Topic: [ANN] ADAB - First Islamic Crypto Exchange, based on the Shariah norms - page 29. (Read 87070 times)

In any case, this situation is unlikely to last long. Soon it will become clear whether the market is moving further down or is turning up.

It is what I am saying! I would like to discuss news right here, because I am not a fan of social networks, I don't have twitter and facebook.

Whitetoo, 520bit and RoyalTeam are Russian bounty scammers using so many alt-accounts as sock-puppets to flood this thread to create fake hype and fake buzz

We are pleased to announce a new strategic partnership with Credits!
Today ADAB Solutions is delighted to announce a new partner — Credits, a blockchain platform that previously partnered with Lenovo, Humancoin, and Sparkster. Credits collected $20 mln within 17 hours from over 15,000 contributors during their ICO.
https://medium.com/adab-solutions/we-are-pleased-to-announce-a-new-strategic-partnership-with-credits-a0ee70bd3f1c

Nice to communicate with adequate educated people.

Ask a question again please. maybe I missed something

I already answered you. Of course, ICO is a transparent process. But there is a stage of a closed private sale. At this stage we cannot provide evidence. I think to solve this problem, you should wait until the end of Private Sale and the start of Presale. Then everything will become transparent. That's all I can tell you now...

No. Maybe you confuse Muhammad Abu Bakar(advisor) with Mufti Faraz Adam(Internal Shariah Compliance Officer).

The profit for the project team will be just like the profit of any other exchange. The commission from the transaction, the rise in the price of business, the rise in the price of tokens, listings of other coins...

Participants of the second stage of the Private sale are able to receive a bonus up to 50%. a few weeks ago this bonus was up to 80%. When the token will be listed on exchange and will be liquid, then it is easy to calculate the profit.

I don't know if there will be any sanctions for this. My answer is:
We are working on such a question - how to prevent artificial control of the price of assets. We are actively working on the procedures for the exchange. Including this will be due to regulatory requirements. From this will also follow what sanctions will be applied for such attempts. But the fact that we will follow this carefully is certain, because otherwise we will be punished. And the matter is not so much in compliance with the rules of Islamic finance, as in compliance with the laws. Any manipulation of the market is illegal.


with best regards

Many doubt now. I think this video will give many answers to their questions.

Here are some recent notes posted by the team in their social groups:

They use a cheap $5 websote template from the year 1998 and have added freebie tradingview.com plugins  

The trio from Kazakhstan but living in Uzbekistan do not follow Shariah.

They are happy to accept ICO funding from the following so how can they comply with Shariah?

thanks for your reply. We appreciate your opinion and attention.


I just received a VIDEO MESSAGE from Mufti Faraz Adam:

Typically, fresh news is regularly published in social networking groups to create movement and communication. But discussing the news is convenient here already in the forum topic.

but why they cant post crowdsale contract and tell us amount of collected funds?

thanks for your reply. We appreciate your opinion and attention.


I just received a VIDEO MESSAGE from Mufti Faraz Adam:



If it is hard to perceive by ear, then I have an approximate text. You can read:

Shariah Pronouncement – Adab Token
By Mufti Faraz Adam and Mufti Muhammad Abu Bakar

Adab Token is a Utility Token which is based on the ERC20 standard and is subject to automatic executing upon the occurrence of pre-specified conditions. It is structured and based on the following criterion of Shariah and Islamic law.

There are various types of crypto-assets such as coins, equity tokens, utility tokens, commodity tokens etc. The Shariah treatment varies depending on the nature and features of the particular crypto-asset. Since the Adab token is regarded as a utility token, our review focuses on utility tokens. Before delving on the particulars of the Adab token as a utility token, it is imperative to appreciate that tokens qualify as lawful property from an
Islamic commercial law perspective.

There is a difference of opinion among scholars with regard to the definition of Mal (wealth / property). This is primarily due to the Holy Qur’an and the Sunnah of the Prophet (peace be upon him) being silent on the matter. Hence, as per the dictates of Islamic law, Urf or customary practice is considered an important source in determining something as Mal. Scholar have opined that anything which has the following attributes can be considered as Mal:
a) It has commercial value according to customary practice or naturally desirable,
b) It is capable of being stored for the time of necessity,
c) It is capable of being possessed and owned.

In order to use something as Mal, it is also necessary after fulfilling this basic criterion that it should be Mutaqawwim. Mutaqawwim refers to something which is lawful in Shariah and has permissible uses. For instance, alcohol fulfills the basic criterion of Mal, but it is not classified as Mutaqawwim as it is not permissible according to Islamic law.

Taking into consideration this criteria of Mal Mutaqawwim, we are of the view that the Adab token fulfills this criteria. The Adab token has commercial value as each token is backed by permissible services and products offered on Islamic Cryptocurrency Exchange. Further, these tokens can be possessed through digital wallets. The Adab token is Mutaqawwim as it provides access to only Shariah complaint
services and products.

Since the Adab token is a utility token, it is of benefitto discuss utility tokens. Utility tokens are crypto-assets which derive their value from future utility. Such tokens are commonly used to raise funds for a particular project. The tokens promise certain benefits, services or rights to token holders. The Adab token functions as a utility token. It will be issued through an ICO to raise funds for the development and scaling of the Islamic Crypto Exchange. The token will be the property of its owner (token-holder) and hence token holders will be entitled to get access to the products and services of the Islamic Crypto Exchange.

Underlying Platform:

The Adab tokens give access to permissible services and products on Islamic Cryptocurrency Exchange (FICE). The proposed structure of Islamic Cryptocurrency Exchange does not allow any Shariah non-compliant securities to be traded such as conventional bonds, derivatives etc. Likewise, any Shariah non-compliant investment strategy or contract such as short-selling, margin trading and roll-over etc are also strictly profited on the platform. To ensure Shariah compliance of each facility on Adab FICE, there will be an ongoing review and audit of Adab by Shariah Supervisory Board in conjunction with the Internal Shariah Compliance Officer, Mufti Faraz Adam.

To best of our knowledge on the basis of above justification, we are of the view that participation in Adab ICO and its secondary trading is permissible.

Allah (swt) knows best.

Mufti Faraz Adam and Mufti Muhammad Abu Bakar

Shariah Advisors at Adab Solutions

This market is big. And almost empty at the moment. Draw your own conclusions.

thanks for your reply. We appreciate your opinion and attention.


I just received a VIDEO MESSAGE from Mufti Faraz Adam:



If it is hard to perceive by ear, then I have an approximate text. You can read:

Shariah Pronouncement – Adab Token
By Mufti Faraz Adam and Mufti Muhammad Abu Bakar

Adab Token is a Utility Token which is based on the ERC20 standard and is subject to automatic executing upon the occurrence of pre-specified conditions. It is structured and based on the following criterion of Shariah and Islamic law.

There are various types of crypto-assets such as coins, equity tokens, utility tokens, commodity tokens etc. The Shariah treatment varies depending on the nature and features of the particular crypto-asset. Since the Adab token is regarded as a utility token, our review focuses on utility tokens. Before delving on the particulars of the Adab token as a utility token, it is imperative to appreciate that tokens qualify as lawful property from an
Islamic commercial law perspective.

There is a difference of opinion among scholars with regard to the definition of Mal (wealth / property). This is primarily due to the Holy Qur’an and the Sunnah of the Prophet (peace be upon him) being silent on the matter. Hence, as per the dictates of Islamic law, Urf or customary practice is considered an important source in determining something as Mal. Scholar have opined that anything which has the following attributes can be considered as Mal:
a) It has commercial value according to customary practice or naturally desirable,
b) It is capable of being stored for the time of necessity,
c) It is capable of being possessed and owned.

In order to use something as Mal, it is also necessary after fulfilling this basic criterion that it should be Mutaqawwim. Mutaqawwim refers to something which is lawful in Shariah and has permissible uses. For instance, alcohol fulfills the basic criterion of Mal, but it is not classified as Mutaqawwim as it is not permissible according to Islamic law.

Taking into consideration this criteria of Mal Mutaqawwim, we are of the view that the Adab token fulfills this criteria. The Adab token has commercial value as each token is backed by permissible services and products offered on Islamic Cryptocurrency Exchange. Further, these tokens can be possessed through digital wallets. The Adab token is Mutaqawwim as it provides access to only Shariah complaint
services and products.

Since the Adab token is a utility token, it is of benefitto discuss utility tokens. Utility tokens are crypto-assets which derive their value from future utility. Such tokens are commonly used to raise funds for a particular project. The tokens promise certain benefits, services or rights to token holders. The Adab token functions as a utility token. It will be issued through an ICO to raise funds for the development and scaling of the Islamic Crypto Exchange. The token will be the property of its owner (token-holder) and hence token holders will be entitled to get access to the products and services of the Islamic Crypto Exchange.

Underlying Platform:

The Adab tokens give access to permissible services and products on Islamic Cryptocurrency Exchange (FICE). The proposed structure of Islamic Cryptocurrency Exchange does not allow any Shariah non-compliant securities to be traded such as conventional bonds, derivatives etc. Likewise, any Shariah non-compliant investment strategy or contract such as short-selling, margin trading and roll-over etc are also strictly profited on the platform. To ensure Shariah compliance of each facility on Adab FICE, there will be an ongoing review and audit of Adab by Shariah Supervisory Board in conjunction with the Internal Shariah Compliance Officer, Mufti Faraz Adam.

To best of our knowledge on the basis of above justification, we are of the view that participation in Adab ICO and its secondary trading is permissible.

Allah (swt) knows best.

Mufti Faraz Adam and Mufti Muhammad Abu Bakar

Shariah Advisors at Adab Solutions

Mates, what do you think about islamic banking in general?
is it a good way to make a business in this sphere?