OneGram, an Islamic financial services and technology company, has partnered with GoldGuard, which is building gold vaults inside the Dubai Airport Free Zone, to create a completely gold-backed digital currency.

Each token of the blockchain represents and is redeemable for one gram of gold. OneGram has Sharia scholars to ensure that it is fully compliant with Islamic finance requirements. The Islamic finance sector is reported as managing 1 percent of global GDP and growing at nearly 20 percent per year. There are more than 2 billion Muslims worldwide and OneGram hopes to be Sharia-compliant method for them to keep gold in a digital format that is secure and digitally transferable across borders.

A maximum total of 12,400,786 OneGramCoin tokens – OGC – will be sold. At the current spot price of gold, a sold out crowdsale would raise $554,910,372. The founders of both companies, Ibrahim Mohammed, CEO, OneGram, and GoldGuard, held a press conference and launch alongside leading Islamic finance scholars including Sheikh Abdulkader Amor, cryptocurrency and blockchain expert Ferdous Bhai on the 2nd of May.