[This article has been edited to correct that OneGram is not headquartered in Dubai as previously mentioned]

OneGram, an Islamic financial services and technology company, in partnership with GoldGuard, has announced the world’s first completely gold-backed, Sharia-compliant digital currency.

According to the official release, each token represents one gram of gold that will be held in a vault inside of the Dubai International Airport once it opens. In the interim period, the gold will be physically stored through Loomis in their secure vaults.

Currently, the Islamic financial sector is responsible for managing 1 percent of the global GDP, and is growing at nearly 20 percent per year. With more than 2 billion Muslims across the world, OneGram provides a Sharia-compliant method to keep gold in a digital format, making it both secure and transferable on a global scale.

The resiliency of the precious metal, particularly in times of economic instability, limits investors’ exposure to risk. OneGram said that the transaction fees will be reinvested to buy more gold, thereby increasing the amount of gold that backs each token. With the increase in transaction volume, more gold will be added to the vault and all OneGram investors will share the profit. As such, OneGram will offer increasing value to investors, and open doors for Muslims to participate in the digital currency economy, it added.

“In recent years, the Middle East has seen incredible growth in fintech innovations including digital tokens and smart contracts,” said Ibrahim Mohammed, the CEO of OneGram. “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 fully customized, unique proof-of-stake coin, which has been in development for over six months. Spawning from Bitcoin, developers further anonymized the blockchain by employing zero-knowledge, dual-key stealth address, and ring signature protocol enabling instant, untraceable, unlinkable, and trustless transactions.

Starting May 8, participants will be able to register at GoldGuard to buy gold from most countries by showing their passport and providing other information, as well as initiating payment by wire or Bitcoin.

OneGram further detailed its “most ambitious crowdsale goal in blockchain history” in which it seeks to raise over $500 million. A total of 12,400,786 OneGramCoin tokens (OGC) will be sold between May 21st and September 22nd and will be available for purchase on GoldGuard’s website. At the current spot price of gold, a sold out crowdsale would raise $554,910,372.