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THE GOLD DINAR RESEARCH GROUP

Bank Islam believes in the use of dinar currency

UTUSAN EXPRESS (ECONOMY) 02/08/2001

KUALA LUMPUR Aug 1 - Bank Islam Malaysia Bhd (BIMB) believes that the use of Islamic gold dinar as common currency among the Islamic countries could be workable. Bank Islam's senior general manager, Ismail Mahayudin said by using dinar as a common currency it would be easier for the Islamic countries to measure the progress and economic development of each country.

"If the Europeans could do it with their Euro currency, then why not us?" he said after a seminar called "Islamic-Based Financing - What is it?" organised by the bank here today. On the development of Islamic banking in Asia, Ismail said it was encouraging as the bank had received many inquiries from Indonesia, Brunei, the Philippines and Sri Lanka. He said these reflected the growing awareness of Islamic banking in the region.

"Through the bank's BIMB Institute of Research and Training, we provide training to staffs of conventional banks on the Islamic banking practices," he said.

In a related development, the Malaysian Islamic Economic Development Foundation (YPEIM) welcomed the statement by a renowned Muslim scholar that Malaysia is capable of pioneering the use of the Islamic currency of dinar.

YPEIM director-general Datuk Abdul Malek Awang Kechil said such statements should be brought up at international forums like the Organisation of Islamic Conference (OIC) and Islamic Development Bank.

Shaykh Abdilqadir As-Sufi yesterday called on Malaysia to lead the promotion of the Islamic dinar in international trade.

Abdul Malek, in a statement in Kuala Lumpur, said Shaykh Abdilqadir's statement reinforced the recognition accorded to Malaysia by developed countries and international financial organisations like the International Monetary Fund (IMF) and World Bank. Malaysia's ability in trade and economic matters had been proven, especially when dealing with the currency crisis through various independent and creative approaches, he said.

"Malaysia is now ahead in many matters compared to other Islamic countries," he added.