Islamic Gold Dinar
By Ahamed Kameel Mydin Meera
118 pages, 5 3/4" x 8 3/4"
Since the Islamic gold dinar concept was mooted by Dr. Mahathir Mohamad, the Prime Minister of Malaysia, it has aroused the interest of the public of the nature and benefits of this new Islamic gold payment and settlement system. This book looks at the problems inherent in contemporary financial systems.
Taking the 1997 Malaysian economic and financial crisis as an example, it shows that the fundamental cause of business cycles, unemployment and inflation is rooted in some of the features of the present day financial system, namely fiat money money, fractional reserve requirements and interests rates. It then shows how these features also indirectly bring about many social problems to such an extent that they threaten the culture and sovereignty of nations. Even Islamic banks cannot truly operate on Islamic principles in the present system.
Most Islamic financial products are tied to the market interest rate - the very thing they are supposed to avoid. After delving into the problems of the present monetary system, it then argues how a return to a gold payment system - like the Islamic dinar - could solve many of the woes of today's economic system. A return to such a system is not only desirable from the economic, political, social and religious perspectives, but also urgent in the present era of globalization and impending world recession, besides providing a conducive environment for Islamic economics, banking and finance to flourish.
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