Bernama, August 27, 2009
Use Of Gold Dinar Advocated For Trade Between OIC Members
BANGI, Aug 27 (Bernama) — The use of the gold dinar for trade among the Organisation of Islamic Conference (OIC) countries should be seriously considered as earlier advocated by former prime minister Tun Dr Mahathir Mohamad.
Minister in the Prime Minister’s Department Datuk Jamil Khir Baharom said the current financial system, based on currency notes, has many drawbacks and has resulted in poverty, environmental damage, output and distribution monopoly, unemployment, crime and vice.
He said many economists were of the opinion that the use of the gold dinar should be re-introduced as a measure of value and medium of exchange in international trade.
Jamil added that the gold dinar was also well known for its stability and was not subject to specualtion and manupulation.
Speaking at an international seminar on, “Generating Economies With Dinar Transactions” at the Islamic Training Institute of Malaysia here today, he said Dr Mahathir’s proposal to use the gold dinar for conducting trade should be adopted and implemented.
The text of the minister’s speech was delivered, on his behalf, by his political secretary Shahabudin Yahya.
Dr Mahathir had advocated, 10 years ago, that the gold dinar be used for transactions in Malaysia during the 1997/1998 Asian financial crisis and to stop rogue currency traders from impoverishing economies.
Jamil Khir said the Pilgrims Fund Board should also consider using the gold dinar for their business activities.
“It can also be used a medium of savings for pilgrims as it will not be subject to vagaries of the international financial system such as depreciation, manipulation and speculation.
“In today’s context, let’s look at the gold dinars as an alternative live-time investment for the future.