IslamicFinance.de

#UAE-based MAG Lifestyle Development has announced that it will accept OneGramCoin (OGC) as payment for real estate it sells. This move offers real estate investors an opportunity to utilize their digital assets while also welcoming OGC into the mainstream with a practical application in the property sphere. Bitcoin and other digital currencies are struggling to enter the mainstream in the Middle East, where the fundamentally speculative and high-risk character of cryptocurrencies does not go with the local investment culture. As the first Islamic Sharia-sanctioned digital currency, OGC is entering to fill this void. Each OGC is supported by a gram of gold, something that makes sure the cryptocurrency stays capitalized and stable. According to MAG, trade will go live in June 2018. Investors will buy OGC to the price of the property and get a 5% discount on the property cost consequently. OGC will then go to MAG based on the payment plan, which is 35% over six to nine months and 65% on completion at 2019’s end.

Dubai's MAG Lifestyle Development will offer customers the opportunity to purchase properties using OneGram, the first Sharia-compliant crypto-currency. Talal Moafaq Al Gaddah, CEO of MAG Lifestyle Development stated that customers will benefit from the growing potential of crypto-currencies with OneGram. 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 Islamic Sharia law, it is also zero interest, profit-loss sharing, and non-speculative as it is pegged to gold. OneGram is also simple to buy and trade and will go live in June 2018. Mohammed Ibraheem Khan, co-founder of OneGram said this was the first real-world application for OneGram and the company was proud to be taking this step with MAG Lifestyle Development.