Dubai-based GoldGuard, a gold bullion trading company, is set to make history with a FinTech offering that Islamic industry experts predict will change the face of digital Islamic finance.
GoldGuard has entered into a joint venture with OneGram, a digital payment solutions company, to offer the first Islamic digital token backed with physical gold.
GoldGuard will provide a secure gold trading platform, ensure physical gold is purchased and stored safely, and Islamic authorities will keep the product fully Sharia compliant.
OneGram will manage the digital token, develop the blockchain, and regulate the exchange.
GoldGuard Managing Director Mohammed Khan said:
“We have once again affirmed Dubai’s position as the home of Islamic Finance and digital innovation and I believe that GoldGuard will etch into history a game changer in the Islamic Finance, blockchain, and FinTech product offerings.”
The Islamic financial markets, particularly in London, GCC, and Asia, need secure Sharia product offerings.
OneGram’s ICO begins in four days with a maximum of 12,400,786 OneGramCoin tokens (OGC) marked to be sold. At the current spot price of gold, a sold out crowdsale would raise nearly $555 million with one token redeemable for one gram of gold.