Re: [ANN] ADAB - First Islamic Crypto Exchange, based on the Shariah norms
If you are Muslims clarify are you non-denominational Muslims?
We await your answers to find out how much you follow Shariah
Wiki (https://en.wikipedia.org/wiki/Kazakhstan#Religion): "Some figures show that non-denominational Muslims form the majority"
Why do you think you can accept investment from the following and it can still be Shariah?
Is that what non-denominational Muslims believe that you can accept investment from the following and it can still be Shariah?
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
those that own breweries and manufacture alcohol
This is a scam ICO and scam project. Any and all projects cannot be Halal or Shariah compliant if they are willing to take ICO funding from the above list and more.
If you trio team members are like most Kazakhs from Kazakhstan "non-denominational Muslims" then describe in your own words what does that mean? And explain how a "non-denominational Muslims" can conform to Shariah and preach Shariah to others
They are talking about a business here (exchange), for the listing of coins and tokens or launching of ICO on this exchange, and these will be studied and approved by an Islamic Financial Compliance Committee which will be appointed in the process( according to them). not by the founder or co-founder.
Is that so important whether those founders are Muslim or not since they do not decide on the type of coins and tokens that will be listed on the exchange to make it sharia-compliant, but instead, by the Islamic Financial Compliance Committee which is run by a different group of people. The action and decision of the Islamic Financial Compliance Committee will be the one that decides whether FICE will be a sharia-compliant exchange or not.
Be realistic, a non-Chinese can open a Chinese restaurant if he got a Chinese cook who can cook Chinese food, many vegetarians restaurants in Asia owned by non- Buddha worshiper, and you can see many Buddha statues and figurines in the restaurant, simply because the important thing here is about the food they provide is for vegetarian or not, and this goes the same for the Chinese restaurant as long as they can provide Chinese recipe.
I believe this is an interesting project, which those founders found it to be unique and with such an idea, it provides them a good chance to venture and came out with success. Also, I believe, should this project be successful, there will be more sharia-compliant exchange joining the race.
Regarding how Halal is the fund, I had also given my opinion on the other thread you written ; https://bitcointalk.org/index.php?topic=5043659.msg46777914#msg46777914
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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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.
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.
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.
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.