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Friday, January 26, 2007

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

Tuesday, January 9, 2007

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.

Friday, January 5, 2007

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.

Thursday, January 4, 2007

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