Renowned Malaysian currency expert Sheikh Umar Ibrahim Vadillo has urged for introducing Islamic dirham and dinar in the economic system to get rid of usury (Riba).
Addressing the students and researchers here in his lecture titled “Towards Just Monetary System: Introducing dirham and dinar currency” organized by Islamic Research Institute (IRI) in collaboration with International Institute of Islamic Economics and Shariah Academy, Sheikh Vadillo also urged the government of Pakistan to implement the system of dirham and dinar in the country.
He said that the Muslim countries should adopt the system of gold and silver currency which would automatically devalue the US dollar. “It cannot be devalued by government decree, and unlike paper currency, it is an asset which does not depend upon anybody’s promise to pay”, he said adding that with use of gold and silver currency there would be zero inflation. Vadillo said all forms of paper assets including currency, bonds, shares, and even bank deposits are promises to repay money borrowed. Their value is dependent upon the investor’s belief that the promise will be fulfilled.
“Gold is not like this. A piece of gold is independent of the financial system, and its worth can not be denied any time”, he added. Vadillo further said Dr. Mahatir Mohammad of Malaysia is also in favor of dinar and dirham system and he asked the Muslim countries not to sell their precious oil to the world for US dollars but sell it for gold.
Dr Masoom Yasinzai Rector International Islamic University said on the occasion that Islam is complete way of living and the Muslim Ummah can introduce new economic system that can be followed by the whole world as people across the world are fed up of the current prevailing so called economic systems.
“The world tried socialism that collapsed, the world is now trying capitalism that is also about to collapse”, Dr. Masoom added.
Introduction of Islamic dirham, dinar urged to get rid of usury
