Dinar Wakala LLC, an alternative bartering solution provider based out of Austin Texas, has launched its newest medallion, the American Gold DinarTM, completing its portfolio of precious metals based tokens targeted primarily to the sound money enthusiasts in the Muslim community, as well as to the broader audience of numismatic collectors and bullion investors.
AOCS is a sound money movement started in the US to establish an honest value-for-value trading standard. AOCS has worked with communities and groups around the world to aid in the development of private trading medallions and guarantee that they conform to a verifiable standard. The American Silver Dirhams and Gold Dinars are the latest addition to their catalog which includes designs for the Ludwig Von Mises institute, Ron Paul's Campaign for Liberty and the sovereign Lakota Nation with whom they co-founded the Free Lakota Bank. Their web site is www.opencurrency.com.
On the other hand, sound money activists in the Muslim community have also been active for over a decade, hailing from both the grassroots, as well as from the Academia, which comes with its scholarly criticism to the Islamic Banking industry. The Gold Dinar as a community medium of exchange, in contrast to traditional Islamic Banking, draws its primary inspiration and religious sanction from the sacred texts of the Quran and the Sunnah. The Dinar and the Dirham, being the currencies of the 7th Century Arabia, are directly mentioned in the Quran and Hadith literature, and figure prominently in the Fiqh jurisprudence governing charity and Zakat-based religious taxation. Additionally, the depth of Muslim’s cultural association with the coin is also obvious by its pervasive historical presence as the uniform currency in the Muslim world. The Dinar derives its name from the Roman Denarius struck around 200 BC, and it subsequently came into use among the Judaic, Christian and Muslim peoples of the Middle East. The Dinar is based on the historical weight measurement of the Mithqal, reputedly consisting of 72 grains of barley seed. Starting from Islam's first city-state in Madina, the Dinars and Dirhams were used as currency in the Muslim world, down to the Ayyubid and more lately, Ottoman empires. Sound money advocates in the Muslim world thus find history and cultural tradition at their side when lobbying in their countries for a return to bullion backed currency.
Another distinctive feature of these medallions is their certification by the WIM - The World Islamic Mint (www.islamicmint.com), which serves to verify compliance with legal standards in accordance with Islamic law during the manufacture of coins and medallions. Correctly manufactured products receive a corresponding license from WIM, which greatly facilitates their exchange at par value, even if manufactured in different parts of the world. The American Gold DinarTM will join their existing line up of the much coveted Kelantan Dinar, issued by the Government of the Malaysian State of Kelantan, whose launch last year was noted by the Wall Street Journal as "the forming of Utopia for the world’s gold bugs".
A Gold Dinar of the Ayyubid Sultan Saladin circa 1193
Whether or not the Gold Dinar is ever able to do that is yet to be seen. In the mean time, however, it is definitely expected to be a welcome addition to numismatic collections the world over. The medallion can be ordered online from the company website at www.dinarwakala.com.
About Dinar Wakala LLC. The company is located in Round Rock, Texas and is the only US body certified by the World Islamic Mint (WIM) to produce medallions conforming to their standard. The company aims to establish an online precious-metal based barter exchange called GoldMoneyShop.com, and is developing its own medallions to be used as dollar-denominated barter tokens on the platform.
source : http://www.dinarwakala.com/Media/Index/2011-12-06_Launch_Of_The_American_Gold_Dinar