Thursday, 20 Jun 2019
Business

Foremost Shariah-Compliant Crypto Exchange Ready For Setup In The UAE

The very-first cryptocurrency exchange compliant is supposedly going to be unveiled by a UAE-based firm, ADAB Solutions, with Shariah law. The assignment is opportunely given the title the First Islamic Crypto Exchange (or FICE).

Foremost Shariah-Compliant Crypto Exchange Ready For Setup In The UAE

This cryptocurrency exchange will function worldwide and it aims to advance the participation of Muslims and Islamic finance users in the market for the cryptocurrency. Reportedly, this will turn out to be the foremost digital asset exchange that will be executing the transactions in keeping with the rules of the Islamic finance.

CEO and founder of ADAB solutions, Timur Turzhan, said, “Thoughts that match up to the standards of the Shariah are founded on the comprehensible material worth, have a clear business approach, and this enables us to assert with poise that halal projects are outstandingly safer and successful compared to the several cryptocurrency initiatives.”

An internal Shariah Advisory Board will be employed by the cryptocurrency exchange, which consists of the international Shariah professionals. They will be assigned with conforming to the rules of the Islamic legislation.

Moreover, the United Arab Emirates is making severe development when taking into consideration the blockchain technologies. Dubai, earlier in January, declared that it aims to unveil at least twenty blockchain-based services in 2018 only. The biggest bank of the emirate has clinched the pioneering technology to decrease con associated with checks.

In addition, the transportation administration of Dubai has also released plans to develop a vehicle management system anchored in blockchain technology. This would enable the owners to keep an eye on their vehicle all through the complete time of its subsistence.

Also, Securrency, a supplier of financial technology products based in the US for the trading of securities and tokenized issuance, is all ready to launch a crypto-asset business within the new Abu Dhabi Global Market regulatory framework in the capital of UAE.

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