UAE Onegram coin
Question
I want to know if the onegram cion from UAE, is shariah compliant.
Kindly visit their website for all the details.
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.
References (Arabic / Urdu sources)
[1]https://tokensale.onegram.org/
https//www.forbes.com/…/dubai-trading-platform-one gram
- Answered by
- Muhammed Al-Ameen Bin Moulana Ismail Akoo
- Checked & approved by
- Mufti Ebrahim Desai
Fatawa SA is an independent, read-only index of fatawa already published by Darul Iftaa Mahmudiyyah (AskImam). It is not a fatwa service. For your own situation, ask the issuing Darul Ifta directly.