The Reality Of Gold Dinar Application In Malaysia.

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Date: Jan. 15, 2012
Publisher: American-Eurasian Network for Scientific Information
Document Type: Article
Length: 4,678 words
Lexile Measure: 1490L

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Abstract :

The idea to restore and revere the supremacy of gold dinar as a currency was initiated by Tun Dr. Mahathir Mohammad (former 4th Prime Minister of Malaysia) in the year 2001 right after the Asian currency crisis in 1997/98. The issue here is, to what extent have the people of Malaysia been using gold dinar and applying it in the monetary system 10 years after it was first initiated, and in what forms of application? Thus, this study aims to analyze the forms of gold dinar application in Malaysia and with attempts to highlight and discover all current applications of gold dinar practiced in Malaysia. This study is qualitative going by a strategic literature review approach. The result of the study shows that there have been various application of gold dinar as a currency in Malaysia and among them are: as a physical currency and electronic payment system (e-dinar), investment, reserves, pilgrimage, zakat payment, souvenir (jewelry) and as a wedding dowry. The study also provides an evidence that gold dinar has been well received by a large portion of the Malaysian community thus making the efforts to restore and revere the supremacy of gold dinar as a currency a realization. Key words: gold dinar, Islamic currency, financial applications, economic crisis, monetary system.

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Gale Document Number: GALE|A611171147