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Paper Money:
Paper money was a great shift from the real wealth money of gold and silver, which was adopted in the name of public convenience in their transaction; and people did find it easier to use paper money instead of carrying gold or silver coins with them. But now, it has become evident that the use of paper money involves such basic flaws in its system which cause play havoc with the world economy.Paper money is void of intrinsic value. It is the supposed value, which vary according to the circumstances. US dollar and now Euro became standard money, which determines the values of other currencies. This highhandedness of the superior currencies has provided the countries, which lend money to other courtiers in need of money, to exploit them at will. When a country borrows, it takes the loan at the rate of then value of its currency, but when it returns or pays off interest on it, it has to pay it in accord with the current depreciated value of its currency. In this way the countries in debt have to pay many times more than the amount they borrow due to the devaluation of their own currency; and the lender countries swell up their wealth at the cost of depreciation of currencies of the poor countries. The indebted countries have to print currency notes to meet the deficit. This causes further inflation, hence further poverty. This is but a legal plundering of wealth, which is intensifying more poverty than prosperity in the counties which have to borrow.
Electronic money: Now with the introduction of electronic money, more exploitation is going to take place. Electronic money like paper money is but a game of digital numbers, it has no intrinsic or real value. The powerful economies will again be at the position to manipulate the world economy according to their interest and the poor or underdeveloped economies will suffer more, as they are not the key players in this game of imaginary money.
Gold Dinar and Silver Dirham: The solution lies in the real wealth economy, which should have intrinsic or real value, which does not change with the changing circumstances. This money is gold and silver. The world is in great need to restore the forsaken system of gold dinar and silver dirham to get rid of the economic exploitation of the powerful economies and currencies. Malaysia pioneers this initiative as it did in many other areas of Islamic finance. It has started dealing in gold dinar and silver dirham, partially at initial stages.
A saying of the Holy Prophet goes:
Abu 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) that will be of use (or benefit) save a Dinar (i.e., a gold coin) and a Dirham (i.e., a silver coin)." (Musnad, Ahmad)
Some scholars understand from this saying of the Holy Prophet (S.A.W) the need to restore the old monetary system of gold dinar and silver dirham as the only useful system of money, which seems to be the only way to avoid the exploitation of paper and electronic currency.
Paper Money:
Paper money was a great shift from the real wealth money of gold and silver, which was adopted in the name of public convenience in their transaction; and people did find it easier to use paper money instead of carrying gold or silver coins with them. But now, it has become evident that the use of paper money involves such basic flaws in its system which cause play havoc with the world economy.Paper money is void of intrinsic value. It is the supposed value, which vary according to the circumstances. US dollar and now Euro became standard money, which determines the values of other currencies. This highhandedness of the superior currencies has provided the countries, which lend money to other courtiers in need of money, to exploit them at will. When a country borrows, it takes the loan at the rate of then value of its currency, but when it returns or pays off interest on it, it has to pay it in accord with the current depreciated value of its currency. In this way the countries in debt have to pay many times more than the amount they borrow due to the devaluation of their own currency; and the lender countries swell up their wealth at the cost of depreciation of currencies of the poor countries. The indebted countries have to print currency notes to meet the deficit. This causes further inflation, hence further poverty. This is but a legal plundering of wealth, which is intensifying more poverty than prosperity in the counties which have to borrow.
Electronic money: Now with the introduction of electronic money, more exploitation is going to take place. Electronic money like paper money is but a game of digital numbers, it has no intrinsic or real value. The powerful economies will again be at the position to manipulate the world economy according to their interest and the poor or underdeveloped economies will suffer more, as they are not the key players in this game of imaginary money.
Gold Dinar and Silver Dirham: The solution lies in the real wealth economy, which should have intrinsic or real value, which does not change with the changing circumstances. This money is gold and silver. The world is in great need to restore the forsaken system of gold dinar and silver dirham to get rid of the economic exploitation of the powerful economies and currencies. Malaysia pioneers this initiative as it did in many other areas of Islamic finance. It has started dealing in gold dinar and silver dirham, partially at initial stages.
A saying of the Holy Prophet goes:
Abu 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) that will be of use (or benefit) save a Dinar (i.e., a gold coin) and a Dirham (i.e., a silver coin)." (Musnad, Ahmad)
Some scholars understand from this saying of the Holy Prophet (S.A.W) the need to restore the old monetary system of gold dinar and silver dirham as the only useful system of money, which seems to be the only way to avoid the exploitation of paper and electronic currency.
The Madinah Institute for Leadership and Entrepreneurship (MILE)
brings senior executives and high potential leaders from all over the
world for executive education to discover new dimensions in Leadership
Development, Good Governance,
Telecom Training, HR Performance and various other Leadership and
Management practices to help them grow in their business careers. MILE
is a CSR initiative of Savola Group's CSR Programs and grew to be a
collaborative initiative aims to attract the contributions and support
of many other companies, academic institutions, research &
consulting organizations and professional groups.
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