KOTA BARU: Kelantan paved the way to become the first state to introduce the gold dinar and silver dirham currency.
Speaking when launching the Syariah currency Thursday, Mentri Besar Datuk Nik Abdul Aziz Nik Mat said the state would strive to expand the use of the gold dinar and silver dirham in all transactions, including paying civil servants' remuneration.
However, there were still many technicalities that had to be addressed by the state government, he told reporters after launching the dinar gold and silver dirham here.Islamic Gold Dinar
Read more @ The Star Online
The Kelantan state government has been toying with the idea of implementing the use of gold dinar for long time, and I still remember our Prime Minister then, Tun Mahathir Mohamad threw the idea for the world to revisit the use gold as the trading transaction to replace the existing paper notes, as it used to be. While many sceptical with the idea, if it was successfully implemented then, why not now? I do realize it is easier said than done, but I am sure there must be a solution to it and way out. Political gimmick ? I reserve my comment, but I lauded the Kelantan state government for such brave action, to go against the crowd in implementing it. They do recognize that there will be hiccups during the implementation, but worth trying.
I would imagine, that now the salary of the government servant will be tied to the market value of the gold. For instance, if the price of gold today, RM 100 per gram, so for someone who earn RM 1,000 will get around 10 grams of of gold. Depending, on when he will sell the gold, he will either incur loss/gain, depending on the market value or transact value for the day or given time, and any balances in the account will be tied to the gold market value. It is like the saving account = gold dinar account which are currently being offered by Kuwait Finance House, Malaysia. That is what I understand with this whole concept of gold dinar transaction. One thing for sure, gold is one of the stable commodity in the market with the price tend not to fluctuate that much. I would like and am interested to know how this eventually work, and educating and creating awareness to the affected party would be and shall be next in the agenda of Kelantan state government. In any case, there shall not be any party who are victimized with the new system, and shall be fair and equitable and just for the public , i.e. the RAKYAT and it shall be done in the interest of public.
The Kelantan state government has been toying with the idea of implementing the use of gold dinar for long time, and I still remember our Prime Minister then, Tun Mahathir Mohamad threw the idea for the world to revisit the use gold as the trading transaction to replace the existing paper notes, as it used to be. While many sceptical with the idea, if it was successfully implemented then, why not now? I do realize it is easier said than done, but I am sure there must be a solution to it and way out. Political gimmick ? I reserve my comment, but I lauded the Kelantan state government for such brave action, to go against the crowd in implementing it. They do recognize that there will be hiccups during the implementation, but worth trying.
I would imagine, that now the salary of the government servant will be tied to the market value of the gold. For instance, if the price of gold today, RM 100 per gram, so for someone who earn RM 1,000 will get around 10 grams of of gold. Depending, on when he will sell the gold, he will either incur loss/gain, depending on the market value or transact value for the day or given time, and any balances in the account will be tied to the gold market value. It is like the saving account = gold dinar account which are currently being offered by Kuwait Finance House, Malaysia. That is what I understand with this whole concept of gold dinar transaction. One thing for sure, gold is one of the stable commodity in the market with the price tend not to fluctuate that much. I would like and am interested to know how this eventually work, and educating and creating awareness to the affected party would be and shall be next in the agenda of Kelantan state government. In any case, there shall not be any party who are victimized with the new system, and shall be fair and equitable and just for the public , i.e. the RAKYAT and it shall be done in the interest of public.
Anyone has idea and would love to share on this ? I would love to hear from the readers.
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