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Title: The Reality of Gold Dinar Application in Malaysia
Authors: Salmy Edawati Yaacob
Aff: Department of Syariah, Faculty of Islamic Studies, National University of Malaysia, 43600 UKM Bangi, Selangor, Malaysia
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Keywords: Gold Dinar; Islamic Currency; Financial Applications; Economic Crisis; Monetary System
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