FICE – The First Islamic Crypto Exchange
Good day cryptoworld
In this review, I will talk about a new crypto-exchange project. How is it different from a dozen of these? This exchange is focused on the world that has not participated in the development of the crypto community so far. Namely, I will talk about the Muslim world, the new exchange will be focused on it. I will explain why about 24% of people on the world can’t use the blockchain, although they have access to it, and what solution the ADAB Solution team found.
And to begin with, it is worth explaining why I paid attention to this ICO
In their own behavior Muslims are guided by the rules of Sharia. This is a set of rules and regulations that affect almost all spheres of human life, ranging from legal rules to household. Muslims, unlike other religious followers, do not allow themselves to depart from this set of rules of conduct, which was derived from Scripture.
Under these laws, Muslims are prohibited from giving money to grow or investing in prohibited activities (like gambling). In particular, the Sharia rules didn’t provide for rules regarding cryptocurrencies and blockchain technologies.
The project from the ADAB Solution team is aimed at the creation and inclusion in the active use of the norms concerning the use of cryptocurrencies by the Islamic community.
Fice is the first crypto-exchange that will operate based on Sharia law, which means that it allows Muslims to participate in the life of the crypto-industry.
Why is it a profitable project?
First of all, it is focused on the Islamic world, which is 1.8 billion people, which is 24% of the world's population.
Sharia law is respected in about 120 countries around the world.
Among the countries in which the predominant religion is Islam we can find such as:
Bahrain is a developed offshore sector, as well as an exporter of oil and gas
Brunei is one of the richest countries in the world, a major exporter of oil and gas
Qatar is a major exporter of oil and gas, a country that (according to reports 2012) has the highest average income per person
Kuwait is a major exporter of oil.
Maldives-one of the most expensive tourist centers in the world
The United Arab Emirates is a major exporter of oil and gas, the international economic center
Saudi Arabia is one of the largest oil exporters (Stabilizing producer of OPEC countries)
And many other rich countries. It is worth noting that these countries have high investment activity, which means that there is a huge layer of funds that can be poured into the crypto-industry, because the total amount of Islamic financial assets is 3.8 trillion. $
Since many investors from these countries live by Sharia standards, they didn’t have the opportunity to invest in highly liquid cryptocurrency assets. This problem is solved by the Fice -crypto-exchange, which allows to pour large amounts of money into the total trading volume for potential investors, which, in the long term, can even lead to a reversal of the falling trend.
1.8 billion people can’t engage in cryptocurrencies for reasons Of Sharia bans, and these are Fiat assets that can be used by ADAB as the first crypto-exchange, which is approved by the Islamic community ADAB Solution, which includes people included in the lists of honorary Muslims, and therefore, their opinion will be listened to.
You can see this team in full and read more about it on the ICO ADAB website (https://icomarks.com/ico/adab-solutions) or by direct link to the White list of the project - https://adabsolutions.com/pdf/WhitePaper_of_ADAB_Solutions.pdf (page 64)
The main reason for the creation of the blockchain was the creation of an environment with fully open transactions, however, due to the peak growth of prices last year and the huge earnings of permanent members of the crypto community, a lot of fraud and speculation schemes arose in the sphere.
Faci is a cryptocurrency exchange developed by the ADAB project, which will allow to avoid such risks as margin transactions and speculative transactions. And also will not allow to list projects related to gambling and financial pyramids, which allows Islamic crypto-enthusiasts to actively participate in the auction.
Because of the characteristics of ADAB are the following token
- Good growth potential associated with deflationary policy ( the number of tokens will be constantly reduced, which will lead to an increase in the price)
- In addition, the ADAB Solution Board is committed to sending 2.5% of annual profits and 5% of quarterly profits to charities.
- The token will be used to calculate the exchange's inter-trade Commission, which should lead to a decrease in the Commission
- Management in full compliance with AAOIFI standards (organization of accounting and auditing for Islamic Fiat structures) and IFSN (international body establishing standards and rules for Islamic banking systems)
If you want, you can watch the video presentation, which was presented at the Dubai international Blockchain Summit AUG 2018
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