Introduction of Islamic dirham, dinar urged to get rid of usury

By
fraaz
-
29
416

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.

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29 COMMENTS

  3. Sheikh Umar be careful,if America takes notice of this,you will be in trouble.Make the policies inside and declare when it is applicable.

  4. Interesting but, how would you be sure that speculators would not hoard gold coins etc, and bring commerce and trade to a halt?

    • Please be rational, metal (gold) currency was replaced by paper currency, as there was not enough gold/silver available to mint coins to cater requirements of rising economies. Further it is hard to carry gold/ silver coins. Thirdly, are we in position to change present economic/ trade system? PLEASE DO NOT MAKE FOOL PEOPLE MORE FOOL.

      • This is what he is saying my friend that there will be no inflation. You wont have to carry millions of coins to buy something.

        In Prophets S.A.W time 1 silver dirham coin can buy you a chicken. So as per today if you convert that 1 silver dirham coin into paper currency you will have enough to buy chicken now. So there is no inflation as per gold or silver currency even after 1400 years.

    • Exactly! In fact speculators already are hoarding gold and this "gold dinar" and "gold-backed currency" is as big a scam as the fiat currency we currently have AND it has been tried before….
      If you seriously want to study this thingy, I would suggest you read a wonderful book from 1899 that details the struggle that went on about a hundred and fifty years ago between President Andrew Jackson and the people backing "gold" based money:
      The Coming Battle (pdf)
      (Andrew Jackson won but the money powers eventually won in 1913….)
      This con is an old one….This is just history repeating itself…

  5. This is the only way to get rid of usury which is the core of western economic system.

  6. There are any people who are out there to make money out of mirage chasing Muslims. This charlatan is just one of them. Even Western companies know how to fool Muslims. Here in Canada Supermarkets are selling Halal yogurt, cheese and bread. Same product , double the price. Every one is happy.

    • Oh your a fan of that man from Trinidad aren't you? The only money being made here is you, for saying these things and getting paid by the Rothschilds.

    • @Saqib Tahir: with your accusation that Sh. Umar Vadillo is doing his work only to "make money" you proof to everyone who is not as blind as yourself, that you don't have the faintest idea about what money even is.

  7. Unless there is authentic emperical evidence for success of the author's prescription, it could be garbage!

  8. The personality, as far as I am aware, has been involved in dinar and dirham propositions for a considerable time. The question is, to what ends, as after 20 years of the same "rah rah" claims taken to various Muslim countries, it has left only very indebted, dissapointed and frustrated individuals. Neither the Turks, the Khazaks or the Malays have accepted the WIM dinar solution as viable. At best it promoted a lot of Gold hoarding in trying financial times for the wealthy and made a lot of profits for the "shaykh" and his WIM company. Certainly not a Malaysian currency expert. Certainly not a Dr. of anything. Most Certainly the poor have never been uplifted by the WIM dinar implementation… Any true authentic gold and silver currency can only work if the approach is comprehensive, not just a scheme to sell coins on the pretext of making "Zakat" and "mahr" , halaal…But then, that just my point of view…

      • Norbaini is here! Amazing. You don't know me, we never met before unfortunately. But I know about you. You are crazy!

    • Dr Khan, how nice to see you on here. Amazing, these same sick folk pop up all over the place. You must have some kind of google alert on Shaykh Umar's name or something.
      For the people reading, you might be aware of the group of people called the "Munafiqun". They are the hypocrites. The people who hate it when the deen is revived. Dr Khan is one of them. He cannot stand to see the amazing success of bringing back the shariah currency once again. It has spread like wildfire in Malaysia, Indonesia and now Pakistan. Allahu akbar!

      Dr Khan we know who you are! Grow up.

    • @Khan Dr.M:
      You talk of the need of a comprehensive implementation. But what have YOU done? Nothing. Nothing except cheap slander and backbiting. You are nothing but the lowest of the lowest of cowards. The worse of it all is that your claims show that you lack even the most basic understanding of WIM's implementation of the Gold Dinar. All you know is that they have success and you have not, and the stench of your jealousy can be smelled from miles away. But we don't care what filth you utter: pity professors like you, Khan Dr.M, can not stop a revolution for Allah.

  9. Please be careful of this Umar Vadillo. There is a fraud case against him in Malaysia involving more than US$ 1 Million. He only wants to make money to sell Dinars and Dirhams. He is going to cheat the Pakistani people as he has cheated Malaysians and Indonesians. He ran away to Pakistan because the Malaysians have already uncovered his fraud. Please my people of Pakistan don't be fooled by Mister Fraudiyeh!

    • Another ridiculous comment. You have no idea what you are talking about. You are completely wrong on every level. If I decide to prosecute "Supahi" with a crime, does it mean you committed it? No, not until it goes through the legal process. Exactly the same here. No crimes, no riches being made. Only liars like you.

  11. This man ' Sheikh Vadillo' is a dubious conman. He's been scamming people left,right & center – just ask the people in Malaysia.

    • Another one. Or is the same person?!! Norbaini is that you again? How's your son? Both still on the streets of malaysia? Amazing you haven't been put in the mental home yet.

  12. Still dreaming of khilafat (without real knowledge of what it was like). We are as blind as a bat – can't we see the problems created by Euro.

  13. When did this "Spaniard Syakh" became Malaysian? As far as we know not even his Malay wife (out of three) is even Malaysian anymore… Welcome your new prodigal adopted son Pakistan…. he just got himself a Pakistani wife… and of all the things you have to watch our for is the e-dinar account… (emptying of your dinar out your e-dinar account)… 😉

    • @Keturunan Jebat: Can you not even consider the journalist who wrote this article calls him "Malaysian" and it is not Shaykh Umar Vadillo calling himself such? I'm sure that explains why you cannot grasp his work and therefore resort to such ridiculous ramblings.

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