the financial aspect of islam is very interesting, its sad that its only been mentioned with crimes, terror and female enslavement.
about the project i have no idea , is there an escrow? the buy back gold idea with fees is very interesting
escrow and buy back ect.... surly should be present but if they are or not is still to be told. and before that should come the proof that they actually bought gold as they said they did but refused to provide info as requested "several times" and they simply prefer to ignore the questions that are uncomfortable!
for first thing is =
how do they intend to maintain the price level with the commodity of GOLD?
the strategies possible to maintain based on gold are very few and none of them are good for open market functions!
example= this coin gets listed on bittrex or poloniex or any other well known exchange... the market will dictate the value and cost of this coin and not simple words cam maintain it equal to gold! the laws of supply and demand are harsh!
or
they would have to maintain a CLOSED SOURCE wallet and a Dedicated exchange "proprietary" but to assure value and price to be maintained equal to the gold they would need to have the equal amount of gold already in house and certified for each coin 1 million coins ="1 million grams of gold" that is the only way they can use the gold standard!
so if they already have the gold in house why are they so reluctant to prove it?
if theyt already have the gold in house why would they think of putting this in an ICO for pennies?
if they have such huge investors then why would they offer this to the public?
they say it is Sharia Compliant but none of The Advisory Board of the Dubai Center for Islamic Banking and Finance (DCIBF) Center. has ever heard of them?
this is obviously a scam!