The Gold Market Down, US Dolar Rose.

The gold market continue down because the strength of US dolar. Sentiment on the dollar had been negative for many weeks on concerns over the U.S. economy and expectations for higher interest rates in Europe and the UK, pushing bearish positions on the currency to stretched levels.

But the outcome of three central bank meetings from the
• Federal Reserve;
• Bank of England and;
• European Central Bank
offered few surprises, giving dealers little incentive to further sell the dollar.

The gold market may raise after the investor had taken their profit from US Dolar. Maybe on 12 or 19 May 2007 will raise.

Source from : Reuters.UK , NS Futures

IGD Syariah Control Council

Members Of IGD Syariah Control Council

Chairman :
Dato’ Alim Panglima Hj. Mat Jahya bin Hj. Hussin
Former Mufti, State of Perlis

Members :
Dr. Haji Abd. Aziz bin Hj. Hanafi
Principal, Institut Pokok Sena, Kedah

Prof. Madya Dr. Mahamad Hakimi bin Ibrahim
Lecturer, USM

Prof. Madya Dr. Zuhaimy bin Ismail
Lecturer, UTM

Dr. Hj. Mohd. Yunus bin S. Mahmood
Medical Specialist

Al-Hafiz Imam Ali Mannaf
Imam, Masjid Bukhari, Kuala Lumpur.

Contact Address:
CP65 , Suite 1806 , 18th floor ,
Central Plaza ,
34 Jalan Sultan Ismail ,
50250 Kuala Lumpur ,
Malaysia.

The Trend of Gold Remain.

Summary from The Canadian Press

The rise of Gold Dinar(9166) often attributed to the rise of gold(9999).And rise of gold affected to world political factors, such as Iran's defiant stance on uranium enrichment.

Dispite of that, deficits of U.S dolar also affected to all metal to climbed dramatically. Holder of U.S dollar worldwide including some central banks, are instead now chossing more often than before to accumulate gold or alternative such as the Euro.

If the U.S Federal Reserve continue to support U.S dollar with additional interest rate increases, U.S. stock and home pice would likely tumble, couse economic turmoil. If instead the Federal Reserve were supportive of stock and home prices (by holding down interest rates), the U.S. dollar would depreciate further.

Obviously, when the deficit problem turns into a crisis, the Federal Reserve will print money and keep interest rates on the low side in order to keep the economic wheels turning, even if it means higher inflation.

Recent developments are indicating that history is repeating itself. U.S. assets, particularly financial assets, are losing ground against all others.

The process will remain continue for many years to come and the price of gold will be among beneficiaries.

IGDX to go into gold mining

Datuk Seri Najib Tun Razak touching a crystal ball to mark the official celebration.With him are (from left): Malacca Chief Minister Datuk Seri Mohd Ali Mohd Rustam, IGDX chairman Dr Mohd Yunus Mahmood and Datuk Dr Shamshudeen

Source from The Star, 16 February 2007

By SABRY TAHIR

KUALA LUMPUR: Malaysian-owned gold trading company IGDX Holdings Ltd, which made its debut on the Australian Stock Exchange (ASX) on Feb 9, plans to go downstream into gold mining in Australia and Malaysia.

Chief executive Datuk Dr Shamshudeen Yunus said the company, which may go into it as early as this year, would inject at least A$20mil for the acquisition and operation of mines, including buying special ore separation machinery.

The company planned to buy two mines in Malaysia and “a couple” in Australia, he said.

“We need to raise the funds to do all these. We may have to go for more listings, “he said.

IGDX plans to be listed on the London Stock Exchange and the New York Stock Exchange in three years, Shamshudeen said on Wednesday evening after the official celebration for IGDX’s successful listing on the ASX.

On Feb 9, the company, which is involved in gold trading and refining, became the first Malaysian company to be listed on the ASX metals and mining sector. Shamshudeen is the largest shareholder.

Shamshudeen said IGDX – a listing vehicle formed by gold dinar and ornament trader E-Qirad group – was the world’s first listed company doing physical gold trading.

The company raised A$2mil from the initial public offering of four million A$0.50 shares. The counter closed at A$0.66 on Wednesday, Shamshudeen said.

He said IGDX chalked up RM9mil in pre-tax profit on the back of RM3.2bil in revenue for the year ended June 30, 2006.

“We make our profit from buying scrap gold, turning it into fine-quality gold dinar and ornaments and selling them at prevailing prices,” Shamshudeen said, adding that 8% of the revenue was allocated for the company’s syariah-based profit-sharing programme with the gold dinar owners.

He said IGDX had projected an annual profit growth of 10% to 12%.

Deputy Prime Minister Datuk Seri Najib Tun Razak, who was present at the event, said the Government would firmly support the role played by E-Qirad, especially in new areas of growth under the Ninth Malaysia Plan.

IGDX Holdings planning to go into gold mining

Source from The Star, 15 February 2007

By Sabry Tahir

KUALA LUMPUR: Malaysian-owned gold trading company IGDX Holdings Ltd, which made a satisfactory debut on the Australian Stock Exchange (ASX) on Feb 9, plans to go downstream into gold mining in Australia and Malaysia, earliest by this year.

Chief executive Datuk Dr Shamshudeen Yunus said the company planned to inject at least A$20mil for the purpose of acquisitions and running of mines, including buying special ore separation machinery.

The company plans to buy two mines in Malaysia and "a couple" in Australia, he said.

"We need to raise the fund to do all this. We may have to go for more new listings," he said.

IGDX plans to be listed on the London Stock Exchange and the New York Stock Exchange in three years, Shamshudeen said after the official celebration on Wednesday for IGDX's listing on the ASX.

The company, which is involved in gold trading and refining became the first Malaysian company to be listed on the ASX' metals and mining sector and remained 100%-owned by Malaysian investors with Shamshudeen as the largest shareholder.

Shamshudeen claimed IGDX - a listing vehicle formed by parent company, gold dinar and ornament trader E-Qirad group - is the world's first company to be listed based on gold-for-gold trading on a stock exchange.

The company raised A$2mil from the initial public offering of four million A$0.50 shares. The counter closed at A$0.66 on Feb 14, Shamshudeen said.

He said IGDX chalked RM9mil in pre-tax profit on the back of RM3.2bil in revenue for the year ended June 30 2006.

"We make our profit from buying scrap gold, turning it into fine-quality gold dinar and ornaments and sell them at prevailing prices," Shamshudeen said adding that 8% of the revenue was allocated for the company's shariah-based profit sharing with the gold dinar owners.

With a buying capacity of 200kg to 250kg of gold a week, the company mainly sourced its gold supply from Indonesia.

He said IGDX had projected an annual profit growth of 10% to 12%.

Najib Confident Malaysia's IGDX Can Go For LSE And NYSE Listings

KUALA LUMPUR, Feb 14 (Bernama) -- Deputy Prime Minister Datuk Seri Najib Tun Razak has expressed confidence that Malaysian-owned IGDX Holdings Ltd will be able to go for listings on the London Stock Exchange (LSE) and the New York Stock Exchange (NYSE) in three years.

The company, which is involved in gold trading and refining, was listed on the Australian Stock Exchange (ASX) metals and mining sector on Feb 9 this year.

"I believe the IGDX group of companies will serve as an epitome to other local listed companies to stand on international grounds," he said at a dinner here tonight to celebrate the successful listing.

Thus, he added, the government will firmly support the role played by the IGDX group, especially in new areas of growth under the Ninth Malaysia Plan.

Najib said the private sector is encouraged to participate aggressively in fields that are crucial to the country's long-term future.

"Therefore, let us redefine public-private partnership to provide a more balanced and appropriate sharing," he said.

Meanwhile at a press conference later, IGDX chief executive officer Datuk Dr Shamshudeen Yunus said that if opportunities arise, the company would go for the listings.

This will depend on the company's acquisition strategy, he said, adding that the company is aiming to acquire two mines in Malaysia and a couple in Australia.

IGDX, which trades in physical gold rather than futures, has a significant share in the gold market internationally as well as offices in Malaysia, Hong Kong and Indonesia. Its trading platform allows traders and investors from all over the world to trade and hedge their physical gold.

-- BERNAMA

Bullish about bullion

News from The Star (Malaysian Newspaper),

By EDWARD RAJENDRA
newsdesk@thestar.com.my
KLANG: Soaring gold prices have led to a new trend among buyers, who are now buying more bullion in the form of coins.

Malaysian Indian Goldsmith and Jewellers Association adviser N.P. Raman said, “Many regular buyers are now beginning to look at gold purely as a financial asset, adding to their investment portfolio.

“Many women now choose to buy gold coins or even
bars as investment, instead of jewellery as jewellery adds 25% to 30 % to the
cost, to cover craftsmanship,” he said.

Highly priced: More buyers
are now converting their cash into gold, and buying ingots and coins.

Raman said the current investment-led buying has led jewellery shops in the Indian business enclave of Jalan Tengku Kelana here to display more gold coins. “Before the prices started to climb, we had two different types of buyers – the ones who bought gold to convert it into jewellery for special occasions, and young executives who buy gold for capital appreciation,” he said.

Raman said parents are now saving in gold coins as an alternative to traditional insurance policies that tied them for a stipulated period. Some people were even buying gold coins on an instalment basis, by “depositing” cash with goldsmiths every month. “People are not waiting to see if the market is going up or down but are buying bullion as it is considered a hedge against inflation. Market watchers. Anticipate that the price of gold may surge to US$800 (RM2,794) an ounce soon, due to Middle-East tensions,” he added.

The price of gold yesterday closed at RM78 per gram.

Gold Dinar to Hit RM 360

On 26 January 2007, the price of gold dinar had target to reach RM 350. But on 23 February 2007, it reach RM 352. According to the news, fnarena.com the price of gold will hit at USD 700 per oz. That mean, the price of gold dinar will reach at RM 360.

For some reason, the world begun far comfortable with situation in Iran, which helped to send the old price lower, despite little change in the stand-off. Focus has now returned as Iran refuses to give in to UN demands to cease its nucklear program. The is now real fear the US may decide enough is enough, and look to a military solution.

In such time of turmoil, gold become a tradisional safe haven.

Gold Dinar raise at RM352 yesterday

The gold price reach USD680.50 late trading in New York. According to news at Telegraph.co.uk the price of gold raise cause by the raising of US inflation.

Source : Telegraph.co.uk

Gold Dinar may reach RM 350

According to Business Standard, the gold may touch $670 in the first half of the current calendar year. So the price of Gold Dinar may reach RM 350. A slowdown in US economy, it will lift back the price of gold.

Source : Business Standard

History of Gold Dinar

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 Sasanian Yezdigird III, struck during the Khalifate of Uthman, radiallahu 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). In the year 75 (695 CE) the Khalif Abdalmalik ordered Al- Haddjadj to mint the first dirhams, thus he established officially the standard of Umar Ibn al-Khattab. In the next year he ordered the dirhams to be minted in all the regions of the Dar-al-Islam. He ordered that the coins be stamped with the sentence: "Allah is Unique, Allah is Eternal". He ordered the removal of human figures and animals from the coins and that they be replaced with letters. Gold and silver coins remained official currency until the fall of the Khalifate. Since then, dozens of different paper currencies were made in each of the new post-colonial national states created from the dismemberment of Dar al-Islam. This command was then carried on throughout all the history of Islam. The dinar and the dirham were both round, and the writing was stamped in concentric circles. Typically on one side it was written the "tahlil" and the "tahmid", that is, "la ilaha illah Allah" and "alhamdulillah"; and on the other side was written the name of the Amir and the date. Later on it became common to introduce the blessings on the Prophet, salallahu alayhi wa salem, and sometimes, ayats of the Qur'an.

And amongst the People of the Book there are those who, if you were to entrust them with a treasure (qintar), he would return it to you. And amongst them is he who, if you were to entrust him with a dinar would not return it to you, unless you kept standing over him.Qur’an (3,75)

Qadi Abu Bakr Ibn al-Arabi, the greatest authority on Qur’an Law wrote in his famous “Ahkam al-Qur’an” about this ayat:

“The benefit that can be taken from this is the prohibition of entrusting the People of the Book with goods”.

Qadi Abu Bakr said: “ The question concerning entrusting property is legislated by the text of Qur’an.” This means that the ayat is a legal judgment of absolute validity and of the greatest importance to the deen.

Entrusting wealth to non-Muslims is not allowed, but furthermore, taking a non-Muslim as a partner outside Dar al-Islam (where we stand over them) is extremely restricted, because they might cheat or might use our wealth in forbidden transactions.

Since paper-money is a promise of pyment, can it be permitted to trust the issuers while they hold the payment (our property) outside our jurusdiction ?History has also demostrated repeatedly the paper money has been a permanent instrument of default and cheating the Muslims. In addtiion Islamic Law does not permit the use of a promise of payment as a medium of exchange.

Fascinating facts about gold

• The most stable currency the world has ever seen.
• Being rare, beautiful and unique, gold is treasured as a store of value for thousands of years, and it is considered as an important and secure asset. Paper currencies may come and go, but gold endures.
• Despite fluctuating in price, gold is still preferred to currency because it of its real value or what is knon as intrinsic value.
• In general, while most currencies and industrial commodities have general declined, gold has continued to maintain its log term value.
• Gold can be bought and sold anywhere in the world at anytime. At this moment, gold is still one of the most liquid assets in the world. It can readily bought or sold 24 hours a day or more markets around the world.
• Gold is completely free of credit risk and has always been secure refuge in unsettled times. Its ‘Safe haven’ attributes atract wise investors.
• The movement of the gold price is slower and more stable compared to others investment instruments, thus allowing it to act as a cushion againth volatility in the equity market.
• Gold is the “asset of last resort”. Throughout history, nasional currencies has come and gone gut gold’s value has remained remarkably stable.
• Gold have had value in all civilizations, have survived all financial crises, and can be expected to do the same in the future.

Who are related to Gold Dinar?

• IGD Practice Ltd is incorporated in Brunei and is the holding company of the group with a capitalisation of USD50 million.
  
• IGD Practice Sdn Bhd is a wholly-owned subsidiary with a paidup capital of RM20 million. It operates the IGD Exchange,(www.igdexchange.com), Qirad and market place system that facilitates transactions which are backed by physical gold and silver.
  
• Islamic Mint Sdn Bhd (www.islamicmint.com) produces and promotes the International Gold Dinar, its merchandise and ornaments. It also promotes Islamic based trading mechanism inaccordance with Shari’ah parameters.
  
• E-Qirad Sdn Bhd operates the Qirad trading. Qirad is a placement of capital for an associate to use in a trading venture.
  
• Public Trustee UBB (Malaysia) Trustee Berhad - To act as custodian, to provide administration and registration services on behalf of E-Qirad Sdn Bhd’s clients.

Information about Gold Dinar

The Islamic Gold Dinar(IGD) sometimes referred as International Gold Dinar or Gold dinar is a bullion gold coin made from 4.25 grams of 22k gold with historical Islamic significance. Gold dinar may also refer to various historic gold coins denominated in dinars.

The Islamic gold dinar conversion rate to other currencies is based on gold spot price. International gold spot price is published in troy ounce of 24k gold, while gold dinar is 22k gold measured in grams.

The current gold dinar was minted by Islamic Mint Sdn. Bhd. and can buy at each wakala in Malaysia.Below are the list of wakala in Malaysia.

http://www.igdexchange.com/map.html