OneGram, an Islamic financial services and technology company, is partnering with GoldGuard, which is building one of world’s largest gold vaults in Dubai, to create the world’s first completely gold-backed digital currency.

Each token will represent and be redeemable for one gram of gold, a statement said.

OneGram said in the statement that it has Sharia scholars on its board to ensure that it is fully compliant with Islamic finance requirements.

A maximum total of 12,400,786 OneGramCoin tokens (OGC) will be sold, making it the largest cryptocurrency crowdsale goal in history, it added.

At the current spot price of gold, a sold out crowdsale would raise nearly $555 million.

The Islamic finance sector is currently responsible for managing 1 percent of global GDP and is growing at nearly 20 percent per year, the statement said.

There are more than 2 billion Muslims worldwide and OneGram is seen as a Sharia-compliant method for them to keep gold in a digital format that is both secure and digitally transferable, including across borders, at the same time.