Dubai – Mubasher: MAG property Development (MAG PD) said that it will allow customers to buy properties through 'OneGram', the first Sharia-compliant cryptocurrency, MAG Group CEO Talal Moafaq Al Gaddah said.
MAG PD is the real estate development arm of the UAE-based MAG Group.
Customers will buy OneGram equating the value of the property and obtain 5% discount, according to the company’s statement.
"In Dubai’s forward-thinking real estate market, where embracing smart digital solutions are 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, the chief executive of MAG Lifestyle Development.
OneGram is also simple to buy and trade and will be launched in June 2018.
OneGram will then remit to MAG according to the payment scheme, which is 35% over 6 to 9 months as well as 65% on completion of the project at the end of 2019.
"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," co-founder of OneGram Mohammed Ibraheem Khan commented.
