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Tuesday, January 18, 2011

Dont: Use paper currency, not gold dinar

KUALA LUMPUR: Islamic countries should continue to use paper currency instead of gold dinar, said professor of comparative economic history at International Centre for Education in Islamic Finance Dr Murat Cizakca.

History had shown that the return to coinage system could increase interest rates and inflation would be difficult to control, he said.

Speaking at a public lecture on Islamic Gold Dinar: Myths and Reality organised by Association of Chartered Islamic Finance Professionals and Inceif yesterday, he said money should serve as a medium of exchange, not as a commodity.

“We need to continue with paper currency, and the central banks controlling paper currency should have full autonomy,” he said.

He added that gold supply was dominated by non-Islamic countries.

“The gold dinar will be exposed to speculation as the gold price also has its ups and downs. Islamic countries should continue to use paper currency and increase trade among each other,” he said. - Bernama

Prof. Dr. Murat Çizakça
Professor of Islamic Finance at INCEIF
Member of PDP(Senate), Kuala Lumpur, Malaysia

Prof. Murat Cizakca received his B.A degree in economics from the University of Leicester in England (1968) and M.A. and PhD degrees also in economics from the University of Pennsylvania in the U.S.A (1978). His main specialisation is economic history and he is known for his application of the principles of economic history to Islamic business and finance.

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Paul E. Mann said...

This is what really bugs me - the mixing of truth with lies and continued need for using western financial institutions and delusional conventional economic theory:

1) “We need to continue with paper currency, and the central banks controlling paper currency should have full autonomy,” he said.
>> A central is non-Islamic, it is profit oriented, owned privately, its operations of exploitation are sanctioned by the state and lastly, central banks and their valueless, legal tender currencies have been a massive failure. I have attached a report regarding the failure of the u.s. Federal reserve bank. The conclusion of the researchers is that the system should be abolished and that there needs to be a more stable for money. The paper criticizes the need for centralized control of money based on historical data.

2) He added that gold supply was dominated by non-Islamic countries.
>>This is true and the criticums of a gold based economy are also true.

The current system is broken beyond repair. Muslims have the asnswer, we must come to realize the following -what riba is, how money can be riba, how control of money by monopoly is riba and that the governments will not address this issue. given that the governments are essentially owned by the bankers. The people are the answer the people must form the solution with the guidance of Allh, the Quran and sunnah.

http://www.cato.org/pubs/researchnotes/WorkingPaper-2.pdf

Adnan Ashfaq said...

The point is not to associate gold with species such as paper, this is false and the crux of the matter, gold is the currency therefore all measurement of value must be done in gold - commodity, i,e Value = Value, the example in this article is No Value (Paper) = Value (Gold) and that is the issue at hand for which the professor has failed to identify

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Silver s having a nice rally.

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