Probably the biggest news story of the millenium
Courtesy of the Muamalat Council website
For most of Malaysians the morning on Tuesday, 8th June 2010, was just another morning in their existence – monotonous run on the capitalist treadmill – nothing extraordinary indeed: the same tropical weather (+32C) outside, same sickening news in the media, same interest rates, same order of the day.
But for the people of Kelantan this morning was very special: on the 8th June 2010 at 11am the box with the set of the first gold dinars and silver dirhams of the State of Kelantan arrived to Kuala Lumpur from the World Islamic Mint, Dubai. Sending the sample coins is the standard procedure in minting industry, the main lot will follow just in a matter of days.
Although Kelantan government first minted gold dinars in 2006, the new coins have a new reality because:
* This is the first time when not just gold dinar but also silver dirham has been minted;
* This is the very first time the Kelantan dinars and dirhams are minted in accordance with the international standard which is set by World Islamic Trade Organization (WITO) and monitored by World Islamic Mint (WIM); 99% of all dinars & dirhams minted worldwide in the last 20 years is the work of WIM, hence the new Kelantan coins – the reverse side of the coins bear the logo of WIM while on the obverse is coat of arms and name of Kelantan Government – have international status and acceptance among millions of muslim and non-muslim users around the world;
* This is also the first time when the coins are minted in all denominations: Dinar – ½, 1, 2, 5, 8; Dirham – 1, 2, 5, 10, 20;
* Unlike before this time the new coins will be distributed to public throughout the state of Kelantan under homogenized pricing scheme and proportionate value between denominations;
* And most significantly, this is the first time when all state companies in Kelantan will accept the Islamic coins as well as 600 shops (in the first phase) displaying the sticker “We Choose Dinar&Dirham” thus instantly giving a broad avenue for the public to utilize their coins.
And this is just the beginning, the second phase will see introduction of features like safe-keeping facilities (wadiah) and electronic payment system to further enhance the level of customers’ convenience.