Skip to main content

Problems I see with the current Dinar system



What problems I see with the current Dinar system?
1] I don’t believe the dinar should be priced according to the trading spot price, because they are trading paper on the exchanges and instead should atleast be fixed once a day with the fixed prices of London or New York. 
The continuous checking of the paper to metal value isnt practical, especially if done in a market place, as some type of stability is needed. Or better yet, have a stable value similar to how The American Open Currency Standard has it or Hugo Salinas-Price’s (President of the Mexican Civic Association for Silver) concept of it, seen in slide 9 of his presentation on ‘
How to monetize silver so that it can circulate permanently in parallel with paper and digital money’.

2] I believe that minted coins should be minted for the lowest price to spot/fixed price, which unfortunately I dont see with eDinar – Digital eDinar $203.66 while coin $224.12 (10% premium – reasonable) and Digital eDirham $4.17 while coin $9.17 (120% premium – ridiculous). Then for the coins to be shipped and handled, and possibly taxed, to other places in the world, means individuals purchasing the coins will have a very high premium to pay, and instead local mints should take up this task to keep premiums low. 

I purchased a Kelantan dirham during my trip to Cape Town, where the seller from Singapore had purchased it online from eDinar and had it mailed to him from UAE and had to pay import taxes. He sold the coin to me at 60 rand ($8.72) after checking the price online , when the price of 3 grams of silver was $3.59, resulting in me paying a premium of 143 percent.

3] With the World Islamic Mint located in Abu Dhabi and the eDinar Fz in Dubai, I dont see much of a push from their end to promote the availability of dinar/dirham in the Arab region, as I live in the UAE and cant walk into their office and purchase a coin or purchase it from a local jewellery shop. I must log into their website, verify who I am, and only then can a purchase a coin. 

Why such a run around, when I can easily go into a jewellery shop in Dubai and purchase a 8g 22k British Gold Sovereign coin with no questions. When they first launched in 2001, the coins were available in Thomas Cook Al Rostamani money exchange and in Dubai Islamic Bank, but unfortunately they are no longer available in these places.Shrimp-scampi-linguine.

 Problems I see with the current Dinar system Video :
















Labels:

Comments

Post a Comment

Popular posts from this blog

Apa itu Dinar dan Dirham?

Apa itu Dinar dan Dirham? Koin dinar emas adalah koin emas 22 karat (91,7%) dengan berat 4,25 gram yang dapat berfungsi sebagai alat investasi dan proteksi nilai kekayaan. Mengapa 4,25 gram? Hamburger-meat-pie. Rasulullah Sholallahu Alaihi Wa Salam bersabda “Timbangan mengikuti yang digunakan penduduk Mekah, Takaran mengikuti yang digunakan penduduk Madinah”. Dari hadits Rasulullah Sholallahu Alaihi Wa Salam tersebut, Dr. Qaradawi menyimpulkan bahwa berat 1 Dinar atau 1 Mithqal adalah sama dengan 4.25 gram timbangan saat ini ; sedangkan berat 1 Dirham adalah 2.975 gram. Mengapa 22 karat? Berikut adalah fakta-fakta sejarah: Semasa Rasulullah Sholallahu Alaihi Wa Salam masih hidup; beliau belum (memerintahkan ) mencetak Dinar Islam sendiri. Berarti Rasulullah Sholallahu Alaihi Wa Salam menggunakan Dinar yang diproduksi oleh dunia di luar Islam.  Apa yang ada sebelum Islam atau di luar Islam kemudian juga digunakan oleh beliau, maka  ini menjadi ketetapan atau taqrir...
2 comments
Read more

Islamic Gold Dinar

Islamic Gold Dinar: The Historical Standard  Ahamed Kameel Abstract The-inner-workings-of-eye. Lately, there have been questions on what the standards for gold dinar and silver dirham are.  Since the dinar and dirham indeed formed the Shari’ah monetary standards from the time of the Prophet pbuh, our work can, therefore, only involve in the rediscovery of that classical standard.   Henceforth no parties or organizations can come up with their own standards. Since the Islamic gold dinar did not come into existence until after about 50 years of the Prophet’s pbuh demise, it is obvious from history that the solidus of the Eastern Roman Byzantine Empire was the monetary basis for the Shari’ah.   Hence the best way to determine the standard is to look at the definition given by its issuer, the Byzantine Empire.  Coins unearthed by archeologist cannot be relied upon for this purpose because such coins generally suffer from wear and possible temperin...
1 comment
Read more

Tiga Sabda Nabi SAW tentang Dinar Dirham

Tiga Sabda Nabi SAW tentang Dinar Dirham Ada sebuah pertanyan yang terus menggelitik: Bagaimana orang yang sudah disebut ulama dan hapal Qur’an tapi merasa sukarela atau  tidak terpaksa bahkan menghalalkan uang kertas? The-retina-where-vision-begins. Sedang  John F. Kennedy saja yang beragama Katholik merasa terpaksa hidup dalam sistem uang kertas. Ia pun dibunuh setelah intruksikan mencetak uang perak. Menurut Henry Faizal Noor, dosen Universitas Indonesia yang menyelesaikan kuliah pascasarjana di St Louis University Amerika, Federal Reserve yang mencetak uang kertas dolar Amerika bukanlah lembaga negara Amerika Serikat, tetapi merupakan institusi swasta yang mngendalikan peredaran uang dolar. Sebagai upaya untuk keluar dari sistem uang kertas yang dikendalikan Zionis tersebut, pada tahun 1963 Presiden J.F. Kennedy memerintahkan Departemen Keuangan Amerika Serikat untuk mencetak uang logam perak untuk mengakhiri kekuasaan The Fed. Lima bulan setelah perintah itu d...
1 comment
Read more