Category: Business Matters
Fatwa#: 38964
Asked Country: Qatar

Answered Date: Oct 26,2017

Title: UAE Onegram coin

Question

ASSALAAMOUALAIKOUM WARAHMATOULA WA BARAKAATOUHOU,

 

I want to know if the onegram cion from UAE,  is shariah compliant.

Kindly visit their website for all the details.Below is the link.

https://tokensale.onegram.org/

 

Shaffick

Answer

In the Name of Allah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

OneGram uses block chain technology to create a new kind of cryptocurrency, where each coin is backed by one gram of gold at launch.

Because the base price of OneGram is always at least equal to the spot price of gold, OneGram has a floor price.

Each OneGram transaction generates a small fee. Unlike other cryptocurrencies, in OneGram, this fee is reinvested (net of admin costs) to buy more gold and increase the amount of gold that backs each token.

In order for investors to participate in the ICO, the initial step is to register with GoldGuard and purchase gold at live spot rates. Then the gold can be redeemed for OGC for a 10% premium.

To give a ruling on the referenced cryptocurrency, we need further information regarding the 10% premium which has to be paid to redeem the gold. [1]

And Allah Ta’āla Knows Best

Muhammed Al-Ameen Bin Moulana Ismail Akoo

Student Darul Iftaa

Newcastle; KZN, South Africa 

Checked and Approved by,
Mufti Ebrahim Desai.

 

 



[1]https://tokensale.onegram.org/‎

https//www.forbes.com/…/dubai-trading-platform-one gram 

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