SCAM ALERT!! Adab Solutions - So Called Islamic Crypto Exchange is Haraam

[JollyGood]

Would you invest in an ICO for a Vegan cake baking company called "Vegan Cakes For All"? Sure why not if it is a good investment?

But if that "Vegan Cakes For All" company was using using cows milk in all of its Sponge Cake products and using pork fat in all of its Carrot Cake products then how can that company called itself "Vegan Cakes For All"? If they want to trade then remove the word "Vegan" and call yourself "Cakes For All" because they are lying and misleading and scamming therefore are thieves.

The moment they drop the word "Vegan" they seize being lying, misleading, scammers and thieves and become a legitimate business.

If the Adab Solutions Team cannot check the "purity of the source of the money" that investors send, or if the Adab Solutions Team cannot check the "moral standing of each investor" then they can continue to create their exchange but they should remove the word "Shariah".

=======

Adab Solutions - They call themselves (FICE) First Islamic Crypto Exchange but beware because this is not based on the "Shariah" or Islam.

This is a scam project because they are selling their project and the ICO on the foundations of calling it Shariah compliant when this whole project cannot be Halal or Shariah compliant.

This is not Muslim, Halal or Shariah compliant project. This is a project run by a team, some of who claim to be Muslim and some are not. The "team" are saying this is a Shariah compliant exchange without explaining which interpretation of Islam they follow.

Because they have no vetting system in place to ensure investors buy in to the ICO with Halal/permissible money, it means (by default) they are willing to take investment from the following and more:

pimps
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


Any investment from the above and more means the project cannot be "Shariah" compliant yet these clowns say they are offering a Shariah compliant exchange?


Board of Advisors: (https://adabsolutions.com/docs/wp/en_wp.pdf)

Sulaiman Al-Fahim - Advisor on Investment and Strategic Development
--If he is Muslim which sect of Islam does he follow?
--Does he have any qualification is Islamic Studies specialising in Finance?

Ali al-Khamis - Business Development Advisor
--If he is Muslim which sect of Islam does he follow?
--Does he have any qualification is Islamic Studies specialising in Finance?

Md-Mofassair-Hossain - Advisor Marketing and PR
--If he is Muslim which sect of Islam does he follow?
--Does he have any qualification is Islamic Studies specialising in Finance?
--If he is Muslim why is shortening his first name Mohammed/Muhammad to Md when the significance of that name for all Muslims is proudly know.

Gaurav Areng Chakraverti - Marketing ICO Advisor
--This man is NOT Muslim as his name clearly suggests it... According to Shariah this man is a non-believer so should he be onboard a Shariah compliant project?


Jorges Rodriguez - Security Advisor
--This man is NOT Muslim as his name suggests...
--Adab Exchange Whitepaper: "Ethical hacker since childhood, security expert, blockchain developer and project manager. Jorge Rodriguez is passionate about technology which is considered one of the greatest security experts in the world of CryptoCurrencies."
--This man is NOT Muslim as his name clearly suggests it... According to Shariah this man is a non-believer so should he be onboard a Shariah compliant project?

Which clever individual decided to have an "ethical hacker" on board for a Shariah compliant or any ICO project.... pathetic.

There are other people from the ICO whitepaper that give rise to concern too but I am waiting for replies to this and my previous posts first...

@whitetoo - You are the OP of their promotion thread so we wait for you to reply. Please explain why you think this project is Shariah compliant because after reading through the thread and reading your whitepaper, this project is not in accordance with Shariah. Thank you.

Adab (Arabic: أدب‎) in the context of behavior, refers to prescribed Islamic etiquette: "refinement, good manners, morals, decorum, decency, humaneness" so hurry up Adab Team and @whitetoo live up to your projects name and start replying to the posts asking you questions instead of using newbie accounts to make one line posts to drown out critical posts on your announcement thread: https://en.wikipedia.org/wiki/Adab_(Islam)

The Adab Exchange have a core of handful users with multiple aliases most of which have signed up here just for propaganda to show how good Adab exchange is.... they keep making one line posts that are erratic and make no sense and this seems to happen predominantly when posts critical of their Haraam process and lies are posted. It seems they are trying to drown out posts critical of their scam.

Pathetic scammers trying to fools Muslim and wider investors...  

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[qwk]

Gaurav Areng Chakraverti - Marketing ICO Advisor
--This man is NOT Muslim as his name clearly suggests it...

Jorges Rodriguez - Security Advisor
--This man is NOT Muslim as his name suggests...

Now that's just plain racist.

I have no idea what their respective religious affiliation may or may not be, but judging from their names?

[JollyGood]

Gaurav Areng Chakraverti - Marketing ICO Advisor
--This man is NOT Muslim as his name clearly suggests it...

Jorges Rodriguez - Security Advisor
--This man is NOT Muslim as his name suggests...

Now that's just plain racist.

I have no idea what their respective religious affiliation may or may not be, but judging from their names?

Thank you for your feedback regarding what I wrote about Mr Rodriguez and Mr Chakraverti.

Islam is not a race, so for one person to say another is not Muslim based on their name alone cannot be racist. People of all skin colours and racial heritage backgrounds are Muslims and can be Muslims just as they can be Christian, Jew, Buddhist and whatever else..... and one of the key aspects of Muslims is having at least one Islamic name. Hence what I wrote.

About the exchange called Adab, they are scammers because they are saying their exchange will be Shariah compliant but it is the opposite because they are not vetting investors and checking if their funds are from proceeds of crime and any form of illegal criminal activity.

[qwk]

one of the key aspects of Muslims is having at least one Islamic name.

Well, maybe, I'm not an expert.
Last I heard, being a muslim is something you can also do "in private" without any requirements.
Then again, let's not turn this into a discussion about how to be a "real" muslim
So, I retract my statement of it being "just plain racist", even though I remain skeptical.

[Slow death]

Honestly, I read this thread and I can not understand this: "Islamic Crypto Exchange, based on the Shariah norms"

But until now they have not stolen anyone's money, they have a team that seems to be true, so you will need to find something that is more credible to accuse them.

let's not turn this into a discussion about how to be a "real" muslim

I also agree, because it would not get anywhere

[JollyGood]

one of the key aspects of Muslims is having at least one Islamic name.

Well, maybe, I'm not an expert.
Last I heard, being a muslim is something you can also do "in private" without any requirements.
Then again, let's not turn this into a discussion about how to be a "real" muslim
So, I retract my statement of it being "just plain racist", even though I remain skeptical.

 

Nice to hear from you again qwk. I know you wrote you remain skeptical.

All these fools had to do was to remove the word "Shariah" from their promotions and that would leave them offering ICO for a crypto exchange, simple. Instead they play on the word "Shariah" trying to get Muslims to invest citing it is an Islamic project.

The fact they are not vetting the source of investors funds (a near impossible task) means they cannot call it "Shariah" exchange.

Where there is a problem is when the funds received from the ICO are from criminal or immoral proceeds regardless of which religion the investor is, or the lack of investigating where source of the funds was from.

If the Adab exchange scammers are willing to accept investment from 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 and those that own, transport or sells alcohol as well as those that promote, participate or propagate to suppress Muslims then the exchange cannot be called "Shariah" exchange.

So this project should continue, I could not care about them but still I would wish them success but the scammers should remove the word "Shariah" exchange from their title as it is misleading.

On a moral level, their using the word "Shariah" to fool Muslim investors in to participating in the ICO makes them petty criminals and thieves. until or unless they remove the word "Shariah" from their nonsense promotions I will remain skeptical too. Both of us remain skeptical but for different reasons.

[allahabadi]

I'm not an expert on Shariah, but isn't profiteering itself a notion looked down upon?

 

[JollyGood]

I'm not an expert on Shariah, but isn't profiteering itself a notion looked down upon?

 

To answer your question I can safely say I am no expert on Shariah either but have learned enough to prove the Adab Exchange are scammers.

"Profiteering" itself falls under the ruling of business which is to buy/sell tangible items and products to make profit so it is definitely permissible, however charging your customers any form of interest or usury is completely and strictly forbidden. The idea of long or short term trading (buying/selling) on stocks is not universally accepted as permissible. Some scholars have said it is allowed and some have said it is forbidden.

When it comes to declaring something such as this Adab Exchange as being Halal or Shariah compliant when it cannot be is just not on.

The funds to sell ICO tokens might be or could be coming from illegal and immoral earnings such as

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

If the Adab exchange scammers are willing to accept investment from 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 and those that own, transport or sells alcohol as well as those that promote, participate or propagate to suppress Muslims then the exchange cannot be called "Shariah" exchange.

Simple, this project is a scam.

[gooryheta]

Hmmmm it seem the truth has been exposed, Actually, I also think so, Muslims must care about where he earns money, Adab exchange team did not mention this matter

[JollyGood]

Hmmmm it seem the truth has been exposed, Actually, I also think so, Muslims must care about where he earns money, Adab exchange team did not mention this matter

They are in it to get rich, they do not care about Islam or Shariah otherwise they would have made these things clear in their whitepaper, their website, this thread and their own thread.

[coin-investor]

Hmmmm it seem the truth has been exposed, Actually, I also think so, Muslims must care about where he earns money, Adab exchange team did not mention this matter

They are in it to get rich, they do not care about Islam or Shariah otherwise they would have made these things clear in their whitepaper, their website, this thread and their own thread.

This is a very delicate issue I am not a Muslim but I have high regards to all our Muslim brothers as long as the security and trustworthy of the exchange are high I would have passed the issue, I would like my Muslim brothers to tackle this issue and just watch how things are going to be.

[hugeblack]

Thanks for sharing this information, I have seen that platform before, but I was lazy to investigate it.
As a Muslim, using or changing an Islamic name is optional, and it is not necessary if there is an inconvenience to choose that name.[1]
As for the acceptance of Islamic law in cryptos transactions, it disputed by senior Muslim scholars. Until now, most scholars consider dealing with cryptocurrencies prohibited in Islamic. Therefore, the establishment of these platforms is contrary to Islam.


[1] Almir Colan is one of the most famous people in the Islamic economy, and his name was not Islamic.

[JollyGood]

Honestly, I read this thread and I can not understand this: "Islamic Crypto Exchange, based on the Shariah norms"

But until now they have not stolen anyone's money, they have a team that seems to be true, so you will need to find something that is more credible to accuse them.

Thank you for the post.

I have not exposed them on the basis of theft. I have exposed Adab exchange on the basis of misinformation and outright lies because this is not a Shariah compliant exchange. On the basis of that alone I need nothing more credible to accuse them, they have exposed themselves because there is a contradiction in their own project title.

[cryptoland4]

Adabsolutions First Israeli-Islamic exchange

In spite of Israel controls financial  world , but it couldnt take all Muslims money
But with new evil idea , it should do , the idea it creates Islamic crypto exchange  , then easy to controls and takes all Muslim money

Its evil idea , Israel by Islamic vesion  
Adab solutions , its Israeli exchange with Islamic vesion , it has Israeli man called Mohd Moffaser
Check here to find him

blockchainisrael.io

As Muslims ,take care of your money

Its the smartest Israeli  trick to take and control Muslims money
They used Muslims persons to mange that exchange , while they control it behind the scene

[plr]

Honestly, I read this thread and I can not understand this: "Islamic Crypto Exchange, based on the Shariah norms"

But until now they have not stolen anyone's money, they have a team that seems to be true, so you will need to find something that is more credible to accuse them.

Thank you for the post.

I have not exposed them on the basis of theft. I have exposed Adab exchange on the basis of misinformation and outright lies because this is not a Shariah compliant exchange. On the basis of that alone I need nothing more credible to accuse them, they have exposed themselves because there is a contradiction in their own project title.

I think you have a point there are so many up and coming ICO now that are deceiving people that they have this and very much compliant when in fact they are not, even if they are not yet scamming us, they already have done so by their misleading information.

[JollyGood]

Honestly, I read this thread and I can not understand this: "Islamic Crypto Exchange, based on the Shariah norms"

But until now they have not stolen anyone's money, they have a team that seems to be true, so you will need to find something that is more credible to accuse them.

Thank you for the post.

I have not exposed them on the basis of theft. I have exposed Adab exchange on the basis of misinformation and outright lies because this is not a Shariah compliant exchange. On the basis of that alone I need nothing more credible to accuse them, they have exposed themselves because there is a contradiction in their own project title.

I think you have a point there are so many up and coming ICO now that are deceiving people that they have this and very much compliant when in fact they are not, even if they are not yet scamming us, they already have done so by their misleading information.

I agree. I hope they remove the word Shariah from their business model because they are lying.

[cryptoland4]

Be together to stop scam projects 
We must exposure them every where

[Shantar_Islands]

Adabsolutions First Israeli-Islamic exchange

In spite of Israel controls financial  world , but it couldnt take all Muslims money
But with new evil idea , it should do , the idea it creates Islamic crypto exchange  , then easy to controls and takes all Muslim money

Its evil idea , Israel by Islamic vesion  
Adab solutions , its Israeli exchange with Islamic vesion , it has Israeli man called Mohd Moffaser
Check here to find him

blockchainisrael.io

As Muslims ,take care of your money

Its the smartest Israeli  trick to take and control Muslims money
They used Muslims persons to mange that exchange , while they control it behind the scene

I confirm all above.

As a person who dealt with Muslims, I want to say that they are extremely honest people. And many scammers use their reputation to trick people.
And most often, scammers that posing as Muslims are citizens of Israel.

[taguig]

I have seen this Adab promotion and announcement, in fact, they have an ongoing ICO and bounty campaign, but with this serious accusations they might not reach the softcap, but people here are profit motivated if they saw that they have reached the softcap they might also tempt to invest even if the reputation is not good,I'm not speaking for all investors of course.

[JollyGood]

I would like to distance myself from comments posted here by Shantar_Islands and cryptoland4 because I do not endorse some of their views.

[JollyGood]

I have seen this Adab promotion and announcement, in fact, they have an ongoing ICO and bounty campaign, but with this serious accusations they might not reach the softcap, but people here are profit motivated if they saw that they have reached the softcap they might also tempt to invest even if the reputation is not good,I'm not speaking for all investors of course.

Well they claim to have reached the soft cap: https://bitcointalk.org/index.php?topic=4720775.msg46495425#msg46495425

Shame on these Adab exchange scammers for misusing any religion to promote their fake unethical business project which contradicts the exact principles they claim to promote.

[zugvogel21]

I have seen this Adab promotion and announcement, in fact, they have an ongoing ICO and bounty campaign, but with this serious accusations they might not reach the softcap, but people here are profit motivated if they saw that they have reached the softcap they might also tempt to invest even if the reputation is not good,I'm not speaking for all investors of course.

Well they claim to have reached the soft cap: https://bitcointalk.org/index.php?topic=4720775.msg46495425#msg46495425

Shame on these Adab exchange scammers for misusing any religion to promote their fake unethical business project which contradicts the exact principles they claim to promote.

You can ask them to provide proves if they reach the soft cap. Following Shariah norms are being honest, am I right?

[Asmh85]

Adabsolutions First Israeli-Islamic exchange

In spite of Israel controls financial  world , but it couldnt take all Muslims money
But with new evil idea , it should do , the idea it creates Islamic crypto exchange  , then easy to controls and takes all Muslim money

Its evil idea , Israel by Islamic vesion  
Adab solutions , its Israeli exchange with Islamic vesion , it has Israeli man called Mohd Moffaser
Check here to find him

blockchainisrael.io

As Muslims ,take care of your money

Its the smartest Israeli  trick to take and control Muslims money
They used Muslims persons to mange that exchange , while they control it behind the scene

I confirm all above.

As a person who dealt with Muslims, I want to say that they are extremely honest people. And many scammers use their reputation to trick people.
And most often, scammers that posing as Muslims are citizens of Israel.

Please be careful with your statements let's not to drive the discussion the wrong way. Focus on scamming points to enrich the discussion.

[JollyGood]

You can ask them to provide proves if they reach the soft cap. Following Shariah norms are being honest, am I right?

The Adab exchange are not following Shariah norms. They are a scam. There is no guarantee the proof they provide is genuine or not because if they can lie about this Adab exchange when it is really not Shariah compliant then they can lie about anything....

... and why? Because they want money. Simple.

[ryancpk]

There are many ways to be anonymous in crypto. They will not be able to screen all the investor profiles for that matter. Pretty much a scam to me.

[JollyGood]

There are many ways to be anonymous in crypto. They will not be able to screen all the investor profiles for that matter. Pretty much a scam to me.

Yes you are right. No company will be able to sceen, filter and assess ALL investors therefore by default this cannot be a Shariah or Halal project.

The only thing it can be is a scam. Adab exchange = scam

Because they have no vetting system in place to ensure investors buy in to the ICO with Halal/permissible money, it means (by default) they are willing to take investment from the following and more:

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


Any investment from the above and more means the project cannot be "Shariah" compliant yet these clowns say they are offering a Shariah compliant exchange?

Pathetic scammers trying to fools Muslim and wider investors...  

[Klausi]

There are many ways to be anonymous in crypto. They will not be able to screen all the investor profiles for that matter. Pretty much a scam to me.

Yes you are right. No company will be able to sceen, filter and assess ALL investors therefore by default this cannot be a Shariah or Halal project.

The only thing it can be is a scam. Adab exchange = scam

Because they have no vetting system in place to ensure investors buy in to the ICO with Halal/permissible money, it means (by default) they are willing to take investment from the following and more:

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


Any investment from the above and more means the project cannot be "Shariah" compliant yet these clowns say they are offering a Shariah compliant exchange?

Pathetic scammers trying to fools Muslim and wider investors...  

This is not a good situation of crypto, and it needs a serious action from the muslim Government in order that those people behind scam attempt will be pursuit by their law enforcement team. The reputations of crypto will be destroyed if this type of transactions will continue to victimized people, and because of this crime crypto users will be decreasing in numbers.

[muncuss]

To answer your question I can safely say I am no expert on Shariah either but have learned enough to prove the Adab Exchange are scammers.

"Profiteering" itself falls under the ruling of business which is to buy/sell tangible items and products to make profit so it is definitely permissible, however charging your customers any form of interest or usury is completely and strictly forbidden. The idea of long or short term trading (buying/selling) on stocks is not universally accepted as permissible. Some scholars have said it is allowed and some have said it is forbidden.

When it comes to declaring something such as this Adab Exchange as being Halal or Shariah compliant when it cannot be is just not on.

The funds to sell ICO tokens might be or could be coming from illegal and immoral earnings such as

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

If the Adab exchange scammers are willing to accept investment from 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 and those that own, transport or sells alcohol as well as those that promote, participate or propagate to suppress Muslims then the exchange cannot be called "Shariah" exchange.

Simple, this project is a scam.

i'm also not expert in sharia law, but:
- this is exchange project, they give you service, exchange site (marketplace) service. and they charging fee, not interest. fee is permissible
- short or long trading depends on exchange users, it's their responsibility to do halal/haram trading. this exchange just want to provide "sharia compliant" exchange
- ICO is one thing and exchange (its product) is another thing. and how u can judge ppl a thief, or "this money acquired in haram way" in this blockchain world? but even if we know "she is porn star", u still can accept her investment, although better to refrain. https://islamqa.info/en/126486
- islam not seeing non believers as ppls who need to be avoided


i'm not adab team, i just want to give my opinion

[JollyGood]

i'm also not expert in sharia law, but:
- this is exchange project, they give you service, exchange site (marketplace) service. and they charging fee, not interest. fee is permissible
- short or long trading depends on exchange users, it's their responsibility to do halal/haram trading. this exchange just want to provide "sharia compliant" exchange
- ICO is one thing and exchange (its product) is another thing. and how u can judge ppl a thief, or "this money acquired in haram way" in this blockchain world? but even if we know "she is porn star", u still can accept her investment, although better to refrain. https://islamqa.info/en/126486
- islam not seeing non believers as ppls who need to be avoided


i'm not adab team, i just want to give my opinion

The answer was given by user int he Adab exchange thread and I posted a reply:

https://bitcointalk.org/index.php?topic=4720775.msg46759879#msg46759879

https://bitcointalk.org/index.php?topic=4720775.msg46761011#msg46761011

The fact they can but will not check where the money is coming from mean they cannot call it Halal and cannot call it Shariah compliant.

What if the money in the ICO is sent from a gambling website or casino?
What if the money in the ICO is sent from drug/narcotic dealers?
What if the money in the ICO is sent from a brewery/distillery that manufactures alcohol?

If they want an exchange they should do it, I wish them success but they should drop the word Shariah because they are not Shariah compliant.

How is it possible that something such as a Shariah company has non-Muslims advising them? How is it possible a Shariah company is being advised by those who do not believe in Shariah?

How can you have an advisor who has a Muslim name Muhammad/Mohammed but wants to shorten it to "Md" to avoid using it? https://bitcointalk.org/index.php?topic=4720775.msg46549723#msg46549723

Shame on Adab exchange scammers

[muncuss]

The answer was given by user int he Adab exchange thread and I posted a reply:

https://bitcointalk.org/index.php?topic=4720775.msg46759879#msg46759879

https://bitcointalk.org/index.php?topic=4720775.msg46761011#msg46761011

The fact they can but will not check where the money is coming from mean they cannot call it Halal and cannot call it Shariah compliant.

What if the money in the ICO is sent from a gambling website or casino?
What if the money in the ICO is sent from drug/narcotic dealers?
What if the money in the ICO is sent from a brewery/distillery that manufactures alcohol?

If they want an exchange they should do it, I wish them success but they should drop the word Shariah because they are not Shariah compliant.

How is it possible that something such as a Shariah company has non-Muslims advising them? How is it possible a Shariah company is being advised by those who do not believe in Shariah?

How can you have an advisor who has a Muslim name Muhammad/Mohammed but wants to shorten it to "Md" to avoid using it? https://bitcointalk.org/index.php?topic=4720775.msg46549723#msg46549723

Shame on Adab exchange scammers

my point is, sharia compliant exchange mean sharia compliant exchange, like no margin or no stoploss/limit (edit: here found link https://www.daytrading.com/halal), your problem is if they say "fully sharia compliant project" or "sharia compliant ICO/investment".
and again non-muslims not mean to be avoided, unless they give advice about sharia law, islamic law because simply they are non-muslim. and abou that Md i can't comment

[JollyGood]

As far as Shariah is concerned no non-Muslim can give advice or instructions about Shariah rules and regulations. Simple.

If a joker/clown from the circus who is an atheist is hired by a business claiming to be Jewish or Christian or Hindu or Buddhist or Sikh (or anything else) to advise them on their religious practices or jurisprudence people would LAUGH as they would never be taken seriously.

If the same businesses run by peopel claiming to be Jewish or Christian or Hindu or Buddhist or Sikh (or anything else) hired the atheist joker/clown from the circus to advise them on business matters as it was not related to Jewish or Christian or Hindu or Buddhist or Sikh (or anything else) then it would be no problem.

The Shariah exchange cannot be Shariah compliant because the funds received in the ICO (which are used to make the Adab Haraam exchange go live) cannot be clearly certified as Halal because there are no checks to see where the funds came from. If a prostitute or pimp buy in to the ICO then it cannot be Shariah compliant. There are far too many examples to give but the key point is if they cannot or will not vet every investor pre-ICO and post-ICO then they cannot be Shariah compliant exchange. In that case they would just be an exchange.

Once that exchange has started if they claim to trade in Shariah manners then it is a lie because the foundations of the funding are compromised.

[MaxCain]

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.



.

[JollyGood]

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.

[Florcrypto]

I dont think is a good project.The shortly info ,and maybe with fake advisors.Peoples always belive in their friends,so the SCAM happened again and again.Islamic people are holding together , but they still lie to each other..

[MaxCain]

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.

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.
.

[Rannoch]

Simple fact - none of these people can be trusted.

[JollyGood]

I dont think is a good project.The shortly info ,and maybe with fake advisors.Peoples always belive in their friends,so the SCAM happened again and again.Islamic people are holding together , but they still lie to each other..

I agree, this is not a good project.

Adab exchange = scam

[JollyGood]

I got this reply from a representative of Adab Haraam exchange and I posted a reply in their thead: https://bitcointalk.org/index.php?topic=4720775.msg46792850#msg46792850

[zugvogel21]

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.

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.
.

Let us skip all these religion stuff and check the project from the logical poin of view
1. do they have an open source smart contract?
2. do they update own github?
3. do they have normal MVP(not the one I saw earlier)

In my oppinion, the project is average(they have nothing game-changer, they dont have licence and some members have some strange past).

I dont like the way they give bonuses. Where did you see bonuses 300%+, for real... or maybe I am too old for those bonuses (used to invest in projects without bonuses)

It is my personal oppinion, and i dont want to offend no one!

[JollyGood]

Let us skip all these religion stuff and check the project from the logical poin of view
1. do they have an open source smart contract?
2. do they update own github?
3. do they have normal MVP(not the one I saw earlier)

In my oppinion, the project is average(they have nothing game-changer, they dont have licence and some members have some strange past).

I dont like the way they give bonuses. Where did you see bonuses 300%+, for real... or maybe I am too old for those bonuses (used to invest in projects without bonuses)

It is my personal oppinion, and i dont want to offend no one!

The religion "stuff" is important because it is not a Shariah exchange therefore if it is not what they say it is then it is a lie, if it is a lie then it is a scam.

Going back to the other points you raised, other users have pointed out their Github looks a shambles and they will not supply proof of contract tokens.

Adab Haraam exchange  = scam

[Slow death]

Let us skip all these religion stuff and check the project from the logical poin of view
1. do they have an open source smart contract?
2. do they update own github?
3. do they have normal MVP(not the one I saw earlier)

In my oppinion, the project is average(they have nothing game-changer, they dont have licence and some members have some strange past).

I dont like the way they give bonuses. Where did you see bonuses 300%+, for real... or maybe I am too old for those bonuses (used to invest in projects without bonuses)

It is my personal oppinion, and i dont want to offend no one!

The religion "stuff" is important because it is not a Shariah exchange therefore if it is not what they say it is then it is a lie, if it is a lie then it is a scam.

Going back to the other points you raised, other users have pointed out their Github looks a shambles and they will not supply proof of contract tokens.

Adab Haraam exchange  = scam

reading every thread and your post, I agree with you, they should not say that it is an exchange Haraam when they are asking money from other people and can not prove that these other people are investing honest money. In my country there are many Muslims and more than 50% of supermarkets are from Muslims and I have never seen pork in their supermarket, they respect their religion and customs

[JollyGood]

reading every thread and your post, I agree with you, they should not say that it is an exchange Haraam when they are asking money from other people and can not prove that these other people are investing honest money. In my country there are many Muslims and more than 50% of supermarkets are from Muslims and I have never seen pork in their supermarket, they respect their religion and customs

Thank you for your post.

In the Adab exchange thread the bots and airdrop seekers are controlling the flow of the chat as another user pointed out: https://bitcointalk.org/index.php?topic=4720775.msg46789265#msg46789265

These people are scammers, simple.

[Asmh85]

This is an old review from ICObench ICO expert
https://icobench.com/ico/adab-solutions
"

1. would like to see what other experts see consider a weak team. For me, this one is so-so. Local (to Kazakhstan), no experience in exchange business (at least key executives), and their main market should be in Arab world.
2. Exchange business is highly competitive, they have to do much better then just claiming the Islamic card
3. There is no product, nor did they start working on it.
Overall - very risky.
Update in response to the team member:
Your key Executives are in Kazakhstan. ICO advisors usually don't do much and it does not matter for me where they are or who they are. What you call MVP is a static web site with BTC at $700 and something my team can put together in 2 days. Certainly not a Viable product, very very far from it. The expertise of the team members is mostly in Agriculture business, nothing to do with trading, exchanges, or technology of exchanges, which is clearly visible in your "MVP"
Update to the team member response: Please read my comments, you answered imaginary questions. MVP stands for Minimum VIABLE Product, and you claim it's live. What I saw is a static page where price of Bitcoin is $700 and similar things, which indicated it was something done in a couple of days by a Designer who doesn't know what he's drawing. There is certainly nothing working in there. For responses you provided I usually reduce the rating, since it demonstrates clearly the hype rather then real work and real professionalism."

[MaxCain]

I got this from the ADAB website: https://adabsolutions.com/



The rating is rather high, But do your own due diligent, don't take the figure as it is.
you can check each website to verify the rating
.

[JollyGood]

This is an old review from ICObench ICO expert
https://icobench.com/ico/adab-solutions
"

1. would like to see what other experts see consider a weak team. For me, this one is so-so. Local (to Kazakhstan), no experience in exchange business (at least key executives), and their main market should be in Arab world.
2. Exchange business is highly competitive, they have to do much better then just claiming the Islamic card
3. There is no product, nor did they start working on it.
Overall - very risky.
Update in response to the team member:
Your key Executives are in Kazakhstan. ICO advisors usually don't do much and it does not matter for me where they are or who they are. What you call MVP is a static web site with BTC at $700 and something my team can put together in 2 days. Certainly not a Viable product, very very far from it. The expertise of the team members is mostly in Agriculture business, nothing to do with trading, exchanges, or technology of exchanges, which is clearly visible in your "MVP"
Update to the team member response: Please read my comments, you answered imaginary questions. MVP stands for Minimum VIABLE Product, and you claim it's live. What I saw is a static page where price of Bitcoin is $700 and similar things, which indicated it was something done in a couple of days by a Designer who doesn't know what he's drawing. There is certainly nothing working in there. For responses you provided I usually reduce the rating, since it demonstrates clearly the hype rather then real work and real professionalism."

The Adab exchange project is a scam. It is a very ill-thought out, ill-planned hastily put together shambles and then called a project.

Their "Islamic card" as you put it is not going to save them, there is nothing Islamic about the scam.

[invincible49]

How can you have an advisor who has a Muslim name Muhammad/Mohammed but wants to shorten it to "Md" to avoid using it? https://bitcointalk.org/index.php?topic=4720775.msg46549723#msg46549723

I am shocked to see that the Adab team have not clarified about how and from where they are getting ICO investments because in Islamic concepts it is very much important for a business organization to maintain 100% transparency about every little thing they do. I made a review video about Adab a couple of months ago. I will take it down since I also don't find them transparent enough about some of the basic Islamic issues and which is why I think they can't be called Sharia based project. But since they have a real time with people's identities and already reached their softcap target while they have released their MPV, we really can't say they are scam. What they have done is that they have fooled Muslims among ICO investors into thinking that their exchange is Shariah-compliant. This is a fraudulent behavior not scam!
About Md.Mofassair Hossain, he is from Bangladesh just like me. Though he is said to be a member of the Israeli Blockchain Association!  (Reference: https://www.ezexchange.com/downloads/ezexchange-whitepaper.pdf) There are about 90% people in my country are Muslim, very weirdly and for generations most of us use this (of course it is non-acceptable) shorten form "Md" of Muhammad! So let's not judge people from this small South Asian country's Islamic identity depending on their names.

[JollyGood]

How can you have an advisor who has a Muslim name Muhammad/Mohammed but wants to shorten it to "Md" to avoid using it? https://bitcointalk.org/index.php?topic=4720775.msg46549723#msg46549723

I am shocked to see that the Adab team have not clarified about how and from where they are getting ICO investments because in Islamic concepts it is very much important for a business organization to maintain 100% transparency about every little thing they do. I made a review video about Adab a couple of months ago.

I will take it down since I also don't find them transparent enough about some of the basic Islamic issues and which is why I think they can't be called Sharia based project.

But since they have a real time with people's identities and already reached their softcap target while they have released their MPV, we really can't say they are scam. What they have done is that they have fooled Muslims among ICO investors into thinking that their exchange is Shariah-compliant. This is a fraudulent behavior not scam!

About Md.Mofassair Hossain, he is from Bangladesh just like me. Though he is said to be a member of the Israeli Blockchain Association!  (Reference: https://www.ezexchange.com/downloads/ezexchange-whitepaper.pdf) There are about 90% people in my country are Muslim, very weirdly and for generations most of us use this (of course it is non-acceptable) shorten form "Md" of Muhammad! So let's not judge people from this small South Asian country's Islamic identity depending on their names.

Thank you for your post.

Just as you, I am also shocked to see the scammers not clarifying anything about their income and expenditure. They have used the word "Shariah" to seek ICO investment from a particular group of people when they do not adhere to the rules of that group of people.

This is not a Shariah compliant or Halal project. I will keep calling them scammers and you are welcome to keep calling them fraudulent.

Thank you.

[invincible49]

How can you have an advisor who has a Muslim name Muhammad/Mohammed but wants to shorten it to "Md" to avoid using it? https://bitcointalk.org/index.php?topic=4720775.msg46549723#msg46549723

I am shocked to see that the Adab team have not clarified about how and from where they are getting ICO investments because in Islamic concepts it is very much important for a business organization to maintain 100% transparency about every little thing they do. I made a review video about Adab a couple of months ago.

I will take it down since I also don't find them transparent enough about some of the basic Islamic issues and which is why I think they can't be called Sharia based project.

But since they have a real time with people's identities and already reached their softcap target while they have released their MPV, we really can't say they are scam. What they have done is that they have fooled Muslims among ICO investors into thinking that their exchange is Shariah-compliant. This is a fraudulent behavior not scam!

About Md.Mofassair Hossain, he is from Bangladesh just like me. Though he is said to be a member of the Israeli Blockchain Association!  (Reference: https://www.ezexchange.com/downloads/ezexchange-whitepaper.pdf) There are about 90% people in my country are Muslim, very weirdly and for generations most of us use this (of course it is non-acceptable) shorten form "Md" of Muhammad! So let's not judge people from this small South Asian country's Islamic identity depending on their names.

Thank you for your post.

Just as you, I am also shocked to see the scammers not clarifying anything about their income and expenditure. They have used the word "Shariah" to seek ICO investment from a particular group of people when they do not adhere to the rules of that group of people.

This is not a Shariah compliant or Halal project. I will keep calling them scammers and you are welcome to keep calling them fraudulent.

Thank you.

If you visit their telegram group you will see me having a deep conversation a few hours ago with one of their Admin named Abeer. He did put up some weird arguments with me saying exactly the opposite of what you wrote in the opening page. After doing those conversations I really have question about Adab's credibility of using "Adab-Functioning in accordance with the principles of Islamic finance" when in reality they are not doing it!

[JollyGood]

If you visit their telegram group you will see me having a deep conversation a few hours ago with one of their Admin named Abeer. He did put up some weird arguments with me saying exactly the opposite of what you wrote in the opening page. After doing those conversations I really have question about Adab's credibility of using "Adab-Functioning in accordance with the principles of Islamic finance" when in reality they are not doing it!

Thank you for your post, I appreciate it.

This is the reply they gave directly to me to justify their actions because I kept exposing them for the liars they are:
https://bitcointalk.org/index.php?topic=4720775.msg46790691#msg46790691

This was my response to their petty attempt at trying to fool me and others:
https://bitcointalk.org/index.php?topic=4720775.msg46793004#msg46793004

What you mention about the admin named Abeer does not surprise me. Abeer I guess is: Miss Abeer Mousa - Community development manager (https://adabsolutions.com you can see her in the team section). She by her own title is somebody trying to "develop" the community. She is no authority on any form of jurisprudence and has no say in the matters relating to the direction of the scam Adab Haraam  exchange.

I see their Telegram is an announcement group, I cannot have live chat with anybody. Do you have a link?

You are right they are unable to tackle the questions and issues raised because they are quite simply a complete contradiction of what they claim to be. They claim they are doing Halal and according to Sharaih but they are doing Haraam and the opposite of Shariah.

The best way around them for this would be to stop using the word Shariah thus avoid bringing religion in to this.

The other recommended thing to do would be to have a set up where KYC, a questionnaire asking them to be truthful about various sources of income and an annual tax return to send as mandatory before even considering allowing anybody with the option to invest in the ICO.

If they will not do the above then they are clearly not doing what they claim they are supposed to do. Their failings have been pointed out to them so to call them misguided is not the case, they are out and out scammers.

Adab Haraam exchange = scammers

[invincible49]

I see their Telegram is an announcement group, I cannot have live chat with anybody. Do you have a link?

Mate, again I think scam is not the right word to put out on here. Because what they are doing is that they have fooled a certain religion followers into thinking this project is Islamic sharia based and it is certain at this stage that they are not going to run away with their money. Adab looks like- this project is a combination of some fake story tellers and some not-so-much Sharia rules following team. This is their telegram group where you can directly talk to them https://t.me/Adabsolutions

Here I am providing a good information about a certain person named Shohel Alam from Adab's Board of Advisors who has a shady past on this forum and you can see this person even got kicked out from several ICO projects for being a scammer. Weirdly this Kazi Shohel Alam participated https://bitcointalk.org/index.php?topic=2337753.msg24079133#msg24079133 in a Signature campaign called POKERSPORTS. Poker/casino is highly forbidden in Islam and this same guy is now a member of Adab which is said to be Sharia-compliant! This sounds not so much good from Islamic perspective.



Scam Accusation thread against Kazi Shohel Alam: https://bitcointalk.org/index.php?topic=3238979.0

Kazi Shohel Alam's Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=1039492 He has not even responded to the scam accusation on that thread in which the the OP even said that:

Update 10th may:

We'll take legal action against Kazi Sohel Alom for fraudulent activity across Bangladesh under the PENAL CODE, 1860 (ACT NO. XLV OF 1860)

Today i'll be contacted many Law Firm in Dhaka, Bangladesh and i'll post update time by time.


If any kind of financial institution or person committed any business deal with Mr. Sohel will consider as highly suspicious/scam.

Hopefully this information will be a help to those who participate in this ICO crowdfund.

[JollyGood]

Mate, again I think scam is not the right word to put out on here. Because what they are doing is that they have fooled a certain religion followers into thinking that they are going to run away with their money. Adam looks like- this project is a combination of some fake story tellers and some not-so-much Sharia rules following team. This is their telegram group where you can directly talk to them https://t.me/Adabsolutions

Thank you

Here I am providing a good information about a certain person named Shohel Alam from Adab's Board of Advisors who has a shady past on this forum and you can see this person even got kicked out from several ICO projects for being a scammer. Weirdly this Kazi Shohel Alam participated https://bitcointalk.org/index.php?topic=2337753.msg24079133#msg24079133 in a Signature campaign called POKERSPORTS. Poker/casino is highly forbidden in Islam and this same guy is now a member of Adab which is said to be Sharia-compliant! This sounds not so much good from Islamic perspective.

You should consider posting that information on their thread for others to benefit from: https://bitcointalk.org/index.php?topic=4720775.0

Scam Accusation thread against Kazi Shohel Alam: https://bitcointalk.org/index.php?topic=3238979.0

Hopefully this information will be a help to those who participate in this ICO crowdfund.

I hope so too

[invincible49]

Please read my corrected post again because at first I wrote it mistakenly, missed writing a couple of important sentences. Then I edited and you can now see the screenshot too which was not visible at first!

Edit: Well I'm got kicked out of their group for pointing out about this Kazi Shohel Alom! LOL 

[JollyGood]

Please read my corrected post again because at first I wrote it mistakenly, missed writing a couple of important sentences. Then I edited and you can now see the screenshot too which was not visible at first!

Edit: Well I'm got kicked out of their group for pointing out about this Kazi Shohel Alom! LOL 

Yes I read your edited post, thank you.

Well if you got kicked out of their group then it goes to show they cannot accept or take on-board any constructive criticism. They just want to the freebie token seekers to join the group to nod their heads and promote their pathetic project.

How can they hire somebody for a Shariah compliant project by hiring someone who claims to be following Shariah and yet hire somebody who is/was involved with gambling industry promotions in the very recent past?

They are a highly incompetent bunch of fools who are taking as many fools as possible with them along for the ride.

[JollyGood]

I found this post from the Adab Haraam exchange scammers in their own thread. If it was not so disgusting a lie what they wrote I probably would have laughed:

The importance of Sharia certification or approval can't be denied that's why Stellar's management felt need of acquiring such certification. You are going to run exchange services which is that part of the world can open way for mass adoption and usage of cryptocurrencies. I am interested in such projects to know more about.

Hello,sir. Thanks for your interest to our project. We really appreciate that. We believe that our moral and socially acceptable behavior, ethical ways of doing business, giving back to the community, arranging charity works, providing the transparency of financial actions, excluding all the possibilities of manipulatitive actions- all followed by the principles of Sharia Law. Also, many questions were asked, regarding the inclusivity of the project, whether it is for everyone or for Muslim people only. We are always trying to highlight the fact that our project is not based on religious beliefs, it's following the common principles of Sharia Law, including all the above stated principles. It is considered as a successful business model, that we would like to adopt. And the project is for eveyone, regardless of race and beliefs. We are running the business, but doing it ethically and morally. It's more of an opportunity to the Muslim communities to participate in crypto economics, not worrying about the ethical or moral principles of crypto exchange. Uniqueness of this project, not only concluded by following the Sharia Laws, but also including the best possible security options, in accordance with the highest standards of security and key programme solutions.
During the market research phase, we've came accross some common problems, industry is facing right now. Firstly, there is a lack of involvement from Muslim communities into the cryptocurrency market. Muslim community totally of 1.8 billion people all over the world needs a cryptoplatform functioning in accordance with the principles of Sharia Laws. ADAB Solutions presenting the FICE-First Islamic Crypto Exchange, which allows new major sector of cryptocurrency market, focusing on Muslim communities, Islamic finances users, and all the interested people. Secondly, there is a lack of trust to key instruments of cryptomarket, and the absence of new investors and markets. Dynamic crypto market development depends on the continious engagement of new participants and sectors of economy. ADAB Solutions project may perform as a mediator between the crypto market and Muslim communities.
We have a road map and white paper for our project available on our website https://adabsolutions.com/. You can get more acquainted with the project. We are arranging ICO on 3 stages. Closed pre-sale(15.08.2018-05.09.2018), Public pre-sale(06.09.2018-29.09.2018) and Crowsale(30.09.2018-15.11.2018).  

These fools have stated in other places they will not check the source of the funds to ensure it is acceptable for Shariah investment therefore they are willing to accept investment from the following and still claim to be Shariah and Halal when they are the complete opposite:

pimps
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 Adab Haraam exchange = scam

[zugvogel21]

Check my repply here - https://bitcointalk.org/index.php?topic=4720775.msg47008546#msg47008546

[JollyGood]

Check my repply here - https://bitcointalk.org/index.php?topic=4720775.msg47008546#msg47008546

Thank you for the post.

I will check it out now...

[JollyGood]

Instead of answering the questions and concerns, the Adab Haraam exchange and their cronies including Whitetoo are trying to ge me banned: https://bitcointalk.org/index.php?topic=5049155.msg4704591

 

[Coinfan]

Using religious qualifications on business activities in order to promote an enterprise is considered malpractice on most States.

Doing that on abusive terms is a major red flag.

[elpiji]

Using religious qualifications on business activities in order to promote a enterprise is considered malpractice on most States.

Doing that on abusive terms is a major red flag.

there are so many crazy people and for me to use religion to cheat or make money is the craziest thing, he thinks everything he can sell including god

[JollyGood]

Using religious qualifications on business activities in order to promote a enterprise is considered malpractice on most States.

Doing that on abusive terms is a major red flag.

The Russian bounty scammers whitetoo and his alt-accounts 520bit and RoyalTeam as well as other sock-puppet accounts are colluding with the Kazakh trio team leaders that are behind the Adab Haraam exchange scam.

[coinsvision]

Hello
I want to share this article with bitcointalk community. This is about ADAB Solutions Exchange, major red flags. https://medium.com/@douglaslyons/adab-solutions-exchange-major-red-flags-found-76a86d02e01b?fbclid=IwAR07tXklAZfXCbQcdsAGBmT7ZY0oZ0knBkatMIjy0rdILpgUOgfiDbfwHuI

[Coinfan]

Using religious qualifications on business activities in order to promote a enterprise is considered malpractice on most States.

Doing that on abusive terms is a major red flag.

The Russian bounty scammers whitetoo and his alt-accounts 520bit and RoyalTeam as well as other sock-puppet accounts are colluding with the Kazakh trio team leaders that are behind the Adab Haraam exchange scam.

Nothing like trying to get their real life names and expose them.

[JollyGood]

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

[Coinfan]

Taking in account the relative anonymity of cryptocoins, an exchange assuring that all the deposit funds are from an origin that respects islamic rules is a red flag.

If they don't follow Islam, but created a so-called "islamic exchange", that is a major lie that destroys any trust a potential customer has to have on them.

[TycheChi]

Would you invest in an ICO for a Vegan cake baking company called "Vegan Cakes For All"? Sure why not if it is a good investment?

But if that "Vegan Cakes For All" company was using using cows milk in all of its Sponge Cake products and using pork fat in all of its Carrot Cake products then how can that company called itself "Vegan Cakes For All"? If they want to trade then remove the word "Vegan" and call yourself "Cakes For All" because they are lying and misleading and scamming therefore are thieves.

The moment they drop the word "Vegan" they seize being lying, misleading, scammers and thieves and become a legitimate business.

If the Adab Team cannot check the "purity of the source of the money" that investors send, or if the Adab Team cannot check the "moral standing of each investor" then they can continue to create their exchange but they should remove the word "Shariah".

=======

ADAB - They call themselves (FICE) First Islamic Crypto Exchange but beware because this is not based on the "Shariah" or Islam.

This is a scam project because they are selling their project and the ICO on the foundations of calling it Shariah compliant when this whole project cannot be Halal or Shariah compliant.

This is not Muslim, Halal or Shariah compliant project. This is a project run by a team, some of who claim to be Muslim and some are not. The "team" are saying this is a Shariah compliant exchange without explaining which interpretation of Islam they follow.

Because they have no vetting system in place to ensure investors buy in to the ICO with Halal/permissible money, it means (by default) they are willing to take investment from the following and more:

pimps
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


Any investment from the above and more means the project cannot be "Shariah" compliant yet these clowns say they are offering a Shariah compliant exchange?

How do you know that they have no vetting system in place ?

Your first premise that it is "money" is incorrect. In a lot of jurisdictions Bitcoin is considered a digital asset and has no legal tender status. It is more of a "financial product".

How Sharia applies to Islamic financial transactions:

Sharia prohibits riba, or usury, defined as interest paid on all loans of money.
Investing in businesses involved in activities that are forbidden (haraam).
Charging extra for late payment.
Maisir. This is usually translated as "gambling" but used to mean "speculation" in Islamic finance
Gharar This is usually translated as "uncertainty" or "ambiguity". Bans on both maisir and gharar tend to rule out derivatives, options and futures.
Engaging in transactions lacking "`material finality`. All transactions must be "directly linked to a real underlying economic transaction", which excludes "options and most other derivatives"

In general -Islamic financial institutions do the following:

Islamic institutions are to collect zakat (obligatory religious gift)
A board of Shariah experts is to supervise and advise each Islamic bank on the propriety of transactions to "ensure that all activities are in line with Islamic principles".
Risk sharing. symmetrical risk and return on distribution to participants so that no one benefits disproportionately from the transaction.

Customary practice is to take the word of clients that they will not use funds for unIslamic activities and do not deposit funds derived from unIslamic activities.

Because compliance with shariah law is crucial in Islamic finance, Islamic banks and banking institutions that offer Islamic banking products and services should establish a Shariah Supervisory Board (SSB) — to advise them on whether or not some proposed transactions or products follows the Sharia, and to ensure that the operations and activities of the banking institutions comply with Shariah principles

According to various Islamic banking organizations some requirements for SSBs include:

- That they be composed of jurists specializing in fiqh al-muamalat i.e. Islamic commercial jurisprudence, (Accounting and Auditing Organization for Islamic Financial Institutions, AAOIFI)
- Their fatwas (legal opinions) and ruling be binding, (AAOIFI)
- That they have at least three members, (Institute of Islamic Banking and Insurance)
- That their members not be employees of the financial institution they supervise;
- Be appointed and have their remuneration set by a "general assembly" rather than the institution's board of directors, (International Association of Islamic Banks).

In addition, their duties should include:
- Calculating zakat payable by Islamic financial institutions, (AAOIFI);
- Disposing of non-shariah-compliant income, (AAOIFI);
- Advising on the distribution of income among investors and shareholders, (AAOIFI).

Source: https://en.wikipedia.org/wiki/Islamic_banking_and_finance

The following are commonly utilized practices:

That their SSB members not be employees of the financial institution they supervise. It is the task of the SSB to advise them on whether or not some proposed transactions or products follows the Sharia.
Customary practice is to take the word of clients that they will not use funds for un-Islamic activities and do not deposit funds derived from un-Islamic activities.
Just like it is customary practice for restaurants to accept Halal certified meat from their supplier.
Disposing of non-shariah-compliant income.
Questionable transactions can be disposed of or returned to the customer that deposited it.
Analysis software like Chainalysis can be used for "Know Your Transaction" checking.
KYC can be used to ensure clients are of good standing.

Other exchanges often offer other services like gambling, futures, options, derivatives, Haram tokens / coins and interest bearing crypto would obviously be excluded,

These directly challenge the assertions that you have made.

While I agree that ensuring that "Haram" transactions are avoided altogether would be a near impossible challenge - the same criticism has been made of the entire Islamic banking system.  

Facing a challenging task in my opinion it doesn't make it a fraud.  The person who knowingly certifies their deposited Haram funds as Halal commits an ithm. (unlawful deed (sin) committed intentionally)

It would be like a restaurant buying certified Halal meat where the seller certifies that it is Halal but is lying. The restaurant does not knowingly sell Haraam meat.

وليس عليكم جناح فيما أخطأتم به ولكن ما تعمدت قلوبكم وكان الله غفورا رحيما

And there is no blame upon you for that in which you have erred but [only for] what your hearts intended. And ever is Allah Forgiving and Merciful.

Quran 33:5

[JollyGood]

How do you know that they have no vetting system in place ?

Hello newbie account holder. You seem to know a lot about this subject  

The Adab haraam exchange mouthpiece OP called whitetoo stated it earlier that are happy to accept ICO funding from pimps and prostitutes and they will not vet anybody for the source of their income.

Anyway this whole project is a scam. The exchange is an excuse to steal ICO funds. They might open a low-level "exchange" to show the money is spent then they will siphon it off and close the "exchange" down

[Coinfan]

How do you know that they have no vetting system in place ?

Hello newbie account holder. You seem to know a lot about this subject  

The Adab haraam exchange mouthpiece OP called whitetoo stated it earlier that are happy to accept ICO funding from pimps and prostitutes and they will not vet anybody for the source of their income.

Anyway this whole project is a scam. The exchange is an excuse to steal ICO funds. They might open a low-level "exchange" to show the money is spent then they will siphon it off and close the "exchange" down

Taking in account how much time that newbie lost writing that trashy post, I would say he has a very important interest behind. Didn't the exchange find anyone more credible to post this?

[TycheChi]

How do you know that they have no vetting system in place ?

Hello newbie account holder. You seem to know a lot about this subject  

The Adab haraam exchange mouthpiece OP called whitetoo stated it earlier that are happy to accept ICO funding from pimps and prostitutes and they will not vet anybody for the source of their income.

Anyway this whole project is a scam. The exchange is an excuse to steal ICO funds. They might open a low-level "exchange" to show the money is spent then they will siphon it off and close the "exchange" down

Taking in account how much time that newbie lost writing that trashy post, I would say he has a very important interest behind. Didn't the exchange find anyone more credible to post this?

I know nothing about the Adab Exchange or the people that run it.

Using religious qualifications on business activities in order to promote an enterprise is considered malpractice on most States.

Doing that on abusive terms is a major red flag.

What you are saying is factually incorrect and Islamophobic. I doubt that you are sufficiently knowledgeable in the subject to judge it from a religious perspective. Have you studied the Holy Quran ?

It may well be a scam but what I was reading is a misinterpretation of Sharia. Rather than insulting the religion you could concentrate on presenting facts showing this is a scam.


You are in a greater need of a little manners than a great deal of knowledge. - Ibn al-Mubarak
Manners are a pre-requisite to conveying knowledge because the message may be incredible but if the attitude is incorrect then it'll be of no use.

[JollyGood]

How do you know that they have no vetting system in place ?

Hello newbie account holder. You seem to know a lot about this subject  

The Adab haraam exchange mouthpiece OP called whitetoo stated it earlier that are happy to accept ICO funding from pimps and prostitutes and they will not vet anybody for the source of their income.

Anyway this whole project is a scam. The exchange is an excuse to steal ICO funds. They might open a low-level "exchange" to show the money is spent then they will siphon it off and close the "exchange" down

Taking in account how much time that newbie lost writing that trashy post, I would say he has a very important interest behind. Didn't the exchange find anyone more credible to post this?

A great post by you. Thank you Coinfan for stating what is obvious, it really was a trashy post. The main Adab Haraam exchange has posts from the Kazakh trio living in Uzbekistan stating they will happily accept ICO funding without vetting.

Adab haraam exchange can stoop to any low level just in order to get newbies and gullible investors to send their crypto to participate in a scam ICO.

[whitetoo]

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

[Coinfan]

Many advertising regulations explicitly ban exploiting religious symbols or claims with commercial goals:

For instance, check the Irish Advertising Code:
https://www.asai.ie/asai-code/general-rules/
2.18
(e) not (...) exploit religious beliefs, symbols, rites or practices.

Even Microsoft on their code:
https://advertise.bingads.microsoft.com/en-us/resources/policies/disallowed-content-policies#
"Advertising cannot exploit sensitive political or religious issues for commercial gain"

But this is an implicit rule on most Codes.

Of course, this is the rule even if the claim is true.

In this case, the claim can't be true and that makes it completely misleading and a clear red flag.

A crypto exchange claiming to be Shariah compliant is as fake as a bank accepting deposits with bags full of cash claiming the same.

You just can't control the real source of the money.

[JollyGood]

Many advertising regulations explicitly ban exploiting religious symbols or claims with commercial goals:

For instance, check the Irish Advertising Code:
https://www.asai.ie/asai-code/general-rules/
2.18
(e) not (...) exploit religious beliefs, symbols, rites or practices.

Even Microsoft on their code:
https://advertise.bingads.microsoft.com/en-us/resources/policies/disallowed-content-policies#
"Advertising cannot exploit sensitive political or religious issues for commercial gain"

But this is an implicit rule on most Codes.

Of course, this is the rule even if the claim is true.

In this case, the claim can't be true and that makes it completely misleading and a clear red flag.

A crypto exchange claiming to be Shariah compliant is as fake as a bank accepting deposits with bags full of cash claiming the same.

You just can't control the real source of the money.

You make some excellent points and valid arguments.

The scammer whitetoo is trying to say that a scam project that has been set up with the sole purpose to steal ICO funds is somehow religious. Anyway whitetoo scammer has been permanently banned from this forum but that was just one sock-puppet user account from a list of many: https://bitcointalk.org/index.php?topic=5077842.0

[JollyGood]

MAJOR SCAM WARNING !!



The "pre-sales" ICO has been extended twice.

They offered 150% discount at one point and have been giving 40% discount until February.

Their "pre-sales" ICO will run for 6 months between August 2018 and February 2019.

Their "ICO" will run from February 2019 to August 2019.

Their ICO will last for 12 months. The longest ICO in history  

This has been exposed many people on their thread as a scam.



ADAB HARAAM EXCHANGE = SCAM !!

[FaucetKING]

Your points are really fine and countable. I found that exchanger ICO here in Btalk and tried to look at its bounty program/the team and etc..
What i found is typically what you just stated in your thread. These peoples are non muslims, if somebody want to do so, they have to be muslim right? I dunno but i've found that they bring some peoples to just Showoff that they are muslims but in full, the project has nothing to do with Islam.
I've heard a while ago about some Muftis agreeing that BTC Trading in full is HARAM, wtf are these ADAB TEAM doing?
I think that a business here is a business, they only care about money and not really providing a full product, they are playing with "religion'' as a good point to use in order to gain more and more users.
Finally, they did the project just to make more arabs use their platform, i don't think so, most of the arabs are using binance and will never use a platform using ISLAM as a key to grab a reputation and grab more users..
Their project is good enough in the technical side, the ethical side is missing alot.

[JollyGood]

Your points are really fine and countable. I found that exchanger ICO here in Btalk and tried to look at its bounty program/the team and etc..
What i found is typically what you just stated in your thread. These peoples are non muslims, if somebody want to do so, they have to be muslim right? I dunno but i've found that they bring some peoples to just Showoff that they are muslims but in full, the project has nothing to do with Islam.
I've heard a while ago about some Muftis agreeing that BTC Trading in full is HARAM, wtf are these ADAB TEAM doing?
I think that a business here is a business, they only care about money and not really providing a full product, they are playing with "religion'' as a good point to use in order to gain more and more users.
Finally, they did the project just to make more arabs use their platform, i don't think so, most of the arabs are using binance and will never use a platform using ISLAM as a key to grab a reputation and grab more users..
Their project is good enough in the technical side, the ethical side is missing alot.

I disagree because their MVP is an absolute disgrace, I see nothing positive in their technical side. The Kazakh owners are scammers, they are running a 6 month pre-sales ICO between August 2018 to February 2019 and then the remainder ICO from February 2019 to August 2019 - that is 1 whole year just for an ICO.

Ethically they proved they are fools by colluding with a Russian/Ukrainian sock-puppet operator to pump their scam ICO thread and by claiming to be a religious organisation but also clearly stating in their thread they do not care if ICO funding sources come from prostitution, drugs and other illicit manners.

They are trying to take a slice of the Arab/Muslim crypto market by claiming their practices will be "Shariah" but they are scammers, modern day thieves and liars. They are nothing else except low-life scammers who would sell their own soul for a quick buck.

[Coinfan]

The fact that the main promoter of this exchange was permanently banned by bitcointalk administrators seems clear confirmation that this exchange is a scam.

The profile of banned members should state that they were banned, but he hasn't login since 12 December https://bitcointalk.org/index.php?action=profile;u=90601 and all his posts after 1 December were removed:
https://bitcointalk.org/index.php?action=profile;u=90601;sa=showPosts

[intico2020]

To answer your question I can safely say I am no expert on Shariah either but have learned enough to prove the Adab Exchange are scammers.

"Profiteering" itself falls under the ruling of business which is to buy/sell tangible items and products to make profit so it is definitely permissible, however charging your customers any form of interest or usury is completely and strictly forbidden. The idea of long or short term trading (buying/selling) on stocks is not universally accepted as permissible. Some scholars have said it is allowed and some have said it is forbidden.

When it comes to declaring something such as this Adab Exchange as being Halal or Shariah compliant when it cannot be is just not on.

The funds to sell ICO tokens might be or could be coming from illegal and immoral earnings such as

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

If the Adab exchange scammers are willing to accept investment from 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 and those that own, transport or sells alcohol as well as those that promote, participate or propagate to suppress Muslims then the exchange cannot be called "Shariah" exchange.

Simple, this project is a scam.

i'm also not expert in sharia law, but:
- this is exchange project, they give you service, exchange site (marketplace) service. and they charging fee, not interest. fee is permissible
- short or long trading depends on exchange users, it's their responsibility to do halal/haram trading. this exchange just want to provide "sharia compliant" exchange
- ICO is one thing and exchange (its product) is another thing. and how u can judge ppl a thief, or "this money acquired in haram way" in this blockchain world? but even if we know "she is porn star", u still can accept her investment, although better to refrain. https://islamqa.info/en/126486
- islam not seeing non believers as ppls who need to be avoided


i'm not adab team, i just want to give my opinion

I respond well, the opinions you convey

[Little Mouse]

They might call it based on Islamic Shariah. But conducting a business based on Islamic Shariah is beyond possible. There is no mean of such kind of exchange too because you are here to buy/sell and make profit. What will be some extra option there which made them Shariah based?
Definitely a scam project.

[JollyGood]

The fact that the main promoter of this exchange was permanently banned by bitcointalk administrators seems clear confirmation that this exchange is a scam.

The profile of banned members should state that they were banned, but he hasn't login since 12 December https://bitcointalk.org/index.php?action=profile;u=90601 and all his posts after 1 December were removed:
https://bitcointalk.org/index.php?action=profile;u=90601;sa=showPosts

Thank you for your input.

Yes the OP of their main thread was banned but he was an alt-name multi-user of a much bigger group that are part of the Adab Haraam Exchange.

They are a bunch of scammers.

To run a "pre-sales" ICO for 7 months between August 2018 - March 2019 and then to run a 6 month ICO from March 2019 - September 2019 is a pathetic scam.

Making a 13 month ICO with all the excuses they made up is blatant scam. They have no knowledge or background in this field but jumped in on the religious bandwagon.

[Coinfan]

Their lies about their "islamic nature" is a very low tactic to explore religious beliefs.

What are they going to say next? Do like the catholic church on the XV and XVI centuries and say that who wastes money on their ICO will go to heaven?

[JollyGood]

Their lies about their "islamic nature" is a very low tactic to explore religious beliefs.

What are they going to say next? Do like the catholic church on the XV and XVI centuries and say that who wastes money on their ICO will go to heaven?

Yes their structure is based around religious law but they are willing to accept ICO funding from pimps and prostitutes and drug dealers and those people living of what religion would call "immoral" earnings.

The team behind Adab Haraam Exchange are major scammers because they contradict their own religious ethics and they are running a 7 month pre-sales ICO from August 2018 to March 2019 and then will run a 6 month ICO from March 2019 to September 2019.

A year long ICO 

[JollyGood]

They claim their bounty campaign will run until 31st March 2019 and they will pay ALL bounty participants but 99% of the bounty participants are their own sock-puppet fake accounts and the remaining 1% will receive NOTHING in bounties

Adab Haraam Exchange are scammers !

[tmfp]

their own sock-puppet fake accounts

As a matter of information, this bumping service claims ADAB as a client.

[JollyGood]

their own sock-puppet fake accounts

As a matter of information, this bumping service claims ADAB as a client.

Thank you for the information yes I see the Adab logo in their home page.

Another thing I did find was they post in the Russian thread just as 520bit and whitetoo (Russian/Ukrainian scammer group) did in the past too with their fake bounty manager and thread bumping scam.

Interesting. I am inclined to think they are the same scammer group but just changed their user names again.

https://bitcointalk.org/index.php?topic=5077842.0







Might be the same set of scammers

[ubay]

Pay the first Bounty before you create another one.

https://bitcointalk.org/index.php?topic=4722627.0

[JollyGood]

Pay the first Bounty before you create another one.

https://bitcointalk.org/index.php?topic=4722627.0

These Adab Solution super-scammers will not pay bounty to anybody.

They are now asking for KYC from all bounty participants just to avoid paying out 

They never made that announcement one year ago when they first started begging bounty hunters for help but only now are telling people their scam intent.

[JollyGood]

Adab token will be trade on Bit-M, Bit-Z, BitForex exchanges.

When ? the IEO has been pretty long over but the trade hasn't opened yet, and what about the bounty? Will it be distributed in the near future?

Everybody beware.... Scammers at Adab Solutions are deleting posts that are asking questions they find difficult to asnwer.

Adab Solution scammers will delete your post, they are scammers that just want to pretend to be religious to steal investor funds

[JollyGood]

The scammers from Adab Solution deleted the post below from their censored scam thread

 

Adab token will be trade on Bit-M, Bit-Z, BitForex exchanges.

When ? the IEO has been pretty long over but the trade hasn't opened yet, and what about the bounty? Will it be distributed in the near future?

Adab Solution scammers will delete your post, they are scammers that just want to pretend to be religious to steal investor funds

[Coinfan]

Currently, as far as I know, the adab token isn't yet trading anywhere:
https://www.cryptocompare.com/coins/adab/overview

But, after they pay heavily, they probably will get it accepted on some obscure exchanges.

Anyway, like other misleading coins, we all know where the Adab token will end when it starts trading.

It will crash like if there was no tomorrow and, soon or later, end at zero value, like dozens of other "coins".

Slowly, it will end delisted from any exchange that accepted it.

They picked up a new niche to explore, mixing religious faith and business, as a misleading sale tactic, but I bet that the result will be the same.

[JollyGood]

Currently, as far as I know, the adab token isn't yet trading anywhere:
https://www.cryptocompare.com/coins/adab/overview

But, after they pay heavily, they probably will get it accepted on some obscure exchanges.

Anyway, like other misleading coins, we all know where the Adab token will end when it starts trading.

It will crash like if there was no tomorrow and, soon or later, end at zero value, like dozens of other "coins".

Slowly, it will end delisted from any exchange that accepted it.

They picked up a new niche to explore, mixing religious faith and business, as a misleading sale tactic, but I bet that the result will be the same.

They must have paid high fees to the exchanges that ran multiple IEOs for Adab Solution but in the end their token if ever listed anywhere will be useless and practically worthless.

I am glad you noticed the misleading tactics these scammers used when trying to encroach on so-called niche avenues such as religion. As long as we all get together to tell the community about the scams hopefully we can stop newbies and gullible investors losing their funds to unscrupulous and dishonest project owners.

[Coinfan]

We all have seen this happening countless times.

A new token is created, the developers/promoters make shinny announcements about extraordinary new features (in this case, the first "sharia compliant" token; I'm not aware that their token has any new relevant technical characteristic), they make very attractive promises of bounties (that, also in this case, they won't really respect, thanks to the abusive KYC demand), do one small air drop to entice the more naive members of the community, pay heavily to the token to be accepted on one or two exchanges and hope for the best.

Of course, the price drops like a stone.

We will see, when they get enough courage to open trading, what will be the price on the end of the first day.

[JollyGood]

Dear investor!
The distribution of tokens is totally completed. If you have not received your tokens or you have any questions about the distribution, please contact us in telegram chats: @Adabsolutions
@adabsolutions_ru, our managers will help you to solve any difficulties asap and answer your questions.

you delete any questions about the reward, you are fraudsters and do not want to pay bounty, you must be banned in this forum

Another post that will be deleted from the censored scam Adab Solutions thread.

The scammers are ignoring bounty participants because they paid nobody except their own multi-accounts and sock-puppet accounts

[JollyGood]

This will be deleted from the scam censored Adab Solutions thread so am posting here...

they must be judged they lured out documents fraudulently such creatures should be punished

https://bitcointalk.org/index.php?topic=5043659.msg51796757#msg51796757

This is where the best place is to divert your posts because they will be deleted from here

they said that you extorted money from them, but they did not pay you, and after that you started to slander them, tell me is it true?

Not true at all. All the scammers say the same thing to deflect attention away.

No matter what they say they have no excuses for not paying their bounty participants who displayed scam Adab Solution signatures and avatars for 9 months.

They have no excuse to fool people by saying they were a religious project but they clearly were happy to accept funding from pimps, prostitutes and drug dealers.

[JollyGood]

They still have not paid any bounty to participants.

Total scam outfit

[indo1]

they reduce bounty 80% ,  what I get from twitter just 66 adab token from 253.6 adab and in signature I never got my bounty token even I in the final spreadsheet from adab team   and distribution for signature have been passed , if based spreadsheet from bounty manager I get 40000 adab but why I get just 66 , ISLAM is not like this ISLAM is honest

[aioc]

they reduce bounty 80% ,  what I get from twitter just 66 adab token from 253.6 adab and in signature I never got my bounty token even I in the final spreadsheet from adab team   and distribution for signature have been passed , if based spreadsheet from bounty manager I get 40000 adab but why I get just 66 , ISLAM is not like this ISLAM is honest

My rewards were reduced from 76000 to 20000 this is after 8 very long months of waiting, everybody's rewards were reduced, imagine we have thousands of bounty hunters participating in Adab campaign, now these thousands are now against Adab, they must brace themselves now.

[JollyGood]

they reduce bounty 80%

Sorry about your loss but they never had any intention of paying bounty to anybody. They only decided to pay bounty because some threads were created here which gave negative reviews to the Adab Solutions scammers and they did it to save face.

what I get from twitter just 66 adab token from 253.6 adab

Yes it seems they have scammed you and everybody else.

and in signature I never got my bounty token even I in the final spreadsheet from adab team    

Those spreadsheets were a lie and joke from day one. They used every trick in the book to entice bounty participants until March 2019 and they only stopped their bounty campaign after they jumped on the IEO bandwagon and had 3 IEOs - scammers.

and distribution for signature have been passed , if based spreadsheet from bounty manager I get 40000 adab but why I get just 66 , ISLAM is not like this ISLAM is honest

The Adab Solutions scammers are not Muslim. The Kazakh/Uzbek team behind this scam follow no religion at all, they only worship money and do not care how they obtain it.

[nutildah]

Good job JollyGood, your hunch has been correct so far.

Of course we still have to wait 33 more days to see if they actually deliver an exchange or not... My bet is its going to be a lot longer of a wait than that, if they ever do release an exchange.

The whole thing reeks of immoral ineptitude.

[aioc]

Good job JollyGood, your hunch has been correct so far.

Of course we still have to wait 33 more days to see if they actually deliver an exchange or not... My bet is its going to be a lot longer of a wait than that, if they ever do release an exchange.

The whole thing reeks of immoral ineptitude.

If ever they are going to deliver the exchange, they are going to be in trouble, some bounty participants are urging their fellow bounty hunters to tweet and post that Adab is a scam and should not be trusted at all.who's going to use that exchange if many people are shouting scam.

[JollyGood]

Good job JollyGood, your hunch has been correct so far.

Of course we still have to wait 33 more days to see if they actually deliver an exchange or not... My bet is its going to be a lot longer of a wait than that, if they ever do release an exchange.

The whole thing reeks of immoral ineptitude.

Thank you for your support.

I agree with you about the launch of the so-called exchange. The time remaining will be extended and some excuses will be given but no matter what happens with the scam exchange they have scammed their own bounty participants who worked for these imbeciles for 9 months.

To make matters worse they misused religion as a pretext to scam bounty participants and investors. Nothing religious at all about these scammers therefore their main selling point was based on a big lie.

Yes the reek of moral ineptitude is visible and is an excellent way to capture this scam but another way is to mentioning out-and-out scamming.

This one will end with investors losing out if they bother to invest.

[JollyGood]

they reduce bounty 80% ,  what I get from twitter just 66 adab token from 253.6 adab and in signature I never got my bounty token even I in the final spreadsheet from adab team   and distribution for signature have been passed , if based spreadsheet from bounty manager I get 40000 adab but why I get just 66 , ISLAM is not like this ISLAM is honest

Please post here stating once again how much you were scammed out of. Thank you: https://bitcointalk.org/index.php?topic=5168193.0

I have added you to the list of users scammed by Adab Solutions in the updated OP. The more victims that are identified and added to the list the more it will reflect badly on the Adab Solutions scammers

[indo1]

I have got 10400 adab after I complain but that still so far from 40k    after waiting so long

[JollyGood]

I have got 10400 adab after I complain but that still so far from 40k    after waiting so long

Read this: https://bitcointalk.org/index.php?topic=5168193.0

[TheRealAwesome31312]

Sulaiman Al-Fahim - Advisor on Investment and Strategic Development
--If he is Muslim which sect of Islam does he follow?

Sect really doesn't matter. Your objection is that the exchange is Un-Islamic. However, here, you make it about the exchange not following your particular sect of Islam.

Gaurav Areng Chakraverti - Marketing ICO Advisor
--This man is NOT Muslim as his name clearly suggests it... According to Shariah this man is a non-believer so should he be onboard a Shariah compliant project?

Don't make foolish assumptions. Not every Muslim has an Arab name. There are people with Arab names like Usama who are not Muslim. Maybe he converted some time later during his life. Judging by your gross arrogance/ignorance about this matter, I sense that you may be a Muslim of the Arab nationalist variety, probably of the Salafist/Wahabbi school of thought. I won't make assumptions though, so that's merely a guess. You should specify which sect you are expecting the exchange to be.

Your other points are quite relevant though. There can never be such a thing as an "Islamic bank" or "Islamic exchange", because capitalism is Un-Islamic by its predatory nature.

[JollyGood]

Sulaiman Al-Fahim - Advisor on Investment and Strategic Development
--If he is Muslim which sect of Islam does he follow?

Sect really doesn't matter. Your objection is that the exchange is Un-Islamic. However, here, you make it about the exchange not following your particular sect of Islam.

Gaurav Areng Chakraverti - Marketing ICO Advisor
--This man is NOT Muslim as his name clearly suggests it... According to Shariah this man is a non-believer so should he be onboard a Shariah compliant project?

Don't make foolish assumptions. Not every Muslim has an Arab name. There are people with Arab names like Usama who are not Muslim. Maybe he converted some time later during his life. Judging by your gross arrogance/ignorance about this matter, I sense that you may be a Muslim of the Arab nationalist variety, probably of the Salafist/Wahabbi school of thought. I won't make assumptions though, so that's merely a guess. You should specify which sect you are expecting the exchange to be.

Your other points are quite relevant though. There can never be such a thing as an "Islamic bank" or "Islamic exchange", because capitalism is Un-Islamic by its predatory nature.

I made no assumptions or foolish assumptions but by virtue of you stating I did - it is you that made assumptions.

[TheRealAwesome31312]

Sulaiman Al-Fahim - Advisor on Investment and Strategic Development
--If he is Muslim which sect of Islam does he follow?

Sect really doesn't matter. Your objection is that the exchange is Un-Islamic. However, here, you make it about the exchange not following your particular sect of Islam.

Gaurav Areng Chakraverti - Marketing ICO Advisor
--This man is NOT Muslim as his name clearly suggests it... According to Shariah this man is a non-believer so should he be onboard a Shariah compliant project?

Don't make foolish assumptions. Not every Muslim has an Arab name. There are people with Arab names like Usama who are not Muslim. Maybe he converted some time later during his life. Judging by your gross arrogance/ignorance about this matter, I sense that you may be a Muslim of the Arab nationalist variety, probably of the Salafist/Wahabbi school of thought. I won't make assumptions though, so that's merely a guess. You should specify which sect you are expecting the exchange to be.

Your other points are quite relevant though. There can never be such a thing as an "Islamic bank" or "Islamic exchange", because capitalism is Un-Islamic by its predatory nature.

I made no assumptions or foolish assumptions but by virtue of you stating I did - it is you that made assumptions.

"This man is NOT Muslim as his name clearly suggests it"

This is a textbook example of an assumption mate. You literally assumed this man isn't Muslim simply because of his name.  I don't know how much more I can dumb this down tbh.

[JollyGood]

Sulaiman Al-Fahim - Advisor on Investment and Strategic Development
--If he is Muslim which sect of Islam does he follow?

Sect really doesn't matter. Your objection is that the exchange is Un-Islamic. However, here, you make it about the exchange not following your particular sect of Islam.

Gaurav Areng Chakraverti - Marketing ICO Advisor
--This man is NOT Muslim as his name clearly suggests it... According to Shariah this man is a non-believer so should he be onboard a Shariah compliant project?

Don't make foolish assumptions. Not every Muslim has an Arab name. There are people with Arab names like Usama who are not Muslim. Maybe he converted some time later during his life. Judging by your gross arrogance/ignorance about this matter, I sense that you may be a Muslim of the Arab nationalist variety, probably of the Salafist/Wahabbi school of thought. I won't make assumptions though, so that's merely a guess. You should specify which sect you are expecting the exchange to be.

Your other points are quite relevant though. There can never be such a thing as an "Islamic bank" or "Islamic exchange", because capitalism is Un-Islamic by its predatory nature.

I made no assumptions or foolish assumptions but by virtue of you stating I did - it is you that made assumptions.

"This man is NOT Muslim as his name clearly suggests it"

This is a textbook example of an assumption mate. You literally assumed this man isn't Muslim simply because of his name.  I don't know how much more I can dumb this down tbh.

Well each to their own. You continue to hold your views and I continue to hold mine.

Regarding the scam exchange called Adab Solutions, feel free to contribute any comments about them scamming bounty participants and about their structure.

[JollyGood]

Does anybody have any update regarding the Adab Solutions scammers either from any press release or from their scam Telegram?

[JollyGood]

Good job JollyGood, your hunch has been correct so far.

Of course we still have to wait 33 more days to see if they actually deliver an exchange or not... My bet is its going to be a lot longer of a wait than that, if they ever do release an exchange.

The whole thing reeks of immoral ineptitude.

Yes "The whole thing reeks of immoral ineptitude" especially when you add to the mix that a bunch of imbeciles with a shady past decide to launch a "religious" project despite being non-religious themselves.

Well 30th August 2019 has come and gone but there is NO exchange. They are still pushing their MVP: https://mvp.adabsolutions.com/exchange

They made no announcement on their website or press releases about the reasons for delay. As of today they are 20 days over time and still have NO exchange 

[robelneo]

Good job JollyGood, your hunch has been correct so far.

Of course we still have to wait 33 more days to see if they actually deliver an exchange or not... My bet is its going to be a lot longer of a wait than that, if they ever do release an exchange.

The whole thing reeks of immoral ineptitude.

Yes "The whole thing reeks of immoral ineptitude" especially when you add to the mix that a bunch of imbeciles with a shady past decide to launch a "religious" project despite being non-religious themselves.

Well 30th August 2019 has come and gone but there is NO exchange. They are still pushing their MVP: https://mvp.adabsolutions.com/exchange

They made no announcement on their website or press releases about the reasons for delay. As of today they are 20 days over time and still have NO exchange  

Would like to give you an update since it's been 11 days and people here on Bitcointalk should also get an update because they are banning people who ask and very persistent in their questions, there is still no Fice market to talk about, it's still in the testing stage.

The testing stage should be after they get funded and they have been funded months ago, and I read from one conversation that some developers and administrators are on a business trip, I don't think it's a business trip it's more of a pleasure trip, but surprisingly some investors are holding on to their promises.

[JollyGood]

Would like to give you an update since it's been 11 days and people here on Bitcointalk should also get an update because they are banning people who ask and very persistent in their questions, there is still no Fice market to talk about, it's still in the testing stage.

The testing stage should be after they get funded and they have been funded months ago, and I read from one conversation that some developers and administrators are on a business trip, I don't think it's a business trip it's more of a pleasure trip, but surprisingly some investors are holding on to their promises.

Yes they wrote on their Telegram that their team leaders had gone on a business trip, all that while they are behind schedule of their launch.

Even if the exchange is launched there is nothing religious about it, it is just a vehicle for the scammers to get rich.

In the end, it is a peatio based exchange which they hired a freelancer to code for them and nothing else.

[robelneo]

There's a massive pump of Adab in Bitforex right now https://www.bitforex.com/en/spot/adab_eth, time to dump your coin here could be a manipulation of the market or wash trading coming from Bitforex, but the so called Fice is not yet launching and I don't know when they will launch or they will not.

[JollyGood]

There's a massive pump of Adab in Bitforex right now https://www.bitforex.com/en/spot/adab_eth, time to dump your coin here could be a manipulation of the market or wash trading coming from Bitforex, but the so called Fice is not yet launching and I don't know when they will launch or they will not.

https://www.bitforex.com/en/spot/adab_btc

They are scammers. There is no exchange, no product. Even if the launch their very delayed exchange the fact is it is not a religious exchange because the owners are not religious and anybody earning income from illicit, illegal and immoral sources is free (without investigation) to send their crypto to Adab Solutions after the exchange opens just as they did when participating in the ICO.

[robelneo]

There's a massive pump of Adab in Bitforex right now https://www.bitforex.com/en/spot/adab_eth, time to dump your coin here could be a manipulation of the market or wash trading coming from Bitforex, but the so called Fice is not yet launching and I don't know when they will launch or they will not.

https://www.bitforex.com/en/spot/adab_btc

They are scammers. There is no exchange, no product. Even if the launch their very delayed exchange the fact is it is not a religious exchange because the owners are not religious and anybody earning income from illicit, illegal and immoral sources is free (without investigation) to send their crypto to Adab Solutions after the exchange opens just as they did when participating in the ICO.

I'm just surprised at the price I wonder will the coin command a good price if they finally release their platform FICE,  we cannot control the enthusiasm of investors here, they are on a buying spree even before they launch their platform, this is a risky behavior, even if the developers of Adab guaranty the release of the FICE platform, they should at least wait than buy the news.

[JollyGood]

https://www.bitforex.com/en/spot/adab_btc

Since my last post around 24 hours ago the fact of the matter is some scammers pumping were selling/buying at 0.00000399 BTC but are now at 0.00000135 BTC

Typical pathetic scammers pumping and dumping even though they have no product, no exchange and no reputation.

[robelneo]

https://www.bitforex.com/en/spot/adab_btc

Since my last post around 24 hours ago the fact of the matter is some scammers pumping were selling/buying at 0.00000399 BTC but are now at 0.00000135 BTC

Typical pathetic scammers pumping and dumping even though they have no product, no exchange and no reputation.

There's a possibility that there's not going to have an exchange at all they are still in the process of applying for a license and this can take longer, they should have done so even when they are in the crowdfunding stage, this is the announcement coming from their manager in their telegram channel, so what if their application is reject?

Brother, regulation in each emirate might totaly differ from one another, the company is registered in Ras Al Khaimah. Now we are applying for exchange license in Bahrain.

[JollyGood]

There's a possibility that there's not going to have an exchange at all they are still in the process of applying for a license and this can take longer, they should have done so even when they are in the crowdfunding stage, this is the announcement coming from their manager in their telegram channel, so what if their application is reject?

Brother, regulation in each emirate might totaly differ from one another, the company is registered in Ras Al Khaimah. Now we are applying for exchange license in Bahrain.

What is there to say apart from it being an absolute farce.

Think about it, a Princess of Ras Al Khaimah (Sheikha Fatima Ras al Khaimah) has been plastered all over their promotion work yet they did not get a licence from the emirate of the same princess they have added as a co-founder. The whole thing is as pathetic as their claim to be a "Shariah compliant" exchange. How can a crypto exchange be religious when the people that set it up are not religious themselves and they are happy to accept funding from any illegal and illicit source including those earning from drugs/narcotics and from pimps, prostitutes and anything else.

Can you spot the mistake they made when they added her details in the whitepaper? Very unprofessional, pathetic: https://adabsolutions.com/docs/wp/en_wp.pdf

Their whitepaper and website have seen many transitions when it comes to adding the "team" details. Sulaiman Al-Fahim has gone from being listed as an Advisor to co-Founder. And long after the 9 month long ICO started Sheikha Fatima Ras al Khaimah was added to the team list too.

[robelneo]

I'm still in their telegram channel maybe they will ban me in the future, still checking the development on https://ficemarket.com/ Adab is worth $0.11 but on exchanges where it is traded it's below 1 cent, they pegged the price at $0.11 in their own exchange,  I've tried to login in their exchange, I have signed up some three months ago, but it's not sending me a link to change password and if you sign up, there is no verification coming.

Their developer and support are lagging in addressing problems with their exchange, there's a lot of risk depositing here, if you are a trader, be careful depositing here, it's not yet well coded.

[JollyGood]

I'm still in their telegram channel maybe they will ban me in the future, still checking the development on https://ficemarket.com/ Adab is worth $0.11 but on exchanges where it is traded it's below 1 cent, they pegged the price at $0.11 in their own exchange,  I've tried to login in their exchange, I have signed up some three months ago, but it's not sending me a link to change password and if you sign up, there is no verification coming.

Their developer and support are lagging in addressing problems with their exchange, there's a lot of risk depositing here, if you are a trader, be careful depositing here, it's not yet well coded.

Thank you for the post and information.

One of the problems is that they pushing a narrative that they will get a trading licence from Bahrain but how is that possible when an alleged Princess from the UAE who is listed as a co-founder (somewhat late) has not been able to give them a trading licence in her own country? They are pushing this story because they want to suppress the obvious resentment that will come their way when token holders eventually give up and fight back.

They will drag this nonsense out for as long as they can before they announce they will close the exchange project because of lack of licence and big legal issues. They will promise to return funds but will run-off and pocket a few million for themselves.

[smyslov]

Looks like a lost cause to me, Fice if I am right means First Islamic Crypto Exchange, they should have no problem establishing one if they adhere to the teaching of Islam, our Muslim brothers can easily set up one because they have the funds and they are guided by good teaching I don't think it deserves the name First Islamic Crypto Exchange run by the developer of this project.

But honestly they need one, here in our country we have one and we are a third world country, if another Muslim developers who adhere to Islam teaching can set up one it should be bonded by Islamic teaching.

I am not a Muslim but I have a high respect to Muslim for what they are bringing to the Cryptocurrency community.

[robelneo]

Finally, ICOBENCH is now doing their job as a review site they now tagged Adab as a suspicious ICO you can check it here

https://icobench.com/ico/adab-solutions, the reason could be the many excuses they are giving to their investors, it's been 6 months until now there are ow exchange or platform

[JollyGood]

Looks like a lost cause to me, Fice if I am right means First Islamic Crypto Exchange, they should have no problem establishing one if they adhere to the teaching of Islam, our Muslim brothers can easily set up one because they have the funds and they are guided by good teaching I don't think it deserves the name First Islamic Crypto Exchange run by the developer of this project.

But honestly they need one, here in our country we have one and we are a third world country, if another Muslim developers who adhere to Islam teaching can set up one it should be bonded by Islamic teaching.

I am not a Muslim but I have a high respect to Muslim for what they are bringing to the Cryptocurrency community.

You can read through the forum and you can visit their Telegram. The whole thing is a scam that was started with a view to making the trio owners from Uzbekistan/Kazakhstan rich overnight through the tokens sale regardless of whether the project was a success or not.

[JollyGood]

Right now their website is down. I have not looked in to their scam for many months but when I visited their website just now I found an alert and their SSL is just not installed properly. Everybody who wants to deal with them should really proceed with extreme caution because Adab Solutions are scammers !

[nutildah]

Yep, you called it from the beginning: it was all a big scam. I took a look at the Telegram group and people were pretty pissed all the way back in December. Its token price had dropped from 10 cents at ICO to $0.005 by December, and it is currently at $0.000034 cents. LOL.

I think the moderator of the channel abandoned and hardly anyone posts there anymore. The Facebook group has been deleted and their Twitter hasn't posted anthing since Dec. A particularly vile scam as it was preying on the religious... But then again the whole thing looked scammy as fuck from the getgo.

[JollyGood]

Yes nutildah I was shouting from the rooftops about this scam from day one but sadly those taking part in the (useless) bounty campaign were championing the cause and allowed the scam to fester.

I feel sorry for investors, both those that invested thinking this was some religious project and those that were purely interested in investing regardless. Thinking about $0.000034 per ADAB token is beyond a joke considering these fools were promoting multi-billion potential investment portfolios in the coming years.

Their whole "FICE" concept was trash from the start.

If their Facebook has been deleted and their website is dead, if their Telegram is abandoned it means they must have tried to pocket as much cash as possible before they carried out their scam. Considering they registered in the UAE where long jail sentences are common for financial fraud (and the UAE have extradition treaties with many countries), I hope the Uzbek/Kazakh trio of brothers that started this scam are the first to get very long jail sentences when investigators start to pick through what happened and how the scam was facilitated.

Yep, you called it from the beginning: it was all a big scam. I took a look at the Telegram group and people were pretty pissed all the way back in December. Its token price had dropped from 10 cents at ICO to $0.005 by December, and it is currently at $0.000034 cents. LOL.

I think the moderator of the channel abandoned and hardly anyone posts there anymore. The Facebook group has been deleted and their Twitter hasn't posted anthing since Dec. A particularly vile scam as it was preying on the religious... But then again the whole thing looked scammy as fuck from the getgo.

[aioc]

Yes nutildah I was shouting from the rooftops about this scam from day one but sadly those taking part in the (useless) bounty campaign were championing the cause and allowed the scam to fester.

I feel sorry for investors, both those that invested thinking this was some religious project and those that were purely interested in investing regardless. Thinking about $0.000034 per ADAB token is beyond a joke considering these fools were promoting multi-billion potential investment portfolios in the coming years.

I was one of the participant on first part of the bounty campaign, but when I saw your post about  Adab I di not think twice to take out the signature and find another one, they send the rewards to bounty hunters but bounty hunters only got 40% of the bounty hunters and majority did not get there share, half of that Adab is still stuck in my wallet because the price is a sore to the eyes.
After Adab I stopped doing ICO bounty and join Bitvest i don't want to encounter another ADAB again.

[JollyGood]

Here is the latest with Adab Solutions. Even their domain has expired.....

Even their bounty program was a scam, their whole premise about scamming people under the guise of religious investment was a farce. They deserve jail time for their scam.

I was one of the participant on first part of the bounty campaign, but when I saw your post about  Adab I di not think twice to take out the signature and find another one, they send the rewards to bounty hunters but bounty hunters only got 40% of the bounty hunters and majority did not get there share, half of that Adab is still stuck in my wallet because the price is a sore to the eyes.
After Adab I stopped doing ICO bounty and join Bitvest i don't want to encounter another ADAB again.

[tippytoes]

-

Here is the latest with Adab Solutions. Even their domain has expired.....

Even their bounty program was a scam, their whole premise about scamming people under the guise of religious investment was a farce. They deserve jail time for their scam.

You are very right about these scammers. When I first encounter this project, I had the same impression also that they were just using this Islamic stuff. Users should learn their lessons about this religious-related projects. Because the truth is, they don't really care about whether its islamic/catholic, etc. But it's all about the money that they can rip off from those naive religious "devotees".