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Title: Gold Dinar as A Supreme Currency: Review Based on the History of Islamiccivilisation
Authors: Salmy Edawati Yaacob
Aff: Department of Syariah, Faculty Islamic Studies, The University of Malaysia
Author Email:
Keywords: Gold Dinar; Islamic Currency; Gold Standard; Stability Currency; Monetary System; Supreme Currency; islamic Civilisation
Abstract:Malaysia has proposed for the return of gold dinar as an important instrument in the
monetary system during the severe currency crisis that has hit the Asean countries in 1997/98. The
proposed gold dinar or the return of gold-based monetary system was received by intense debates when the
World Bank President, Richard Zoelick, has proposed for an establishment of Bretton Woods II system recently
in 2010. The question is how superior is the Muslimís currencies of gold dinar that has claimed for its
restoration in the global monetary system? And what evidence of Islamic history linking to its stability and
privileges? Thus, this study aims to analyze the privileges and supremacy of gold dinar currency based on the
historical data of Islamic civilization from the time of Prophet Muhammad s.a.w (peace be on him) until the fall
of the Ottoman Turkish government. This is a qualitative study going by the strategy of historical
approach. Text analysis on historical data was used to obtain results. The results show that gold dinar was
crowned as the first currency for the Muslims and has become a symbol of strength and a Muslimís
identity during the time of the caliphates until the fall of the Ottoman Empire in 1924. The era of gold dinar was
called the golden era of currency due to its stability by nature