He also holds to the idea that:Gold and silver coins were preferred as they had value in themselves and were relatively stable. A person could be almost certain that he would be able to buy the same basket of goods with a gold coin even after a certain period of time, say two months.
Paper money unfortunately can be created anytime based on the decision of the government. This is what makes it so unstable unreliable as a medium of exchange. With an ounce of gold could buy the same amount of goods over an extended period of time whereas with a twenty dollar note may not be able to enjoy the same privilege.I still remember back then in University, a lecturer of mine used to tell us that if one night, all OIC Countries choose to use Gold Dinar instead of the paper currencies, countries like United States will collapse immediately.Hmm....what went wrong.. I am so sorry that you have to answer that on your own.
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An Extract from The Star Online dated 13th August 2010:
Mentri Besar Datuk Nik Abdul Aziz Nik Mat said the state would strive to expand the use of gold dinar and silver dirham in its transactions, including the payment of civil servants’ remuneration.
“However, there are many technicalities that have to be addressed by the state government,” he said after launching the Islamic currency yesterday.
The gold dinar and silver dirham is managed by Kelantan Gold Trade (KGT), a subsidiary of Kelantan Mentri Besar Incorporated (PMBK). In a symbolic gesture, Nik Abdul Aziz handed over a dinar gold to PMBK chief executive officer Mustapha Salleh as payment of salaries to PMBK employees for the month.
Nik Abdul Aziz said 1,000 traders so far had agreed to use the currency in their transactions besides Tabung Haji and Bank Islam Malaysia.
“Syariah currency was widely used thousands of years before the fall of the Ottoman Empire,” he said.
5 comments:
at last! real money! not debt!
Salams bro; since my mum collects coins [commemorative, old, etc] I've been harboring this yearning to get the dinar/dirham for her. :)
I'm not too knowledgeable when it comes to the dinar issue, however I do remember reading that years ago it was suggested to the OIC, but nothing transpired from there.
Ayub:
Yes, Finallly !! a real 'money'.not just a piece of paper !
Sis Hajar:
I'm also planning to have some InsyaAllah =)
Actually, not so many people are exposed to this issue. of how significant the Gold Dinar is compared to the money. I suggest, if you want to know more about Gold Dinar, these people & their works are worth to be referred to:
1-Syeikh Imran Hossein
2-Umar Ibrahim Vadillo
3-Prof. Dr Ahmed Mydeen Myra
(Not sure the right spelling ^_^)
4.Prof. Dr. Ma'sum Billah
These people are truly great because they strive for the implementation of Gold Dinar. If only people know How Giold Dinar is very much reliable than the money.
'OIC' You mean "Oh I See"?
(I know what you mean =P )
syeikh imrah hossein is a good one. he travel alot to malaysia during the time of mahathir and proposed on gold dinar.
Ayub:
Yes, true.he travels a lot.In malaysia we also have experrts on this issue like Nik Mahani and Prof. Dr Ahmed Mydeen Myra of UIA
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