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Malaysian state launches Islamic currency

Gold Guilder

Image via Wikipedia

Below is the excerpt from our local newspaper website, where it explains the ingenuity of moving from Dollar bills to Gold Coins. According to Zaid Hamid, the Banking system will collapse one day, and people would be coming back to Islamic Currency, which is gold coins and they have real monetary value.

Malaysian state launches Islamic currencyThursday, 12 Aug, 2010font-size small font-size largefont-sizeprint email shareAuthorities in northern Kelantan state, which is ruled by the Islamic opposition party PAS, said the Islamic currencies would be used in many shops in the state in addition to the national currency, the ringgit. — File photoWorldMalaysia’s women Islamic judges get equal powersKUALA LUMPUR: A Malaysian state on Thursday launched the Islamic dinar and dirham as an alternative currency, allowing the golden and silver coins to be used as legal tender alongside conventional banknotes.Authorities in northern Kelantan state, which is ruled by the Islamic opposition party PAS, said the Islamic currencies would be used in many shops in the state in addition to the national currency, the ringgit.“We have over 1,000 shops that have signed up to our campaign and agreed to accept the dinar and dirham for the purchase of goods,” state cabinet minister Husam Musa told AFP.He said signboards have been erected in the main market in the state capital Kota Bharu to show the conversion table between the dinar and ringgit, and participating shops will display stickers to encourage people to use the coins.“The response has been very positive and all the coins which were worth a total of 2.0 million ringgit 629,000 dollars have been sold out at the launch today,” said Husam, who is in charge of economic and finance planning.According to Islamic law, the dinar measures 4.25 grams of gold, while the dirham is 3.0 grams of pure silver.A golden coin is equivalent to about 582 ringgit 183 dollars while the silver coin is worth around 13 ringgit but their values fluctuate according to market prices.

via DAWN.COM | Business | Malaysian state launches Islamic currency.

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