Introducing The New Dinar & Dirham Shop From e-Dinar
September 12, 2007 by Mark
Filed under Personal Finance
e-dinar.com is a digital currency which has been around for many years. It is very similar to e-gold.
Their current e-dinar payment system is practical, private, very secure and 100% backed by gold. Unlike an actual gold dinar, an e-dinar is divisible into smaller units. The online version is divisible right down to 0.000001 Troy ounce.
New accounts are free and can be opened in a matter of minutes. Just like e-gold, all transactions are final. When spending from your online account, the amount can be expressed in terms of e-dinar/e-dirham or national currency. Both e-dinar and e-dirham can be redeemed for their physical counterparts. Stored metal is handled by Emirates Gold (DMCC).
e-dinar has just opened the dinar & dirham shop where account holders can easily purchase the physical gold and silver by paying direct from the online electronic account.
Many readers might be asking, “What is a Dinar? ” According to Islamic Law, the Dinar is a specific weight of 22k gold (.917) equivalent to 4.25 grams. The Islamic Dirham is a specific weight of pure silver equivalent to 3.0 grams. Click here to see the full set of Gold Dinars and Silver Dirhams.
The history of the Islamic dinar is fascinating and very impressive.
In the beginning the Muslims used gold and silver by weight and the dinar and dirhams that they used were made by the Persians. History has demonstrated repeatedly that paper money has been a permanent instrument of default and reducing the wealth of the Muslims. In addition, Islamic Law does not permit the use of a promise of payment as a medium of exchange. *e-dinar.com
Gold and silver are the most stable currency the world has ever seen. From the beginning of Islam until today, the value of the Islamic bimetallic currency has remained surprisingly stable in relation to basic consumable goods: A chicken at the time of the Prophet, salla’llahu alaihi wa sallam, cost one dirham; today, 1,400 years later, a chicken costs approximately one dirham. In 1,400 years inflation is zero. Could we say the same about the dollar or any other national currency in the last 25 years?
In the long term the bimetallic currency has proved to be the most stable currency. It has survived, despite all the attempts by governments to transform it into a symbolic currency by imposing a nominal value different from its weight. *e-dinar.com
Cool post. I’ve been looking into e-gold for a while, and this e-dinar looks interesting (as well as the history lesson). Incidentally, I did a whole post on investing in precious metals, inspired by your comment! Thanks!
Thanks Miranda,
I was reading through your blog this morning and it has some great money information, I think my readers could benefit from your knowledge.
http://www.yieldingwealth.com/
Also these companies online, will allow individuals to purchase gold, lock in the price, but not take delivery - they will hold it in a secure vault for you. So owners can take advantage of the safety gold provide and the upside potential without the transfers costs and shipping etc.
http://www.bullionvault.com
http://www.goldmoney.com
All the best.
Mark
Mark, bullion custodial companies such as BullionVault are great, but sometimes it is advisable to have physical possession of at least *some* gold & silver.
In all fairness goldmoney is a bit different than BullionVault. Goldmoney is more of a true e-currency because it can be transfered from one owner to another - something you can’t do with BullionVault.
Another great company to look into if you’d like to hold large quantities of gold & silver bullion is:
http://www.anglofareast.com
Aglo Far East Bullion company (I am not affiliated with them btw) offers you free storage for up to 7 years - a great deal if I might add.