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"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 today's economic system. A return to such a system is not only desirable from the economic, political, social and religious perspectives, but also urgent in the present era of globalisation and impending world recession, besides providing a conducive environment for Islamic economics, banking and finance to flourish." "Ahamed Kameel Mydin Meera is the Head of the Department of Business Administration, Faculty of Economics and Management Sciences, International Islamic University Malaysia, in Kuala Lumpur, Malaysia."--BOOK JACKET.
Gold has played an important role in human life. Gold has desirable physical characteristics such as flexibility, durability, and immunity to tarnish. Its scarcity makes it a useful store of value. The history of gold as money could be traced back to 6,000 years of Ancient Egypt and the civilization of Mesopotamia. Gold has unique properties as a multicurrency investment and serves as an excellent medium for both within and across currency lines. In this book we will be discussing and arguing to use gold as an alternative currency under the rulings of Islam with aspect of muslim countries, for example, in Malaysia. Faculty of Medicine, Universiti Sultan Zainal Abidin, Malaysia. University of Management Technology, Lahore, Pakistan
This study aims to, examine and analyze the history of gold dinar starting from the Prophetic era until Ottomans and to propose gold dinar as an alternative. In addition, this research gives a detailed study on economic and monetary integration among Muslim countries, nature of monetary currency, its functions and its evolution from the Islamic perspective. This study sheds light on the advantages and disadvantages of gold and fiat money and provides analysis of classical and modern scholars' view. The research relies on the analytical evocative methodology to achieve its objectives. It extracts several findings such as the differences of gold dinar weight during the Umayyad and Abbasid period, the views of classical scholars on the value of gold as a medium of exchange, measure of values and a means to possess other objects. The gold dinar has played an important role and successfully left an immense impact on the economy in both Muslim and European countries. Furthermore, it describes the view of modern Muslim scholars where most of them accept fiat money while some they prefer gold as money. However, the majority of the scholars are of the opinion that fiat money is the cause of the financial crisis in the world today. Moreover, contemporary Muslim scholars suggest implementing gold dÊnÉr by settlement of debt and using gold as a medium of exchange through the IDB and OIC channel. Finally, this research gives some suggestions to solve the problem of inflation and bring the stability in our financial monetary system and business. This is by proposing a suitable monetary system from the Islamic jurists' perspective for the Muslim world that will be protected from financial and economic crises and free them from servitude to the West due to the use of the fiat money monetary system.