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Published: Saturday September 4, 2010 MYT 7:05:00 PM
Updated: Saturday September 4, 2010 MYT 7:07:41 PM

Dinar sold out in Kelantan

PETALING JAYA: Kelantan’s gold dinar that was recently introduced has been sold out with most people buying it for investment purposes.

Kelantan Gold Trade (KGT) Sdn Bhd that issues the dinar and the silver dirham said about RM1.5mil worth of dinar and RM1mil worth of dirham had been sold since it was introduced on Aug 12.

“We kindly request the public to wait until after Aidilfitri if they wish to purchase any more dinar. Now, only the dirham coins is available but it will be strictly sold to those who want to use it to pay tithe,” said KGT chief executive officer Umar Ibrahim Vadiloo to reporters here Saturday.

KGT is the subsidiary of Kelantan Mentri Besar Corporation which also manages the syariah-compliant currency.

Umar said about 150,000 dinar and dirham coins were minted and many bought them for investment purposes.

“It is a gold coin, so of course they can keep it as an investment and our observation showed that most bought them for that purpose,” he said.

A dinar is currently equivalent to RM592 and a dirham is worth about RM13 but their values fluctuate according to market prices.

According to Islamic law, the dinar coin is 4.25 grams of gold, while the dirham is 3.0 grams of pure silver.

Related Stories:
Dinar only for keeping, not for trading, says Awang Adek
In the dark about syariah currency
‘State stand on currency issue’
Only Bank Negara can issue currency that is legal tender: Najib
Kelantan launches syariah currency


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