Gold Dinar

Mahathir proposed an Islamic currency; Gold Dinar. What happened to it?

I'm looking forward to this currency and a new economic bloc. What you know about it? :pompom:

if EU can have EURO, why islamic countries cant?

mahathir only suggesting but it depends whether other islamic countries want to imply his suggestion or not. When Islamic banking was introduced in our country some people were not confident with the system but look at the system now, some account holders are also non-muslims.

RedChaSiew

if it doesn't involve main stream economies - just a grp of islamic countries - it won't work.

I think mahathir is just alluding to the fact that currencies must be based on some value - say gold. If it is not , then countries can print money like no tomorrow - like Greenpants who is printing like hell and his bro. busch who is spending like hell. anyone can print money.

Red,

Mahathir says once Islamic countries starts using it and within a period of time proven smooth sailing, it would extend to other non-Islamic countries to use it.

if EU can have EURO, why islamic countries cant?

Surely they can. By all means. However, what are the likely stumbling block?

Originally posted by Adm_Cheng_Ho at 8-6-2004 03:54 PM:

Surely they can. By all means. However, what are the likely stumbling block?

you wouldnt know the result if you never give a try!

before euro exists we all depend on USD but people have choice to deal either with euro or USD now..why not gold dinar later?

RedChaSiew

i believe alot of the recent ills propagated by the neo-cons are also related to the yankee sun set. Sadam was supposed to have starting trading his oil in Euro - then bush stmped in scuttering that move. If Iraq starts using the euro for oil settlement - then the rest of the gulf states will be embolden. can't have that.

US$ is fiat and living on borrowed time.

If i were a rich man like buffet -  i would long on euro and short on USD.
btw buffet is doing the same.

Debmey

Nope, Gold Dinar won't work. Muslim countries are too weak economically. Besides, non Muslim oil producing countries will get an artificial advantage over Muslim countries if ever such a silly system is used. It would be suicidal for any fool who tries. Thats why nobody listened to Mahathir.

13Friday

for the cronies to be busy to make some easy money

ariyamusafir

Originally posted by WICKED at 8-6-2004 15:43:
mahathir only suggesting but it depends whether other islamic countries want to imply his suggestion or not. When Islamic banking was introduced in our country some people were not confident with t ...

I think it is a good idea to have one unified system.

Debmey

One unified system is to trade in the USD. There is no benefit in trading with Gold Dinar for Muslims. They will stand to be the biggest losers.

ariyamusafir

Originally posted by Debmey at 8-6-2004 23:43:
One unified system is to trade in the USD. There is no benefit in trading with Gold Dinar for Muslims. They will stand to be the biggest losers.

You haven't provide your point in what sense will they lose. After all, the money is used to trade. So any system will do so long as it is agreed by the buyer and the seller. So if all agrees, it should not fail. There is no neccesity to do trading only in terms of USD.

Debmey

So why is there a need to trade in Dinar according to your shifting logics?

ariyamusafir

Originally posted by Debmey at 9-6-2004 00:07:
So why is there a need to trade in Dinar according to your shifting logics?

In fact, RM also can, others also can but we prefer to use others other than USD and the Dinar is quite stable. Now, why cannot we use Dinar?

Debmey

So why not use USD then? Its the most common currency that will give benefit  the oil exporting nations.

ariyamusafir

Originally posted by Debmey at 9-6-2004 00:35:
So why not use USD then? Its the most common currency that will give benefit  the oil exporting nations.

Well, America is not so much of a nice guy thus we prefer not to depend on it too much.

Debmey

So you mean the whole idea of selling oil in Gold Dinar is to be anti US?

Debmey

I suggest that the world stop buying oil from countries that wants to sell oil in Gold Dinar cos this currency is worthless out of the Gulf states. It is stupid to hoard GD under such circumstances.

DARSITA

check this: http://forum.cari.com.my/viewthread.php?tid=69159&fpage=1