UAE-registered ADAB Solutions plans to issue its own Shariah-compliant cryptocurrency and is targeting to raise a maximum of $18.7 million by the end of its initial coin offering (ICO) period on Dec 28, the company's deputy CEO of Islamic finance Maxat Salpyn told Salaam Gateway.
ADAB Solutions will kick off the ICO with a public pre-sale on Oct 18 with ADAB tokens priced at $0.10 each. The pre-sale will run until Nov 8, following which the offering will then be open to crowdsale until Dec 28.
The ICO public pre-sale was initially planned for Sep 6 but Salpyn told Salaam Gateway that only 10 percent of the more than 700 registered participants for the private pre-sale placement had made payments.
“This means that the remaining 90 percent did not have time to buy the company tokens. Therefore, we decided to postpone the date of our ICO and set up a new pre-ICO period,” Salpyn told Salaam Gateway in an email.
He added that the postponement of the public ICO will allow the company to better prepare for the ICO.
ADAB solutions is a project creating the first Islamic crypto exchange (FICE) based on the Shariah laws. The platform follows the moral and cultural Islamic values while providing access to all users of crypto currencies. The project will be registered in the UAE while the exchange platform (FICE) will be registered in Switzerland to enable exchange of cryptocurrency to fiat. The main aim of the project is to reduce the ethical uncertainty of the Islam community on the crypto industry in order to increase their participation in this first growing industry.
FICE will have the capability to handle up to 3 million transactions per second making one of the fastest in the industry. Its functionality will include key functions of crypto exchange, spot trade, technical analysis, unlimited withdrawal of funds among others. It will initially support trading pairs in BTC and ETH while other cryptocurrencies will require approval from the Shariah Advisory Board. It will also support cross-platform trading clients for both PC and mobile devices.
Studies into the cryptocurrency market among Islam commenced in June with the goals and objectives that lay the foundation for ADAB solutions being formed in September 2017. The white paper was prepared between December 2017 and May 2018 and the registration of the exchange is set for October 2018.
- The first exchange compliant with the norms of Islam
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.
- Intended for a huge audience
Islamic Ummah covers more than 120 countries in Europe, Western, Central, South and South-East Asia and North Africa. In 35 of these Muslims are in the majority of the population. In 28 countries, including Egypt, Saudi Arabia, Morocco, Kuwait, Iran, Pakistan and others, Islam is a state religion.
- Forming a new market system
The project applies to crypto-economy values based on the norms of the Shariah and the principles of Islamic finance. These values will become the basis for self-regulation of the crypto market and will increase the level of confidence in key cryptocurrency instruments.
- Project design and safety
The project is built on the highest security standards and unique technical software solutions in conjunction with safe and reliable jurisdictions.
To Be Able to ADAB Solutions as a currency Job It’s Intended to implement the following Steps:
The project’s progression will be contingent on the efforts of their job and the organizers. According to the standards of integrity, it’s right that the origin of riches is the efforts that are entrepreneurial and labour inputs.
First Islamic Crypto Exchange will exclude the possibility of margin trading, trades and trading surgeries which don’t correspond to Shariah. This may exclude Maisir and the Gharar and Riba in this Exchange’s job.
Platform capable to manage million requests per minute FICE one of the crypto exchanges. Users of FICE is going to be ensured that their software won’t ever be frozen as a result of congestion of their platform.
ADAB Solutions is based on make a stage for jobs that were halal, to operate with the standards of Islamic fund and Islam. Our job is to assist Muslims and crypto-investors’ neighborhood to comprehend what doesn’t and what from the marketplace that the cryptocurrencies is compliant with all the Shariah principles.
ADAB Solutions profits from the simple fact that this undertaking will normally benefit the current market, because halal jobs in their character have value and usefulness, and also their definition will probably give rise to the evolution of helpful ideas and a drop in the amount of jobs on the current market, which can be haram in its own essence.
Adab said to achieve this high standard; the company will utilize the in-house Shariah Advisory Board to ensure that Islam is finally included in the global cryptocurrency market.
Shariah Advisory Board (SAB) is the independent body represented by internationally recognized Shariah experts, which will provide inputs on Shariah matters for the FICE to comply with Shariah principles at all times. These new standards set forth by the FICE will ensure an enhanced quality of assets on an exchange, as well as the enhanced inclusion of Islamic cryptocurrency enthusiasts and traders.
Adab tokens issued during the pre-ICO and ICO “will be used to serve as a key to accessing the services of the exchange and all commissions within the FICE will be paid only in Adab tokens,” the company said.
ADAB solutions integrates the Islamic management model into its business and risk management systems. It will also incorporate the Shariah Advisory Board to oversee compliance with the Shariah norms. ADAB tokens will be the platforms native currency and will provide access to the services provided by ADAB solutions. Security will be guaranteed through a secure development life cycle (SDL). It will implement threat modeling and STRIDE analysis, static code analysis (SAST), dynamic code analysis (DAST) and hacking testing.
Funds raised from the sale of ADAB tokens will be used to finance and build ADAB Solutions’ own blockchain-powered First Islamic Cryptocurrency Exchange (FICE), which is scheduled for an official launch in mid-2019. The company is forecasting a daily trading volume of about $146 million on FICE and a monthly turnover of $4.4 billion during the first year and a half of operations of the exchange, it said in its whitepaper.
“To avoid riba and gharar on our Exchange we will use different types of quantitative ICO screens, like limits on debt-to-asset ratios, interest-related income, and monetary assets,” said Salpyn.
The company is still working out the Exchange’s rules of engagement.
Salpyn said futures trading will be prohibited but other trades are still being considered.
“We will probably also prohibit margin trading on the Exchange, as this is a very risky (and complicated) practice, as one can lose more than what he has borrowed,” said Salpyn.
“Short-selling can be prohibited, as this transaction involves huge risk that almost has no upper limits and from Shariah point of view you cannot sell what you do not possess,” he added.
These restrictions arising from the need to comply with Shariah will also exclude low-quality assets on the exchange.
Payment of commissions within FICE will be accepted only in ADAB tokens, which are key to accessing the services of the platform.
The final decisions on all trading matters will rest with the FICE Shariah Advisory Board, which is yet to be formed.
The initial coin offering will be held between July 15th and November 23rd at an initial cost of USD 0.1 a unit. ADAB tokens will only be released during this period and no further tokens can be created or mined. ADAB forecasts a daily trade volume of USD 140 million and a turnover of USD 4.2 billion within the first 18 months of the exchange’s operations.
Parameters Of The ICO
Token Symbol: ADAB
Token Sale Date: Present – 11/15/18
Token Price: $0.01
Accepted Payment Method: ETH, BTC
Total Supply: 480,000,000
Token Standard: ERC20
Soft Cap: $2,500,000
Hard Cap: $18,700,000
Website: http://adabsolutions.com/
Whitepaper: https://adabsolutions.com/pdf/WhitePaper_of_ADAB_Solutions.pdf
Telegram: https://t.me/Adabsolutions
Facebook: https://www.facebook.com/adabsolutions
Twitter: https://twitter.com/AdabSolutions
Medium: https://medium.com/@adabsolutions
Reddit: https://www.reddit.com/r/adabsolutions/
Author : Hylon Hex
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