Gold dinar in Indonesia

Islamic Finance Knowledge Center

Wiku Suryomur+ ST MSi @wikusuryomur8

www.wikusuryomur8.com

ISLAMIC GOLD DINAR AND SILVER DIRHAM

In Indonesia

www.wikusuryomurti.com�@wikusuryomurti�

Agenda Gold Dinar and Silver Dirham •  Introduc8on •  Dinar and Dirham •  Specifica8on •  Wakala •  Agent •  Implementa8on


Introduc8on

•  Gold Dinar is an Islamic Mint used by prophet Muhammad (pbuh) and the successors (khalifah) during Islamic era.

•  Actually, gold dinar was derived from romans currency while dirham (silver) was from persian

•  The usage of dinar and dirham by arabian people is by trading since during those days, Arabian merchants were known to trade with romans and Persian. Mostly in Syam region (Syria, Pales8ne and Jordan now)



Dinar History


Quran Reference

Gold Dinar •  Surah Ali Imran, 75. “And among the People of the Scripture is he who, if you

entrust him with a great amount [of wealth], he will return it to you. And among them is he who, if you entrust him with a dinar, he will not return it to you unless you are constantly standing over him [demanding it]. That is because they say, "There is no blame upon us concerning the unlearned." And they speak untruth about Allah while they know “


Quran Reference

Silver Dirham •  Surah Yusuf, Ayat 20. And they sold him for a low price, – for

a few Dirhams (i.e. for a few silver coins). And they were of those who regarded him insignificant.


Publisher/Producer

•  There are 2 publishers in Indonesia 1.  PT Aneka Tambang (Antam) with its sub company Logam

Mulia 2.  Perum Percetakan Uang Republik Indonesia (Peruri)

•  The Specifica8on of dinar and dirham by those two publishers are the same. The difference is only the design

•  Antam and Peruri are Government owned companies and merely Prin8ng Companies since they have the precision machine to print metal coins

•  They produce Dinar and Dirham by order from Wakala


Wakala

•  One of well known wakala is GeraiDinar, owned by Muhaimin Iqbal.

•  Gerai Dinar has a legal form as BMT (baitul maal wat tamwil) situated in Depok (southern Jakarta)

•  Geraidinar official website (www.geraidinar.com)

•  Another wakala is wakalanusantara anda dinarfirst


Dinar

Specifica+on: •  Gold 22 karat (91,7%) •  Weight: 4.25gr •  Cer8fied by Antam and LBMA


Dinar

Specifica+on: •  Gold 22 karat (91,7%) •  Weight: 4.25gr •  Cer8fied by Peruri


Dinar Design

LogamMulia (Antam) •  Design: Masjidil Haram •  Diameter: 23 mm •  Weight: 4,25 grams •  Carats : 22 (91.7%)

Peruri •  Design: Is8qlal Mosque •  Diameter: 20 mm •  Weight: 4,25 grams •  Carats : 22 (91.7%)

Because of the diameter’s difference, Dinar by Peruri is slightly thicker than the ones from Antam


Antam Design Peruri Design


Dirham

Specifica+on: •  Pure Silver (99,95%) •  Weight: 2.975gr •  Produced by Antam and Peruri


Dirham Coin by Peruri

•  n


1 Dirham by Peruri


Graphic

•  Geraidinar (accessed march 8th 2014)


Agents •  In Indonesia, dinar-‐dirham are spread by agents.

•  The agents of Wakala have an agreement with specific price and discount as wakiil of wakala

•  To become an agent, one should make a proposal to Wakala and have adequate capital for buy back from customer


Dinar –Dirham Implementa8on

Producers Antam / Peruri

Wakala Geraidinar / wakalanusantara / dinarfirst

Agents Jakarta Area

Agents Surabaya Area

Agents Makassar Area

Agents Medan Area

Agents … Other Ci8es


Prac8cal Applica8on Goat for Qurban

•  Gold Dinar serves as alterna8ve currency for some products provided by several merchants, for example goat trader during Aidil Adh (qurban day).

•  1 Gold Dinar rates around Rp. 2.000.000 and the market price of one mature goat is approx. the same


Prac8cal Applica8on Land and Property

Gold Dinar as Payment for Purchasing land and property


Prac8cal Applica8on Bazaar Madinah

•  Dinar and Dirham for Islamic tradi8onal Market

•  Founded by GeraiDinar. Bazzar Madinah, situated in Depok, West Java, is a tradi8onal market mirroring Madinah Market

•  It uses Dinar and Dirham as the currency among sellers and buyers. The Seller use Dinar-‐Dirham as currency

•  The purposes of this prac8ce is to introduce dinar-‐dirham as alterna8ve currency to people, especially the dinar-‐dirham community.

•  With its intrinsic value, dinar-‐dirham is more stable than fiat money


Prac8cal Applica8on Dinar Dirham based Market


Books

•  Several books about Dinar and Dirham Implementa8on in Indonesia


Refference

Books •  Wiku Suryomur8. 2011. “SuperCerdas Investasi syariah” •  Kurniawan, Endy. 2011. “Think Dinar” •  Muhaimin Iqbal. 2010. “Dinar Solu<on. “

Links •  www.geraidinar.com •  www.logammulia.com •  www.antam.com •  www.wikusuryomur8.com


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Wiku Suryomur+, MSi •  0812-‐10199359 •  @wikusuryomur8 •  www.wikusuryomur8.com

Economy & Finance

Gold dinar in Indonesia