January 15, 2009 19:46 PM

Gold Dinars As Trading Currency Among Resolutions Passed

KUALA LUMPUR, Jan 15 (Bernama) — Initiatives to expedite the use of gold dinars as an alternative main trading currency is among 29 resolutions adopted at the Third Islamic Economic Congress.

The just concluded four-day congress on Thursday was attended by some 1,000 participants and observers who also wanted the move to integrate Islamic finance system among Islamic nations at regional and global levels be speeded up.

It was also suggested Malaysia take the lead in the Economic Chapter of the 57-member of the Organisation of the Islamic Conference (OIC) in paving the way for restriction-free investment and trade inflow to Islamic countries.

Earlier, the Raja Muda of Perak, Raja Dr Nazrin Shah, in his closing address asked the congress committee to present the resolutions passed as an “information paper” to the Conference of Rulers.

To pursue economic system growth, syariah-based business and entrepreneurship, the congress proposed to the government to set up Islamic Economic Research Institute Malaysia to conduct macro and micro studies.

The congress also passed a resolution to pursue the “business holy war” for Muslim traders to strengthen their socio-economic status by promoting entrepreneurial skills.

It also urged the government to set an economic attainment target including for equity and asset ownership by Muslims in the country.

The government was also urged to fix new Key Performance Indicators for government agencies and government-linked companies (GLCs) to empower small-and medium-scale industries run by Muslim entrepreneurs.

To support the effort, the congress suggested the establishment of an Islamic SMI Consultative Council to provide the participative avenue for representatives from all sectors.

A corporate endowment body by government trust bodies and GLCs must be initiated in line with the corporate social responsibility, it said.

In tandem with plans to set up entrepreneur-friendly financial institutions, the congress suggested the formation of Bank Pembangunan Islam Malaysia, Bank Al Qardhul Hassan, Bank Permodalan dan Pelaburan Wakaf Antarabangsa.

It also proposed the formation of a Islamic Religious Affairs Coordination Ministry to smoothen coordination and administration of the nation’s economic issues and Malaysian Muslims economic activities.

Sourced from BERNAMA

(bold emphasis is mine)

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Extract from Wiki –

Modern history

As a consequence of the currency crisis in Asia, in the first part of 1997, then Prime Minister of Malaysia Mahathir bin Mohamed proposed introduction of Islamic gold dinar as currency for international trade in the Muslim world. It was intended to replace the United States dollar and, as a gold-based currency, provide a medium of exchange more stable than the dollar. Mahathir announced that Malaysia was to start using the dinar in mid-2003, but when in 2003 Abdullah Ahmad Badawi replaced him as Prime Minister, this idea was halted.

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Remember my recent acrimonious altercation with that anonymous cyber ogre ‘warrior 231‘ when he took the cavalier attitude of dismissing the suggestion to use the gold dinar as an alternative for world trade?

I just have one thing to say to that *#)!^# redneck dude – UP YOURS!!!

Meanwhile, stay tune for ‘boardroom’ battles against Zionist interests and it’s my fervent wish that Malaysia choose the right candidate to spearhead the OIC Economic Chapter.

And no, KJ’s not it, for sure.