ISNET

RELATED SPEECHES BY PRIME MINISTER OF MALAYSIA

DATO' SERI DR. MAHATHIR MOHAMAD

Majlis Perasmian Kursus Agama Anjuran Biro Agama Umno Malaysia (Dewan UMNO, 27-11-1981)

Here, Dr Mahathir stated that paper money and cheques are not from the Islamic system

" ... 9. Sistem kewangan dunia yang digunakan sekarang yang bergantung bukan sahaja kepada penggunaan emas dan perak, tetapi wang kertas dan cek bukanlah dari sistem Islam.

14. ... Tetapi wujudnya terlalu banyak perniagaan bank bukanlah sesuatu yang patut diterima baik oleh orang Islam. ..."

The Annual Seminar Of The World Bank (Hong Kong, 20-09-1997)

"39. ... currency trading is unnecessary, unproductive and immoral. It should be stopped. It should be made illegal. We don't need currency trading. ..."

Perutusan Hari Raya Aidilfitri (Kuala Lumpur, 18-01-1999)

In this speech, Dr. Mahathir stressed that paper money has no intrinsic value. He also showed how the power of a government is taken over through currency trading

"... 12. Wang ini tidak boleh dijual sebagai bahan mentah kerana ia bukan bahan mentah yang mempunyai kegunaan tertentu. ...

13. Tetapi mereka menukar nilai matawang dengan menukar jumlah Dolar Amerika yang boleh ditukar dengan matawang tertentu. Dengan cara ini mereka mengambilalih kuasa Kerajaan. ..."

The 20th Al Baraka Symposium For Islamic Economies (25-06-2001)

"22. ... Recently there was a proposal to create a gold dinar which can have a specific value in the currencies of the different Islamic countries. All the Islamic countries must have a share in the international Islamic dinar as a trade currency and as national reserves. The dinar must be in gold and not paper...."

APEC CEO Summit 2001 - New Century, New Economy: Developing In The Globalising World (Shanghai, China, 20-10-2001)

The Official Opening Of The International Islamic Capital Market Conference And The Launching Of The International Islamic Capital Market Week At The Securities Commission (Kuala Lumpur, 26-03-2002)

" ... 37. ... The proposal is to make this Dinar a currency for international trade only. It is not meant to replace the currency of any country. ...

38. International trade requires the determination of the exchange rates of the currencies of the trading countries. With paper currency there is no intrinsic value. The exchange rate is therefore arbitrary and subject to manipulation as we saw during the Asian financial crisis. ...

39. Gold has a definite value based on the demand for the metal. Its value may appreciate or depreciate according to world's demand and the demand in a given country. But the fluctuation would be minimal. The Gold Dinar being made of gold will largely follow the price of gold.

40. The local gold price will determine the exchange rate for the local currency against the Dinar.

... 42. We have already worked out the mechanics for using the Gold Dinar and any problem arising can be resolved. The risk of speculation will be reduced to almost nothing. World trade can actually expand because the cost of business will be much reduced as the need to hedge would practically disappear. ... "

RELATED SPEECHES BY PRIME MINISTER OF MALAYSIA DATO' SERI DR. MAHATHIR MOHAMAD



Majlis Perasmian Kursus Agama Anjuran Biro Agama Umno Malaysia (Dewan UMNO, 27-11-1981) Here, Dr Mahathir stated that paper money and cheques are not from the Islamic system



" ... 9. Sistem kewangan dunia yang digunakan sekarang yang bergantung bukan sahaja kepada penggunaan emas dan perak, tetapi wang kertas dan cek bukanlah dari sistem Islam.

14. ... Tetapi wujudnya terlalu banyak perniagaan bank bukanlah sesuatu yang patut diterima baik oleh orang Islam. ..."

The Annual Seminar Of The World Bank (Hong Kong, 20-09-1997) "39. ... *currency trading is unnecessary, unproductive and immoral. It should be stopped. It should be made illegal. We don't need currency trading. ...*"




Perutusan Hari Raya Aidilfitri (Kuala Lumpur, 18-01-1999) In this speech, Dr. Mahathir stressed that paper money has no intrinsic value. He also showed how the power of a government is taken over through currency trading


"... 12. Wang ini tidak boleh dijual sebagai bahan mentah kerana ia bukan bahan mentah yang mempunyai kegunaan tertentu. ...
13. Tetapi mereka menukar nilai matawang dengan menukar jumlah Dolar Amerika yang boleh ditukar dengan matawang tertentu. Dengan cara ini mereka mengambilalih kuasa Kerajaan. ..."
The 20th Al Baraka Symposium For Islamic Economies (25-06-2001) "22. ... Recently there was a proposal to create a gold dinar which can have a specific value in the currencies of the different Islamic countries. All the Islamic countries must have a share in the international Islamic dinar as a trade currency and as national reserves. The dinar must be in gold and not paper...."


APEC CEO Summit 2001 - New Century, New Economy: Developing In The Globalising World (Shanghai, China, 20-10-2001)
The Official Opening Of The International Islamic Capital Market Conference And The Launching Of The International Islamic Capital Market Week At The Securities Commission (Kuala Lumpur, 26-03-2002) " ... 37. ... The proposal is to make this Dinar a currency for international trade only. It is not meant to replace the currency of any country. ... 38. International trade requires the determination of the exchange rates of the currencies of the trading countries. With paper currency there is no intrinsic value. The exchange rate is therefore arbitrary and subject to manipulation as we saw during the Asian financial crisis. ... 39. Gold has a definite value based on the demand for the metal. Its value may appreciate or depreciate according to world's demand and the demand in a given country. But the fluctuation would be minimal. The Gold Dinar being made of gold will largely follow the price of gold. 40. The local gold price will determine the exchange rate for the local currency against the Dinar. ... 42. We have already worked out the mechanics for using the Gold Dinar and any problem arising can be resolved. The risk of speculation will be reduced to almost nothing. World trade can actually expand because the cost of business will be much reduced as the need to hedge would practically disappear. ... "