Adab Solutions Launches First Islamic Crypto Exchange

The United Arab Emirates is the latest country to join the movement, as Adab Solutions launches the first-ever Sharia-compliant cryptocurrency exchange.

UAE-based startup Adab Solutions is set to launch the First Islamic Crypto Exchange compliant with Sharia law, reports Trade Arabia.

To maintain compliance with Sharia law during operation, Adab Solutions will consult with an in-house Sharia Advisory Board comprised of internationally-renowned Sharia experts.

Given its finite supply and frictionless transferability, cryptocurrency is seemingly a fitting asset class in compliance with the tenets of Islamic law, which denounces financial systems that depend on usury.

Adab tokens will function as utility keys that unlock the trading platform and act as the default payment method for commissions paid on the exchange.

Recently, CryptoSlate reported that Saudi Arabia, a neighboring Islamic country, is prohibiting cryptocurrency trading for domestic residents.

Adab Solutions is not the only cryptocurrency to enter the Middle East.

On July 17, the Stellar network revealed that it is now permitted to service financial institutions that require compliance with Islamic financing principles.

Through the Sharia certification, Stellar became the first distributed ledger technology protocol to enter the money transfer and asset tokenization sectors in countries of the Middle East and Southeast Asia.

The Sharia certification extends to applications and use-cases for Lumens, Stellar's native cryptocurrency.