The islamic dinar is a specific weight of 22k gold (917) equivalent to 425 grams the islamic dirham is a specific weight of pure silver equivalent to 2975 grams umar ibn al-khattab established the known standard relationship between them based on their weights: 7 dinars must be equivalent to 10 dirhams. 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.
Some believe it is about protecting civilians, others say it is about oil, but some are convinced intervention in libya is all about gaddafi’s plan to introduce the gold dinar, a single african currency made from gold, a true sharing of the wealth. In a move that surprised economists the world over, the central bank of iraq purchased 36 tons of gold valued at some $152 billion this month “to help stabilize the iraqi dinar against foreign.
The iraqi central bank has made a massive purchase of gold here's what it means to the dinar in seven charts. The word dinar comes from the latin denarius, which was a silver coin the name dinar is also used for sasanid , kushan , and kidarite gold coints, though it is not known what the contemporary name was. Abū bakr ibn abi maryam reported that he heard the messenger of allah say: a time is certainly coming over mankind in which there will be nothing (left) tha.
I was introduced to the gold dinar and silver dirham concept after stumbling across a clip from a documentary that showed its use in jakarta, indonesia, posted on youtube by my favourite economic commentator max keiser, which can be seen below.
The gold dinar malaysia has stated that it plans to start a gold dinar scheme as early as mid 2003 malaysian prime minister dr mahathir bin mohamad has hosted conferences to explain and sell the concept of the gold dinar.
As the 8 dinar gold coin is not a legal tender coin, it should be priced cheaper, but as of today (31st july 2011) e-dinar lists the 8 dinar at usd 1,95890 and goldsilvercom has the american eagle at usd 1,71389 and the krugerrand at usd 1,70563. There has been much publicity about a new 'currency' or gold bullion coin, the 'gold dinar', sometimes called the islamic dinar or the malaysian dinar.