What is the role of the Gold Dinar?

Emas Perak Dinar Dirham

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The proposed Gold Dinar will not replace the domestic currencies. The
domestic currencies (e.g. Ringgit) will continue to be used for domestic
transactions in the respective countries. The Gold Dinar will be used only for
external trade among the participating countries.


The Gold Dinar will not exist in physical form. It will merely be defined in
terms of gold. For example, if one Islamic Dinar is equivalent to one ounce of
gold, and the price of one ounce of gold is today at US $290, then the value of
one Islamic Dinar will be US$290 or equivalent in other currencies, on the basis
of the prevailing exchange rates.

The actual settlement for trade can be by way of the transfer of
equivalent amount of gold or the payment of an equivalent amount in US dollar,
Euro, Yen or any other currency. Where the transfer of gold is used, it will not
be a physical transfer of gold from one country to another, but a transfer of
beneficial ownership in the gold custodian’s account.