Dubai developer to sell property via first Shariah-compliant crypto-currency

Dubai-based MAG Lifestyle Development, part of the MAG Group, said it will offer customers the opportunity to purchase properties using OneGram, the first Shariah-compliant crypto-currency, according to an official statement.

Investors will purchase OneGram to the value of the property and receive a 5 percent discount on the property price as a result. 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.

OneGram is also simple to buy and trade and will go live in June 2018. Each OneGram Coin (OGC) is backed by a gram of gold. It is also zero interest, profit-loss sharing and non-speculative as it is pegged to gold.

MAG Lifestyle Development is a development company with more than eight projects completed in the United Arab Emirates.