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The Gold Dinar is bullion gold coin primarily used in all the Islamic countries. They are a legitimate medium of exchange. The Gold Dinar is also known as ‘Islamic Gold Dinar’. Apart from the Gold Dinar, the other currency used in Islam is the silver coin ‘Dirham’. According to the Islamic Law, the Gold Dinar has a specific weight of 22K gold (4.25 grams) and 7 Gold Dinars are equivalent to 10 silver dirhams. The diameter of the Gold Dinar is 23mm. Right from the beginning of Islamic civilization, the currency had remained steady and constant.
The Islamic Gold Dinar is currently being minted in 4 countries and used in over 22 countries like Afghanistan, Albania, Cameroon, Kuwait, Oman, Pakistan, Somalia, Arab Emirates and Yemen etc.
The Gold Dinar for its gold value is considered not only as the exchange medium but as an effective investment and personal financial asset. Unlike other paper currencies, the value of gold can never be devalued by the government.
The conversion rate of Islamic Gold Dinar depends upon the ‘gold spot price’. The conversion rate of Gold Dinar is 7.98 times more than International ‘gold spot price’.
The word ‘dinar’ derived fro a Latin word ‘denarius’. According to the Islamic law, ‘zakat’ and dowries are paid in Gold Dinars till date.
The Malaysian government in 2006 launched the first Gold Dinar in Kelantan. The obverse of the Malaysian Gold Dinar features the state crest, date of production and the purity of gold.
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