Bedjo santoso, ahamed kameel mydin meera, khaliq ahmad 2017, is gold dinar the appropriate money in islam. Othman yeop abdullah graduate school of business, universiti utara malaysia, in fulfillment of the requirement for the degree of master of science. Total downloads of all papers by mohammed obaidullah. Most islamic financial products are tied to the market interest rate the very thing they are supposed to avoid.
Seigniorage of fiat money and the maqasid alshariah. Lately, there have been questions on what the standards for. A comparison note ahamed kameel mydin meera department of business administration international islamic university malaysia introduction the 1997 east asian currency crisis made apparent how. The case against the islamic gold dinar munich personal. Seigniorage of fiat money and the maqasid alshariahthe compatibility of the gold dinar with the maqasid the authors ahamed kameel, department of business administration, faculty of economics and management sciences, international islamic university malaysia, jalan gombak, kuala. Ahamed kameel mydin meera is currently the managing director of the z consulting group. Sharia law and the politics of faith control in brunei darussalam. Islamic banking and takaful lba 30 content introduction. The historical standard ahamed kameel mydin meera1 abstract lately, there have been questions on what the standards for gold dinar and silver dirham should be. Given the prominence of malaysia in islamic finance, it is obvious that malaysia should take the lead in formulating an islamic pricing benchmark model for the islamic finance industry. 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.
Having argued in the part i paper that the interest. Mohammed obaidullah islamic economics research centre king abdul aziz university, jeddah, saudi arabia the publication of this work by dr ahamed kameel mydin meera comes at a time when the issue of gold based currencies has found many ardent. The historical standard meera, ahamed kameel mydin international journal of islamic economics and finance ijief. Hedging foreign exchange risk with forwards, futures, options and the gold dinar. Islamic finance scientific research chair holder at effat university, jeddah, kingdom of saudi arabia. The islamic gold dinar by ahamed kameel mydin meera. Lately, there have been questions on what the standards for gold. It aims to revive the historical gold dinar which was a leading coin of early islam. The concept of money in islam is utterly different from the conventional economics basically because islamic principles are based on shariah. The purpose of this paper is to analyse the challenges of adopting the gold dinar as a currency in kelantan, malaysia. Kami hanya menangani dinar emas yaitu emas seberat 4.
Introducing the islamic gold dinar would create unshared global uncertainty, and therefore gharar, at. He is the author of the books the islamic gold dinar, the theft of nations both published by pelanduk publications and real money money and payment systems. The reality of gold dinar application in malaysia salmy. In the present interestbased fiat monetary system one of the maqasid, namely, the protection of wealth. The next component in islamic economics, banking and finance. Some countries, such as malaysia took the initiative in coordination with some islamic countries to put forward.
Ahamed kameel mydin meera the islamic gold dinar pelanduk. Pembelian di seluruh jepang kami layani dalam bentuk pengiriman coin emas dan m dinar saving. Shaykh abdalqadir assufis article the islamic dinar a waystage passed. Department of syariah, faculty of islamic studies, national university of malaysia, 43600 ukm bangi, selangor, malaysia. The claims that the islamic gold dinar will avoid inflation and other ills of current economic crises are examined by studying how coinage systems actually functioned in history. The reality of gold dinar application in malaysia advances in natural and applied sciences, 63. The currency might consist of minted gold coins or. Ahamed kameel, mydin meera, moussa larbani 2006 part i. Panel member for gold dinar solution forum, 6th islamic convention. It is therefore ideal for all muslim countries to embark on the implementation of the islamic monetary system using dinar and dirham. The historical standard ahamed kameel abstract lately, there have been questions on what the standards for gol. Munich personal repec archive the case against the islamic gold dinar cizakca, murat inceif, kuala lumpur. Search for library items search for lists search for contacts search for a library.
Monetary systems, sustainable growth and inclusive. Part ii seigniorage of fiat money and the maqasid alshari. Original rticle the reality of gold dinar application in. The case against the islamic gold dinar munich personal repec. According to ahamed, mydin and moussa 2006 in their paper on. Gold dinar japan merupakan cabang dari gerai dinar kelapa dua raya 189 depok jawa barat indonesia. One of the initiatives covered was the reintroduction of the gold dinar and silver dirham by local entrepreneurs in indonesia. Inscriptions on the islamic gold dinar generally, the islamic gold dinar does not depict pictures of caliphs, rulers, animals or other living things in accordance with shariah that discourages such practice. Since the dinar and dirham indeed formed the shariah monetary standards from the time of the prophet pbuh, our work can, therefore.
Ahamed kameel mydin meera 2002 supports this approach and considers it a fair system for trade surplus. The opportunities and challenges of student paralegal. Hedging foreign exchange risk with forwards, futures. Generally, the islamic gold dinar does not depict pictures of caliphs, rulers, animals or other living things in accordance with shariah that discourages such practice. Pdf on sep 16, 2017, alam i asadov and others published money in islam. A social contract perspective find, read and cite all the research you need on researchgate. Ahamed kameel mydin meera is the former dean, centre for postgraduate studies, international islamic university malaysia. The reality of gold dinar application in malaysia salmy edawati yaacob dr. The modern islamic gold dinar sometimes referred as islamic dinar or gold dinar is a projected bullion gold coin, so far not issued as official currency by any national state. Ahamed kameel mydin meera 2017, gold netting to strengthen financial system stability, journal of islamic monetary economics and finance, vol. The challenges of implementing gold dinar in kelantan. The article shows that not only these claims are baseless but also that coinage would increase the prevailing interest rate in an economy hardly an islamic position.
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 todays economic system. The pdf version of this paper can be downloaded here. Dr kameels work supports, conforms and contributes to the islamic dinar policy of the government of malaysia. It aims to revive back the gold dinar system that had been used in the early islamic period. Since the islamic gold dinar concept was mooted by dr. Strategy of financial inclusion development in indonesia santoso, bedjo.
Ahamed kameel mydin meera, who is the main proponent of the gold dinar. In recent times, many scientistsand islamic scholars stress on the importance of gold standard and gold dinar as a medium of exchange. A comparison note ahamed kameel mydin meera department of busi slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. The paper looks at both the internal and external challenges to the adoption of the new currency.
Ahamed kameel and hassanuddeen abd aziz 20 relationship between macroeconomic variables and asset value nav of islamic equity unit trust funds. This is one of the earliest works to empirically investigate the challenges of using gold dinar currency since its introduction in kelantan in august, 2010. The compatibility of the gold dinar with the maqasid. The idea of revisiting currency and gold dinar from an islamic standpoint as done in this paper is an interesting discourse in the current monetary system. International journal of islamic economics and finance, 1 2018. The history of dinar and dirham the history of dinar dirham in the time of the prophet muhammad saw, the currency of the arabs was the dinar and dirham and this cur.
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