Islamic dinar
The Islamic Dinar is a medal of gold . The name refers to the historical dinar .
Appearance and material
The Islamic gold dinar is a medal suggested by members of the Sufist tariqa of the Murabitun as a gold-backed substitute currency. An Islamic dinar consists of 4.25 grams of 22- carat gold . There is also a medal made of 3.0 grams of silver ( dirham ), which is intended to serve as a smaller unit of currency. The gold medal shows the al-Haram mosque with the Kaaba in Mecca, the silver medal shows the Prophet's mosque with Muhammad's tomb in Medina on one side. On the other side, both medals show the Shahada .
Goal setting
Propagated as a means of payment, the dinar is to be used as a substitute or counter currency to the US dollar and to replace it in the umma within the framework of Islamic banking and finance . Since the Koran forbids uncovered paper money (“debts”, fiat money ), the Murabitun believe that 100 percent gold cover should be reintroduced. This would make the Islamic world independent of western-style interest capitalism. The currency is not subject to inflation. However, the problems that forced the abandonment of the gold standard at the time are being ignored (in particular the different development of the gold and silver prices and the insufficient global gold and silver reserves).
history
The idea of a "reintroduction" of gold binding comes from the Spanish professor Umar Ibrahim Vadillo , the founder of Murabitun . The first medals were minted in 1993 and sold to members of the organization. The Dubai company Islamic Mint mints dinar medals and has been selling them all over the world since 2001.
Malaysia has tried several times to win other Islamic states into bilateral trade in gold dinars in order to become more independent of the US dollar; most recently in June 2005 at a meeting of the Organization of the Islamic Conference . Apart from a non-binding declaration of intent from Iran , however, there was no response.
The Islamic State proclaims the introduction of an Islamic gold dinar on its websites and in social networks. This has already been gradually put into circulation (as of December 2015).
Status of the medal
The medals are neither official tender nor currency . Their price is determined by the value of the material and the production costs, their value solely by the value of the material minus the disposal costs.
Although the medal has a high percentage of gold, since it is not a legal tender it is not recognized by the EU as an investment coin and, at least in the western world, is not used as such. As a consequence, the Islamic Dinar is not exempt from import sales tax , which makes it more expensive to buy legally in Europe. (Council Directive 77/388 / EEC of October 17, 1977, amended by Council Directive 98/80 / EC of October 12, 1998; publication of the list of investment coins exempt from import sales tax in accordance with Art. 26b letter A point ii) in the Official Journal of the European Union under OJ. EU 2005 No. C 300 p.10).
e-dinars
The e-Dinar has been around since 1997 for trading on the Internet. The Dubai Islamic Bank offers an online payment system through its subsidiary e-dinar (branches in Dubai and Labuan ), whose accounting unit e-dinar is to be covered by deposited gold. The website also includes the above Medals sold. It should be possible to convert the e-dinar into gold medals at any time, but no mention is made of whether the medals are accepted as a means of payment in the branches of the Dubai Islamic Bank.
Different meaning
The term Islamic Dinar is used by the Islamic Development Bank , but has nothing to do with the gold dinar. It is the internal accounting unit of the bank and corresponds to a special drawing right .
Individual evidence
- ↑ www.e-dinar.com: Available Set ( Memento of the original from September 7, 2008 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , see. www.chiefacoins.com: Islamic Mint and Indonesian Wikipedia: Dinar emas Islam
- ↑ Islamic State To Mint Its Own Gold Dinar , last accessed January 29, 2017.
- ↑ Website for the e-dinar ( Memento of the original from September 7, 2008 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. Retrieved January 6, 2017
