Buy property in Dubai with Shariah-compliant cryptocurrency

Buy property in Dubai with Shariah-compliant cryptocurrency
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dubai - OneGram is the first Shariah-compliant cryptocurrency



By Staff Report

Published: Mon 18 Dec 2017, 4:30 PM

Last updated: Mon 18 Dec 2017, 6:33 PM

MAG Lifestyle Development, part of the MAG Group, has announced that it will offer customers the opportunity to purchase properties using OneGram, the first Shariah-compliant cryptocurrency.

Talal Moafaq Al Gaddah, CEO of MAG Lifestyle Development, said: "We are allowing our customers to benefit from the growing potential of cryptocurrencies with OneGram."

Bitcoin and other cryptocurrencies are struggling to enter the mainstream in the Middle East, where their inherently speculative and risky character does not complement the local investment culture. OneGram is stepping in to fill this gap as the first Islamic Shariah-approved cryptocurrency.

Each OneGram Coin (OGC) is backed by a gram of gold, which ensures that it remains a fully capitalised and stable digital currency. In compliance with Shariah law, it is also zero interest, profit-loss sharing and non-speculative as it is pegged to gold.

OneGram will go live in June 2018. Investors will purchase OneGram to the value of the property and receive a five per cent discount on the property price as a result. OneGram will then remit to MAG according to the payment plan, which is 35 per cent over six to nine months and 65 per cent on completion at the end of 2019.

Mohammed Ibraheem Khan, co-founder of OneGram, said: "What other cryptocurrencies have failed to achieve, OneGram has accomplished in an incredibly short space of time, and that is to show the market that we are here to stay by creating real-use cases for our token. This is a mega announcement as it is our first real-world application for OneGram."

MAG Lifestyle Development has more than eight projects completed in the UAE,

- business@khaleejtimes.com


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