EXPERIENCE IS THE TEACHER OF ALL THINGS
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Sunday, August 15, 2010

Dinar And Dirhams : Its A Warm Welcome


We can still remember in the late P.Ramlee's movies, we use to hear the word of Dirhams and Dinars. Today the same currency is being introduced by the Kelantan government and to be used by certain sectors in the state. The launching of the Matawang Syariah was officiated by the Kelantan Menteri Besar, Datuk Nik Aziz Nik Mat on the 12th August 2010.

I pick the Introduction from the official website of the Kelantan Dinar and post below:

This is the first time in the last 100 years, since the fall of the Ottoman Caliphate, when a Muslim government introduces Shariah Currency. Indeed there has been four generations of Muslims who have not seen Gold Dinar and Silver Dirham; four generations of Muslims who have been divided into little national reservations and sentenced to permanent robbery first by local, then by international Masters of Riba; four generations of Muslims who haven’t known what is their Deen. The introduction of Gold Dinar and Silver Dirham in the state of Kelantan is not a new idea or experiment, it is the return to the medium of exchange that has been known for 1400 years throughout Dar al-Islam as Money of Shariah taking its legislation from Allah’s Revelation and Rasul’s Sunnah.

Hats off for the Kelantan Government for implementing this Syariah currency, which should be more fair as compared to the secular currency. Let us all pray that this currency will be accepted nationwide just as how we all accept the Islamic Banking policies. 

As a normal matter of fact there will be people who object to the use of this new currency and the first party will be none other than the Federal Government through Bank Negara Malaysia because they lost the race. Read a blog posting HERE and this mooted me to write this post. 

Dr Mahathir did once outlined a plan for the use of the Gold Dinar to trade Internationally as a way to prevent currency manipulation. 
KUALA LUMPUR, March 26 Kyodo
Malaysian Prime Minister Mahathir Mohamad on Tuesday outlined a plan for the use of the dinar, a gold coin formerly used in countries of Southwest Asia and northern Africa, for international trade as a way to prevent currency manipulation that sparked off the 1997 Asian financial crisis.
Mahathir, who blamed ''greedy'' currency traders for impoverishing Asia, said ''With paper currency there is no intrinsic value. The exchange rate is therefore arbitrary and subject to manipulation as we saw during the Asian financial crisis.''
Why when Tun Dr. M mooted the idea of using the Gold dinar, nobody objected to his idea? 
Another report on the same topic was published HERE
KUALA LUMPUR, July 1 (AFP) - Malaysia hopes to base its trade with Iran on the gold dinar soon as a first step in decreasing dependency on the US dollar in international trade -  Prime Minister Mahathir Mohamad. 
So, is the Kelantan Government doing something against the tide or just being proactive.

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