With the growing utilisation of fintech in the Islamic finance sector, the question arises what role digital currencies and blockchain technologies play in Shariah banking and – most of all – whether they are halal or not.This is such a new topic that not much had been released on it from Islamic scholars, and there is no official position yet by large Islamic finance organisations. But there is an increasing number of financial service companies that start using such modern technologies in a quest to tap the potential of particularly younger Islamic investors.
Another issue that Muslim people have with the concept of digital currency is that there is no physical representation of Bitcoin, at least not in tangible form although its existence proves itself when a transaction is made because value is generated. Those who study Bitcoin’s relation with Islamic finance are quick to explain that the cryptocurrency’s “intrinsic value” comes into play. Since the laws of Islam require halal currency to have such intrinsic value and to be backed by an asset, digital currencies seem to fit that requirement perfectly. Compared to paper money, which just has an agreed-upon value and the real value (of the paper) is close to nothing and which is prone to damage, loss, theft and illegal duplication, Bitcoin’s intrinsic value cannot be modified in any way.
Moreover, Bitcoin and other digital currencies are considered asset-based as opposed to the fiat monetary system in use today in conventional finance which is debt-based. The majority of today’s fiat money is created in the form of loans from within the banking system, whereby Bitcoin is created in limited volume through a mining process with actual computer power and does not involve debt creation, seen by some as “digital gold.” Thus, it can be described as an asset class and this fits well with the principles of Islamic finance.
It has even led some Islamic scholars to express the view that Bitcoin and similar cryptocurrencies are actually “more halal” than paper money because of the lack of debt and the fact that blockchain-technology based transactions owing to their crowd character represent the risk- or profit-loss sharing principle of Islamic finance far better that paper money transactions since there is also no investor-borrower control as with normal financing.While in the analogue world most of Islamic banking transactions involve profit-and-loss sharing contracts, Blockchain transactions are based on smart contracts through the blockchain process which makes Bitcoin & Co an ideal Shariah-compliant financial tool.
Today, there is no one cryptocurrency exchange, that would guarantee the activity based on the principals of Shariah. Adab Solutions will be the first project that will allow cryptocurrency transactions in accordance with the principles of Islamic finance and on the basis of Shariah norms.The Shariah Advisory Board, acting on an ongoing basis, will conduct in depth and systematic study of the cryptocurrency market and its elements for compliance with Shariah law. The absence of a cryptocurrency platform that would be guaranteed to work in accordance with the norms of the Shariah, keeps a significant number of Muslim investors from entering the cryptocurrency markets. Creation of cryptocurrency platform of ADAB Solutions, First Islamic Crypto Exchange and introducing the Shariah Advisory Board will allow the formation of an interested community, which will formalize the work of cryptology based on Shariah norms in a systemic way. Ethical uncertainty of Muslims regarding the admissibility of work on the crypto market leads to distancing and, as a consequence, to non-involvement of almost a quarter of the world’s population in the technologically innovative financial sector.
The first Islamic crypto platform. Adab Solutions makes it possible to perform cryptocurrency transactions in accordance with the principles of Islamic finance on the basis of Shariah norms and we are the first company that solves this problem. Development of new markets. Adab Solutions – will attract millions of users who have not previously invested in crypto assets and this will benefit the entire crypto-economy that will increase with new participants, who previously just watched its development from the sidelines. The lowest price for ICO. The initially issued number of tokens is the maximum and the final. Further the number of tokens will decrease, and the price will rise.
High potential of growth of the value of token. The expected growth in the client base and the volume of transactions on FICE is the direct driver of the price of the ADAB token, the only crypto currency, which can be used to pay for commission and services within the project. Contribution to the development of the Islamic financial system. By purchasing ADAB tokens now and participating in a project designed for a large community, you not only share with us the benefits of entering the new fast-growing market of Islamic crypto-economics, but also contribute to the development of a new areas of application of the Islamic financial system.
ADAB Solutions – is developing the FICE – First Islamic Crypto Exchange, based on the norms of Shariah. The projected volume of daily trading on the First Islamic Crypto Exchange is $ 140 million and a monthly turnover of $ 4.2 billion during the first one and a half years of operation of the exchange.
As a result, the implementation of the ADAB Solutions project will create a global infrastructure, that operates on the principles of Islamic finance, and the community that regulates the development of Islamic crypto-economics. ADAB Solutions will solve the problem of halal cryptocurrency transactions, providing access to the cryptocurrency market for the Muslim Ummah , which accounts for 22% of the world’s population and manages Islamic financial assets with a projected volume of 3.8 trillion USD.
Token & ICO Details
- Name of the token ADAB
- Total number of tokens – 500.000.000
- The price of the token is 0.1 USD
- Method of payment – BTC, ETH
- Soft Cap – 2.500.000 $
- Hard Cap -17.290.000 $
- Start – 25.07.2018 year
- The end is on 15.11.2018
- Minimum volume of sales – 1000 ADAB
For more information please visit :
Official website: http://adabsolutions.com/paperpaper
Whitepaper : https://adabsolutions.com/pdf/WhitePaper_of_ADAB_Solutions.pdf
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