Introducing OneGram: A Gold-Backed Cryptocurrency Compliant with Sharia Law
28 Nov 2018 7:36 AM GMT
A UAE-based company called "OneGram" will soon be issuing their own gold-backed cryptocurrency, to help Muslims who want to invest in cryptocurrency, while complying with the rules of their faith. In recent years, the growing popularity of cryptocurrency and Islam has extended throughout Southeast
- According to Sharia principles, it’s important for economic activities to be based on physical assets instead of speculation.
- Some UAE cryptocurrency startups like OneGram will be launching instruments of cryptocurrency backed by physical assets and certified as verified according to Islamic advisors.
- Gold was one of the initial forms of money to be used in Islamic societies, which makes it a good choice for a UAE gold based cryptocurrency hoping to comply with Sharia law.
- The company recently received a ruling that shows that its cryptocurrency conforms with the practices and principles of the Islamic religion from a company called Al Maali consulting.
- This Dubai-based company is one of the many in the world that can offer insights into whether regulations and practices adhere to Sharia standards.
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