Aug 22, 2010

My State Government introduces Gold Currency as an Alternative

Assalamualaikum. Happy Ramadhan everyone and have a nice weekend.


Recently, my state government has introduced an alternative money as an alternative in a barter trade system. They are dinars and dirhams. I believe most of Muslims have heard about dinar and dirham because we have read the seerah or maybe we read the Islamic history.

Well, I am not a knowledgeable person in this financial area be it Islamic or civil but I am a person who believed in the ability of my state government. So, as for now, I'm going to support them while I'm educating myself more on this issue.
The central government is especially the Deputy Finance Minister is not happy with the act and he's been condemning the state government's action. Despite all that, this is the current news on the gold currency in Kelantan.

'Gold rush' in Kelantan as dinar goes on sale
Harakahdaily

KOTA BHARU, Aug 20: When was the last time gold sold like hot cakes in Malaysia?

In spite of the relentless attacks by Barisan Nasional over the PAS state goverment's move to introduce gold currency in Kelantan as an alternative to the barter trade system, there has been a rush to acquire the new coin which comes in several denominations and subject to the current price of gold.

The gold dinar and silver dirhams went on sale Wednesday, with national news agency Bernama reporting that Kelantanese were 'storming' into Islamic pawn shops Ar-Rahn, the authorized representative for dinar and dirham.

However, some buyers were reportedly sticking to the only thing they had known about gold's usage - as personal ornament.

Following Kelantan's announcement that the gold dinar will be made legal tender, Deputy Finance minister Awang Adek Hussin slammed the PAS-led state government for trying to introduce its own currency, and warned that currency matters came under the purview of the Federal government and Bank Negara Malaysia.

Denying Awang Adek's claim, state economic planning, finance and welfare committee chairman Husam Musa said the dinar was meant to be an alternative in the barter trade system only.

“I do not see why this issue has to be blown up following Kelantan introducing the use of the dinar, as it has been around since the beginning of Islam,” said Husam.

Operating manager of Ar-Rahn, Siti Azian Ibrahim, said a total of 344 pieces of dirham and 50 pieces of dinar were opened for sale yesterday.

“Looking at the situation, at the beginning we did not expect the dinar will be well received as many who disagreed with its usage in everyday business," she said.

"But on the first day of sale at Ar-Rahn, the people are showing intense interest to buy it," she said, adding that most customers said they wanted to make the dinar into personal jewellery.

High grade gold

Five types of dinar were on sale at different prices based on the current value of gold in the market.

At press time, half-a-dinar cost RM296, one dinar at RM592, two pieces at RM1,184, five dinars RM 2,960 and 8 dinars at RM 4,736.

The silver dirham sold at RM13, two dirhams at RM26, five dirhams RM65, ten dirhams RM130 and 20 dirhams at RM260.

Siti Azian added that the dinar was produced using high grade of gold normally used for jewellery, adding that buying gold had always been a trend in Kelantan due to its stable market value.

Those interested to acquire the dinar may get more information at http://islamicmint.com.my/ or from Ar-Rahn outlets.
It was reported earlier in Sinar Harian that 1000 business/shopping outlets in Kota Bharu have agreed to accept dinar and dirham in their businesses. That's interesting. And I am planning to get a dinar and a dirham for my personal use. I'd like to experience the gold currency.

However, I need to understand more about this because I might get confuse with the current money system.

8 comments:

umm ruman said...

I think this is a brilliant move from Kelantan by introducing diinar dan dirham. Eventhough I'm staying in another state but I always agree with whatever moved taken by PAS-led state government. How I wish our central government could follow this step rather than holding to capitalist notes which does not give any values.
Keep it up Kelantan.

MAHAGURU58 said...

Assalamualaikum Warahmatullahi Wabarakatuh.

I totally support this brilliant move to reintroduce the Islamic Gold Dinar and Silver Dirham back into the world's trading systems.

Now, we can trade in gold and silver as what is enjoined in our deen.

Paper money is not worth the paper its printed.

The Kaffirs introduced it in their attempt to fool the world into trading with them without their having to back it up with the appropriate amount of gold or silver!

Syabas to the Kelantan State Government!

Blue Pearl said...

Very nice introduction to the dinar and dirham coins...They look shiny and lovely too:)

C said...

Asalaamu Alaikum

My son told me about this. Guess he's following Malaysian news after his trip there.

kakchik said...

Thank you kak azah for supporting the action. We like it but the mass media and the central gov are not very keen on this development.

kakchik said...

Wa'alaikummussalam warahmatullahi wabarakath MAHAGURU.

Syukran. Your support is very much needed. It shows that, there are others outside Kelantan who agrees with dinar & dirham.

We have a long journey to educate our community about the Islamic money because their mind have been thought and controlled by secularism for so long. That's why many people don't understand and don't agree with Kelantan's gov.

kakchik said...

Blue Pearl, they look like that because they are made from gold and silver.

kakchik said...

Wa'alaikummussalam C.

Your son must have an interest in the happenings in Kelantan. After all, he's also half Kelantanese. And a Muslim too. I'm glad that he's interested.

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