombola.io/)- Gambling Industry
6. Dietbitcoin (DDX), the "Bitcoin Fork" by Roberto Escobar, the brother of late Pablo Escobar. ( I DID NOT WORK FOR THIS PROJECT) So who is Pablo Escobar? He was called "The King of Cocaine" and was the richest drug dealer in the history.

What is ADAB trying to fulfill?
To conclude this, ADAB need to make sure that the "Food"(Tokens and Coins) that they provide on their "table"(FICE exchange) need to be Halal, as they want to serve these Halal "Food" to the Muslim world ( this is their only concern), the rest of the customer are always welcome disregard whether they are  pimps, prostitutes, porn actors or drug dealer. The best thing they can do is KYC and AML to fulfill the require law and regulation.

What Target do they look at?
According to their data,  Presently (2018), there is one 0.2% of the world Muslim population is involved in cryptocurrency, and the figure goes up to 1% in the year 2022, and they hope to generate 8-10% of customer out from this 1% in that year (2022). Presently there are 1.8 Billion Muslim in the world, so 0.2% is 3.6 million, and according to their projection, by the year 2022, the Muslim population will be at 2 Billion, so 1% involved in cryptocurrency, it will be 20 million, and 8% will join FICE that is 1.6 million (this is what they targeted on) and the rest of us are always welcome ( as mentioned in their WP).

The above is only my personal opinion, whether to invest or not or whether ADAB is a Scam or not please do your own due diligence.



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What is ADAB trying to fulfill?
To conclude this, ADAB need to make sure that the "Food"(Tokens and Coins) that they provide on their "table"(FICE exchange) need to be Halal, as they want to serve these Halal "Food" to the Muslim world ( this is their only concern),the rest of the customer are always welcome disregard whether they are  pimps, prostitutes, porn actors or drug dealer. The best thing they can do is KYC and AML to fulfill the require law and regulation.

Many thanks for your very well written post.

In your analogy about you made an error below because even though Halal restaurants will serve pimps, prostitutes, porn actors or drug dealers but the people who want to open their own Halal restaurant cannot ask for investment or loans  and take money from pimps, prostitutes, porn actors or drug dealers to start their business because it will not be Halal restaurant.

If they want to accept money from pimps, prostitutes, porn actors or drug dealers or are willing to accept money from pimps, prostitutes, porn actors or drug dealers or will take money from anybody without checking if they are pimps, prostitutes, porn actors or drug dealers then it will just be a restaurant when it opens to serve the public, it will not be a "Halal" restaurant.

That is why the source of funds must be vetted otherwise the word Shariah should be removed.

Come back to the point of argument, Not sure about your logic behind for completely Halal during business setup but "Halal" can be ignored after setup and start doing business and earn some "not Halal" money unless you are talking about a double standard here.

A situation may arise that,  this particular 'Halal Restaurant' manage to make enough money ( include some 'not Halal' money from pimps, prostitutes, porn actors or drug dealers as they never asked who they customer is) to start another 'Halal Restaurant', indeed there are many chain Halal restaurant in Asia and UK.

The developer of this project might also argue that, if they indeed received some 'not Halal' money from public funding (which they won't know), is a good deed to change something not Halal to something Halal (not Halal money to a Halal product on their platform) instead of the other way round - from Halal to not Halal.

A cup can be half empty or half full, depend on how you look at it, Muslim can't do without fiat currency, although currency had been used by many criminals and gang, is a two-edged sword, is all depend on how you use it.

i would like to show strong answers of MaxCain for accusations of haters. All who has doubts, read them carefully

[ufolly]

Many traders on crypto-currency exchanges do not even know which project a token belongs to. They only care about making a profit. ADAB will take care of finding out the fate of the origin of  tokens.

[Freddy63]

I am totally sure that Adab team is legit. yeah, probably their product isn't perfect yet, but ICO is not finished yet and they have MVP!

[NeZoX]

I am totally sure that Adab team is legit. yeah, probably their product isn't perfect yet, but ICO is not finished yet and they have MVP!

We need to wait for the alpha version of the platform, and then draw final conclusions.

[Algrinys]

I am totally sure that Adab team is legit. yeah, probably their product isn't perfect yet, but ICO is not finished yet and they have MVP!

We need to wait for the alpha version of the platform, and then draw final conclusions.

Yes, but pre-sales take place right now, you should understand that if you decide to wait for the alpha version of the platform, then the price of tokens will increase.

[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?

[Freddy63]

Man, I can add you in ignore list and show same screenshot. There is no point to demonstrate this.
If you don't want to hear different opinions then don't listen to, CEO has already anwered for all of your questions

[JollyGood]

Nice to communicate with adequate educated people.

Thanks... but you didnt answer

Ask a question again please. maybe I missed something

And ICO means - to be transparent, so why dont you then use banks in order not to be transparent? what is the point of ICO?

I already answered you. Of course, ICO is a transparent process. But there is a stage of a closed private sale. At this stage we cannot provide evidence. I think to solve this problem, you should wait until the end of Private Sale and the start of Presale. Then everything will become transparent. That's all I can tell you now...

Thanks for your answer, but still he is a part of your team.

No. Maybe you confuse Muhammad Abu Bakar(advisor) with Mufti Faraz Adam(Internal Shariah Compliance Officer).

how actually you are going to benefit financially?

The profit for the project team will be just like the profit of any other exchange. The commission from the transaction, the rise in the price of business, the rise in the price of tokens, listings of other coins...

I mean why should smb buy your token now if he/she can buy it after ICO?

Participants of the second stage of the Private sale are able to receive a bonus up to 50%. a few weeks ago this bonus was up to 80%. When the token will be listed on exchange and will be liquid, then it is easy to calculate the profit.

It is easy to manipulate the price of given crypto instrument (if you have enough money to-do so). So my question - what happen if smb start performing pump and dump actions to the Shari'ah approved token?

I don't know if there will be any sanctions for this. My answer is:
We are working on such a question - how to prevent artificial control of the price of assets. We are actively working on the procedures for the exchange. Including this will be due to regulatory requirements. From this will also follow what sanctions will be applied for such attempts. But the fact that we will follow this carefully is certain, because otherwise we will be punished. And the matter is not so much in compliance with the rules of Islamic finance, as in compliance with the laws. Any manipulation of the market is illegal.


with best regards

What rubbish !

The scammer fool whitetoo is not even answering what is being asked. His paymasters from Kazakhstan must be reducing his pay for the PR disaster in this thread

The Adab Haraam exchange scammers do not follow Shariah they have been exposed

AVOID ADAB HARAAM EXCHANGE SCAM !!

[ufolly]

We need to wait for the alpha version of the platform, and then draw final conclusions.

Yes, but pre-sales take place right now, you should understand that if you decide to wait for the alpha version of the platform, then the price of tokens will increase.

Buy tokens on the pre-sale is always cheaper of course. But sometimes it is useful to wait until the alpha platform will be released so that you can try it yourself and evaluate the project.

[JollyGood]

Well, first of all, they have a 90% of bots and airdropers in the community.

Second, they invite people without permission in their community channels.

They have a bunch of people pumping this thread.

And LAST they are not transparent - is that what you call Shariah norms?

Yes very sad that 99% of the posts here are by Adab Haraam exchange "scammer bots", "give-me-bounty-for-each-incoherent-post-I-make-to-pump-this-thread", "freebie token seeking vagabonds" and "airdrop beggars" keep pumping up the thread.

I asked Abeer Mousa from Egypt (Community Development Manager) what she was doing about the flooding of scammers in the thread but she is too buy chasing after people on the Telegram to take an interest here so she left it to user whitetoo and his cronies  

[kkerrex]

So weird seeing this guy repeating the same questions. Ok, if you were fired, then give away with money you held and that's it!
But this fool wants to disrespect community members!

[JollyGood]

Haha what a pathetic cheap plugin website using freebie cms  

These fools have zero money of their own. They will use the ICO money to build this exchange from scratch and they have no programmer to design the website and exchange on their Team page. On top of that there is nothing Islamic or Shariah about the ICO fundraising part of the exchange because they are happy to accept funding from prostitutes and pimps[/b]

The trio from Kazakhstan but living in Uzbekistan are "non-denominational Muslims" so it means the cannot follow Shariah or preach its principles to anybody else. They are happy to accept ICO funding from the following so how can they be Muslim or comply with Shariah?

[JollyGood]

Hey Maxat Salypn from Kazakhstan but now living in Uzbekistan but I still am waiting for a reply....



I know you are a non-denominational Muslim so it means you do not follow Shariah so can you get back to my post and explain why you are preaching Shariah when you do not follow it yourself?


There is nothing in this ADAB exchange that makes it more or less Shariah compliant than any other exchange out there.

For non Muslim investors this is just another investment opportunity which they will have to investigate before deciding to invest or not.

For Muslims they would like to see evidence of Shariah compliance in this exchange and non-Shariah compliance in other exchanges and that evidence must be provided by the people claiming to be offering the Shariah compliant product in other words Adab Exchange.

I see glossary photos, lots of paid promotions and so on involving what appear to be either non-Muslim people making presentations or those who claim to be Muslim but nobody knows if they are Muslim or not.

1) Why did these Adab people use Islam as their unique selling point to ask for ICO funding when they could simply have created the exact exchange but without trying to say it is Shariah compliant when it clearly cannot be any more or less Shariah compliant or acceptable than Binance, Poloniex and the rest...

2) What are the specific factors making this project Shariah compliant?

3) And which interpretation of Shariah is being applied?

-Is it Sunni? If so which one Hanafi, Maliki, Sha'fi or Hanbali?

-Is it Shia? If so which one Ismaili Shia, Twelver Shia or other?

-Is it Druze if so which denomination?

-Is it Alawites, if so which denomination?

4) Whichever interpretation or version you deem to be the correct one, which of the other denominations and branches of Islam would you (because of your teaching and following) class as either heretics or complete non-believers?

5) Would you accept investment from peoples or groups you deem to be non-believers or heretics? Please explain why

[kkerrex]

I thought ICO is needed to raise money for product development and founders don't need to invest own money to make a product.
Why do you stress the fact of not having own funds?

[Loxness]

We need to wait for the alpha version of the platform, and then draw final conclusions.

Yes, but pre-sales take place right now, you should understand that if you decide to wait for the alpha version of the platform, then the price of tokens will increase.

Buy tokens on the pre-sale is always cheaper of course. But sometimes it is useful to wait until the alpha platform will be released so that you can try it yourself and evaluate the project.

50% off is a very tempting offer, I spent 30% of my savings on investing in this project.

[zorgo]

50% off is a very tempting offer, I spent 30% of my savings on investing in this project.

It is necessary not to go on about greed, any investment is a risk, you need to be aware of it.

[JollyGood]

 


So these shameless scammers have been exposed. Adab Haraam exchange scammers will use plugins from tradingview.com to launch a Shariah compliant crypto exchange by saying they are coding it themselves??

The Adab Haraam exchange scammers have no idea about exchanges or business but here they are teaching Shariah when they do not practice Shariah themselves

Pathetic fool scammers selling religion to make money !

AVOID ADAB HARAAM EXCHANGE SCAM !!

[nerttor]

The prices of many tokens fall after the ICO and listing. Or will the ADAB token be traded only on the ADAB exchange? And its price will be supported by the project.

[JollyGood]

@Rustam Turzhan COO & Founder from Kazakhstan but living in Uzbekistan

What qualifications do you have to define what Shariah compliant is ?

Wiki has important information about Kazakhstan and Uzbekistan. Most important is that the majority are non-denominational Muslims so that means by default they cannot follow Shariah.
https://en.wikipedia.org/wiki/Uzbekistan#Religion

Rustam you did not reply to any of my previous questions.

Come on Roosty... I hope you reply to this message and shed clarity because your hired fools user whitetoo and his ilk are incompetent.

Even your fellow Kazakh team member Maxat Salypn is not asnwering.