A short history of the modern Gold Dinar alternative currency.
1)The gold dinar currency was introduced in Indonesia in the year 2000 by Islamic Mint Nusantara (IMN). In 2011 IMN reveal the mithqal correction both weight and purity and follow by minting the Dinar 4.44 gram or 1/7 troy ounce (9999) and Dirham 3.11 gram or 1/10 troy ounce (9999). IMN-World Islamic Standard introducing 21 coins denomination of dinar and dirham (9999) for the first time ever in the world,
2)In 2002, the prime minister of Malaysia proposed a gold dinar standard for use in the Islamic world.
Kelantan was the first state in the country to introduce the dinar in 2006, which was locally minted. In 2010, it issued new coins, including the dirham, minted in United Arab Emirates by World Islamic Mint. On 25 August 2011 Kelantanese government collected and distributed zakat from people in Kelantanese dinars and dirhams in a public ceremony officiated by Chief Minister Dato Nik Aziz Nik Mat.
3)In Libya,along with the uprising, international news channels on August/September 2011 brought several stories about Muammar Gadafi's introduction of golden dinar, within his "gold-for-oil plan", to possibly trade Libya oil on international markets.
4) In the United States the Gold Dinar is being privately produced as a bullion coin, marketed as the American Gold Dinar along with the American Silver Dirham.
These Gold Dinars are produced in collaboration with local initiatives for sound money, especially the American Open Currency Standard.
The above news/history was derived from the Wikipedia!!!
Pak Yeh's comments on the Gold Dinar
Were the Gold Dinars a success.???
I doubt it is a success.!!! I am sure it is a failure.!!!
The Gold coins are issued privately and are not legal tender.
In Malaysia, the state government of Kelantan allows their use in transactions while it is illegal according to federal law.
Libya was the only one that wanted to legalise gold dinar...untill America i,plemented a Libyan revolution.
PAS Kelantan need to tell us what is the progress and what are the problems in implementing the gold dinar..!!!
Logically speaking the Gold Dinar cannot be successfully implemented in parallel with paper money.!!!
If it does, then paper money's Banks would buy up the gold dinar.!!! Paper money was invented by the Chinese Emperor and Monks to get all gold into their coffers by using paper money in place of gold.!!! Refer...
I ask you this question.!!! How can something that has no value like paper money buy something that has a high value (gold).??? If it can then paper money will always be used instead of Gold Dinar.!!!.The truth have been turned upside down.!!!
Hence the failure of the Gold Dinar currency is because paper curency can still buy gold.!!!
So the haqiqat of the matter is...You cannot implement true/god's money without banning false/paper money. But banning paper money will throw millions out of "paper money jobs"
So it is firstly necessary to set up "non paper money jobs" such as farmers,fishermen,home industries etc. The deen or culture of not using paper money is tje ground work fo a Gold Dinar economy.
Gold Dinar currency and economics (Islamnomics) can be implemented when the Muslims have a strong belief in non usury Quranic economics. so that they can boycott the paper money currency and economics.!!!
But due to present structural forms of "economic reliance on paper money" jobs, the economic system needs to be overturned by
i) a top down (a revolution) and / or
ii) a bottom up process (an evolution or a counter-evolution).
This process is describes @
The video below is an attempt by Sheikh Abdul Kadir As Sufi, to implement the Gold Dinar as an Islamic monetary system.
Oh Sheikh.! Why not try the "bottom up" method or "Revolution by Evolution" method.???
Self sufficient living in a community without paper money is 1st step.!!!