ADAB Solutions, a United Arab Emirates-based company, is reportedly set to launch the first Shariah-compliant Islamic cryptocurrency exchange.
The appropriately-titled First Islamic Crypto Exchange (FICE) will be, to date, the only cryptocurrency exchange which complies with Shariah law.
According to a press release, FICE is set to open Shariah-compliant cryptocurrency trading to 1.8 billion Muslims.
Despite being named First Islamic Crypto Exchange, the platform will reportedly be open users from all over the world and will not be constrained to only users of the Islamic faith.
An Untapped Market
Muslims have largely sat on the sidelines while awaiting more regulation and clarity in regards to how cryptocurrency trading and investment relates to Shariah law.
In order to attract this notably untapped market of potential users, FICE will reportedly feature an in-house Shariah Advisory Board comprised of international Shariah experts — which will work to guarantee that the exchange’s activity is compliant with the Islamic tradition’s religious law.
The official launch of the First Islamic Crypto Exchange is currently slated for July 2019.
What do you think about FICE’s plan to attract new Muslim cryptocurrency investors by utilizing an in-house Shariah Advisory Board comprised of international Shariah experts? Let us know in the comments below!
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