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Topic: [ANN] ADAB - First Islamic Crypto Exchange, based on the Shariah norms - page 36. (Read 87070 times)

legendary
Activity: 2534
Merit: 1713
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Hello

I want to share this article with bitcointalk community.

This is about ADAB Solutions Exchange, major red flags.


https://medium.com/@douglaslyons/adab-solutions-exchange-major-red-flags-found-76a86d02e01b?fbclid=IwAR07tXklAZfXCbQcdsAGBmT7ZY0oZ0knBkatMIjy0rdILpgUOgfiDbfwHuI


I want to thank you for sending the link.

Part of the article states
:

ADAB Solutions sincerely believes that by following the norms of Sharia, we will be able to perform the moral and socially acceptable behavior, by exclusing all the possibilities of manipulations or speculations within business operations.

Based on this statement taken from the project information, it is my belief that the assertion here is that; because they intend to follow “Islamic Law”, that investors/clients can be assured of security and without the fear of “immoral” behaviour.

This to me is nothing more than a marketing ploy, meant to decieve investors into thinking that some type of “moral standard” exists here that is not practiced elsewhere.

It is also my understanding that the CEO/COO and Deputy CEO are not even Muslim.

Here is an example of a similar ploy perpetrated under the guise of being Shariah “compliant”. https://www.cbc.ca/news/canada/toronto/2-men-defrauded-shariah-compliant-mortgage-holders-of-millions-of-dollars-crown-tells-trial-1.4867083



YOU HAVE BEEN WARNED BECAUSE ADAB HARAAM EXCHANGE = SUPER SCAM !!



None of the Medium article release surprises me. I always knew these scammers just wanted money and the only way they could achieve their goal was to deceive people in to investing.

The only part of the article that came as a surprise was the part where it was pointed out the Deputy CEO was linked to a case where US$1 billion were stolen from a division of Alliance Bank which is where he spent 4 years as head of global trade finance division.

Thanks to the great investigation place by the Medium article author we have new information to show Adab Haraam exchange is more scam than we thought before

sr. member
Activity: 588
Merit: 251
Q2: The 3 Team members that the owners from Kazakhstan - what is their full religious denomination? If Sunni which branch? If Shia' which branch? If anything else, which branch?

All three Kazakh members of the project are Muslims and belong to Hanafi (Sunni) school of thoughts as the majority of Kazakh people.

As for the Shariah Advisory Board of FICE, I would like to mention that the Islamic finance industry is heavily dependent on religious scholars for validation of its products and services. Each Islamic financial institution has a Shariah board to validate its operation. The scholars in our Shariah Board will represent different schools of thought within the Sunni sect of Islam. Sunnis are in majority and they follow one of the four schools of thought of Sunny Islam. The differences among them are very minor. Furthermore, a scholar who may otherwise belong to a particular school of though does refer to the opinion of the past or present scholars of a different school of thought in making a decision on the validity of a product or service.


Q4: Why did the Team decide to register in Umm Al Quwain rather than Dubai or Abu Dhabi? Why choose UAE over their native Kazakhstan or Uzbekistan?

We have registered in Umm Al Quwain, because that was an easiest and fastest way for that time to get license and resister company. Now we are considering to move to ADGM or DIFC, as we want to have well regulated jurisdiction. Early next year UAE plans to introduce comprehensive regulation on ICOs an blockchain. FICE by itself is under the process of registration in the UK, which has safe and transparent regulation for the crypto exchange and well as confidence all over the world.

Q5: Will any/all investors that participate in the ICO have to send ID for KYC/AML? If so, why?
Investor doesn’t need to send ID for KYC to participate in the ICO.

Q6: KYC is a sensitive issue for many. If the exchange is active and users sign-up and send KYC ID then which precautions are taken to ensure the ID will not be misused?

We guarantee that the data of our customers will be used only as intended. Data security will be provided at the highest level with the partnership with the best company in the world.

Q7: Both Md Mofassair Hossain and Kazi Sohel Alom have been removed from the whitepaper and the Team section of the website. What were real full reasons for their removal?

 Md Mofassair Hossain and Kazi Sohel Alom were an integral part of our company for the last several months. Their contributions will always be valued and remembered. Their hard work, commitment, and dedication are worthy of admiration. We are discussing their future career objectives and, anyway, we wish them the best of luck.


Q8: At present there is no exchange, the business is just a company on paper. Adab Solutions are seeking investment. At the ICO and pre-ICO stage they are unable to fully vet investors therefore they might be getting people sending in funds from illicit, illegal and immoral sources such as prostitution.

You are not right in this sentence. ADAB Solutions is already known globally and has a recognized brand name.  We already in the process of developing and registering the FICE. MVP is ready and our team of Development team is hardly working on the technical side of the FICE and Alfa version of FICE will be presented in January and final Beta version in February. We already developed Shariah screening procedures of the FICE and in a few days will present Shariah conclusion on ADAB token by Mufti Faraz Adam.

I do not know what is not clear

All three Kazakh members of the project are Muslims and belong to Hanafi (Sunni) school of thoughts as the majority of Kazakh people.


As for the Shariah Advisory Board of FICE, I would like to mention that the Islamic finance industry is heavily dependent on religious scholars for validation of its products and services. Each Islamic financial institution has a Shariah board to validate its operation. The scholars in our Shariah Board will represent different schools of thought within the Sunni sect of Islam. Sunnis are in majority and they follow one of the four schools of thought of Sunny Islam. The differences among them are very minor. Furthermore, a scholar who may otherwise belong to a particular school of though does refer to the opinion of the past or present scholars of a different school of thought in making a decision on the validity of a product or service.

sr. member
Activity: 602
Merit: 252
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

What role will play Credits in these partnerships or is it just the fact that they will be added to the future exchange for trading? As far as I know, they are developing a fast blockchain with the ability to create smart contracts and their ecosystem!
legendary
Activity: 2534
Merit: 1713
Top Crypto Casino
Hello

I want to share this article with bitcointalk community.

This is about ADAB Solutions Exchange, major red flags.


https://medium.com/@douglaslyons/adab-solutions-exchange-major-red-flags-found-76a86d02e01b?fbclid=IwAR07tXklAZfXCbQcdsAGBmT7ZY0oZ0knBkatMIjy0rdILpgUOgfiDbfwHuI


Part of the article states
:

ADAB Solutions sincerely believes that by following the norms of Sharia, we will be able to perform the moral and socially acceptable behavior, by exclusing all the possibilities of manipulations or speculations within business operations.

Based on this statement taken from the project information, it is my belief that the assertion here is that; because they intend to follow “Islamic Law”, that investors/clients can be assured of security and without the fear of “immoral” behaviour.

This to me is nothing more than a marketing ploy, meant to decieve investors into thinking that some type of “moral standard” exists here that is not practiced elsewhere.

It is also my understanding that the CEO/COO and Deputy CEO are not even Muslim.

Here is an example of a similar ploy perpetrated under the guise of being Shariah “compliant”. https://www.cbc.ca/news/canada/toronto/2-men-defrauded-shariah-compliant-mortgage-holders-of-millions-of-dollars-crown-tells-trial-1.4867083




None of the Medium article release surprises me. I always knew these scammers just wanted money and the only way they could achieve their goal was to deceive people in to investing. The only part of the article that came as a surprise was the part where it was pointed out the Deputy CEO was linked to a case where US$1 billion were stolen from a division of Alliance Bank which is where he spent 4 years as head of global trade finance division.

Thanks to the great investigation place by the Medium article author we have new information to show Adab Haraam exchange is a scam.

YOU HAVE BEEN WARNED BECAUSE ADAB HARAAM EXCHANGE = SUPER SCAM !!
jr. member
Activity: 51
Merit: 2
But for a project to be popular, you need to constantly do advertising and make people not forget about the project.
Important not only advertising. Advertising can be many and different, but if there is no quality, the exchange will not enjoy popularity.
Properly selected advertising is the key to success in the main project in the further promotion of the market.
Many times I observed that even if the project was unpopular, but the team ordered the right advertising, the result was actually visible.
full member
Activity: 588
Merit: 103
SESAME
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
jr. member
Activity: 136
Merit: 1
But for a project to be popular, you need to constantly do advertising and make people not forget about the project.
Important not only advertising. Advertising can be many and different, but if there is no quality, the exchange will not enjoy popularity.
Properly selected advertising is the key to success in the main project in the further promotion of the market.
legendary
Activity: 2534
Merit: 1713
Top Crypto Casino
Adab Haraam exchange say it is state of the art custom coded software but just look at it.

This is a $5 template with freebie graph plugins from tradingview.com. Grin

They think it will take on Binance










ADAB HARAAM EXCHANGE = SCAM !!
jr. member
Activity: 112
Merit: 1
Guys,smart contracts are showing transparency and in most cases should be written BEFORE tokensale to make an audit by 3rd party and let investors analyse it
A smart contract should not only be written, but an audit of this smart contract on the presence of various vulnerabilities should be conducted.
How many contracts have I never participated in in my life, I understand that now the pyramids are developing very quickly on the market
sr. member
Activity: 588
Merit: 251
I'm really disappointed that they use religion for scam. I had a big hopes for this project pfff.

What scam?
Our project is doing better than most other projects on the market. We develop a product and attract potential users of the exchange.
If you have any questions, then ask them to me.

Disappointed with what? so that one addict(JollyGood) writes that "the project is a scam" WITHOUT ANY EVIDENCE.
So look at his messages. This is a paid puppet. Really inadequate person.

I can help to contact the founder and you personally ask all the questions.

with best regards

has it been proven that there is no truth in this project and there is no continuation or even good news from the team.
show me this evidence.

i have seen and heard about this scam accusations from some member on this forum, i do not yet if these accusations are true or false, but am waiting on the ceo if no ward from them, then we shall see.
All his accusations are lies.
Write all the questions you want to ask the CEO. I will tell to him. He will answer and I will publish here.

I don't know why many members see Adab as a Scam project, what is wrong with Adab? is it about their Islamic theme platform? and many people don't like it? I think the CEO must respond to this!
thank. We really work and develop the project. Everything else is a fiction of one abnormal.
CEO will not be able to come here. You can ask questions to me. I will tell him.

jr. member
Activity: 182
Merit: 1
But for a project to be popular, you need to constantly do advertising and make people not forget about the project.
Important not only advertising. Advertising can be many and different, but if there is no quality, the exchange will not enjoy popularity.
advertising must be chosen correctly and this is all called targeting advertising when it is done to the target audience
legendary
Activity: 2534
Merit: 1713
Top Crypto Casino
I'm really disappointed that they use religion for scam. I had a big hopes for this project pfff.

I am sorry your hopes were let down but I was saying from very early on after coming to this thread that the whole thing is a scam.



SCAM ALERT

Please Note Dear BitcoinTalk Community,

520bit, whitetoo and ROYALTEAM are Russian bounty scammers that scam people by using sock-puppet alias alt-accounts to push propaganda by creating fake buzz and fake hype.

PLEASE AVOID THIS ADAB HARAAM EXCHANGE


jr. member
Activity: 119
Merit: 1
Guys,smart contracts are showing transparency and in most cases should be written BEFORE tokensale to make an audit by 3rd party and let investors analyse it
A smart contract should not only be written, but an audit of this smart contract on the presence of various vulnerabilities should be conducted.
The contract should be free of bugs in the code so that there will be no problems in the future, although adab may in the future make their own pyramid)
copper member
Activity: 294
Merit: 5
I'm really disappointed that they use religion for scam. I had a big hopes for this project pfff.
has it been proven that there is no truth in this project and there is no continuation or even good news from the team.

i have seen and heard about this scam accusations from some member on this forum, i do not yet if these accusations are true or false, but am waiting on the ceo if no ward from them, then we shall see.
I don't know why many members see Adab as a Scam project, what is wrong with Adab? is it about their Islamic theme platform? and many people don't like it? I think the CEO must respond to this!
ADAB's CEO will never respond, but I guess they already delegated the OP of this thread to answer any questions about ADAB exchange, so do not wait just ask the OP.

No i don't think it is many members but just one particular member that is trying so hard to paint a black picture of this project and tag it a scam, with popular adage that goes "silence is the best answer given to a f***" so i guess the team have decided to stick to such adage and ignore all the scam post since they don't feel threatened by them.
jr. member
Activity: 245
Merit: 1
Guys,smart contracts are showing transparency and in most cases should be written BEFORE tokensale to make an audit by 3rd party and let investors analyse it
A smart contract should not only be written, but an audit of this smart contract on the presence of various vulnerabilities should be conducted.
jr. member
Activity: 182
Merit: 2
I'm really disappointed that they use religion for scam. I had a big hopes for this project pfff.
has it been proven that there is no truth in this project and there is no continuation or even good news from the team.

i have seen and heard about this scam accusations from some member on this forum, i do not yet if these accusations are true or false, but am waiting on the ceo if no ward from them, then we shall see.
I don't know why many members see Adab as a Scam project, what is wrong with Adab? is it about their Islamic theme platform? and many people don't like it? I think the CEO must respond to this!
ADAB's CEO will never respond, but I guess they already delegated the OP of this thread to answer any questions about ADAB exchange, so do not wait just ask the OP.
jr. member
Activity: 98
Merit: 2
I have been studying cryptocurrency since the beginning of this year and I can say that there are more and more Islamic projects!
I do not know. In my case, ADAB is the first project related to Islam. I am curious to watch it.
I agree that the project is really unique and it is being done for Muslims. In the future there should be an excellent exchange.
legendary
Activity: 2534
Merit: 1713
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I will continue my work and waiting ceo make clarification about scam  maybe in youtube or make Q and A in facebook or anything else  Roll Eyes

They have no dignity and no morals so why are you waiting for them to lie to you?

I advise you to drop anything related to Adab Haraam exchange. Please do not waste your time.

Just the Russian bounty scammer OP called whitetoo along with his alt-account sock-puppets are posting here on behalf of the 3 Kazakh team leaders that do not follow Shariah themselves.
jr. member
Activity: 238
Merit: 1
But for a project to be popular, you need to constantly do advertising and make people not forget about the project.
Important not only advertising. Advertising can be many and different, but if there is no quality, the exchange will not enjoy popularity.
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