In the Muslim world, cryptocurrency is not compliant with Sharia Laws by default. Religious debates have been going on ever since the rise of Bitcoins and its technology of blockchain. However, things have changed in a positive manner where new cryptocurrencies backed by gold which are compliant with the Sharia law have been launched.
You have to understand that the in the Islamic faith, the Sharia concept more specifically states that the economic activity activities should never be based on speculation and hype. The Sharia states that physical and real assets are the only measure of the economic value. Bitcoin and other cryptocurrencies do not fall into this category, as they are intangible and are based on speculation.
Because of this Islamic religious hurdle, it was with no doubt that cryptocurrencies like Bitcoin would never be compliant with the Sharia Law. There has not at all been an official law banning you as a Muslim not use cryptocurrencies or involve in trading this form of money in Islamic countries. But they have been problems that some people found themselves in trouble after involving themselves in trading of Bitcoins in Islamic countries, i.e. two imams fired after their involvement in Bitcoin and other few cryptocurrencies.
This led to Islamic governments to issue strong warnings on cryptocurrencies and their form of using speculative aspect. This was not something out of the usual despite the fact the warning was issued in other non-Islamic countries as well. Religious and government leaders were aware that they will never prevent you from using cryptocurrencies no matter what they do.
Then recently you are likely to have seen the rise of a new type of Sharia-compliant cryptocurrencies that have made their way into Islamic countries. One of the major companies known as ADAB solutions based in UAE has launched the First Islamic Crypto Exchange (FICE) that provides cryptocurrency services in trading and investment based on Sharia Law. In FICE platform every coin you trade or invest is backed up by a physical asset.
FICE has also launched its crypto token known as ADAB which you can use to trade and invest within the platform. This token is also used when paying commissions and profits with the platform. ADAB Solutions guarantee its users that you will be trading and investing in a platform that conducts its transactions within the Sharia law. Every service and transaction you make will be monitored to make sure that no haram activities can go through the platform. This will ensure your safety as well as the safety of the investment you made.
It is important that Sharia compliance is so important to Muslims when it comes to cryptocurrencies and any other kind of money. FICE has stood out and helped you and other 1.8 billion people in the Muslim world that was left out when it comes to the crypto exchange. ADAB solutions insist that its platform is not only meant for Muslims only but anyone who is willing to trade and invest safely is welcome.
Links to project:
official website: http://adabsolutions.com
whitepaper: https://adabsolutions.com/pdf/WhitePaper_of_ADAB_Solutions.pdf
Facebook page: https://www.facebook.com/adabsolutions
Twitter: https://twitter.com/AdabSolutions
Telegram channel: https://t.me/adabannouncement
Reddit: https://www.reddit.com/r/adabsolutions
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