Dubai-headquartered Islamic financial services and technology company OneGram and Dubai-based gold trading company GoldGuard announced in a press release CoinReport received the world’s first completely gold-backed and sharia-compliant cryptocurrency.

Each coin represents one gram of gold held at a vault inside of the Dubai International Airport, said the release.

The Islamic financial sector, which is responsible for managing 1 percent of the global GDP, is growing at nearly 20 percent per year. OneGram offers more than two billion Muslims worldwide a Sharia-compliant method to keep gold in a digital format, making it both transferable on a global scale and secure.

OneGram said that it’s transaction fees will be reinvested to buy more gold in order to increase the amount of gold that backs each token. More gold will be added to the vault as transaction volume increases, and all OneGram investors will share the profit. As such, said OneGram, it will offer increasing value to investors, and open doors for Muslims to take part in the cryptocurrency economy.

“In recent years, the Middle East has seen incredible growth in fintech innovations including digital tokens and smart contracts,” said OneGram CEO Ibrahim Mohammed. “With OneGram, we’re excited to provide an opportunity for investors who care about Islamic financial markets and the security of commodity-backed investments to benefit from rapid technological advances in the blockchain industry.”

OneGram is a unique, fully customized proof-of-stake token with more than six months of development. Spawning from bitcoin, its blockchain was further anonymized by developers via zero-knowldedge, dual-key stealth address and ring signature protocol allowing trustless, instant, unlinkable and untraceable transactions.

Beginning on May 8, participants will be able to register at GoldGuard to purchase gold from most countries by showing their passports and providing other information as well as making payments by bitcoin or wire.

Between May 21 and September 22, a total of 12,400,786 OneGramCoin tokens (OGC) will be available to buy on GoldGuard’s website. The crowdsale goal is the most ambitious in blockchain history, with more than $500 million being targeted. At the present spot price of gold, a sold out crowdsale would raise $554,910,372.

In another press release CoinReport received, OneGram announced it has partnered with Tabarak Investment Capital Limited to boost investment in OGC. Tabarak, said the release, will market/refer a 100 million allotment to their extensive group of clients in the Islamic financial sector. Currently, the company is refer-marketing the $5 billion Gold Reserve Sukuk, the first asset-backed Sukuk in Islamic history which allows investors to invest in physical gold through a Sharia-compliant structure.

Image via press release

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