Kelantan, Malaysia: Embracing Shariah currency
By The Halal Journal published Yesterday
Original Article Source: The Halal Journal Jan/Feb 2011
By Abdalghany Aoueskhanov
The historic launch of the Gold Dinar and Silver Dirham, also known as “Shariah Currency”, on 12 August 2010 (2 Ramadhan 1431H) by the Kelantan Sultanate in Malaysia was indeed historic. On that day, the people of Kelantan embraced Sunna Money by free choice. The introduction of bi-metallic currency in this north-eastern Malaysian state was a resounding success as it proved once again that when people are given freedom to choose their money, they choose gold and silver.
The dinars and dirhams of Kelantan were sold out quickly: the first batch worth RM2 million was sold out before the end of Ramadhan prompting Kelantan Golden Trade, the state company in charge of minting and distributing the coins, to restrict the selling of silver dirhams to only those who wanted to pay Zakat with it. Payment of Zakat with gold and silver coins, not promissory notes, is the restoration of the third pillar of the Deen and fulfilment of the most important obligation after Solat (prayers).
After Ramadhan, the Kelantan government increased the budget for the second batch to RM4 million and it too was sold out completely. The third batch worth RM6 million is now in the process of being minted and will arrive in Kuala Lumpur, Malaysia, in a matter of days.
The Islamic coins of the Kelantan Sultanate were minted according to the latest international standard of the World Islamic Mint (WIM) [read more on WIM on page xx].
The news of the launch of Shariah Currency in Kelantan on 12 August broke out all over the world, and almost all major international media and news agencies highlighted the event. Most significantly, Kelantan’s brave call for freedom resonated among all those who wanted to throw off the evil chains of Usury. Muamalah Council Malaysia’s news centre received emails from numerous individuals, Muslims and otherwise, from around the globe congratulating the government and people of Kelantan and expressing their excitement and solidarity. These are just a few of those letters:
“I am a Christian, but I share your enthusiasm for your people ridding themselves of the control of corrupt, interest-stealing, money-debasing bankers.
Good luck in your endeavours.
God bless,
David Rogers (Canada)”
“I am not a Muslim but I am very proud of your decision to accept "honest" money. The best of luck to you and remember that each minted precious metal coin is one step further away from the tyranny of the modern banking system. I applaud your decision to promote the protection of "the little person", gold and silver are freedom and you are promoting pure freedom from the chains that bind the world. Thank you for starting the revolution towards true economic freedom.
Thank you from Greece,
Christofer Chalukidi”
Wakala Induk Nusantara (WIN), the only accredited minter and distributor of dinars and dirhams by the World Islamic Mint (WIM) in Indonesia, has started to phase out the existing coins in circulation, which were minted according to the old standard of WIM, and replaced them with the new standard coins. “Within the first half of next year, we’ll complete the transition to the new standard that will give our customers added value coins not only due to improved quality and enhanced counterfeit level, but most importantly, 1:1 ratio exchange with other coins in the region,” said Zaim Saidi, Director of WIN and the leader of the biggest dinar movement in the world. WIN is already using WIM stickers stating “We Accept Dinar and Dirham” within its network of shops and traders, called “Jawara”.
Muslim communities in Europe, Australia and the United States are starting to distribute WIM coins within their communities. This year saw the launch of the much-awaited project, Dinar People – a new online marketplace and directory where Dinar users and supporters can meet like-minded people from around the world. This network serves as a real-time virtual open marketplace where anybody can communicate, interact and initiate commerce with other members.
The government of Pakistan plans to hold its first international forum on Gold Dinar next year. And in June 2011, there will be the 2nd World Conference on Riba, to be hosted by Nigeria, the country where the Gold Dinar movement promises to explode next (The 1st World Conference on Riba was held in Kuala Lumpur, Malaysia, on 1-2 November, 2010. Read about it on page xx).
Going back to the Malaysian state of Kelantan, more than 1,500 shops and business outlets are already accepting Shariah Currency, and, according to the CEO of Kelantan Golden Trade (KGT), Umar Ibrahim Vadillo, next year, it is expected that 20,000 shops in the state of Kelantan alone will be accepting the Islamic medium of exchange. Customers can identify these shops by the sticker “We Accept Dinar and Dirham” issued universally by the WIM, World Islamic Mint. The list of shops and Wakalas (agencies appointed by Kelantan Government to sell the coins) can be viewed on KGT’s website: www.dinarkel.com.
In 2011, the government of Kelantan will introduce Wadiah institutions that will provide safe-keeping service and also act as Wakala to facilitate payment operations upon instruction of its clients. The Kelantan Wadiahs are fully developed and endorsed by WIM. Along with Wadiahs, Malaysians will be introduced to an SMS service that will allow them to know the real-time price of dinar and dirham daily by automatic SMS update; subscription to this service must be renewed annually.
These will be the first localised Wadiahs in modern history that are 100 per cent Shariah-compliant (e-Dinar being the first international Wadiah) and Kelantan’s model will be replicated throughout Malaysia and the world, creating a multitude of local repositories plugged in the single data base, e-Dinar.
Early 2011, the Gold Dinar Cooperative will be set up with headquarters in Kuala Lumpur. The cooperative will register Halal money users nationwide and mobilise them into a social movement for economic freedom. Under the cooperative, there will be conducted activities such as training programmes, seminars, publications, and information bureau. The registration has already started, and enquiries can be made to zahimi@al-qafilahinternational.com.This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Since 12 August 2010, the silver dirham appreciated vis-à-vis the Ringgit by 45 per cent and the gold dinar by 10 per cent in November 2010. Anybody interested to obtain Kelantan dinars and dirhams can do so at Nubex Sdn Bhd (www.nubex.com.my), the official distributor for Kelantan Golden Trade in Kuala Lumpur.
The price of dinar and dirham can be viewed 24 hours live at the official websites of the World Islamic Mint: www.islamicmint.com (in USD and EUR) or www.islamicmint.com.my (in MYR).
*About the Author: An economist by training, Abdalghany is a free-lance researcher and writer for various Malaysian NGOs and media publications with the scope of interests ranging from consumerism and health care to economics and geopolitics, writing articles in both, Russian and English. Vast work experience and extensive research led Abdalghany to the conclusion: paper money is the biggest injustice of modern times. In the past seven years, he was actively involved in a number of projects related to the restoration of Islamic currency – Gold Dinar and Silver Dirham. He was instrumental in the organisation of the launch of the Islamic currency in the state of Kelantan on 12 August 2010. He is currently the editor of the website and newsletter of Muamalah Council Malaysia – a non-profit organisation dedicated to disseminating the knowledge on sound money to Malaysian public.
sources : "http://www.halaljournal.com/article/5385/kelantan,-malaysia:-embracing-shariah-currency"
No comments:
Post a Comment