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 an incipient topic that not much had been relinquished on it from Islamic philomaths, and there is no official position yet by astronomically immense Islamic finance organisations. But there is an incrementing number of financial accommodation companies that start utilizing such modern technologies in a quest to tap the potential of categorically 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 albeit its subsistence proves itself when a transaction is made because value is engendered. Those who study Bitcoin’s cognation with Islamic finance are expeditious to expound 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 requisite impeccably. Compared to paper mazuma, which just has an concurred-upon value and the authentic value (of the paper) is proximate to nothing and which is prone to damage, loss, larceny and illicit duplication, Bitcoin’s intrinsic value cannot be modified in any way.
Moreover, Bitcoin and other digital currencies are considered asset-predicated as opposed to the fiat monetary system in utilization today in conventional finance which is debt-predicated. The majority of today’s fiat mazuma is engendered in the form of loans from within the banking system, whereby Bitcoin is engendered in inhibited volume through a mining process with genuine computer power and does not involve debt engenderment, optically discerned 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 philomaths to express the view that Bitcoin and kindred cryptocurrencies are genuinely “more halal” than paper mazuma because of the lack of debt and the fact that blockchain-technology predicated transactions owing to their crowd character represent the peril- or profit-loss sharing principle of Islamic finance far better that paper mazuma transactions since there is withal no investor-borrower control as with mundane financing.While in the analogue world most of Islamic banking transactions involve profit-and-loss sharing contracts, Blockchain transactions are predicated on astute contracts through the blockchain process which makes Bitcoin & Co an ideal Shariah-compliant financial implement.
Today, there is no one cryptocurrency exchange, that would assure the activity predicated on the principals of Shariah. Adab Solutions will be the first project that will sanction cryptocurrency transactions in accordance with the principles of Islamic finance and on the substructure of Shariah norms.The Shariah Advisory Board, acting on an perpetual substratum, 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 ensured to work in accordance with the norms of the Shariah, keeps a paramount number of Muslim investors from entering the cryptocurrency markets. Engenderment of cryptocurrency platform of ADAB Solutions, First Islamic Crypto Exchange and introducing the Shariah Advisory Board will sanction the formation of an intrigued community, which will formalize the work of cryptology predicated on Shariah norms in a systemic way. Ethical dubiousness of Muslims regarding the admissibility of work on the crypto market leads to distancing and, as a consequence, to non-involution of virtually 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 substructure of Shariah norms and we are the first company that solves this quandary. Development of incipient markets. Adab Solutions – will magnetize millions of users who have not aforetime invested in crypto assets and this will benefit the entire crypto-economy that will increment with incipient participants, who anteriorly just visually examined 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 decrement, and the price will elevate.
High potential of magnification of the value of token. The expected magnification 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 acclimated to pay for commission and accommodations 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 sizably voluminous community, you not only share with us the benefits of entering the incipient expeditious-growing market of Islamic crypto-economics, but withal contribute to the development of an incipient areas of application of the Islamic financial system.
ADAB Solutions – is developing the FICE – First Islamic Crypto Exchange, predicated 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 moiety years of operation of the exchange.
As a result, the implementation of the ADAB Solutions project will engender an ecumenical 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 quandary 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