Adab Solutions

Really interested in this! Have been looking at projects around Islamic Crypto. This could truly open up a multi billion dollar market. Team needs to follow through with execution.

Edit: Pls respond to this https://medium.com/@douglaslyons/adab-solutions-exchange-major-red-flags-found-76a86d02e01b

Edit2: Team did respond positively and with substance. Handled it professionally.

My ratings have now been adjusted after a while checking around and communicating with team members on one of its key members. Now it seems clear to me from what I have read and provided so I decided to update my ratings. Thank you!

Please refer to https://medium.com/@douglaslyons/adab-solutions-exchange-major-red-flags-found-76a86d02e01b

Substantial discovery by Douglas Lyons.

Will be willing to revise rating if the team responds.

~~~~~~~~~~~~~~~~

Timur Turzhan
ICO team member replied on 28 Oct 2018
Dear Mr. Chiang! I am asking you to form an opinion without relying on unfounded article. It's not a review, it's a slander. I hope Mr. Lyons will change his mind and remove his unreasonable article, otherwise I think it will be necessary to make a legal assessment of his work. Moreover, I wrote a comment on his page in LinkedIn under the article.

My comment was deleted and I was banned, not being able to discuss it further. It seems that Mr. Lyons decided just to make a PR this way. Moreover, I see a conflict of interest here;

Mr. Lyons is an adviser, and possibly as founder of the EX exchange trying to blacken us in order to promote his project. This" article " insults our religious feelings, damages our business reputation, demonstrates a cursory study of the project and a complete misunderstanding of the Islamic financial system. I am sure that a detailed study of the project will give an understanding of the fact that our exchange is very needed in the crypto market.

And the one who does not understand its advantages should look at the global booming of the Islamic financial system and why Islamic Finance does exist and who it's aiming to. And if the person does not understand these issues, does he have the right to evaluate projects related to the Islamic Finance?

Sincerely
Timur Turzhan
CEO ADAB Solutions
~~~~~~~~~~~~~~~~

Dear Timur

I appreciate your reply.

Since this matter revolves around serious allegations made against your project, you may wish to refer to the ICObench support to follow up.

On this note, I like to give your project the benefit of doubt and to review it on its entirety.

All the best!

Very unusual idea. Now it is heavy to foretell what from this will turn out, but I am sure that the huge Islamic world will approve this project and will inhale fresh blood which is very necessary for this industry in general on ICO market. Therefore I put the five to this project especially as strong team, MVP is ready. I will watch the project further. I wish you will progress greatly!

Looks interesting and fit to the market needs and with competitive advantages. The team and advisor board are strong to execute the plan. Looking forward to see the project success!

Its difficult to understand this project unless I understand the financial situation of Islam. It was difficult for me.
However, given the market, there is no doubt that strong demand exists.
I respect respecting projects that challenge unprecedented things. Because there is no precedent, it is necessary to carefully consider whether this is acceptable to the market.
I will continue to watch this project and improve my evaluation.
The team is solid, but I can not find a member with a strong experience with block chain development.
MVP is simple and functional.

*I improved the evaluation as the team improved.

Team ★★★
Vision ★★★
Product ★★★

The team has explained me some things on linkedin and now I'll be neutral with this project.
The MVP is a good thing to value, but the team should be definitely better, hardcap too high and doubts about the necessity of an Islamic exchange.

I think this is a big infrastructure project in the Islamic world. This is a big positive moment. If the project has huge investors, then I think you will be able to reach the HARD CAP. Finally, there will be a variety among crypto exchanges, and this exchange can take a leading position.

I would be cautious about the big bonuses. I think that for such a project, it is necessary to refuse the additional bonuses.

I think this exchange can be really helpful for the people of the Arab world who might not have had a good way to invest in crypto markets so far. Team looks good and so do advisors. Wish them All the best!

Great project, I think ADAB can become the most popular crypto exchange in the Islamic world. Especially when the crypto market becomes bigger, ADAB will have a big impact in the crypto world.

Great team and people involved. Good luck team!

Very interesting project. Probably the first islamic crypto exchange. I was very leery when I first looked at this project because it is my understanding that cyrptocurrencies are against the religion of Islam. However after reading the WP I understand that the concept is based on the cultural values of the Islamic religion. I don't know how well this project will do, but I respect this group for moving the their religion in a positive and progressive direction.

The whitepaper is well done, but the images are a bit blurry. They also have a good team of advisers.

This is not financial advice or a recommendation to invest in this or any other ICO. Investors must perform their own due diligence and not rely on external ratings to make their final investment decisions. ICOs are risky and 100% loss of capital is possible.

Team - well experienced and educated, some good advisors too. Could use a CFO and risk manager as an exchange, but potentially covered by experience in core team already.

Vision - an exchange with a targeted market for its USP. What's not to like? In such a homogeneous market place, they've given themselves a great chance with a blue ocean strategy that has the potential to reach c. 25% of the world's population. I'd like to see a better consideration of use of funds - there are fixed and variable costs in there, so some differentiation of soft/mid/hard cap spending would be useful for a full assessment.

Product - MVP working, looks good.

Good luck to the team with this project. It has the potential to be a huge success.

The team is strong. A great way to attract more Islamic population to the world of cryptocurrencies. Though the competition is high, there are already hundreds of cryptocurrency exchanges in the market, the company needs to identify a competitive advantage to make a dent in the market.

KYC has been approved and the company Vision is clearly specified. I wish them great success.

I found the concept very innovative and one that will revolutionary as it opens up an enormous business opportunity.

Incorporating blockchain technology allows the platform to perform a multitude of functions.

The team also has a spectrum of capabilities from technology to marketing and business development.

In my opinion,

I think Igor hit it right on the dot, the team seems to be ideal, the idea appears to be fairly solid. I am not an expert on Islamic Financing or securities, but am familiar that there are several distinctions from what I am used to. Decent set of advisors.
I didn't see references, and there are a few things in the white paper that I feel could be changed.
*Please see my profile for disclosures

The team looks good but it is rather small.
MVP looks good.
Strong and original vision as they aim to become the First Islamic Crypto Exchange.
Good luck!

Very strong team with clear background. Bold vision of an obvious demand for this as our commnity have always been open to all religions. MVP is there although it would be nice to see an actual working Alpha before the ICO starts. Advisory board is impressive. KYC passed. Strategy carefully explained in details.
Very promising project.

Video Version is improved.

The numbers of the future, e.g. $4.4 billion are presented like facts. The project would look more respectable if you state more facts what differentiats the islamic crypto exchange and why other exchanges can not be used according to sharia.

As a Muslim myself, I don't see much reason in going for creating an Islamic exchange. It's just a makeup in order to attract investors as I can tell when I checked other reviewers' ratings.

The only beneficial thing that can happen about that is that if Islamic governments declare that cryptocurrencies are legit, they might adopt this one. Other than that, not much different than regular cryptocurrency exchanges! Neutral +/-

On the other hand, it is good that there is an MVP. Positive +

The team is quite good as well. Positive +

ICO terms are good. 72% are distributed to contributors and hard-cap is $18.7 million. Positive +

Project is quite new. Initiated in June 2017. Negative -

Hype is weak. 8k on telegram and 4k on twitter. Negative -

Website, whitepaper and one pager designs are very poor. Negative -

The project is ambitious and requires careful execution in order to adhere to the respective laws of Sharia. For this reason there is a high level of regulatory and concentration risk. I don’t gain the required confidence that the project can manage these risks in order to capitalise on the global market opportunity. It would have been better for the project to raise within the community first, seek approval from Sharia on all areas, get adoption then go public.

Further Mr Lyons article has raised red flags and are valid points. Investors should take the time and do the proper due diligence before considering any investment.

The fact that there is nothing like this yet shows the reluctance of the arab world to turn to cryptocurrencies. I personally think the idea of having a halal crypto exchange is brilliant and is definitely something that will be needed in the long run.

Having said that, I also see a lot of issues with this project:
- Hard cap unrealistically high
- Team with very little experience
- Advisory team almost no crypto experience
- No proper MVP
- Competition is fierce, no coherent marketing strategy to gain traction


UPDATE: After chatting with the team on linkedin, I feel this project deserves a higher score. They are adding people to their advisory board, the MVP is being updated regularly, and the team has been strengthened.

Islamic banking solution on blockchain infrastructure will become the base to adopt blockchain technology for traditional banking systems.

Adap is creating the first innovation solution which is compliant with Shariah laws.

Team is very experienced and vision is very clear.


Disclaimer: This is an independent review on the ICO, and does not lead to investment advice. ICOs are risky, kindly do your own research before invesment.

Such a great project with high potential. This project will have a great influence on the world and I believe that with the right guidance and steering of the team and advisory board, this idea will suit the needs of the market and yes, the market is in need of the tools this project possesses. The MVP is available but needs a few tweaks here and there. I commend the team for their efforts thus far and hope you have a successful ICO.

Shame again! Looks like project is dead or it's a scam, 150 characters minimum is too much to talk about some projects.
Adab diverse bad rating with no comment! 2 cents projects

White paper - The white paper is professionally done with almost no margin of error. It contains all the necessary details including the complex problem of investing in crypto in the MENA region especially. The detailed breakdown is quite specific and has all the necessary information to make informed decisions.

Team - The core team and the advisory team members are both excellent. The only drawback of the team is that it doesn’t contain many team members from MENA region. Maybe it is something the team could address.

Tokenomics - The tokenomics is a bit stretched due to the fact that there is a disparity between soft cap (2.5 million US$) and hard cap (18.7 million US$). This effectively means that they are comfortable to proceed with the lower soft cap but ambitious enough to aim for more.

Business Model - The business model revolves around the ambitious project of a Shariah compliant crypto exchange. The business targets a niche but highly targeted region with high net worth individuals and funds, who would be more than happy to get on board this project. The rewards are multi-fold if carried out properly.

MVP/ DApp/ Working Product  - MVP is ready for testing.

Overall it’s a high risk/ high gain project which if carried to plans could potentially improve the adoption of crypto currencies for the MENA region (Shariah Compliant).

As a non-Muslim, I don't pretend to understand Shariah law or how it applies to finance and fintech. I can, however, appreciate an endeavor that wants to open up the cryptocurrency space to 22% of the world's population who, at present time, are unable to participate due to religious and/or cultural reasons.

The team behind the project seems incredibly solid, with significant experience in the areas of business formation, finance, IT and software development, and marketing. Both the founder and co-founder, as well as other key members of the team, have already completed and passed KYC.

I think that there is definitely a need for a Shariah-complient exchange as there is clear and significant interest in the crypto market from Muslim investors. That the team has a dedicated Shariah compliance officer with many years of experience speaks volumes about their dedication to the project.

ADAB Solutions has already released an MVP of its FICE (First Islamic Crypto Exchange) platform. Overall a very solid project - and one whose progress I will be watching with extreme interest.

Nice team and good wp
The base idea and the community are very attractive, it’s unfortunate that the project to apply to them to this day doesn’t have actual solutions
Adab solution is a project to keep into consideration
I’m looking forward to further developments and concreteness. Awesome project

They are not verifiable. The team which they are presenting is also wrong i personally know Mr. Ali is not working with them anymore.

They are not approved n UAE as well .

The team got the first mover advantage in establishing the first crypto currency exchange in Islamic world which is great.

Everything seems ok, but after I got into inside of the community, I have some observations:

1.No activity update on Github from the last three months;
2. I joined in the Telegram group, there are lots of memebers(33572) inside, but what I can see is the admin is always flooding their promotion stickers into the group & seems most of the members know litle about the project and they are talking about the prices, very few members are focusing on the project itself;
3.The most important part on website is for ICO, but on the contrary, it should the project itself, how they transform the idea to be a successful project,what is their progress every half month - if not every week..etc not just raising money.
4.Both the website & MVP seems rough & not improved fromt he tech side;

So even people sent out the high rating, but I still think investor should be think twice before investing & wait to see what will happen in next 3 months.

After analyzing their provided documentation, I can say that I truly believe this is a different project, one with potential. Their team is however rather small for their stated purpose and bringing in new members on crew might be a great idea.

Great idea to serve niche market. Excellent and capable team. Whitepaper is comperehensive and covers almost everything about targeted market. Financial projections, though, as business are missing. Technically, Whitepaper has nothing much to explain. Tokenomics looks good but hard cap is on higher side for an exchange. Bonus plays on higher side, which is a negative thing, in my opinion. Not sure about locking period of tokens given to bulk investors in private sales. Roadmap is long. MVP is not impressive, looks more like white label exchange. Github is non satisfactory as doesn't have enough resources on development of exchange or MVP as such. Team looks dedicated and capable but lacks on blockchain development side. Islamic regulations are strict and compliance would be a challenge. Distribution of funds looks fair but 12 % being allocated for unforeseen expenses, looks flawed to me. Overall, the idea and market has great potential, product development is weak, team needs relevant skillset, Whitepaper is thorough, roadmap is too long. All the best!

I really like the concept of opening up new exchanges that allow new retail investors into the space. Especially in regions where its currently difficult to get into the market. They have some solid team members and advisors.

However, I do have hesitations about the development team and their overall ability to execute. My main concern with this is the technical aspect.

Islamic world will approve this project. I work with people from the Arab world who constantly talk to me about the fact that they would like an exchange like them. So it’s looks interesting and fit to the market needs with competitive advantages. The team and advisor board are strong to execute the plan. Looking forward to see the project success !

The team has a very professional background and the idea behind this will work imo. However, I’d like to see more blockchain background on the team and more developers.

Coming from a finance background, I’ve seen the power of having a shariah based portfolio, and have seen it work first hand. For Islamics who want to get into the space, this is an easy way for them to pick between Cryptocurrencies that represent their values, lowering the barrier to entry which is always good for the space as a whole.

The exchange space is crowded, but with their focus on a specific target, this one may do well depending on their connections within the Islamic community. However, I’m not sure if an exchange is actually needed to promote principals, rather a hedge fund may be suffice.

Everyone wants in on crypto, so I’m glad to see projects like this being developed; with morals and ethics.