UAE-based MAG Lifestyle Development, part of the MAG Group, has announced that it will offer customers the opportunity to purchase a property using OneGram, the first Sharia-compliant cryptocurrency.
MAG Lifestyle Development said that buyers who opt to use the cryptocurrency, which is due to launch in June 2018, will receive a five percent discount on the property they are purchasing.
In compliance with Islamic Sharia law, it is also zero interest, profit-loss sharing and non-speculative as it is pegged to gold.
Talal Moafaq Al Gaddah, the chief executive of MAG Lifestyle Development, said, “At MAG, we exist to inspire our customers to expect more from us, and we are delivering on this promise by allowing them to benefit from the growing potential of cryptocurrencies with OneGram.”
According to both firms, the strategic affiliation will be a game changer in both the real estate and crypto-currency industries, providing property investors with a unique chance to leverage their digital assets while also bringing OneGram into the mainstream with a real-world application in the real estate sector.
“In Dubai’s forward-thinking real estate market, where embracing smart digital solutions is a key priority for driving sustainable growth in line with our leadership’s directives, we are proud to be standing apart from the pack by achieving another regional first,” said Al Gaddah.
As part of the agreement, OneGram will then remit to MAG according to the payment plan, which is 35 percent over six to nine months and 65 percent on completion at the end of 2019.
Bitcoin and other crypto-currencies 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 aims to fill this gap as the first Islamic Sharia-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.
Mohammed Ibraheem Khan, the co-founder of OneGram, said, “What other crypto-currencies 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, and we are proud to be taking this step with MAG Lifestyle Development, one of the most innovative companies operating in the real estate market.”