On November 6, 2023, within the Sinar Harian column called Untung Rugi, an article titled ‘Navigating the Difficult Years’ offered the author’s perspective on the increasingly challenging circumstances in the upcoming years. In less than 6 months following the publication of that article, we were startled by Iran’s retaliatory strike against Israel on April 13, 2024, following the Zionist regime’s prior attack on the Iranian Consulate in Damascus, Syria, on April 1, 2024.
Iran had unleashed hundreds of drones and guided missiles on Israel, in response to Israel’s assault on the Iranian consulate in Syria. Consequently, the Middle East now finds itself engulfed in escalating warfare and potential conflicts of heightened severity. Catherine Russell of UNICEF has stated that over 13,800 children have been killed in the Gaza Strip since Israel initiated warfare on October 7, 2023. The Gaza Ministry of Health previously reported over 33,037 Palestinian deaths and 75,668 injuries in Israeli military attacks on Gaza. Every hour, 4 Palestinian children are killed. How many more deaths will it take for the Muslim countries to act? Are we solely relying on Iran to halt Israeli violence? Where is the unity of the ummah? Do Muslim countries simply stand by as their brethren are continuously slaughtered, allowing Israeli brutality to claim Palestinian lives?
Indeed, the time has come for the ummah to unite, particularly in the context of economic empowerment, employing innovative approaches to strengthen the ummah economy. We must seriously consider the adoption of the Gold Dinar, as advocated by the Malaysian Statesman Tun Dr. Mahathir Mohamad.
Why is the Gold Dinar superior to the current system? Firstly, the Gold Dinar boasts a more stable and inherently valuable value in these turbulent times. Gold has the potential for significantly higher value in the future and is less susceptible to inflation. This renders a gold-based currency which can potentially possessing a more stable exchange rate compared to fiat currencies that can be printed as needed.
Secondly, there are higher confidence among investments in the use of the Gold Dinar. Gold has always been regarded as a crucial asset throughout human history and has the potential to attract more investors, especially in times of global economic uncertainty, particularly as witnessed today. It is widely understood that the global and national economies are highly volatile due to various crises, including warfare and food crises. Gold’s value is consistently seen by investors as more guaranteed compared to most other assets.
Thirdly, Gold as a shield against financial crises. The gold dinar system exhibits greater resilience in the face of financial crises and currency collapses. This is because the value of gold is more trusted, secure, and capable of withstanding or even increasing during crises.
Finally, it is time for Muslim countries as one nation to be united through the implementation of the Gold Dinar currency. Not only does it possess greater resilience as explained above, but it also represents a form of Islamic financial system implementation through the Gold Dinar currency, which will ultimately unite the Muslim countries, especially when those nations use the same currency, namely the Gold Dinar, in any form of transactions. We know that ummah unity is becoming more crucial now in facing the conflicts between Palestine and Israel and the conflicts between Iran and Israel. It is time for Muslim countries to implement the Gold Dinar as suggested by Statesman Tun Dr. Mahathir Mohamad.
Upon the implementation of such united currency, the economic strength among Muslim countries will undoubtedly improved, especially in the context of the ummah’s economic dominance, and it will certainly challenge Israel and undermine its relentless arrogance that continues to date, killing Palestinian civilians. We must start now. If not us, then who else? If not now, then when?
Assoc. Prof. Ts. Dr. Anuar Shah Bali Mahomed
Managing Director
The Future Research