Dubai-based MAG Lifestyle Development has announced its plans to allow customers to buy properties using Sharia-compliant cryptocurrency OneGram, albawaba reported.

OneGram uses blockchain technology to create a new kind of cryptocurrency, where each coin is backed by one gram of gold at launch. The OneGram Initial Coin Offering launched in May and closed the first Phase of sales on the 3rd of Sept, 2017. OneGram will go live in June 2018.

MAG’s decision to allow property purchases using OneGram will push the cryptocurrency into the mainstream with a real-world application in the real estate sector.

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

Investors will buy OneGram to the value of the property and receive a discount of around 5 percent on the property price. According to the payment plan, OneGram will subsequently remit to MAG – 35 percent over six to nine months and the remaining 65 percent on completion at the end of 2019.

“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,” Mohammed Ibraheem Khan, Co-Founder of OneGram, said.