More assault on our dollar.
In order to minimize dependency on US Dollar; Malaysia will be using the golden Dinar in its international trade transactions with other Muslim nations before the end of this year, as a step to push the new currency (Islamic Dinar) to be the currency adopted by the Islamic countries in their inter-transactions in order to increase the number of trade transactions between Islamic countries and enhance their economic development.
The idea came from Professor Omar Ibrahim Fadillo, founder of the Morabeteen International Organization. According to him; Islamic unity can only be established after the economic unity, coordination and cooperation between the Islamic nations. In addition to that, the important thing behind this concept is that it denotes a symbol from the Islamic history, and adjusting it with today-s international trade operations, symbolizes the real power of Islamic concepts especially while encouraging boycotting of American products, and to limit the influence of the American dollar.
The success of the gold Dinar as a unified Islamic currency is dependent on three factors: (a) the level of demand for the golden Dinar as a currency, (b) the number of trade transactions between countries dealing in this currency, and (c) the intensity of economic cooperation and coordination between Islamic countries.
Islamic countries will benefit in many ways from implementing this new currency project, most important of which is that these countries need not have enormous foreign currencies reserves.
http://yementimes.com/article.shtml...&p=business&a=4
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