UAE developer says investors can buy homes with digital currency
MAG Lifestyle Development partners with OneGram, the first Sharia-compliant crypto-currency
MAG Lifestyle Development, part of the UAE-based MAG Group, has announced that it will offer customers the opportunity to purchase properties using OneGram, the first Sharia-compliant crypto-currency.
The developer said the move will provide property investors with a chance to leverage their digital assets.
Talal Moafaq Al Gaddah, CEO 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 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."
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.
Investors will purchase OneGram to the value of the property and receive a 5% discount on the property price as a result. OneGram will then remit to MAG according to the 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."
MAG Lifestyle Development said it has completed more than eight projects in the UAE.
Source: Arabian Business