UAE launches first Islamic digital currency exchange

• Published 2 Year Ago
• DHS Blog

The first government blockchain platform based on Islamic digital currency exchange will be launched in Dubai. UAE, in partnership with IBM, announced the launch of the first state-owned blockchain platform. This platform is provided through the IBM cloud environment and is made in the United Arab Emirates. Having a digital currency platform based on Islamic law for UAE organizations will help develop blockchain products and speed up the trading process.
Blockchain technology is reducing a lot of government spending, and now the UAE government is paying a lot of money for financial transactions, which will be significantly reduced by using the Islamic exchange of digital currency. In partnership with IBM, Dubai has launched a variety of blockchain applications in various sectors of government institutions, including transportation, energy, medical care, and education.

Blockchain exchange services
The new blockchain platform creates the conditions for digital services for all public and private entities. In recent months, payment systems based on blockchain technology have been officially launched, one of the first blockchain projects in Dubai. If you use these services, payment processes that take about 45 days and take place between government agencies, banks, and various financial institutions will be processed instantly.

Dubai is a leader in blockchain technology
Dubai has been at the forefront of this technology, while other major cities in the world are reluctant to accept the widespread implementation of this technology at the urban level. The Dubai Blockchain strategy paves the way for the UAE to be the world's first digital government by 2022.
As Dubai continues to seek global leadership in future industries, blockchain technology is gaining ground in the day-to-day affairs of government, organizations, and the personal lives of individuals.

Blockchain Market
Blockchain technology will reach a multi-billion market by 2022. The UAE will be one step closer to implementing blockchain services in the daily lives of its citizens by launching a blockchain platform. The UAE's largest bank also plans to use technology to reduce fraudulent bank checks. Digital currency exchange was set up in Dubai free of charge. The UAE has expanded its activities in the field of cryptocurrency.
UAE-based company Adab Solutions plans to launch the first digital currency exchange that complies with Islamic Sharia law.
The name of this project is the first Islamic Cryptography exchange (FICE).
The exchange will operate globally and aims to increase the participation of Muslims and Islamic users in the digital currency market.
This exchange will be the first digital currency exchange that will conduct transactions according to Islamic financial regulations.
These Ideas implemented by Islamic law have a certain financial value and a clear business strategy, allowing us to confidently claim that halal projects are more successful than other digital currency projects.
This digital currency exchange has an advisory board. Which includes international experts and consultants working in the field of Islam. The task of this board is to review the methods of the principles of Islam for this digital currency exchange.
The UAE has made good progress in blockchain technology. Dubai transportation officials have also proposed plans to build a car management system based on Blockchain technology. Car owners use this technology to have more control over their cars. This project is called "First Islamic Crypto exchange ".

Islamic Digital Currency Exchange in Dubai
The project is implemented by the Emirati company ADAB solutions. The UAE is one of the countries that has made good progress in blockchain technology and digital currencies. The country has developed an ambitious strategy for 2021, according to which Blockchain technology will save $ 3 billion in current costs.

The country is pursuing other projects using Blockchain technology. One of these plans is a system that records the history of vehicles (from production to scrap) on the blockchain network. This system will be implemented in 2022 in cooperation with IBM. An inter-company tourism platform with Blockchain technology is also set to be launched in the country. A FinTech startup in the country has also launched the first gold-backed digital currency, the OneGram. It will be the world's first digital bank to start in the UAE and cover the Middle East, North Africa, Europe, and around the world.
According to Dr. Fahd al-Murabi, CEO of the Zurich Capital Fund Group, this digital bank is the group's third most successful project in the Middle East, North Africa, and Europe. The first project was a Western exchange, a digital exchange that was part of a series of digital platform initiatives. The group aims to strengthen its position as a leading company in the field of digital technology and blockchain.

First Islamic bank for cryptocurrency
Murabi explained that this digital bank cooperates with Islamic banks and financial institutions. The purpose of this bank is to meet the demands of customers, review the style of Their lives and priorities and the provision of sharia banking services are easy and accessible. Sami al-Mohammad, deputy managing director of the digital bank's mechanism, said customers register within minutes with a photo ID card and a virtual ID card is issued to users, which is used to transfer money online.
In Islamic countries, banking laws and commercial transactions must be based on Sharia. Any economic exchange without considering the sharia laws is forbidden and those who carry out illegal and illegal transactions will be punished. Ever since digital currencies came into being, it has always been a question of what Islamic law has to say about these digital currencies. Now, in the UAE, the first exchange of digital currencies has been created based on Islamic laws, which shows that in addition to paying attention to Sharia, the UAE has a special view on advanced technologies. This creative approach allows many UAE investors to enter the field of digital currencies and use the blockchain system for their financial and commercial exchanges.
If you are interested in various topics in the field of digital currencies, you can refer to the blog section of the site to be informed about the latest news and analysis about digital currencies.