MAG Lifestyle Development has issued a statement announcing that customers will now be able to purchase property using the world’s first Sharia-compliant crypto-currency, OneGram. The move is a first for the region and is said to bring the currency to a wider user base.

OneGram was developed as a solution to the need for a stable crypto-currency. Each OneGram Coin (OGC) is backed by a gram of gold, which is said to ensure that the currency is fully capitalised and stable. In compliance with Islamic Sharia law, the currency is also zero interest, profit-loss sharing and non-speculative as it is pegged to gold.

“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,” said Talal Moafaq Al Gaddah, chief executive of MAG Lifestyle Development.

OneGram is expected to go live in June 2018 and MAG says that investors will be able to purchase OneGram to the value of the property and receive a 5% discount on the property price. The currency will then remit to the developer as per the agreed upon payment plan, which is 35% over six to nine months and 65% on completion at the end of 2019.

Mohammed Ibraheem Khan, 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.”