The Arabs were merchants from the most remote times. In the imperial era, they developed a great mercantile activity and became intermediaries in the commercial relations between the West and the East. Of the Hindus and the Malaysians they obtained spices, minerals, cotton, pearls, jade and other precious stones. The Europeans sold metals, weapons and slaves, while the Africans gave them gold, ivory and black slaves.
"The Islamic economy is rooted in the particular cosmovision of Islam and derives its premises-values from the ethical-social teachings of the Qur'an and the Sunnah." (Khurshid Ahmad)
The primary sources of Sharia - the Qur'an and the Sunnah - regulate the basic issues related to economic activity, on the basis of which Muslim scholars and economists formulated the key provisions of the Islamic economic model.
Islamic finances comply with Sharia law. This causes differences between the conventional and Islamic principles of financing.
When we talk about HALAL for those of us who are Westerners, we tell you that it refers to "the allowed practices",
Summarizing the above, we can conclude that the economic system of cryptocurrencies is not Haram or Halal in itself, it is a technology that can be converted to the benefit of Muslims, and in this case, it will become Halal.
However, violating the rules of Sharia through any action or technology is clearly Haram.
According to general economic laws, Islamic finances were developed on the basis of Sharia law.
It should be understood that Islamic finance is not a purely religious phenomenon. In some countries, Islamic banking products are also popular among the non-Muslim population.
Current opinions are favorable, such as that of Mufti AbdulKadar Barakatulla (Member of the Al-Ryan Bank Sharia Committee) "I am convinced that cryptocurrencies can be an effective tool for the development of Islamic finance."
In this sense, the ADAB Solutions project is developing the FICE (First lslamic Crypto Exchange) - First Islamic Exchange of Cryptocurrencies, based on the rules of Sharia.
The purpose of the ADAB Solutions project is the creation of a platform for cryptocurrencies, exchange and services that comply with the norms of Sharia and operate under the principles of Islam.
To do so, through a collection system via ICO, ADAB Solutions works firmly and decisively to create services based on the high moral and cultural values of Islam and will provide access to all users of cryptoeconomics. The principles and values of the project coincide with the principles on which the Islamic finances and the Sharia rules are based. The current Islamic economic model is one of the most dynamic areas of the modern economy, which moves actively beyond the Muslim countries.
This company will be registered under the jurisdiction of the United Arab Emirates (Umm al-Quwain). and if required to establish legally in another jurisdiction will give priority to the Swiss Confederation (Canton of Zug).
The World Bank (WB) believes that Islamic finance is an effective instrument for financing global development, including non-Muslim countries, which will solve the problems of poverty and promote global prosperity.
The growth of the Islamic finance sector stands at 12%, while the global market of Islamic finance assets has exceeded 2 Trillion Dollars.
The Islamic Ummah covers more than 120 countries in Europe, western, central, southern and southeastern Asia and northern Africa.
The market to which ADAB SOLUTIONS points is very important and in its forecasts it plans to handle a daily volume of 140 million dollars, estimating a monthly turnover of 4 200 Million dollars during the first year of operation.
To ensure that only accepted circuits can be marketed by Islam, you will create a BUREAU or COUNCIL of advisors
In order for laws to be enforced and a project to be HALAL, it must be respected that this is prohibited:
Operations are based on percentages, such as commercial and commercial banks and financial companies.
The operations include games of chance.
The activities include the production and / or sale of prohibited products (haram), such as liquors, or pork and animals not slaughtered by Sharia standards.
The operations contain elements of Gharar (uncertainty), as in conventional insurance companies.
The main activities of the companies should not conflict with the principles of Sharia, established in the above criteria. In addition, the proportion of illegal elements (haram) should be very small compared to the main activities.
The public perception or image of the company should be good and beneficial (generally profitable) for the Muslim community and the country, while the haram element (illegal) is avoided or is very small.
HOW DO YOU PLAN TO RESOLVE THIS:
The business efforts of the organizers and their work will be put into the development of the project. According to the rules of Islamic ethics, it is just that the source of any wealth is their own work, and the entrepreneurial efforts of their owner.
The First Islamic Exchange of Cryptocurrencies will completely exclude the possibility of speculative transactions, operations with margin and operations that do not correspond to the Sharia. This will exclude the Gharar, Maisir and Ribu from the work of the Exchange.
ADAB Solutions will complete and approve the evaluation of Islamic experts on compliance with Sharia law.
ADAB Solutions organizes the Sharia Supervisory Board under the First Islamic Exchange of Cryptocurrencies.
ADAB Solutions will adhere to the documents and procedures, prepared on the basis of a serious analysis, that regulate the work of the company with cryptographic assets in accordance with the rules of Sharia.
The perception of the public or the image of the company must be good.
The main activity of the company is important and it is Maslahah (profitable in general) of the Muslim Ummah and the country, while the haram element (illegal) is absent or very small. The main activities are related, combining the benefits of social development and investment opportunities based on the distribution of benefits and losses for a wide range of entrepreneurs and investors.
The level of interest (income) received from fixed deposits in conventional financial institutions and other investments in remunerated accounts does not exceed the levels established by the SAC.
Only crowdfunding on the basis of credit does not comply with Islamic law. The other forms of crowdfunding are fully compatible with Sharia and are actively used in Islamic finance.
ADAB Solutions guarantees that the exchange of the FICE (First lslamic Crypto Exchange) will be prohibited on:
to. Credit transactions using interest,
b. Transactions with interest,
c. A gain on the debt (riba-nasiya), and
d. A gain in the exchange (riba-fadl).
and. ADAB Solutions guarantees that FICE will have a range of margin transactions with significant uncertainty (gharar).
As it also guarantees the absence of excess Gharar in transactions (al-gharar al-kas go). Gharar (or speculative, excess risk) is not acceptable according to Sharia law. All types of transactions that will be technically possible in the exchange will be verified for a Gharar by the Sharia Consultative Board. In the FICE, under no circumstances will transactions be carried out to manipulate the market. This ensures compliance with the condition of sharing the risk of losses and gains between the parties to the transaction, in the case of operations that involve such risks
Create The Sharia Advisory Council, which will oversee the conformity of ADAB Solutions practice with the norms and principles of Islamic law;
The Sharia Advisory Council is a department composed of experts in the field of investment, technology and Islamic finance that, in accordance with the Regulations of the Islamic Financial Council, guarantees to ADAB Solutions the compliance with the norms of Islam in the execution of the activities of the FICE, the enumeration of the cryptographic assets publicly offered and the development and approval of the rules and regulations that govern the activities of the exchange.
The members of the Council are authorized experts in the field of Islamic law and Islamic finance, experts in the field of Islamic banking and the cryptocurrency market. The minimum composition of the Board is at least 3 permanent members and 2 advisors, to be part of this board meeting strict conditions, which are listed in the technical document of ADAB SOLUTIONS.