UAE SUSTAIN Crypto exchange launches first Shariah compliant exchange
Sustain , the first Shariah Compliant Crypto currency exchange has launched and is currently seeking investment through an STO ( Security token offering). UAE based SUSTAIN.EXCHANGE company announced its launch as the First Shariah Compliance Crypto currency Exchange (SUSTAIN). According to their press release, by adhering to the high moral requirements set forth by the Shariah community, the company will utilize the in-house Shariah Advisory Board to ensure that Islamic Finance is finally included in the global crypto currency market. These new standards set forth by the SUSTAIN will ensure an enhanced quality of assets on exchange, as well as enhanced inclusion of Islamic crypto currency enthusiasts and traders.
SUSTAIN will introduce Shariah Advisory Board (SAB) within its structure – the independent body represented by internationally recognized Shariah experts, which will provide inputs on Shariah matters in order for the SUSTAIN to comply with Shariah principles at all times. SUSTAIN will provide high-quality services and information to the Muslim community about the crypto market, will carry out an explanatory mission, and facilitate the involvement of the Muslim community in the crypto market. This platform corresponds to the need of the Muslim Community for dealing with the right crypto assets, to participate in the development of innovations, the creation of new unique projects and companies.
Mr. Sulaiman Al Fahim is the founder of SUSTAIN EXCHANGE and executive chairperson of Sulaiman Al Fahim Group in UAE. According to their press release, this unique project raised a big interest investors looking for the good placement of their funds. SUSTAIN.EXCHANGEs plans to launch a security token offering in June 2020 to finance this beneficial project to Muslims Ummah project. SUSTAIN tokens issued during the STO will be used to serve as a key to accessing the services of the exchange, as all commissions within the SUSTAIN will be paid only in SUSTAIN tokens.
UNLOCK spoke with Mr. Al Fahim who explained, “We are currently working on acquiring a license in the UAE and are in talks with ADGM. We already have pacific Asian country license and a crypto asset license in the USA, while in Mexico we have a digital asset license and payment gateway. In the UAE we have an investment and general trading license.”
The internal economy of the exchange is built on the deflation model of the token. This will help to systematically reduce the total number of tokens in circulation, which, combined with the increase in the volume of transactions, will lead to a predicted increase in the rate of SUSTAIN token.