A Dubai based project, ADAB Solutions, is about to launch the FICE, First Islamic Crypto Exchange, which will operate as per the principles of Shariah law, which means it will respect the Islamic law regarding financial operations.
The ADAB solutions are predicting a bright future for the crypto exchange, the expectation of the firm is to touch $146 million daily trading and around $4.4 billion ‘per month’ turnover by the year 2020.
The First Islamic Crypto Exchange is not yet in the market but, it has got a lot of attention already. The project FICE attracted many crypto enthusiasts. The most interesting part is that FICE is ranked number one in the “TOP 10 ICO Projects” and has been the most efficient idea of the year 2018.
As per the firm, FICE is an opportunity for the crypto space to get into the Islamic world and will be the first-ever crypto exchange in the world which operates in respect with the financial Islamic principles.
However, the exchange will be led by the Department of Islamic Finance and Shariah Advisory Board. The first one will collect the cream layer of Islamic financial analysts, who will be given the task to study and authorized if the cryptos on FICE are “halal”. This would be done to avoid any violation of Shariah Law by the Muslim customers who will use the trading platform.
What makes FICE different from other crypto trading platform is that they don’t promote market manipulation.
As per the reports of Pew Research Center, there is a vivid future for the First Islamic Crypto Exchange (FICE), as there is around 2 billion population of Muslims in the world.
The Dubai based project is expecting to attract over 730,000 people after the launch of project FICE. By 2022, the team is planning to up the number by three times and to touch 1.8 million audiences of both Muslim and non-Muslims.