Islamic Dinar: A Shari’ah Justified Model of Currency

Reversing to the gold standard is not possible if a country alone decides to adopt it unless a unanimous step of the Muslim world is taken positively. The first problem it would face is that of whether other countries will be willing to pay in gold coins or not. After all, it would definitely need the support of fellow countries to introduce the gold money as currency and also to economically survive while using it.

For this reason it is important that a number of countries join hands together to make a joint effort towards establishing the gold standard. These countries will then trade with one another using gold coins thus creating enough market for them to encourage the other countries that are hesitant to use them. These countries will then feel more comfortable with their usage and may even adopt it themselves if it is successful.

So far, only the Muslim countries begin to think of adopting this approach seriously. The first and foremost requirement of adopting the gold standard would be for the Muslim countries to unite. They will all have to sit together on a platform and discuss the method that is viable for them under the circumstances.