An Overview of the:

Islamic Money System

To make the proper collection of Zakat a reality then the dinar and dirham must also become a reality. Add this to the clear instruction that every muslim has to abandon usury along with a desire to see the Deen of Islam in its proper place, then this means that in all our financial transactions, commercial and personal, we are compelled to make every effort to bring in the use of dinars and dirhams and avoid using the banks or money issued by the banks. This is the task we are faced with.

The crash of the current financial system is inevitable. When it happens the BCCI affair will pale in comparison. Everyone will be effected. The only people who won't lose everything are those who have turned their stocks, bonds, savings and other investments into real and tangible assets like gold and land. Everyday the radio, televisions and newspaper exhort us to invest in stocks and shares under the pretext that falling share prices make this an ideal time to 'buy on the cheap,' shares at rock bottom prices. The reality is that when trading on the stock market is supended and share prices have hit zero history will repeat itself and muslims will be left holding worthless bits of paper called share certificates to match the other worthless bits of paper called money or bank notes. By Allah, it has been made easy for us. In order to be the best prepared all we have to do is follow the clear sunnah of our beloved Messenger, may Allah bless him and grant him peace, and those who followed him.

The Islam Today Working Weekend saw the first public demonstration of the e-Dinar system, a key new facility which takes advantage of the most recent advances in internet based commercial transacting and which has the potential to greatly accelerate the development of the Dinar and the Dirham into a world-wide medium of exchange and payment. This will precipitate the final collapse of the present system of international

finance which is based upon the usurious institutions of banking, paper money and stock exchanges, the haram nature of which is now becoming more and more clearly understood by the Muslims in general.

The new Islamic Money System is a major component of the Diwan al Caliph and has already reached an advanced stage of development as far as its four principal institutions are concerned, namely the Islamic Mint, the Islamic Wakala, the e-Dinar system and the Office of the Muhtasib.

Islamic Mint

The functions of the Islamic Mint are:

· To mint the Islamic Dinar and Dirham in all its denominations

· To maintain the standards of the Dinar and Dirham

· To mint the Fulus

Wakala

The functions of the Islamic Wakala are:

· Holding accounts in Dinars and Dirhams

· Executing payments on behalf of account holders

· Transporting Dinars and Dirhams to any location in the world

· Buying, selling and exchanging Dinars and Dirhams

e-Dinar

The functions of the e-Dinar system are:

· Providing a 24 hour worldwide public interface for the services of the Wakala via the internet

· Networking all the Wakala institutions

Muhtasib (Auditors Office)

In the Islamic Money System there can be absolutely no creation of credit. For every dinar or dirham in an account there must be the equivalent physical gold dinars or silver dirhams in the Wakala at any time. The Wakala is not a bank or a lending institution. There is and can be absolutely no element of credit creation. The Wakil is simply an agent for the owner of the dinars and dirhams. The e-Dinar system is only an interface between individuals and the Wakala. The Muhtasib will be entrusted with, and given the necessary authority and powers of enforcement to ensure that this is always the case.

A network of Wakalas integrated by the e-Dinar will form the operational core of the Islamic money system and will eventually enable it to function entirely independently of the current banking system. The Wakala network will operate a worldwide Dinar account and payment system which is 100% gold backed. The Islamic Wakala of Dubai has been established as the first clearing house and main gold deposit for the entire network.

For further information contact the Open Trade Network