Is Gold Dinar the Appropriate Money in Islam ?

  • Bedjo Santoso, Ahamed Kameel Mydin Meera, Khaliq Ahmad
  • Journal of Islamic Finance, January 2017, Al Manhal FZ, LLC
  • DOI: 10.12816/0047341

Gold dinar from an Islamic standpoint as currency is deliberated in this paper

Photo by Keegan Houser on Unsplash

Photo by Keegan Houser on Unsplash

What is it about?

The paper deliberated on some possible alternative forms of gold as money and then evaluated some obstacles and barriers in the hope of finding the best model of gold as money to be implemented in the current economic system.

Why is it important?

The idea of revisiting currency and gold dinar from an Islamic standpoint as done in this paper is an interesting discourse in the current monetary system. The literature survey included historical aspect, supremacy of gold currency and the weakness of fiat money.

Perspectives

Professor Khaliq Ahmad bin Mohamad
Qassim University

It is difficult to implement gold dinar monetary system in the current system due to some impediments. Backed by information/ communication technology and adequate political will, gold may, however be employed as measurement of value; and as such could be implemented in certain communities including cooperatives.

Read Publication

http://dx.doi.org/10.12816/0047341

The following have contributed to this page: Professor Khaliq Ahmad bin Mohamad