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The Islamic Gold Dinar Story

Pakistan, a Muslim country, recently exploded an atomic bomb following the same action by its Hindu neighbor, India. These bombs everyone has heard about and the potential for these and other countries to end the existence of mankind. Frightening as the atomic bomb is, another kind of bomb, namely The Islamic Dinar could pose an even bigger threat to our existing financial system which I believe would be enormously bullish for gold. Although I believe the Islamic Bomb may be a threat to the status quo, almost no one has yet caught on to this very recent development.

The Islamic Dinar is a newly created 100% gold currency that its backers hope and believe will become the currency of more than one billion Muslims. The organizers of this currency not only see the Islamic Dinar as an eventual rival to the U.S. Dollar as a reserve currency, and are hopeful it will usher in the demise of the U.S. Dollar.

 

Enormous Carnage to Asian Muslims Resulting from our Floating Rate System

One of the reasons given for the continued insane rise in Wall Street has been the flow of money out of the Asian countries into the U.S. markets in search of a safe haven. But this makes no sense to the tens of millions of Muslims in Indonesia who are now suffering through a fate worse than we faced in the 1930's. Indonesia, which is comprised virtually 100% of Muslims, contains the 4th largest population in the world. Those people blame Suharto but they also blame the U.S. because Suharto was financially tied into the U.S. and our internationally dominant fractional reserve banking system. This underlying anger, which has been caused by enormous devastation suffered by hundreds of millions of Muslims throughout Asia, is likely to provide a powerful incentive for Muslims to "stick it to the Great Satan" by selling dollars and buying Islamic Dinars. At the same time, these people see this as a way to protect themselves by holding real money rather than the fake paper IOU's which has, overnight lost up to 70% of its purchasing power overnight. The dominant theme of the sponsors of the Islamic Dinar is the liability aspects of paper money and that as a result it is dishonest money. Moreover, as recently seen in Asia, when the promise to pay fails dollars fails the system collapses and human misery is compounded. This may be little more than theory to most of us in the U.S., but it is a harsh reality for hundreds of millions of Muslims who live in Indonesia and elsewhere in Asia. It may be safe to say these people are mad as hell and they may not take it much longer.

 

Islamic Religious Beliefs

- Not unlike Christians who have forgotten the basics of their faith founded on biblical teachings, so too have many, if not most Muslims forgotten the basics of their faith based on the Qur'an. One of the main pillars of the Islamic faith is the observance of Zakat, which dictates that Muslims must give at least 2 ½ % of their income to the poor. Wealthy people are encouraged to give more. The important factor to keep in mind as far as gold is concerned is that these gifts are to be paid only with tangible merchandise and that it cannot be paid with a promise to pay, which is in fact, all that paper money is. The Zakat is to be paid with honest money or actual substance, not a promise to pay. The Islamic Dinar, which is A 100% gold coin and unit of currency, fits this Islamic requirement.

HOW SUBSTANTIAL IS THIS MOVEMENT ?

At this stage, the movement to convert from paper money to real money in the Muslim world is small, but if information I have is accurate, it could be about to explode in size driven by the reasons noted above. Here are some of the recent developments which suggest the movement may be well on its way to becoming a monetary force to be reckoned with. The State Government of Kelantan, the northeast Sultanate of Malaysia has a week ago officially adopted the ISLAMIC DINAR its economic policy. This means that the ISLAMIC DINAR will circulate through the hands of hundreds of thousands of people in a physical form. It seems possible that as word of this movement travels among Muslims, demand to open accounts and begin using this medium of exchange could grow very rapidly in the Muslim world.

The ISLAMIC DINAR is now being privately used in more than 22 countries and is currently being minted in four countries. Eventually, the list of countries where it is traded is likely to grow to a much larger number given the large number of Islamic Countries who are members in the Islamic Development Bank, which includes some 51 countries. During 1982, the Islamic Development Bank was prescribed by the IMF as a holder of Special Drawing Rights (SDR's). SDR's are a unit of IMF currency tied to gold. The Islamic Dinar. The Islamic Dinar, which is the unit of account at the Islamic Development Bank, is equal in value to one SDR. Member countries of the Islamic Development Bank are Afghanistan, Albania, Algeria, Azerbaijan, Bahrain, Bangladesh, Benin, Brunei Darussalam, Burkina Faso, Cameroon, Chad, Comoros, Djibouti, Egypt, Gabon, Gambia, Guinea, Guinea-Bissau, Indonesia, Iran, Iraq, Jordan, Kazakhstan, Kuwait, Kyrgyz Republic, Lebanon, Libya, Malaysia, Maldives, Mali, Mauritania, Morocco, Mozambique, Niger, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, Senegal, Sierra Leonne, Somalia, Sudan, Syria, Tajikistan, Tunisia, Turkey, Turkmenistan, Uganda, United Arab Emirates and Yemen. With a total Muslim population of 1.1 billion (19.2% of the world's population), if even a small percentage of Muslims begin to demand Islamic Dianars as their medium of exchange instead of paper, it could have a dramatic effect on the price of gold.

An Islamic Agency has been set up to handle accounts and payments between accounts in the city of Dubai. This will allow the use of Islamic Dinars to spread in the Muslim world as a medium of exchange. At present, this undertaking is quite modest, with only $200,000 worth of gold deposited in Dubai. Dubai is viewed as an attractive place to keep money away from the taxation authorities since there are not taxes on individuals, corporation or merchandise sales there. This spokesman for the Islamic Dinar mint also claims his organization has a good relationship with the Royal Family in Dubai, which should help the group's efforts. After the summer a campaign aimed to the Muslim world to open accounts in dinars is anticipated and the goal is to open 10,000 accounts within the first year of operation.

The sponsors of the Islamic Dinar will suggest to Muslims that they convert their paper currency denominated accounts into Islamic Dinar in Dubai. In addition to tax aspects, Dubai is an appropriate place from which to launch this new banking enterprise because it is forbidden for Muslims to deposit their money with non-Muslims. In the Qur'an itself, Allah makes this prohibition (which is a command for us) clear precisely when referring to the Islamic Dinar.

On May 22 through May 24, directors of the Islamic Mint Directors from all over the world were scheduled to meet in Dubai to move this project forward. At this juncture, the western world could care less about gold because it has convinced itself that man can control his own destiny. Life has been so grand for most of us in the western world over the past 50+ years that we have given ourselves the credit for our prosperity rather than giving God the credit. Given this delusional thinking, we are convinced there is nothing, including matters of money that we cannot fix. This of course is pure rubbish especially when you consider that the depression now faced by Asia was created by excessive international liquidity made possible by the post-Bretton Woods floating rate exchange system. Timing is difficult to figure here, but 1 billion+ Muslims beginning to opt for real money rather than the fake stuff, could portend well for the price of gold in the near future.

Not very well known in the west is the Islamic Gold and Silver coins available for collecting, saving and trading.
The history of Islamic coins and the laws relating to them may be found at and it is a very interesting piece of history not generally known in the west.

According to Islamic Gold Coins.

"In the beginning the Muslims used gold and silver by weight and the dinar and dirhams that they used were made by the Persians."
"The first dated coins that can be assigned to the Muslims are copies of silver dirhams of the Sassanian Yezdigird III, struck during the Khalifate of Uthman, radiy'allahu anhu. These coins differ from the original ones in that an Arabic inscription is found in the obverse margins, normally reading "in the Name of Allah". Since then the writing in Arabic of the Name of Allah and parts of Qur'an on the coins became a custom in all mintings made by Muslims."
"Under what was known as the coin standard of the Khalif Umar Ibn al-Khattab, the weight of 10 dirhams was equivalent to 7 dinars (mithqals)"

These would perhaps be some of the oldest minted coins in existence and, it is said, are still being minted today.
Strict Islamic Law does not permit the use of a promise of payment as a medium of exchange therefore does not permit, within its circle, paper money but only gold and silver.
It is considered that gold and silver are the most stable currency the world has ever seen. From the beginning of Islam until today, the value of the Islamic bimetallic currency has remained surprisingly stable in relation to basic consumable goods:
A chicken 1400 years ago, cost one dirham (a silver coin). Today, it still costs approximately one dirham. The inflation in terms of the value of silver therefore has been zero unlike the paper currencies prevalent today. The same applies to gold.
Gold cannot be inflated by printing more of it. It cannot be devalued by government decree. Unlike paper currency it is an asset which does not depend upon anybody's promise to pay.
Portability and anonymity of gold are both important, but the most significant fact is that gold is an asset that is no-one else’s liability.
All forms of paper assets: bonds, shares, and even bank deposits, are promises to repay money borrowed. Their value is dependent upon the investor's belief that the promise to repay will be fulfilled. As junk bonds and the Mexican peso have illustrated, a questionable promise soon loses value.
Gold is not like this. A piece of gold is independent of the financial system, and it's worth is underwritten by 5,000 years of human experience.
The Islamic Dinar is a specific weight of 22k gold (917.) equivalent to 4.25 grams and the Islamic Dirham is a specific weight of pure silver equivalent to 3.0 grams.
The coins are used principally for savings as they are considered wealth in themselves. They are also used to pay for dowry and used to buy and sell or trade as a legitimate medium of exchange.
These coins are very hard to come buy. There is a lot of speculation going on with Dinar paper money from Iraq but that is more concerned with cashing in on war and human suffering than promoting the value of gold coins.
If you ever come across any genuine Islamic gold coins such as the gold Dinar, buy them, they are worth more than their weight in gold!

Gold is one of the chemical elements. Gold's chemical symbol is Au and its atomic number is 79. Its chief characteristics are that it is inert and malleable. Inert means gold does not interact with other chemicals or compounds. Gold doesn't tarnish and even the strongest acids have no effect. Thus, gold lasts forever - and stays shiny the whole time!

Gold has many industrial uses, but its main historical uses have been for jewellery and money - both are a store of value. Gold has been used as a store of value for at least 5000 years. Gold is measured and prices are quoted in Troy Ounces and Grams. As an example of gold's ability to store value, 2000 years ago one ounce of gold would buy a fine man's outfit. Today one ounce of gold will still buy a good quality man's wool suit with enough left over to buy a few shirts, a tie, some underwear, socks, a pair of shoes and a belt!

Gold has been called a "barometer of fear." When people are anxious about the economy - they turn to gold and bid the price up. The two main things that make people anxious are deflation and inflation. Most think that deflation is "falling prices" and inflation is "rising prices." Actually, rising and falling prices are symptoms. The root causes are decreases (deflating) or increasing (inflating) of the money supply. Gold has the remarkable ability to store value in both deflationary and inflationary times.

The correct way to think about owning gold is as insurance. Gold is a store of value virtually independent of economic conditions. Unlike shares of a company or government bonds - gold will always retain value. Gold's most important use is insurance against the paper (fiat) currency of the country you live in. Almost every country has had at least one major "currency crisis" over the last one hundred years. Those that had some of their wealth in gold survived. Unfortunately many people saw their saving become worthless - sometimes in a matter of days.

So, think of gold as insurance. Do not think of gold as a way to "make money." Do not try and "time the market." It is better to buy gold in small amounts regularly, every month for example, over a period of time.The percentage of your total wealth devoted to gold is a personal decision and depends on your particular situation. A conservative goal would be ten percent. In times of uncertainty the percentage should be much higher.

Do not worry about selling gold when that time comes. Gold is recognized and valued everywhere in the world. It is easier to sell gold than to buy gold! Of course gold can be used in barter or trade as it has for thousands of years.

To summarize, gold is an insurance policy against economic uncertainty. Gold can protect against both deflation and inflation. Everyone should store some of their wealth in gold if at all possible.

Sometimes, when it comes to what to buy, it is a case of gold vs. silver. Both are equally a good investment but which one could you call the best?

There are two prime factors that will influence whether to buy gold or silver. They are affordability and taste.

Gold

For some people it is gold all the way. Even if they cannot afford the one ounce gold coins or gold bars there are smaller coins such as the one tenth gold coins, which are more affordable. Unfortunately they also command a higher price in proportion as the mint's or dealer's mark up has to be added, plus expenses, shipping etc. Usually, the smaller the coin, the higher the additional costs are in relation to it.

The cost of the gold if you are buying 5 ounces or a kilo of gold coins or bars is much less than if you buy a one tenth ounce gold bullion bar.

Silver

Economically for some people, silver is the way to go. An ounce of silver is affordable for just about anyone. Silver is currently running at around 12 USD per ounce. A big difference to gold at 550 to 600 USD an ounce. It is possible to buy one kilo silver coins as well as one or two ounce coins. If you are buying silver purely for the silver sake and not interested in it from a coin collector's point of view, then junk silver or bags of old silver coins may be the way to go. Keep in mind that there is usually a higher margin above spot price for buying silver from a mint than for buying gold.

The other option is to strike a balance and buy both gold and silver. Perhaps buy some gold coins to keep for the long term maybe more infrequently and, on a more regular basis, buy silver coins. This can be a happy medium. If the need ever comes to sell but you do not want to sell your gold you can always sell small amounts of silver to tide you over and still retain your most valuable asset.

So when it comes to gold vs. silver, there really is no contest. Each have their place and each have their advantages.