Thursday, July 21, 2011

The Gold Dinar, No Longer a Concept, Now a Reality

Back in my university days, I was always in awe of the concept of using a medium of transaction where the value used for payment equals the goods and services being paid for.

For example, today, if I wanted to buy an iPhone, I would pay in RM 2000 cash. However, the ''cash'' or ''fiat money'' or paper money's actual value, does not amount to RM 2000.

It was during my studies that I wanted to be a part of re-establishing gold and minerals as currency, which was used for centuries before the fiat currency was introduced and before Richard Nixon release the greenback from being tagged to gold.

In any case, Allah ordained that I was to be reunited with a dear friend who is involved in implementing the dinar and dirham in Malaysia. Currently, Kelantan is implementing the system.

In my enthusiasm, I have met with my friend who is an Engineering lecturer at UIAM, and asked her many questions on how the implementation and procedures were carried out, especially in terms of banking and it's involvement with the Malaysian Central Bank.

I will post my notes from the discussion in a following post. For now, please read articles on this in the Wall Street Journal:
http://online.wsj.com/article/SB10001424052748703882304575465623070689934.html

Malaysian Insider:
http://www.themalaysianinsider.com/malaysia/article/kelantan-launches-gold-dinar/

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