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

[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

[1715225766]

1715225766

[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.