Topic: SCAM ALERT!! ADAB EXCHANGE - So Called Islamic Crypto Exchange is Haraam - page 5. (Read 20799 times)

Thank you

You should consider posting that information on their thread for others to benefit from: https://bitcointalksearch.org/topic/ann-adab-first-islamic-crypto-exchange-based-on-the-shariah-norms-4720775



I hope so too

Mate, again I think scam is not the right word to put out on here. Because what they are doing is that they have fooled a certain religion followers into thinking this project is Islamic sharia based and it is certain at this stage that they are not going to run away with their money. Adab looks like- this project is a combination of some fake story tellers and some not-so-much Sharia rules following team. This is their telegram group where you can directly talk to them https://t.me/Adabsolutions

Here I am providing a good information about a certain person named Shohel Alam from Adab's Board of Advisors who has a shady past on this forum and you can see this person even got kicked out from several ICO projects for being a scammer. Weirdly this Kazi Shohel Alam participated https://bitcointalksearch.org/topic/m.24079133 in a Signature campaign called POKERSPORTS. Poker/casino is highly forbidden in Islam and this same guy is now a member of Adab which is said to be Sharia-compliant! This sounds not so much good from Islamic perspective.



Scam Accusation thread against Kazi Shohel Alam: https://bitcointalksearch.org/topic/scammer-kazi-sohel-alom-be-careful-joining-ico-update-10th-may-2018-3238979

Kazi Shohel Alam's Bitcointalk profile: https://bitcointalksearch.org/user/shohelalam-1039492 He has not even responded to the scam accusation on that thread in which the the OP even said that:

Hopefully this information will be a help to those who participate in this ICO crowdfund.

Thank you for your post, I appreciate it.

This is the reply they gave directly to me to justify their actions because I kept exposing them for the liars they are:
https://bitcointalksearch.org/topic/m.46790691

This was my response to their petty attempt at trying to fool me and others:
https://bitcointalksearch.org/topic/m.46793004

What you mention about the admin named Abeer does not surprise me. Abeer I guess is: Miss Abeer Mousa - Community development manager (https://adabsolutions.com you can see her in the team section). She by her own title is somebody trying to "develop" the community. She is no authority on any form of jurisprudence and has no say in the matters relating to the direction of the scam Adab Haraam  exchange.

I see their Telegram is an announcement group, I cannot have live chat with anybody. Do you have a link?

You are right they are unable to tackle the questions and issues raised because they are quite simply a complete contradiction of what they claim to be. They claim they are doing Halal and according to Sharaih but they are doing Haraam and the opposite of Shariah.

The best way around them for this would be to stop using the word Shariah thus avoid bringing religion in to this.

The other recommended thing to do would be to have a set up where KYC, a questionnaire asking them to be truthful about various sources of income and an annual tax return to send as mandatory before even considering allowing anybody with the option to invest in the ICO.

If they will not do the above then they are clearly not doing what they claim they are supposed to do. Their failings have been pointed out to them so to call them misguided is not the case, they are out and out scammers.

Adab Haraam exchange = scammers

If you visit their telegram group you will see me having a deep conversation a few hours ago with one of their Admin named Abeer. He did put up some weird arguments with me saying exactly the opposite of what you wrote in the opening page. After doing those conversations I really have question about Adab's credibility of using "Adab-Functioning in accordance with the principles of Islamic finance" when in reality they are not doing it!

Thank you for your post.

Just as you, I am also shocked to see the scammers not clarifying anything about their income and expenditure. They have used the word "Shariah" to seek ICO investment from a particular group of people when they do not adhere to the rules of that group of people.

This is not a Shariah compliant or Halal project. I will keep calling them scammers and you are welcome to keep calling them fraudulent.

Thank you.

I am shocked to see that the Adab team have not clarified about how and from where they are getting ICO investments because in Islamic concepts it is very much important for a business organization to maintain 100% transparency about every little thing they do. I made a review video about Adab a couple of months ago. I will take it down since I also don't find them transparent enough about some of the basic Islamic issues and which is why I think they can't be called Sharia based project. But since they have a real time with people's identities and already reached their softcap target while they have released their MPV, we really can't say they are scam. What they have done is that they have fooled Muslims among ICO investors into thinking that their exchange is Shariah-compliant. This is a fraudulent behavior not scam!
About Md.Mofassair Hossain, he is from Bangladesh just like me. Though he is said to be a member of the Israeli Blockchain Association!  (Reference: https://www.ezexchange.com/downloads/ezexchange-whitepaper.pdf) There are about 90% people in my country are Muslim, very weirdly and for generations most of us use this (of course it is non-acceptable) shorten form "Md" of Muhammad! So let's not judge people from this small South Asian country's Islamic identity depending on their names.

The Adab exchange project is a scam. It is a very ill-thought out, ill-planned hastily put together shambles and then called a project.

Their "Islamic card" as you put it is not going to save them, there is nothing Islamic about the scam.

I got this from the ADAB website: https://adabsolutions.com/



The rating is rather high, But do your own due diligent, don't take the figure as it is.
you can check each website to verify the rating
.

This is an old review from ICObench ICO expert
https://icobench.com/ico/adab-solutions
"

Thank you for your post.

In the Adab exchange thread the bots and airdrop seekers are controlling the flow of the chat as another user pointed out: https://bitcointalksearch.org/topic/m.46789265

These people are scammers, simple.

reading every thread and your post, I agree with you, they should not say that it is an exchange Haraam when they are asking money from other people and can not prove that these other people are investing honest money. In my country there are many Muslims and more than 50% of supermarkets are from Muslims and I have never seen pork in their supermarket, they respect their religion and customs

The religion "stuff" is important because it is not a Shariah exchange therefore if it is not what they say it is then it is a lie, if it is a lie then it is a scam.

Going back to the other points you raised, other users have pointed out their Github looks a shambles and they will not supply proof of contract tokens.

Adab Haraam exchange  = scam

Let us skip all these religion stuff and check the project from the logical poin of view
1. do they have an open source smart contract?
2. do they update own github?
3. do they have normal MVP(not the one I saw earlier)

In my oppinion, the project is average(they have nothing game-changer, they dont have licence and some members have some strange past).

I dont like the way they give bonuses. Where did you see bonuses 300%+, for real... or maybe I am too old for those bonuses (used to invest in projects without bonuses)

It is my personal oppinion, and i dont want to offend no one!

I got this reply from a representative of Adab Haraam exchange and I posted a reply in their thead: https://bitcointalksearch.org/topic/m.46792850

I agree, this is not a good project.

Adab exchange = scam

Simple fact - none of these people can be trusted.

Come back to the point of argument, Not sure about your logic behind for completely Halal during business setup but "Halal" can be ignored after setup and start doing business and earn some "not Halal" money unless you are talking about a double standard here.

A situation may arise that,  this particular 'Halal Restaurant' manage to make enough money ( include some 'not Halal' money from pimps, prostitutes, porn actors or drug dealers as they never asked who they customer is) to start another 'Halal Restaurant', indeed there are many chain Halal restaurant in Asia and UK.

The developer of this project might also argue that, if they indeed received some 'not Halal' money from public funding (which they won't know), is a good deed to change something not Halal to something Halal (not Halal money to a Halal product on their platform) instead of the other way round - from Halal to not Halal.

A cup can be half empty or half full, depend on how you look at it, Muslim can't do without fiat currency, although currency had been used by many criminals and gang, is a two-edged sword, is all depend on how you use it.

The above is only my personal opinion, whether to invest or not or whether ADAB is a Scam or not please do your own due diligence.
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I dont think is a good project.The shortly info ,and maybe with fake advisors.Peoples always belive in their friends,so the SCAM happened again and again.Islamic people are holding together , but they still lie to each other..

Many thanks for your very well written post.

In your analogy about you made an error below because even though Halal restaurants will serve pimps, prostitutes, porn actors or drug dealers but the people who want to open their own Halal restaurant cannot ask for investment or loans  and take money from pimps, prostitutes, porn actors or drug dealers to start their business because it will not be Halal restaurant.

If they want to accept money from pimps, prostitutes, porn actors or drug dealers or are willing to accept money from pimps, prostitutes, porn actors or drug dealers or will take money from anybody without checking if they are pimps, prostitutes, porn actors or drug dealers then it will just be a restaurant when it opens to serve the public, it will not be a "Halal" restaurant.

That is why the source of funds must be vetted otherwise the word Shariah should be removed.

Point of Argument.
When restaurants title themselves Halal, it simply means they are selling food which is suitable for Muslim, so the main concern here is, whether that food is really halal or not, if not they are a dishonest trader, black marketeer or whatever you want to call them,  and sooner or later they will be closed down by the government authority if a report is made or a complaint is filed. However, on the other hand, the restaurant will accept any customer that came to them disregard whether they are Muslim or not,  for sure they are not going to ask or interrogate each customer to make sure they are not pimps, prostitutes, porn actors, drug dealer or someone who just released from prison. The main argument over here is, simply because this is not their responsibility or duty to do so, if not, all the Halal shop in the world will have to close shop, the main aim of their business is to provide Halal food for Muslim, and the rest is always welcome to enjoy the food.

Our Stand.
Now come back to ADAB, but before we go further, we need to make our stand here regarding blockchain and cryptocurrency,  most of us join this " one of the Greatest  inventions of the human history " because we believe these technologies can bring positive impact to our society, and the world should be a better place with more transparency and trust, reduces wastage and save time, improve efficiency, or even reduce the disparity between the rich and the poor. whether you are a developer, an investor or a bounty hunter, whatever your reason is, you want to be and hope to be part of this new technology, you might have your own reason ( hopefully is a 'Good' one), one thing is for sure, you believe in it and wanted to benefit from it in a good way.

What is ADAB?
So what is ADAB? they title themselves to be the "First Islamic Cryptocurrency Exchange", in short, it calls "FICE". (Thinking them as a Halal restaurant who try to serve the Muslim community) , it will be an exchange platform for existing tokens and coins, but at the same time, they also provide a platform base for new companies to launch their ICO projects on this FICE platform, in their whitepaper they indeed tried to explain how they will consider themselves as a Halal exchange. (feel free to read their WP, is 70 pages)

What is to consider for Halal or not?
There are 2 parts to this issue. First, ADAB has to make sure those existing tokens and coins to be listed in FICE exchange are Halal. Secondly, those projects that use FICE to launch their ICO must be "Halal" if not it will be rejected. According to them, they will have a "Shariah Advisory Board" to have a final say on this. So what is Halal and what is not which will be rejected by FICE?

They have mentioned project related to gambling, pork products, alcohol, and pornography will be rejected, to make thing simple to understand, I am going to use some of those projects that I had worked on in the past to further illustrate on this point.

Some Examples
Here are 2 example of projects which I had worked on and also strongly believe are Halal ( base on my understanding from their WP) :
1. EHealthFirst (https://ehfirst.io/) this is a health and medical project
2. 4New (https://4new.io) this is a clean green energy project

So which are those that are Not Halal, there is a hand full of them which I had worked on,(again this is only based on the nature of the project that posts concern to the Muslim community, there is nothing wrong with those projects, except for No.6)

Here are a few examples:
1. ViceIndustrial (https://vicetoken.com/) pornography industry
2. Budbo (https://budbo.io/) Cannabis Industry
3. Winstar - Gambling Industry
4. Exolover - pornography industry
5.Tombola (https://www.tombola.io/)- Gambling Industry
6. Dietbitcoin (DDX), the "Bitcoin Fork" by Roberto Escobar, the brother of late Pablo Escobar. ( I DID NOT WORK FOR THIS PROJECT) So who is Pablo Escobar? He was called "The King of Cocaine" and was the richest drug dealer in the history.

What is ADAB trying to fulfill?
To conclude this, ADAB need to make sure that the "Food"(Tokens and Coins) that they provide on their "table"(FICE exchange) need to be Halal, as they want to serve these Halal "Food" to the Muslim world ( this is their only concern), the rest of the customer are always welcome disregard whether they are  pimps, prostitutes, porn actors or drug dealer. The best thing they can do is KYC and AML to fulfill the require law and regulation.

What Target do they look at?
According to their data,  Presently (2018), there is one 0.2% of the world Muslim population is involved in cryptocurrency, and the figure goes up to 1% in the year 2022, and they hope to generate 8-10% of customer out from this 1% in that year (2022). Presently there are 1.8 Billion Muslim in the world, so 0.2% is 3.6 million, and according to their projection, by the year 2022, the Muslim population will be at 2 Billion, so 1% involved in cryptocurrency, it will be 20 million, and 8% will join FICE that is 1.6 million (this is what they targeted on) and the rest of us are always welcome ( as mentioned in their WP).

The above is only my personal opinion, whether to invest or not or whether ADAB is a Scam or not please do your own due diligence.



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