MAG Lifestyle Development, part of Dubai, UAE-based multinational conglomerate Moafaq Al Gaddah (MAG) Group, has announced that it will accept OneGramCoin (OGC), the first Sharia-compliant digital currency, as payment for real estate it sells, according to a press release CoinReport received from Dubai-based gold trading firm GoldGuard.
The region’s first-of-its-kind strategic association is believed to be a turning point in both the digital currency and property industries, offering real estate investors with an exceptional opportunity to utilize their digital assets while also welcoming OGC into the mainstream with a practical application in the property sphere.
MAG Lifestyle Development CEO Talal Moafaq Al Gaddah said in the press release we received, “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 crypto-currencies with OneGram. 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.”
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 totally capitalized and stable. In accordance with Islamic Sharia law, it is also zero interest, profit-loss sharing and non-speculative as it is backed by gold.
The press release says the digital currency is simple to buy and trade and 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.
OneGram co-founder Mohammed Ibraheem Khan commented in the release, “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.”
MAG Lifestyle Development’s logo – Via the press release
OneGramCoin logo – Via a previous press release we received