Malaysia’s First Islamic Gold Dinar Available to Public by First Week of August 2003
Posted by: Anonymous
By FREDERICK FERNANDEZ
SHAH ALAM, MALAYSIA -- The Royal Mint of Malaysia has launched Malaysia’s first Gold Dinar, which will be available to the public next month in the ¼ and 1 Dinar types, priced at RM51 and RM181.
It has a gold purity composition of 91.7%, widely known as 22-carat.
The ¼ Dinar weighs 1.06gm and has a diameter of 15mm and thickness of 0.35mm while the 1 Dinar coin weighs 4.25gm with a 23mm diameter and 0.6mm thickness.
FOR INVESTMENT: Royal Mint of Malaysia Sales and Marketing executive Harfeenaz A. Bakar showing off the Gold Dinar after the launching ceremony in Shah Alam on Monday July 28.
The ½ Dinar, 2 Dinar and 4 Dinar coins which are also from the 917 Gold composition will be available several weeks later.
Royal Mint Exchange Sdn Bhd chairman Datuk Dr Awang Adek Hussin said purchasing the Dinar was an effective mode of savings as the value of gold was much more stable compared to currencies.
The value of the Dinar was minted to resemble those used during the reign of Caliph Umar-Al-Khatab in Arabia and would follow the market price of gold.
“The introduction of the Dinar here is as a commodity, particularly for savings purpose and not as currency or legal tender,” Dr Awang told a press conference yesterday.
He said the introduction of Dinar provided an alternative mode of investment for the public who would normally place savings in banks or purchase property or land.
“It is definitely a lot cheaper than jewellery because you are only paying RM10 as premium for each coin regardless of its value.”
Dr Awang said there was great potential in expanding the use of Dinar, particularly for the Muslims, such as using them to pay zakat and fitrah, dowries and for pilgrimage to Mecca.
“We are studying the possibility of Islamic institutions such as Tabung Haji, Bank Islam and others allowing their customers to make payments with Dinar,” he said.
Earlier, Dr Awang witnessed a ceremony where about 50 employees of the Royal Mint of Malaysia accepted their Dinars from its managing director Datuk Megat Mohamed Abdul Wahab.
The public can place their orders by calling 03-5519 1611 or check www.TheRoyalMint.net.
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