THE ISLAMIC GOLD DINAR
This Paper Prepared by Craig R. Smith, CEO of SATC (Swiss America Trading Corporation)
A.D.700 – A.D. 1924: From the very beginning, Muslims used a gold coin called a Gold Dinar as their form of money. The Gold Dinar remained the official Islamic currency until the collapse of the Ottoman Empire in 1924… when it disappeared for 77 years.
But on Nov. 7, 2001 — less than two months after the terrorist attacks of Sept. 11 — the Islamic Dinar was officially re-launched by the Islamic Mint in West Malaysia and is now available to the public.
Although a beautiful coin, the Gold Dinar could pose a serious threat to the U.S. economy! In fact, its supporters believe the Gold Dinar will become the official currency of more than 1.5 BILLION Muslims worldwide. Now radical Islam is urging Muslims worldwide to drop the U.S. Dollar and adopt the Gold Dinar as their primary currency!
WHY IS THE DINAR A THREAT TO THE U.S. DOLLAR?
Since the reissue of the Gold Dinar in November 2001, the U.S. Dollar has dropped to a RECORD LOW against the euro… while the price of gold has SOARED from about $260 per ounce to an 8-year RECORD HIGH of over $410 per ounce. And this is just the beginning!
As the dollar continues to drop, the priced-for-perfection stock market could be impacted dramatically. Unprepared investors could lose BILLIONS! It’s no coincidence that Osama bin Laden chose to strike the World Trade Center on Sept. 11… Why?
Because, the World Trade Center represented the heart and soul of the U.S. economy. And destroying the U.S. economy is the main pillar of bin Laden’s strategy to bring down the United States.
Back in 1997, there was a huge and devastating currency raid by the famous trader, George Soros, who leveled Asian monetary units and caused the major Asian economies to falter. It is true that some of those economies have not fully recovered. However, it is also true that history may point to this currency raid and raider as the germination of the seed for the uniting factor of Islamic economic power that changed the economic and monetary world.
FROM OIL FOR DOLLARS … TO … OIL FOR GOLD!
On Jan 18 Forbes reported that Sell oil for gold, Mahathir tells Saudi Arabia … “Former Malaysian Prime Minister Mahathir Mohamad said on Sunday that Saudi Arabia should sell oil for gold, not dollars, to avoid being “short-changed” by a decline in the U.S. currency … He suggested countries tally their total annual imports and exports and settle the difference at the end of the year in “gold dinars.”
Recent news supports the idea that the Gold Dinar, with support from 53 other Islamic nations, is a planned offensive against the use of the dollar as a settlement currency for oil. It is perceived, and correctly so, that the Islamic world is controlled via the use of the US dollar as the main settlement currency.
When I say “controlled” I mean whatever happens economically in the USA is exported there via the dollar. Dollars exchanged for the Gold Dinar currency as a measure for gold settlements quarterly or gold convertible to pay for certain oil imports would end all the debate of whether or not gold has a place in the monetary system.
CAN RADICAL ISLAM CONVINCE MUSLIMS TO USE THE GOLD DINAR INSTEAD OF THE DOLLAR?
IF it was just the radical fundamentalists that were pushing the gold Dinar, you could presume that this movement would never get off the ground, BUT it is not.
On Jan. 8, 2004 the Malaysian Star reports, “Malaysian gold mine bought to promote gold dinar — MALAYSIA-BASED IGD Practice (Labuan) Ltd is buying into a gold mine in Kazakhstan in a bid to promote the use of gold dinar globally.”
According to John Myers, Outstanding Investments A 1,300-year-old gold dagger; “Many Muslims believe that the United States is responsible for the enormous devastation suffered by hundreds of millions of Muslims during the Asian Currency Crisis of 1997. This ANGER will provide a powerful incentive for Muslims to get even with the United States by selling dollars and buying Islamic Gold Dinars.
Just take a look at this quote from the Islamic Mint Web site: “… he heard the Messenger of Allah say: “‘A time is certainly coming over mankind in which there will be nothing [left] which will be of use save a dinar…’” – Imam Ahmad ibn Hanbal
I think it’s obvious. These folks don’t just want the dollar to drop, they want the U.S. dollar to disappear. Permanently!
Last year SwissAmerica.com posted a ground-breaking story by Jim Sinclair, “The Gold Dinar: A Nuclear Wild Card,” which quoted the Islamic “AL-FATH AL-’ALI AL-MALIKI” (PP. 164-165)
“This Fatwa considers paper-money to be fulus, because it only represents money and does not have value as merchandise. It follows that since Zakat cannot be paid in fulus, which has no value as merchandise, it cannot be paid in paper-money, which value as weight of paper is null. On this basis, it becomes clear the urgent need to restore the use of the Dinar and the Dirham as payment of Zakat. If the millions of Muslims who now make their payment of Zakat in paper money would do it in newly minted Dinars and Dirham’s, they will put in circulation millions of gold and silver coins into the mainstream of daily commercial activities of our communities. That single act will became the most important political act of the century, opening the path towards the establishment our own halal free currency breaking away from the usurious financial system. The return to the payment of zakat in gold and silver is an essential part of the reestablishment of Islam.”
Those are serious words and should not be taken lightly. You see, the establishment of a gold-based currency is rebellion against the IMF as it is distinctly forbidden under IMF rules.
RESTORING THE FOURTH PILLAR OF ISLAM: ZAKAT IN GOLD & SILVER
Here is where the Gold Dinar story gets interesting — and even somewhat ironic to those who understand the Judeo-Christian principle of both tithing and the biblical requirement of just weights and measures in an honest money system.
According to Islam, Muhammad was reported to have said, “Islam is based upon five pillars:
- to make Shahadataan (declaration of faith)
- to establish Salaah (formal prayer)
- to make Sawm (fasting in the month of Ramadaan)
- to give Zakat (or Zakaah) (charity)
- to perform Hajj (pilgrimage to the Ka’bah).”
It is this fourth “pillar” that I want to focus on for a moment. The fundamentalist branch of Islam (about 10% of 1.3 billion followers – that’s 130 million! – about 1/3 of U.S. population) holds to the belief system stated above … “The return to the payment of Zakat in gold and silver is an essential part of the reestablishment of Islam.”
The literal meaning of the word Zakat is: grow (in goodness) or ‘increase’, ‘purifying’ or ‘making pure’. The vital importance of Zakat is reflected in Islamic law: “My mercy encompasses all things, but I will specify it for the righteous who give Zakat” (7:156). “Zakat must be given away “on the day of harvest” (6:141). Whenever we receive “net income,” the “known amount” of Zakat should be paid or set aside. This known amount is 2.5%.” SOURCE: Submission.org
According to Viewislam.com…”Zakat (or Zakaah) is an obligatory form of charity on savings. It is not an income tax, but a savings tax. Its major recipients are the working poor, who cannot meet all of their needs without some additional help, and the destitute, who cannot even meet their basic needs. It is also used to pay off the debts of those who are unable to pay off their own debts, to free slaves and ransom prisoners of war and to reconcile the hearts of new Muslims who may not yet have a firm foundation of faith. Other lawful recipients are stranded travelers, those engaged in jihad and employees of the state working to collect and distribute zakaah. Their wages come from it.
“Zakaah is due on the following forms of wealth: Gold and silver, Business inventory, Livestock, Agricultural produce and even buried treasure. The amount due is 2.5% of savings when it reaches the equivalent value of 85 grams (approximately three ounces) of gold. This minimum amount on which zakaah is due is called the nisaab. Although some scholars say that money should be pegged to the nisaab of silver, i.e., 595 grams, the majority considers gold to be a more reasonable peg for developed economies.” [The Practice of Zakat by country]
So, under Islamic law Zakat is a form of Muslin tithing to God for the support of the less fortunate or jihad — and it is to be paid in gold or silver, not paper currencies without any intrinsic value.
It is clear that the restoration of a gold and silver dinar is part of the mission of Islamic fundamentalist and, if successful, it could send the value of the U.S dollar spiraling downward if the Arab world decides to start valuing the price of oil in gold dinars instead of U.S. dollars.