Malaysia

Kelantan launches gold dinar

August 12, 2010

KOTA BAHARU, Aug 12 – Kelantan paved the way to become the first state to introduce the gold dinar and silver dirham currency today.

Speaking when launching the syariah currency, Menteri Besar Kelantan Datuk Nik Abdul Aziz Nik Mat said the state would strive to expand the use of gold dinar and silver dirham in all transactions, including paying civil servants’ remuneration.

However, there are still many technicalities that had to be addressed by the state government, he told reporters after launching the gold dinar and silver dirham here today.

The gold dinar and silver dirham is managed by Kelantan Gold Trade (KGT), a subsidiary of Kelantan Menteri Besar Incorporated (PMBK).

In a symbolic gesture to mark the occasion, Nik Abdul Aziz handed over gold dinar to PMBK chief executive officer Mustapha Salleh as payment of salaries to PMBK employees for the month.

Nik Abdul Aziz, who is also PMBK chairman, said to date 1,000 traders agreed to use the gold dinar and the dirham silver currency in their transactions besides Lembaga Tabung Haji and Bank Islam Malaysia.

“There is no reason why transactions in syariah currency cannot be practised in the state as it was widely used thousands of years before the fall of the Ottoman Empire.” he said, adding that other states were encouraged to use the currency. – Bernama