KUALA LUMPUR April 29 - Support for using the gold dinar - a unit of
22-karat gold which weighs 4.25 grammes - to complement the US dollar
in international trade is gradually gaining ground.
After a closed-door session with Prime Minister Datuk Seri Dr Mahathir
Mohamad here today, several industry leaders emerged to say that the
gold dinar would be more stable and could be used to prevent over-dependence
on the greenback.
The session was attended by policy-makers, administrators, academics,
ulamas and bankers at the Institute of Islamic Understanding (IKIM).
Bank Rakyat chairman Dr Norraesah Mohamad says that gold, which has
an intrinsic value, is more stable and less vulnerable to currency speculation.
She suggested that Islamic countries engaged in oil trading countries
could start the ball rolling.
Dr Norraesah pointed out that Malaysia imports oil from Saudi Arabia
and exports it to Japan. In this respect, all three could use the gold
dinar.
In Labuan, an offshore company already provides an Internet-based worldwide
payment and exchange system using the gold dinar as a world currency.
E-dinar vice-president Umar Azmon said the system adopted by his company
offers a solution to the problem of transporting the gold physically
from one point to another.
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THE GOLD DINAR RESEARCH GROUP 