Hey, i have just come back from AGM of the Koperasi Dinar Mas Nakhoda Nan Intan Penang in USM set up to promote the usage of Gold Dinar in Malaysia especially in Penang. There’s like 150+ people who joined this cooperation whereby people can become a member and buy their stocks of Gold/Dinar as their investment/savings/gift/dowry (mas kahwin). Its growing in numbers now so you can get your Dinar almost a few places now in Malaysia. For example, M.Nasir, the famous Malaysian singer and composer gave 13 Dinar as the ‘mas kahwin’ for his wife (and mine one day hoho), at that time the price of 1 Gold Dinar is just 100+ but now…its already RM475 due to the rising Gold price and guess what? It never and will never falls for Gold is a fixed and unchange value no matter how long you keep it
In fact, even Dr. Mahathir , ex PM of Malaysia was the one who launched the Dinar works in Malaysia. From what i heard, he suggested that we need to have Dinar Bank now that the number of people buying Dinar is growing in Malaysia (But that is just a suggestion,will see if that will happen one day). But, all i can say is that there will be a conference on Dinar in USM this coming month which will be notified when it is confirmed hoho can’t wait to meet Dr. M ..!!!
This is what Dr. M said ( Translated by me ) :
1. A lot of people asked me about Gold Dinar including BBC who did an interview with me recently
2. What have been a reality now that cannot be denied by the countries in the world is the present monetary system have failed to be used in economy and trading in the local and international
3. Bretton-Woods decision after the World War 2is that all currency in the world is valued by U.S
4. But also valued by US Dollar which is 35 Dollar for an Ounce of Gold, meaning that all currencies is measured according a certain amount of gold
5.Whereby at that time, all currency is already stable. But, in Britain in 1966, the Pound have been devalued, Malaysia lost a lot because a lot of our reserve are in Pound . A Pound at that time equals to RM8.30 have reduced to RM3.60
6. Then President Richard Nixon made a decision that the US Dollar no longer tied by gold. America have rejected what was called as “Gold Standard” .America also decicided that the market will now be measured by the US Dollar.
7. But, in other countries still believes on the strength of America’s economy and continued to tie their currency on Dollar
8. Another decision by the world is that the value of international trading will be use according to the value of US dollar and the payment will be made using US Dollar. This made the the US Dollar not to fall even though it was measured by a lot of Gold
9. Before, the big banks were not allowed to print out “Bank Notes” as their legal money. Then, the government took over the printing of currencies.
10.Banks gave out loans from capital & deposits by customer. Sometimes the number of loans is more than the money in the bank. But this is limited. Still, the loans were gave out many times more than the limited amount.
11. When the depositers bring out their savings in big numbers, the banks could not afford to pay back the depositer because all the money have been given out as loand and even more than that. In this situation, bank must be saved through ‘bail out’ by the Government.
12.Looking at the bank bringing out mostly unlimited amount of money, the some of the people (penyangak matawang) took advantage by planning to use the money for their own interest by gaining profit from thin air. Therefore begins the currency trading,the ability to borrow from anunlimited source of money, the selling of loans by banks to insurance company and mortgage companyand etc. The number of transaction is big, and cost billions of dollar. When a lot of debtors could not pay the debt or the debtservice charge, they get a loan from the banks and found themselves loosing billions of dollar
13. And a lot of abuse by the Western Banking System were made. That’s where the US gain their richness even they cannot afford to cover the lost of billions of dollar by the Banks, companies, insurance,mortgage company, hedge funds, merchants, investments and etc
14. It is evident that the bank and currency system by the West have failed. The world should findan alternative to replace using other system including Islamic Banking and currency trading using currencies such as the GOLD DINAR.
15. Not like the paper money, the gold value is fixed in any countries. Gold Dinar is suggested as the solution for the international trading payment.
16. Does the world have enough gold as the international money? Of cause not.
17.But we don’t have to pay gold dinar all together, nough that we pay the remaining import and export between two countries.
18. If a country exports 100 Million Gold Dinar to a country and that country exports 100 Million Dinar to the previous country or service cost of 110 Million Gold Dinar, then the payment must be made by the National Bank by only 10 Million Gold Dinar. If there aren’t an enough gold dinar to pay, payment can be made by export of 10 Million Dinar.
19. We don’t just trade between two country but also several other countries. Actually, the banks uses this method to solve the cheque payment to several other banks who have received and pay out the basic into other banks cheque .
20. Of cause there will be a lot of problem in the beginning but the experts can find a way to solve the problem by the Gold Dinar System.
21. The Bank of Malaysia have made negotiations with other countries about the usage of Gold Dinar and it is applicable. But I don’t know why the BNM could not make the system successful.
So, to those who is interested to invest in gold especially during this economic crisis, and the falling of monetary system which is basically just full of speculations and ever changing value, feel free to contact any of these ‘Gold Cooperation’ 😉
Last Updated ( Monday, 16 February 2009 )
This is some links on what Dinar is all about:
Article > Gold Dinar As Halal Money http://www.halaljournal.com/article/3362/gold-dinar-as-halal-money
Dr. Mahathir> http://www.scribd.com/doc/7794565/Gold-Dinar-Dr-Mahathir