...GOLD DINAR - USING BILATERAL PAYMENT ARRANGEMENT OR ELECTRONIC PAYMENT SYSTEM1 WRITTEN BY: NURADLI RIDZWAN SHAH BIN MOHD DALI nuradli@kms.uniten.edu.my BAKHTIAR ALRAZI HANIFAH ABDUL HAMID UNIVERSITI TENAGA NASIONAL ABSTRACT2 The Malaysian Prime Minister Datuk Seri Dr Mahathir Mohamad first expressed interest in a universal currency that could help unite Muslim countries after attending the OIC summit in Doha, Qatar in November 2000. This led to an international conference entitled "Stable and Just Global Monetary System - The Islamic Dinar" organized by the International Islamic University in August 2002. After much research and consultation, a gold-based currency, called the ‘gold Dinar’, was put forth as a viable solution, and was expected to be implemented in 2003. This paper is an extension of the previous paper entitled "The Implementation of Gold Dinar. Is it the End of Speculative Measures?" published in the Journal of Economic Cooperation, SESRTCIC, Turkey volume 23, 2003. No 3. Keyword: Gold Dinar, Bilateral Payment Arrangement, Electronic Gold Payment System Introduction Several seminars and conferences were held in matters pertaining to gold Dinar in order to create the awareness of the government’s agencies, public and private sectors on the return of the gold Dinar as an international payment system. The seminars and conferences are also intended to find the best system or mechanism to ensure that the implementation of such system would not affect one’s economy...
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...THE GOLD DINĀR AND SILVER DIRHAM: ISLAM AND THE FUTURE OF MONEY Imrān N. Hosein MASJID JĀMI’AH CITY OF SAN FERNANDO TRINIDAD AND TOBAGO 1 Published by Masjid Jāmi’ah, City of San Fernando. 76 Mucurapo Street, San Fernando. Trinidad and Tobago. Imrān N. Hosein 2007 Free downloads of several books written by this author are available at his website: www.imranhosein.org Online purchases of the author’s books and DVDs of lectures can be made at: www.ummahzone.com Books and DVDs of lectures can also be ordered from the distributor: Al-Tasneem Sdn. Bhd. 35-1, 1st Floor Jalan Melati Utama 4, Melati Utama Setapak, 53100 Kuala Lumpur, Malaysia Tel: 603 – 4107 2999 Fax: 603 – 4108 9815 Email: tasneem@streamyx.com The author would welcome comments on this booklet emailed to him at: ihosein@tstt.net.tt; or inhosein@hotmail.com 2 CONTENTS Preface Chapter One: Chapter Two: Chapter Three: Chapter Four: Introduction Money in the Qur’ān and Sunnah The Grand Design The Grand Design and the Judeo-Christian Alliance Chapter Five: Notes Our Response 3 PREFACE I am happy that this booklet was written here in Kuala Lumpur, Malaysia, a city which has been so kind and hospitable to me over the years, and was completed in blessed Ramadān 1428H while I am still engaged in a year-long Islamic lecture-tour, and far away from the comforts of my home in the Caribbean island of Trinidad. A writer who writes a book while travelling, as many distinguished scholars of Islam...
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...saying that return to the gold standard can save the economic from being collapse, defunct and manipulated by the other country or bank. But, it is suitable for gold dinar to replace the current fiat money that already in circulation for more than a decade in the market? Even though the Gold Dinar is not a legal tender, the bimetallic gold and silver system has been used as a medium of currencies since the Byzantium era before it ended in the year 1875 when the fiat money was introduced to replace the gold and silver coins from the monetary system. As we know, gold dinar has been around us for a long decade. History shown that gold dinar is a very effective medium of exchange for a long time. But why all the country nowadays uses paper money? Paper money had such a bad reputation in the economy but still most of the banks use this type of money for their everyday transaction. There must be a reason why paper money holds a very strong influence in the current economy although it was devastating when we use it. But throughout the history, gold dinar also had shown an issue of its own. A gold standard had a breakdown in 1931 and the world witness a era of freely fluctuating exchange rates between national currencies. The International Monetary Fund (IMF) was established in 1946 to make arrangements for fixing exchange rates among national currencies with some measure of flexibility and help them tied over their balance of payments difficulties. The return to gold standard was not considered...
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...silver and gold to serve as a measure of all commodities. Gold had played an important role for many centuries in a way or another until the end of Bretton Wood. After the collapse of Bretton Wood’s system fiat money and a floating rate exchange system have taken place in the monetary system. Fiat money is created out of nothing by the power of an issuing authority. With the spread of Islam, the dinar was minted in large quantities and gradually displaced the bezant gold coin as the major international currency, circulating throughout the Muslim world and the Christian Europe as well. The creation of dirhams and dinars is one of the blessings of Allah. They are stones having no intrinsic usufruct or utility but all human being needs them because everybody needs large number of commodities. The needs to revisit the gold dinar as a monetary stability has been voiced out by many scholars and ulama’s since 1970s. The resistance towards the interest economy could be the major motivation for the comeback of gold dinar. The prohibition of interest is not only mentioned in the Quran but the Bible and Torah. The gold prices are indeed relatively stable compared to other commodity prices, exchange rate movement and the stock market index. Manipulation of currencies and the impact toward one economy could be reduced because of the fact that gold does not inflate in value as it is a commodity and, thus has an intrinsic value. The counterfeiting would be checked if gold coin were...
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...COMPANY CASE Bahrain Bay: Building Customer Relations for the Future Q1: What are Bahrain Bay’s four foundational philosophies and how might they be used as marketing tools? A: Bahrain Bay’s four foundational philosophies are: * Scale and Aesthetics (the artistic designs are the key edge of Bahrain’s buildings), * Social Equity (Bahrain Bay offers a wide range of opportunities for all), * Community (Bahrain Bay seeks to maintain unified community for its residents & business) * Tomorrow’s Environment (is environmentally friendly). These foundations help realizing the high standards the venture is aiming for by creating this whole new totally customized environment, which adds a unique value to the project and opens an entire new market and fulfill more customers through diversification. Q2: What would you see as being Bahrain Bay’s mission? A: It describes the development of the project and Bahrain Bay present collection of waterfront residential, retail, and commercial developments. Q3: What is the MIPIM, and why was it important for Bahrain Bay to target its potential customers, investors, developers and retailers? A: MIPIM is a trade show that its organizers describe as a "market for international property trade". It takes place annually in Cannes, France. It was really important for the venture to make some sort of appearance there to get the attention of nearly 26,000 property and investment professionals from around the world, which included...
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...The Economy, Global Finance, and Inequality of the War on Iraq The war on Iraq has truly been a forever changing impact on the country and the citizens residing in it. Since the war resulted in the overthrowing of the nation’s leader, it would seem that almost every aspect of the country would have to be revamped. Both the personal as well as the business part of Iraq life has been affected in ways that come across as both positive as well as negative depending on the way and by whom is looking upon the resulting situation. Perhaps some of the most talked about and impactful topics would regard the current state of Iraq’s economy, their state of global finance, and any types of inequality that may be going on within the country. Therefore, given the importance of these topics, more detail is needed in order to determine the progressive or anti-progressive state of Iraq. The Economy The Iraq economic reform has indeed been a process that in some ways seems to be ongoing. Iraq has always been mainly dependent upon oil for profit and it has been what kept them in the market and relevant for many decades. After the war, the economy of Iraq had been drastically altered. There have even been alterations to the way that Iraq handled its debt. Perhaps a more appropriate description of what happened and what is happening with the economy of Iraq is that the country has become more of a free market. This is due to the planning of Paul Bremer, who is the chief executive of...
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...A Brief History of the International Monetary System Kenneth N. Matziorinis 1. Introduction The international monetary system is the structure of financial payments, settlements, practices, institutions and relations that govern international trade and investment around the world. To understand the international monetary system, we can start by looking at how a domestic monetary system is structured. The Canadian financial system, for instance, is composed of a) a currency; b) a central bank which issues that currency; c) financial deposit-taking and lending institutions such as commercial banks and d) the Canadian Payments Association. The currency used in Canada is the Canadian dollar. It is the means of payment, store of value and unit of account for all transactions conducted within Canada. It is the currency in which all assets and liabilities are measured. As such, exchange rates are not an issue in our domestic transactions. The country’s central bank, is the Bank of Canada. Its role is to issue the currency of the land, the Canadian dollar, to manage the supply of money to ensure that there is neither too much of it that could cause inflation, nor too little that could cause recession and to oversee the financial system, acting as a lender of last resort when the need arises. Commercial banks and other non-bank financial institutions are the main players in the financial system. They engage in the process of financial intermediation, which is the taking of deposits...
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...Classification of zakat [pic] Zakat is divided into two main categories 1. - Zakat of al-Fitr (i.e. the breaking of the fast at the end ofRamadan. It is also referred to as the Zakat of the body. 2. - Zakat of wealth. Zakat of al-Fitr: Muhammad sallallahu alaihi wasallam ordered that this kind of charity should be observed inthe same year in which the fasting during Ramadan was imposed.A day, or two days preceding al-Fitr the Prophet addressed theMuslims saying:"Give for charity, be it corn or dates; give according to what youare, free or slave, young or old."It is also related by al-Bukhari and Muslim that the Prophet(Prayer and God's Peace be upon him) imposed the charity of al-Fitrafter Ramadan, a measure of dates or barley on all Muslims, slave orfree, young or old, male or female. THOSE WHO HAVE TO PRACTISE ZAKAT AL-FITR Zakat al-Fitr does not become nullified if one is a Muslim,provided the Muslim is free and possesses the amount of Zakat aftercovering the expenses of food for himself, and those whom he feedsfor a day and a night, together with the expenditure which he incursin relation to wife, son, servants and those whom he has to providefor such as parents and others. Its amount: The amount is either a measure of dates, or barley, or rice, orcorn, or anything else edible that can be used for food, from eachindividual.If Zakat is to consist of wheat it is half that for each person. A manmust consciously intend Zakat, since without intent it is not...
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...the internal/external environment * SWOT analysis in relative comparison to current competitors * Your intended business strategy * Justification to support your intended strategy Sound and Solid Investment MOHAMMAD HATTA & PARTNERS INVESTMENT SERVICES (SAMPLE) ------------------------------------------------- SAMPLE Disclaimer: This is a sample business plan which is prepared as part of the assignment for Strategic Management Class. The reference is made to Public Gold. Some data are fictitious in order to capture the main purpose of this class that is to apply Strategic Management in business - Art & science of formulating, implementing, and evaluating, cross-functional decisions that enable an organization to achieve its objectives. CONTENTS 1. BACKGROUND OF BUSINESS VENTURE 2. EXECUTIVE SUMMARY 3. GENERAL COMPANY DESCRIPTION 4.1. COMPANY OVERVIEW 4.2. MISSION AND VISION 4.3. STRENGTHS AND CORE COMPETENCIES 4.4. CHALLENGES 4. INDUSTRY ANALYSIS Question 1: What Are the Industry’s Dominant Economic Features? Question 2: How Strong Are Competitive Forces? Question 3: What Forces Are Driving Industry Change and What Impacts Will They Have...
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...warships approached the coastal town of Arecibo. Two smaller boats with a company of British soldiers landed on Arecibo's beach. The Puerto Rican militia - headed by Correa - had only thirty men, armed with just spears and machetes, who fought the British, who were better armed with muskets and swords. At the end of the battle there were twenty-two British dead on land and 8 at sea, including the captain in charge of the troops that landed, who had died in the hands of Correa. Correa himself was wounded but the British left and the city of Arecibo was saved - as a result Correa was declared a national hero.[1] [edit] Honors and later years Arecibo Coat of Arms Correa was awarded "La Medalla de Oro de la Real Efigie" (The Gold Medal of the Royal Image), by King Philip V of Spain and given the title of "Captain of Infantry" on September 23, 1703. It was within Spanish tradition to name its Captain of Infantry to the position of Mayor. Correa served as temporary mayor of Arecibo from 1700 to 1701 and then as official mayor from 1701 to 1705. He also served as mayor from 1710 to 1714 and from 1716 to 1744.[2] Capt. Antonio de los Reyes Correa, who was married to Estephania Rodríguez de Matos y Colón, died on June 9, 1758....
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...move around the economy. Money also allowed individuals and firms to generate wealth and increase it. This is achieved when one can readily purchase produced items and sell them for a higher value than they were purchased. The existence of money allows goods and services to get to the people who need them. 2. Money also acts as a store of value, this is where one can sell a commodity, in return for money and be able to be reliably saved, stored, and retrieved. 3. The most important role money plays is it acts as a unit of account. This is a common standard by which all the market value of goods, services, and other transactions can be measured and compared. Without this the value of an economy could not be calculated. 4. With gold completely divorced from money, initially the British pound sterling was the world's reserve currency after World War II. With Britain's demise on the international scene the US and its dollar become the world's reserve currency. The US receives its legitimacy not from any intrinsic value but due to the global standing in the US and its ability to press the world to view global products using the dollar. This means for any nation wanting to purchase oil or platinum in the international markets they would need to convert their currency into dollars and then take possession of such goods. This means...
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...Gold Anonymous. Metal Bulletin Monthly 418 (Oct 2005): 50-51. Abstract (summary) Pure - or 1,000 thousandths - gold is equivalent to 24 carats, but gold is generally used as an alloy because it is such a soft metal. The jewellers' terms "fine gold" and "pure gold" mean 920 and 840 thousandth alloys respectively, the balance being supplied by copper. The addition of copper produces red and pink golds, while deep yellow gold is practically 100% pure and "white gold" is often a gold alloy containing nickel and palladium. Pure - or 1,000 thousandths - gold is equivalent to 24 carats, but gold is generally used as an alloy because it is such a soft metal. The jewellers' terms "fine gold" and "pure gold" mean 920 and 840 thousandth alloys respectively, the balance being supplied by copper. The addition of copper produces red and pink golds, while deep yellow gold is practically 100% pure and "white gold" is often a gold alloy containing nickel and palladium. Full Text Gold is among the oldest metals known to mankind, over whom it has often exerted a compelling force of attraction because of its rarity, lustrous beauty and permanence. A sun-yellow ductile metallic element, gold mostly occurs as nuggets in rocks and alluvial deposits. It has a high melting point (1,063°C) and is one of the best conductors of heat and electricity, as well as being resistant to corrosion, except from chlorine, fluorine and aqua regia acid. It is one of the densest elements at 19.3 g/cm^sup...
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...the domestication of the camel Camels were able to go much farther and travel with an increased amount of freight used for trading purposes The increased trade brought better technology to the region such as iron metallurgy It led to an expansion in tools and weaponry As trade increased it brought a major population boom along with it With the merchants traveling from the east, along with them came ideals from the East The merchants brought the study of Islam with them and the entire region became immersed in it Gold With the increase in iron technology, along with it came an increase in the extraction of gold out of the region There are three major gold extraction methods: alluvial, shallow pit, and deep shaft Gold would get caught up in the sediment of the river and people would collect it and bring it back on to dry ground and sort the gold out from the sediments The gold that was extracted from Ghana had merchants flocking form the...
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..."These rates are way below the worst-case gloom-and-doom scenarios we have heard," said Peter Lee, executive director of Covered California, the state agency implementing the healthcare law. "But let's be clear, some consumers will have prices that go up. There may be some sticker shock." The new government-run market is aimed at many of the state's uninsured and at Californians who already purchase their own health insurance. The majority of Californians receive health coverage from their employers and are not among those targeted for enrollment. The health plans selected by the state will sell uniform benefits, each offering four broad categories of coverage called Platinum, Gold, Silver and Bronze. Platinum policies will offer the most comprehensive benefits and carry the highest prices, followed by Gold, Silver and Bronze. The Bronze package will have the lowest premiums, but people would be on the hook for a greater share of their medical bills. The rates revealed Thursday still must be reviewed by state regulators. Within each of those four benefit categories, plans will have the same co-pays, deductibles and limits on out-of-pocket medical expenses. As a result, consumers will be able to compare insurance prices in their regions more easily, once these rates are...
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...Mining was a profitable business during British colonial times. However, although the British did indeed support coal, gold, silver, iron ore and steel mining, they did not look favorably upon mining other metals such as lead. They believed that India's development of metallurgy would lead to production of weapons for the "natives," a potential threat to British rule. The British implemented the Arms Act in 1878 to outlaw Indian ownership of firearms and limited Indians from mining and working metals that might "sustain it in future wars and rebellions." (14) Several mines were actually closed down under British rule. IV.4 Coal Mining Large-scale commercial coal mining in India began in 1774 under the East India Company in the Raniganj Coalfield along the Western bank of the Damodar River. The introduction of steam locomotives in 1853 made possible the effective transportation of coal from the mines to urban centers and ports (15). India's output of coal rose from 2,203 thousand metric tons in 1890 to 30,695 in 1947 (16). Coal mining proliferated during and after World War I; from 1920 to 1930, national coal output increased from 18,250 to 24,185 thousand metric tons (16a). However, coal mining declined during the early 1930s, when the output dropped by more than 4,000 thousand metric tons in just three years. The facts collaborate with other sources that claim Indian industries declined along with Britain's economic stagnation during the 1930s...
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