Kelantan to have gold coins with no legal tender

  • Nation
  • Thursday, 14 Sep 2006

KOTA BARU: Kelantan will have its own gold coins, based on the dinar dirham (Islamic currency) concept.  

However, the coins will not be legal tender. 

State Financial Planning committee chairman Datuk Husam Musa said the idea was to encourage people to buy the coins as a means of savings. 

“It can also be used as mas kahwin (marriage collateral),” he told a press conference here yesterday. 

The Kelantan Government will unveil the coins on Sept 20, with an initial investment of state funds worth RM100,000. 

State-owned corporation Permodalan Kelantan, entrusted with supplying and managing the coins, has set aside 3kg of gold worth RM240,000 for the public to buy them. 

The coins, designed by Bank Negara coin designer Ismail Bukhary, comes in three denominations: a one dinar 23mm diameter coin weighing 4.25gm (worth RM332.25), half-dinar 20mm diameter coin weighing 1.06gm (RM176.76) and a quarter dinar 21mm coin weighing 0.5gm (RM99.38). 

Husam said the coins would have safety features to prevent forgery. 

The state government has appointed Islamic pawnshop outlet Ar-rahn for the sale and transactions of the coin and hopes to get some goldsmiths to act as sales agents as well.  

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 0
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Nation

Malaysia to distribute one million copies of the Quran worldwide, says PM Anwar
Floods: Victims can replace lost, damaged identification documents without penalty, says Home Minister
Sembrong Umno to hold special meeting on Jan 29 to clarify stance on Hisham's suspension
Hasni: Umno leadership is a bully
Wife arrested for allegedly stealing RM520,000 from husband
Floods: Sabah situation improving, only 2,639 people remain in flood relief shelters
Nine nabbed in raid on Sungai Petani illegal gambling den
King, Queen attend MAIWP carnival at Dataran Merdeka
PSI project will not destroy livelihoods of fishermen, says PIC
Education Ministry aims to fill 50pc of teacher vacancies in Sarawak by March

Others Also Read