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The modern Islamic gold dinar (sometimes referred as Islamic dinar or Gold dinar) is a projected bullion gold coin, so far not issued as official currency by any national state. It aims to revive the historical gold dinar, which was a leading coin of early Islam. The currency might consist of minted gold coins (dinars) or of silver coins (dirhams).
According to Islamic law, the Islamic dinar is a coin of pure gold weighing 72 grains of average barley.[ citation needed ] Modern determinations of weight for the "full solidus" weigh 4.44 grams at the time of Heraclius and a "light solidus" equivalent to the weight of the mithqal weighing 4.25 grams. With the silver Dirham being created to the weight ratio of 7:10, yielded coins of 2.975 grams of pure silver.
Umar Ibn al-Khattab established the known standard relationship between them based on their weights: 7 dinars must be equivalent (in weight) to 10 dirhams.
The Revelation undertook to mention them and attached many judgements to them, for example zakat , marriage, and hudud , etc., therefore within the Revelation they have to have a reality and specific measure for assessment of zakat, etc. upon which its judgements may be based rather than on the non-shari'i other coins.
Know that there is consensus since the beginning of Islam and the age of the Companions and the Followers that the dirham of the shari'ah is that of which ten weigh seven Mithqals weight of the dinar of gold... The weight of a Mithqal of gold is seventy-two grains of barley, so that the dirham which is seven-tenths of it is fifty and two-fifths grains. All these measurements are firmly established by consensus.
Per the historical law stated above, one dinar is 4.25 grams of pure gold, and a smaller denomination, the daniq, one sixth of that. Again from the law above, the dirham is 2.975 grams of pure silver. The value of each coin is according to their weight and the market value of the two metals. Coins may be minted at fractions or multiples of these weights and valued accordingly.
In practice coins were historically minted in either 24 karat "pure gold" although some contemporary coins have been minted in 22k for greater durability. In either case the weight of the gold content will be as per law.[ citation needed ]
In Indonesia, while there is no official national coin, a number of mints are producing their own gold dinars, including that launched in 2000 by the Islamic Mint Nusantara (IMN). [1] and Logam Mulia. [2]
In 2002, the prime minister of Malaysia proposed a gold dinar standard for use in the Islamic world. [3]
Kelantan was the first state in the country to introduce the dinar in 2006, which was locally minted. In 2010, it issued new coins, including the dirham, minted in the United Arab Emirates by the World Islamic Mint. [4] The state of Perak followed suit, minting its own dinar and dirham, which was launched in 2011. [5]
| دينار ذهبي (Arabic) | |||||
|---|---|---|---|---|---|
| |||||
| Denominations | |||||
| Coins | 1, 5 dinars 1, 2, 5 dirhams 5, 10, 25 fulûs [6] | ||||
| Demographics | |||||
| User(s) |  Islamic State | ||||
| Issuance | |||||
| Central bank | Diwan Bayt al-Mal (Islamic State Treasury Department) [7] | ||||
The leader of the UN-designated terrorist group Islamic State, Abu Bakr al-Baghdadi, announced in November 2014 that the Caliphate intended to mint its own gold, silver and copper coins in order to free the Muslims from the financial order that has "enslaved and impoverished" them. [8] The currency would be based on the dinar coins minted by the Caliphate of Uthman ibn Affan and include seven coins: two gold, three silver and two copper, ranging in value from 7¢ to $694, their values based on the intrinsic value of the metals. [9] The gold dinar is weighted at 4.25 grams and is made of 21 karat gold.
Despite a propaganda push for the currency, adoption appeared to have been minimal and its internal economy is effectively dollarized, even with regards to its own fines. [10]
Abdalqadir as-Sufi, founder of the Murabitun World Movement, was once a strong proponent of the idea for the gold dinar revival movement, but in February 2014 he completely distanced himself from it, saying, "So, I now dis-associate myself from all activity involving the Islamic gold dinar and silver dirham". [11] Trinidadian scholar Imran Nazar Hosein has also been promoting the revival of Dinar usage, but has linked its use to Islamic eschatology.
Most of the coins are issued privately and are not legal tender. In Malaysia, the state government of Kelantan allows their use in transactions while it is illegal according to federal law.[ citation needed ]
Common uses of the gold dinar include:
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The denarius was the standard Roman silver coin from its introduction in the Second Punic War c. 211 BC to the reign of Gordian III, when it was gradually replaced by the antoninianus. It continued to be minted in very small quantities, likely for ceremonial purposes, until and through the Tetrarchy (293–313).
The shilling is a historical coin, and the name of a unit of modern currencies formerly used in the United Kingdom, Australia, New Zealand, other British Commonwealth countries and Ireland, where they were generally equivalent to 12 pence or one-twentieth of a pound before being phased out during the 1960s and 1970s.
The dinar is the name of the principal currency unit in several countries near the Mediterranean Sea, with a more widespread historical use. The English word "dinar" is the transliteration of the Arabic دينار (dīnār), which was borrowed via the Syriac dīnarā, itself from the Latin dēnārius.
Byzantine currency, money used in the Eastern Roman Empire after the fall of the West, consisted of mainly two types of coins: the gold solidus and a variety of clearly valued bronze coins. By the end of the empire the currency was issued only in silver stavrata and minor copper coins with no gold issue.
The solidus or nomisma was a highly pure gold coin issued in the Late Roman Empire and Byzantine Empire. The early 4th century saw the solidus introduced in mintage as a successor to the aureus, which was permanently replaced thereafter by the new coin, whose weight of about 4.5 grams remained relatively constant for seven centuries. In the Byzantine Empire, the solidus, or nomisma, remained a highly pure gold coin until the 11th century, when several Byzantine emperors began to strike the coin with less and less gold. The nomisma was finally abolished by Alexius I in 1092, who replaced it with the hyperpyron, which also came to be known as a "bezant". The Byzantine solidus also inspired the originally slightly less pure dinar issued by the Muslim Caliphate. In Western Europe, the solidus was the main gold coin of commerce from late Roman times to Pepin the Short's currency reform in the 750s, which introduced the silver-based pound/shilling/penny system.
The aureus was a gold coin of ancient Rome originally valued at 25 pure silver denarii. The aureus was regularly issued from the 1st century BC to the beginning of the 4th century AD, when it was replaced by the solidus. The aureus was about the same size as the denarius, but heavier due to the higher density of gold.
The dirham, dirhem or dirhm is a unit of currency and of mass. It is the name of the currencies of Morocco and the United Arab Emirates, and is the name of a currency subdivision in Jordan, Libya, Qatar and Tajikistan. It was historically a silver coin.
The fineness of a precious metal object represents the weight of fine metal therein, in proportion to the total weight which includes alloying base metals and any impurities. Alloy metals are added to increase hardness and durability of coins and jewelry, alter colors, decrease the cost per weight, or avoid the cost of high-purity refinement. For example, copper is added to the precious metal silver to make a more durable alloy for use in coins, housewares and jewelry. Coin silver, which was used for making silver coins in the past, contains 90% silver and 10% copper, by mass. Sterling silver contains 92.5% silver and 7.5% of other metals, usually copper, by mass.
The Murabitun World Movement is an Islamic movement founded by Abdalqadir as-Sufi, with communities in several countries. Its heartland is Spain. The number of its followers may amount, according to one estimate, to around 10,000.
In Sharia niṣāb (نِصاب) is the minimum amount of wealth that a Muslim must have before being obliged to give zakat. Zakat is determined based on the amount of wealth acquired; the greater one's assets, the greater the zakat value. Unlike taxable income in secular states, niṣāb is not subject to special exemptions.
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Abazi was a Georgian silver coin, deriving its name and existence from the Iranian abbasi, which was in use from the early 17th century into the early 19th.
The Kelantanese dinar is a currency issued by the Government of the Malaysian state of Kelantan, which purportedly is in conformance with the concept of the Islamic gold dinar. The Kelantanese dinar is available in the form of coins of several denominations. These coins were first struck in 2006 by Mariwasa Kraftangan of Kuala Kangsar, Perak, a local producer of souvenirs and replicas of objects of art and culture, and launched by the state of Kelantan on 20 September 2006. The Government of Kelantan had suggested that the coins had the status of legal tender, and the state-issued dinar sold out quickly, with many buyers seeing the gold dinar as a better choice than fiat money.
The gold dinar is an Islamic medieval gold coin first issued in AH 77 (696–697 CE) by Caliph Abd al-Malik ibn Marwan. The weight of the dinar is 1 mithqal.
Mithqāl is a unit of mass equal to 4.25 grams (0.137 ozt) which is mostly used for measuring precious metals, such as gold, and other commodities, like saffron.
The Rhenish gulden or Rhenish guilder was a gold, standard currency coin of the Rhineland in the 14th and 15th centuries. They weighed between 3.4 and 3.8 grams (0.12–0.13 oz).
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The Islamic State dinar, also simply the gold dinar, is the de jure currency of the Islamic State, a terrorist organization and former proto-state from 2014 to 2019. It is subdivided into dirhams and fulûs, and it has its origins in the historical gold dinar. In 2016, one gold dinar was exchanged for US$190 or £91 sterling.
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