Crypto News

Bitcoin Continues Making Inroads in Islamic Finance

Exposing more consumers, corporations, and investors to the cryptocurrency industry can be done in multiple ways. One area often overlooked is Islamic finance, even though it can play a major role of importance. The First Islamic Crypto Exchange is an example of what the future may hold for Bitcoin and other cryptocurrencies.

Bitcoin and Islamic Finance

On paper, it will be very difficult for Bitcoin and other cryptocurrencies to gain traction within the Islamic finance industry. By default, Islamic finance does not encompass speculative investment vehicles or assets that investors obtain to secure future profits. It is very different from how the rest of the world works, but profit is not a top priority in countries adhering to these financial guidelines.

Despite these potential drawbacks, there is a growing demand for exposure to Bitcoin and altcoins in Islamic countries. This has caused some friction in the past. Not that long ago, two imams were relieved of their duties for advising their congregation to invest in Bitcoin and other speculative cryptocurrencies. It is another example of how Islamic beliefs and Bitcoin may not mix all that well.

Unlike what most people may assume, though, Bitcoin can still be Shariah-compliant. It is this fact which has allowed Adab Solutions to launch the First Islamic Crypto Exchange. This particular trading platform is fully Shariah-compliant and will expose users to the various aspects of cryptocurrencies which people are accustomed to in the rest of the world.

The First Islamic Crypto Exchange will differentiate itself by leaning on its in-house Shariah Advisory Board. This will ensure that Islam is fully included in the cryptocurrency industry now and in the future. The Shariah Advisory Board is an independent body comprised of international Shariah experts. It is a new standard for the cryptocurrency industry as a whole and one that will create a lot of new business opportunities moving forward.

Despite targeting the Islamic community, the First Islamic Crypto Exchange will conduct an initial coin offering. By raising additional funding in such a manner, the company will be able to keep growing and evolving. Investors purchasing these tokens will be given access to all services provided by the exchange. Additionally, commissions paid to users of the FICE will come in the form of Adab tokens.

By gaining traction in the Islamic finance industry, Bitcoin and altcoins can achieve a lot of growth in the years to come. It remains unclear how big this market will be when everything is said and done, but there is no reason to miss out on potential key markets at this crucial stage. No official launch date for the FICE has been announced as of yet, although it will not happen until the ICO is concluded.  


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