Shariah-friendly gold and silver coins introduced by Malaysian state


Johnnny
No Party Affiliation
#1
I dont care about who the bad guys are, cause im the bad guy....

Anyways i like the idea of having currency that isnt that affected by the US dollar...

Mineweb.com - The world's premier mining and mining investment website Shariah-friendly gold and silver coins introduced by Malaysian state - SILVER NEWS | Mineweb (external - login to view)

Quote:

The Muslim-governed northeastern Malaysian state of Kelantan has, according to an AP report, introduced gold dinars and silver dirham coinage which state officials say is the revival of currency circulated in early Islamic societies. State officials were quoted as saying that the gold and silver coinage is a better alternative to currencies affected by the fluctuations in value of the U.S. dollar and other foreign currencies.
The gold and silver coinage was introduced on Thursday and the new gold dinar and silver dirham coins will be able to be used at around 1,000 outlets in the state capital city of Kota Bharu while the state government is also considering the option of paying part of employee salaries with the new coinage.
According to a comment on the scheme in London's Financial Times, the coins comply with traditional Islamic teaching on the use of coins with intrinsic value as a medium of exchange, rather than paper money. The FT goes on to say that the coins are minted to a specified weight and purity and are available in a range of denominations from half a dinar to eight dinars, and from one dirham to 20. At the current price of gold, one dinar is worth M$581($183) and one dirham is valued at M$13 ($5).
The launch was, unsurprisingly, much praised by the Muamalah Council, which seeks a peaceful return of an Islamist social and economic system. In a statement the Council said that the introduction of the coinage was...

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Machjo
#2
Of course the Gold Dinar won't be affected by the US dollar, or at least not directly anyway. It's made of gold:

Islamic gold dinar - Wikipedia, the free encyclopedia (external - login to view)

It fluctuates with the value of gold. I like the idea, actually.
 

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