Topic: [ANN] ADAB - First Islamic Crypto Exchange, based on the Shariah norms - page 158. (Read 87067 times)

What will be the exact cost of 1 of your token? Are the exact numbers known? What will the price of the token be tied to, the dollar?

You need to wait for the ICO process to start, it's very simple. ICO will start in a certain period of time.

I went through the registration process directly on the platform, what should I do next when I can buy tokens?

ADAM, this is a rare project. it is the world's first cryptocurrency exchange operating in accordance with the principles of Islamic Finance and opens the possibility for the crypto market to gain access to the Islamic world. I think that this project is simply obliged to interest the community of investors.

Why should I join your project? He is better than others? How are you going to increase the popularity of the platform?

At first they shouldn't have mixed religion with technology to use the name of sharia as tool to sell the product as fundamental rule. But if you look by other angle there is already financial system using the name of sharia whereas they are doing everything like traditional banking under other products names. If we watch by third angle it could be attractive for those need some kind of justification to invest in something they are not sure of. I really am not interested what they are all about but my concern is about basic information of company registration to be released publicly. They left blanked the contact tab on the website intentionally.

@AlexMilton

The above post is full of contradictions. It is difficult to ascertain if you are pro-Adab exchange or anti-Adab exchange.

It is difficult to ascertain if you accept Adab exchange is Shariah compliant or not.

Listen Jamal, can you stop writing?
Do not insult religion, each religion is individual, you better return the money that you took on the development of the community!

And where are the experts and advisers?
I wonder how you understand that someone is a Muslim and who is not?

Only by name?

I think that you are a scammer who should be punished. I already wrote to the CEO projects where you are participating and told them not to deal with you.

And for reference, we do KYC and we know everyone who invested in us.
You didn’t study the project in detail and write everything superficially here, an eminent Muslim who you are not, always responsible for your words. I know who you are and why you write here.

You are a fraudster who is hiding behind himself and is not doing what he promises.

And by the way, here's some evidence for you that we are working according to Sharia!
With us in the team are very influential people from the world of Islam!

https://www.linkedin.com/in/muhammad-abu-bakar-501b31113
https://www.linkedin.com/in/faraz-adam-35592012a

Alhamdulillah, I hold Shadatul Alamiyah (Equivalent to Master in Shariah) from the world renowned and reputable Islamic university “Jamia Darul Uloom Karachi”, Pakistan where I studied from Respected Mufti Muhammad Rafi Usmani (Grand Mufti of Pakistan) & Sheikh Mufti Muhammad Taqi Usmani (Chairman, AAOIFI Shariah Board) among other great luminaries in Islamic Jurisprudence & Shariah. I have also completed 3-year specialization in Islamic jurisprudence and Fiqh al-muamalat from the same institution for which I wrote my thesis on the topic of "Maqasid al-Shariah (Objectives of Shariah) & their role in Ijtihad". Additionally, I researched and prepared more than 400 Fatawa (Shariah Rulings) majoring in Fiqh al-muamalat & Islamic finance approved by the renowned Muftis at Darul-Ifta, Jamia Darul Uloom Karachi.
Recently, I successfully completed MSc in Islamic finance from INCEIF (The Global University of Islamic Finance, Malaysia).
I am associated with various institutions and actively serves Islamic Finance, Halal and Fintech industry as Shariah Advisor /Consultant and Auditor. My areas of research and interest including but not limited to Shariah, Islamic jurisprudence, Fiqh al-muamalat, Islamic Commercial Law, Islamic Banking & Finance, Halal Certification and Compliance, Applications of Fintech, Blockchain and Cryptocurrencies.

These scammers should be ashamed of themselves for putting their personal profit ahead of their lies to promote their exchange using the word "Shariah". A bit like a Christian, Jew, Hindu, Buddhist and other religions being used to sell something that is the opposite of what their religion states but they try to sell it as something their religion promotes.

The Adab exchange team consists of mentally, morally and ethically sick people guided by lies to generate profit and income.

It is indeed very difficult to check and prove that funds from the ICO participants and KYC do not have enough information to know the source of the funds.
Not only this adab project, banks or financial companies claiming to be "Shariah" alone always have controversy, between halal or haram.

Whatever it is, it will prove itself and Allah will not allow it if the project is not in accordance with the techings of Islam and has an evil purpose. Allah will be angry and will destroy it, who will be able to avoid its power? There is no.

@AlexMilton - Thank you for the very well written post.

I highlighted the key point of your excellent post. The fact these Adab exchange people are not even vetting the source of the funds means by default they cannot call it a Halal or Shariah compliant project. The fact it is near impossible to vet every ICO investor means they should drop the use of the word "Shariah". They claim to have reached their soft cap figure last week. So what happens if 90%, 40% or 10% of the ICO funds (which are ranging between hundreds of thousands of US$ to millions of US$) are given to the Adab exchange team by a company or individual that owns websites and print publications promoting anti-Muslim sentiment and overtly uses obscenities to refer to the Muslim "God" and prophets. What if the investment was from a criminal (sitting in jail or on bail) who raped women or physically assaulted them on the basis of their head covering or choice of religion? What if the investment was from an organisation that had a sole purpose of manufacturing alcohol and distributing it in shops and bars?

By all means they can open their Adab Exchange and call it what it is... a crypto exchange because the team behind Adab Exchange are nothing other than a group of non-Muslims and those who claim to be Muslim with one goal in mind "profit". They should not falsely promote this project as "Shariah" compliant when it clearly is not

ADAB Solutions cannot borrow from or financially transact with someone whose wealth is completely, or predominantly, haram. If it is predominantly halal, then financial transaction, borrowing, accepting gifts, etc. would be permissible. If one is unsure, then the default assumption is that most of their wealth is lawful. ADAB Solutions doing KYC and AML on their investors and need not investigate deep into the wealth of investor, but rather the basis is what is apparent.

If the Majority of the profit the company makes is from a halal activity and you are not directly involved in the smaller haram aspect of it, then you aught to assume that your income is from the halal, and you won't be culpable.

If you find out that part of  received money from haram sources best to give it to charity because you can't do anything else with it. But you shouldn’t expect any reward for giving it to charity.
and Allah ta'ala knows best.

Aamir1 thank you for your post.

Would you say that any exchange is an Islamic crypto exchange if it is raising funds to pay for salaries, developers, servers, hosting, publicity and everything else from ANY source without vetting?

In your opinion is it an Islamic crypto exchange if they accept money from:

pimps
prostitutes
porn actors
those currently behind bars in prison serving prison sentences
those that sell drugs/narcotics
those that manufacture, test and sell weapons
those that own publications online/print media cursing Muslims and those that have anti-Muslim agenda
those that own, transport or sells alcohol

I think BTC is very Islamic friendly. because it's free of any kind of Govt and bank involvement. it is not controlled by any law. govt and bank. so it's very suitable currency for Islamic community.
BTC is not Gold but it's like gold. because it's price depends on the demand and supply. govt can't increase it's price or decrease it like paper currency.

And Adab Building Islamic Crypto Exchange. which is another good innovation. but some people calling it scammer. so I want to be neutral and see what happens.

What has the Islamic community got to do with this Adab exchange scam?

The exchange space is crowded, but with their focus on a specific target, this one may do well depending on their connections within the Islamic community.

You never read the post above your post.

This is not Muslim, Halah or Shariah compliant project. This is a project run by a team, some of who claim to be Muslim and some are not. The "team" are saying this is a Shariah compliant exchange without explaining which interpretation of Islam they follow.

Because they have no vetting system in place to ensure investors buy in to the ICO with Halal/permissible money, it means (by default) they are willing to take investment from the following an more:

pimps
prostitutes
porn actors
those currently behind bars in prison serving prison sentences
those that sell drugs/narcotics
those that manufacture, test and sell weapons
those that own publications online/print media cursing Muslims and those that have anti-Muslim agenda
those that own, transport or sells alcohol

Any investment from the above and more means the project cannot be "Shariah" compliant yet these clowns say they are offering a Shariah compliant exchange?

This seems like a generous idea to be implemented , I know many muslims, they stopped trading btc because some peoples said that BTC is "Haram" which made them stop dealin' with it and one other reason is the exchanger
This seems a good solutions, if you provide a product with Shariah norms, these peoples will get back to trading
Best of luck, really excited for this.

Based on Sharia norms interest is Harram and under this law all  POS coins will be Harram (not halal) and in the future Ethereum will be Haram too, and  as ADAB is built on Ethereum, so they are not compliant with Sharia at all.

Therefore this cannot be called a "Shariah" compliant exchange. The people behind Adab exchange are scammers and liars.