The Potential of Using Gold Dinar for International Trade Among OIC Countries

This purpose of this research was to study the possible introduction of Gold Dinar into Organization of Islamic (OIC) countries and to examine the implications of using the Gold Dinar, especially with the respect to international trade. The present study, casts light, through investigating the curre...

Full description

Saved in:

Bibliographic Details
Main Author:	Irma Naddiya, Mushaddik
Format:	Thesis
Language:	eng eng
Published:	2013
Subjects:	HG Finance
Online Access:	https://etd.uum.edu.my/3770/1/s806488.pdf https://etd.uum.edu.my/3770/8/s806488.pdf
Tags:	Add Tag No Tags, Be the first to tag this record!

id	my-uum-etd.3770
record_format	uketd_dc
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
advisor	Mohamed Naim, Asmadi
topic	HG Finance
spellingShingle	HG Finance Irma Naddiya, Mushaddik The Potential of Using Gold Dinar for International Trade Among OIC Countries
description	This purpose of this research was to study the possible introduction of Gold Dinar into Organization of Islamic (OIC) countries and to examine the implications of using the Gold Dinar, especially with the respect to international trade. The present study, casts light, through investigating the current usage of Gold Dinar in international trade, on the pros and cons of using Gold Dinar, and emphasizes its strengths. This research, aims to examine interest in using the Gold Dinar as well as to outline the obstacles to expanding its use. Moreover, there is also a focus on using the Gold Dinar as a payment settlement method for international trade. To achieve the objectives of this research, qualitative research methods including content analysis and interviews were used. The study utilized personal interviews with scholars, and studying books, journals, magazines, as well as the empirical analysis from the available evidence such as documents published by the IMF, UN and OIC. The study found that establishing a Gold Dinar trade bloc would encourage intra-trade among OIC members. This effect would be more robust than those generated by the currently existing economic blocs within the OIC countries. Obstacles to implementing the Gold Dinar among OIC countries included political, social, and cultural factors. However, the main obstacle was a lack of understanding and the application of the Islamic Shari’ah. Malaysia’s proposal that Muslim countries use the Gold Dinar is a serious, practical idea if Islamic countries would implement it. Adopting the Gold Dinar amongst OIC countries with an Islamic fiscal policy an Islamic monetary system would lead to the amendment of international monetary relations in the direction of creating a stable and just global monetary system. The implementation of Gold Dinar would solve the problems inflation, change the value of money and bring stability to our financial obligations and transactions.
format	Thesis
qualification_name	masters
qualification_level	Master's degree
author	Irma Naddiya, Mushaddik
author_facet	Irma Naddiya, Mushaddik
author_sort	Irma Naddiya, Mushaddik
title	The Potential of Using Gold Dinar for International Trade Among OIC Countries
title_short	The Potential of Using Gold Dinar for International Trade Among OIC Countries
title_full	The Potential of Using Gold Dinar for International Trade Among OIC Countries
title_fullStr	The Potential of Using Gold Dinar for International Trade Among OIC Countries
title_full_unstemmed	The Potential of Using Gold Dinar for International Trade Among OIC Countries
title_sort	potential of using gold dinar for international trade among oic countries
granting_institution	Universiti Utara Malaysia
granting_department	Othman Yeop Abdullah Graduate School of Business
publishDate	2013
url	https://etd.uum.edu.my/3770/1/s806488.pdf https://etd.uum.edu.my/3770/8/s806488.pdf
_version_	1747827642561724416
spelling	my-uum-etd.37702022-04-10T02:52:23Z The Potential of Using Gold Dinar for International Trade Among OIC Countries 2013-08 Irma Naddiya, Mushaddik Mohamed Naim, Asmadi Othman Yeop Abdullah Graduate School of Business Othman Yeop Abdullah Graduate School of Business HG Finance This purpose of this research was to study the possible introduction of Gold Dinar into Organization of Islamic (OIC) countries and to examine the implications of using the Gold Dinar, especially with the respect to international trade. The present study, casts light, through investigating the current usage of Gold Dinar in international trade, on the pros and cons of using Gold Dinar, and emphasizes its strengths. This research, aims to examine interest in using the Gold Dinar as well as to outline the obstacles to expanding its use. Moreover, there is also a focus on using the Gold Dinar as a payment settlement method for international trade. To achieve the objectives of this research, qualitative research methods including content analysis and interviews were used. The study utilized personal interviews with scholars, and studying books, journals, magazines, as well as the empirical analysis from the available evidence such as documents published by the IMF, UN and OIC. The study found that establishing a Gold Dinar trade bloc would encourage intra-trade among OIC members. This effect would be more robust than those generated by the currently existing economic blocs within the OIC countries. Obstacles to implementing the Gold Dinar among OIC countries included political, social, and cultural factors. However, the main obstacle was a lack of understanding and the application of the Islamic Shari’ah. Malaysia’s proposal that Muslim countries use the Gold Dinar is a serious, practical idea if Islamic countries would implement it. Adopting the Gold Dinar amongst OIC countries with an Islamic fiscal policy an Islamic monetary system would lead to the amendment of international monetary relations in the direction of creating a stable and just global monetary system. The implementation of Gold Dinar would solve the problems inflation, change the value of money and bring stability to our financial obligations and transactions. 2013-08 Thesis https://etd.uum.edu.my/3770/ https://etd.uum.edu.my/3770/1/s806488.pdf text eng public https://etd.uum.edu.my/3770/8/s806488.pdf text eng public masters masters Universiti Utara Malaysia Abdul Halim Abdul Hamid, Norizaton Azmin Mohd Nordin. (2002). “Dinar and Dirham effect on the banking business and it’s solution”, International conference on Stable and Just Global Monetary Systems, UTM. Ahamed Kameel Mydin Meera. (2009). Real Money: Money and Payment Systems from an Islamic Perspective, IIUM Press. Ahamed Kameel Mydin Meera. (2002). The Islamic Gold Dinar, Pelanduk Publications. Ahamed Kameel Mydin Meera.(2004). The Theft of Nations, Pelanduk Publications. Alf Hornborg and Andrew K.Jorgenson. (2010). International Trade and Environmental Justice: Toward a Global Political Ecology, Nova Science Publisher. Al-Omar, Fuad and Abdel-Haq, Mohammed. (1996). 1st ed., “Islamic Banking: Theory, practice and challenges”, Zed Books Ltd, UK. Anders Aslund. (2007). How Capitalism Was Built: The Transformation of Central and Eastern Europe, Russia and Central Asia, Cambridge University Press. Anderson, James E. and Eric van Wincoop (2004), “Trade Costs”, Journal of Economic Literature, 42, 691-751. Attar Sokak (2010), “An Overview of the Trade among OIC Countries,” Statistical, Economic and Social Research and Training Centre for Islamic Countries, 1-14. Beniamino Quintieri.(1995). Patterns of Trade, Competition and Trade Policies. Avebury Ashgate Publishing Limited. Benjamin J. Cohen. (1997). International trade and finance New frontiers for research: Essay in honor of Peter B. Kenen. Cambridge University Press. Bernard Lietaer. (2001).The Future of Money, Century. Brown, Ellen Hodgson. (2008). Web of Debt:The Shocking Truth About Our Money System And How We Can Break Free, Third Millennium Press. Burkhard Raunig and Johann Scharler. (2009). Money Market Uncertainty and Retail Interest Rate Fluctuations: A Cross-Country Comparison, German Economic Review Castro, Juan A. de, (1995). “Trade and Labour Standards: Using the Wrong Instrument for the Right Cause”, Discussion Paper, UNCTAD/OSG/DP/99 submitted to the United Nation Conference on Trade and Development, UNCTAD, Geneva, May. Catrinus Jepma and Andre Rhoen. (1996). International Trade: a business perspective. Addison Wesley Longman Publishing, New York. Chang, Matthias. (2008).The Shadow Money Lenders and the Global Financial Tsunami, 21st Century Strategic Studies. Charles F.Horne. (2007). The Code of Hammurabi, Forgotten Books. Christian Bender. (2001). “A gold Standard for the Internet ? An introductory Assessment”, Electronic Markets, Vol. 11 No.1. Daud Vicary Abdullah and Keon Chee. (2010). Islamic Finance Why It Makes Sense: Understanding its Principles and Practices, Marshall Cavendish Business. David Crowther, Geoff Lancaster. (2009).Research Methods: A concise introduction to research in management and business consultancy. Elsevier Ltd. Davies. Electronic Money, or E-Money, and Digital Cash. http://www.ex.ac.uk/~Rdavies/ariah/emoney.html, Apr. 30, 2002 Eaton, Jonathan and Samuel Kortum (2002). “Technology, Geography and Trade,” Econometrica, 70(5), 1741-1779. el-Diwany, Tarek. (2003). The Problem With Interest, Kreatoc Ltd. Erik S. Reinert. (2008). How Rich Countries Got Rich and Why Poor Countries Stay Poor, Anthem Press India. Eugene J. Sherman. (1986).Gold Investment, Prentice Hall. Evert Gummesson. (1991). Qualitative Methods in Management Research, SAGE Publications. David Altig, Bruce D. Smith. (2003). Evolution and Procedures in Central Banking, Cambridge University Press. Fabrice Lehmann and Jean-Pierre Lehmann. (2010). Peace and Prosperity through World Trade. Cambridge University Press. Frederic S. Mishkin. (2001).The Economics of Money, Banking and Financial Markets, 6th ed., Addison Wesley. Freedman, C. (2000). “Monetary policy implementation: past, present, future: will the advent of electronic money lead to the demise of central banking.” International Finance, 3, 211-27. Gary O’Callaghan. (1991). The Structure and Operation of the World Gold Market, International Monetary Fund. Gatonye. (1996). “Banking on Islam”, World press review, Vol. 43 Issue 5, P.35. Glyn Davies. (2005). A History of Money: From Ancient Times to the Present Day, Cardiff: University of Wales Press. Hayek. (1976). Choice in currency-A way to stop inflation. The Institute of Economics Affairs. Hernando De Soto. (2000). The Mystery Of Capital: Why Capitalism Triumphs In The West And Fails Everywhere Else, Basic Books. Hifzur Rab. (2002). “Problems created by fiat money gold Dinar and other alternatives” International Conference on Stable and Just Global Monetary System, August 19 & 20, 2002, Kuala Lumpur. Ibrahim Warde. (2000). Islamic Finance in the Global Economy, Edinburgh University Press. IMF .(2010). Direction of Trade Statistics, Online Database, March. IMF. (2009). World Economic Outlook, April. Imran N. Hosein. (1997). The Prohibition of Riba in the Quran & Sunnah, Masjid Dar al-Quran New York. Imran N. Hosein. (2011). The Gold Dinar and Silver Dirham: Islam and the Future of Money, Masjid Jami’ah City of San Fernando. James R. Markusen.(2002). Multinational Firms and Theory of International Trade. Massachusetts Institute of Technology. James R. Markusen and James R. Melvin. (1989). The Theory of International Trade. Harper & Row Publishers Inc. James Turk, John Rubino. (2004). “The Coming Collapse of the Dollar and How to Profit From It”, Currency Books/ Doubleday John Perkins. (2005).Confessions of an Economic Hit Man, Plume, a member of Penguin Group (USA) Inc. John Porteous. (1969). The Imperial Foundations. Coins in history: a surney of coinage from the reform of Diocletian to the Latin Monetary Union. Weidenfeld and Nicolson. Jonathan Spall. (2011). How to Profit in Gold: Professional Tips and Strategies for Today’s Ultimate Safe Haven Investment, McGraw Hill. Jones, Ronald W. (1987), “Heckscher-Ohlin Trade Theory”, The New Palgrave Dictionary of Economics, 2nd Ed. Joseph T. Salerno. (2010).Money, Sound & Unsound, Ludwig Von Mises Institute. Kevin Phillips. (2008). Bad Money: Reckless Finance, Failed Politics and the Global Crisis Of American Capitalism, Penguin Group. Khosrow Fatemi. (1997). International Trade in the 21st Century, Elsevier Science Ltd. Khurshid Ahmad. (1980). Studies in Islamic Economics, The Islamic Foundation Leicester U.K. Konig, The Evolution of Money–From Commodity Money to E-money. UNICERT Program. Jul. 6, 2001 Lewis, Nathan. (2007).Gold The Once And Future Money, John Wiley & Sons. Liaquat Ahamed. (2009). Lords Of Finance: The Bankers Who Broke The World, Penguin Group. M. Luthfi Hamidi. (2009). Would Implementation of the Gold Dinar Affect Trade Among OIC Countries?, International Association For Islamic Economics, Review of Islamic Economics, Vol.13, no.1. Mahathir Mohamad. (2000).The Malaysian Currency Crisis: How and Why It Happened, Pelanduk Publications. Mahathir Mohamad. (2002). Globalisation and the New Realities, Pelanduk Publications. Mahmoud A. El-Gamal. (2006). Islamic Finance: Law, Economics and Practice, Cambridge University Press. Mark Easterby-Smith, Richard Thorpe, Paul R. Jackson. (2008).Management Research. SAGE Publications. Massimo Caruso. (2006).Stock Market Fluctuations and Money Demand in Italy, 1913-203, Economic Notes by Banca Monte dei Paschi di Siena SpA. Mia Mikic. (1998). International Trade. Macmillan Press Ltd. Michael O. Billington. (2002). Gold Dinar:An Economic and Strategic Response to Chaos, Executive Intelligence Review, November 15, 2002. Muhammad Anwar. (2002). “Euro and Gold Dinar: A Comparative Study of Currency Unions,” a paper presented at International Conference on Stable and Just Global Monetary System, August 19 & 20, 2002, Kuala Lumpur. Muhammad. Electronic commerce and future of money. Black Enterprise v27n11, pp. 255-251. Dialog file 15, Accession n° 01427279, Jun 1997 Munawar Iqbal. (2001). Islamic Banking and Finance: Current Development in Theory and Practice, The Islamic Foundation. Murat Cizakca (2011), The Case against Gold Dinar, Circulating Paper (officially unpublished), Internet Download. Murray C. Kemp. (2008). International Trade Theory A critical review. Routledge Taylor and Francis Group. Nik Mahani Mohamad. (N.D.). The Real Implementation of the Gold Dinar Economy. Nik Mahani Mohamad. (2009). Between Islamic Banking and the Gold Dinar–A compilation of Paper & Articles, Saba Islamic Media. Nikolaus A Siegfried, “Concepts of paper money in Islamic legal thought”, Arab Law Quarterly, April 2001, pp. 319-332 Notrh, “Gold Standards: The Good, The Bad and The Ugly”. http://www.lewrockwell.com/north/north108.html, Jun. 21, 2002 Nuradli Ridzwan Shah, Bakhtiar Alrazi, Hanifah Abdul Hamid. (2004).The Mechanism of Gold Dinar, A.S.Nordeen. Paul Bowles, Ray Broomhill, Teresa Gutierrez-Haces and Stephan McBride. (2008). International Trade and Neoliberal Globalism: Towards re-peripheralisation in Australia, Canada and Mexico?. Routledge Taylor and Francis Books. Paul Nathan. (2011).The New Gold Standard: Rediscovering the Power of Gold to Protect and Grow Wealth, John Wiley & Sons. Peter L. Bernstein. (2000). The Power Of Gold: The History Of an Obsession, John Wiley & Sons. Phil Johnson, Joanne Duberley. (2000). Understanding Management Research: An Introduction to Epistemology. SAGE Publications. Porteous, John (1969). "The Imperial Foundations". Coins in history : a survey of coinage from the reform of Diocletian to the Latin Monetary Union.. Weidenfeld and Nicolson. pp. 14–33. Rahn, et al. Reasearch Study 24. “Digital Money and its Impact on Gold: Technical, legal and economic issues.” Centre for Public Policy Studies. Nov. 2000 Raymond Fisman & Edward Miguel. (2008). Economic Gangster: Corruption, Violence, and the Poverty of Nations, Princeton University Press. Richard Pomfret. (2008). Lecture Notes on International Trade Theory and Policy. World Scientific Publishing Co. Pte. Ltd. Ron Paul. (2008). The Revolution: A Manifesto, Grand Central Publishing. Ron Paul. (2009). End The Fed, Grand Central Publishing. Roy W.Jastram. (2009). The Golden Constant: The English and American Experience 1560-2007, Edward Elgar Publication. Shayne McGuire. (2010). Hard Money: Taking Gold to a Higher Investment Level, John Wiley and Sons. Shelton, Judy. (1994). Money Meltdown: Restoring Order to the Global Currency System, Free Press. Sheperd, William G Jr , “Integrating Islamic and Western Finance.”, Global Finance, Vol10, Issue 5, P.44, 1996. Takashi Kamihigashi and Laixun Zhao. (2009). International Trade and Economic Dynamics: Essay in Memory of Koji Shimomura. Springer-Verlag Berlin Heidelberg. Tomlinson, John. (1993). Honest Money: A Challenge to Banking, Helix. Turk. Money and Currency in the 21st Century. http://www.goldmoney.com/futuremoney.html, Jul 1997 Umar Ibrahim Vadillo. (2002).The Architecture of the Gold Economy–an Academic Perspective, Universiti Malaya, January 2002. United Nation Statistics Division, Classification Registry, Standard International Trade Classification, Rev.3. United Nations, Commodity Trade Statistics Database (COMTRADE). Vadillo Umar Ibrahim, “The Architecture of a Gold Dinar Economy: An Academic Perspective”, Presented in UIA, Malaysia. 2002. Vadillo Umar Ibrahim. (1996). “The Return of the Gold Dinar:A Study of Money in Islamic Law”, Madinah Press. Vadillo, Umar Ibrahim. (2002). The Return of the Islamic Gold Dinar, Madinah Press.

The Potential of Using Gold Dinar for International Trade Among OIC Countries

Similar Items