e-dinar

e-dinar is an internet based electronic payment and exchange system that facilitates transactions which are 100% backed by physical gold and silver. With e-dinar you can do secure, real-time and cost effective local and international transfers.

e-dinar and e-dirham are the electronic units used within the e-dinar system. Each e-dinar electronic unit corresponds to an exact, fixed weight of 4.25 grams of pure 24k gold. Each e-dirham corresponds to an exact, fixed weight of 3 grams of sterling silver. These units are infinitely divisible thus allowing large as well as very small transactions.

The physical gold and silver bullion backing e-dinar and e-dirham units are always equivalent or larger than all electronic e-dinar and e-dirham in circulation. The physical gold and silver bullion is held securely in internationally renowned bullion repositories.

Account holders always have the option to exchange their e-dinars an e-dirhams into any major national currency or redeem them and take physical possession of an equivalent amount of gold dinar and silver dirham.

The Company
e-dinar is incorporated in Labuan, Malaysia, as e-dinar Ltd., and in Dubai Internet City, UAE, as e-dinar FZ-LLC. The company is providing a 100% gold- and silver-backed online payment system and related exchange services.

Advantages

Halal exchange and payment system
100% physical gold and silver backing of all e-dinar/e-dirham in circulation
Universal currency - no inflation or exchange losses
Free account creation in real-time
Spend fee is 1% of transaction amount but max. 0.015 e-dinar (for e-dinar transactions) / max. 0.5 e-dirham (for e-dirham transactions)
Instant payments (no delays) - occur in real-time - are private (encrypted transactions) - no bank as intermediary
Although there are many benefits of using e-dinar, perhaps the most important benefit is that you can be rest assured your assets and transactions are as solid and secure as gold
e-dinar provides instant settlement. This means that in the split second it takes to complete a transaction, cleared funds are transferred from the payers account into the payees account
Because e-dinar transactions are instantaneous and can only take place with cleared funds (there is no credit anywhere in the system), the payee can make immediate use of these funds
e-dinar is the most flexible and secure way to make and receive payments for goods or services over the internet.
e-dinar can also be used to send money to a business partner, friend or relative on the other side of the world.
e-dinar transactions are executed directly between the two parties involved without requiring third-party intermediaries.
History of the Dinar
In the beginning the Muslims used gold and silver by weight and the dinar and dirhams that they used were made by the Persians.

The first dated coins that can be assigned to the Muslims are copies of silver dirhams of the Sassanian Yezdigird III, struck during the Khalifate of Uthman, radiy’allahu anhu. These coins differ from the original ones in that an Arabic inscription is found in the obverse margins, normally reading “in the Name of Allah”. Since then the writing in Arabic of the Name of Allah and parts of Qur’an on the coins became a custom in all mintings made by Muslims.

Under what was known as the coin standard of the Khalif Umar Ibn al-Khattab, the weight of 10 dirhams was equivalent to 7 dinars (mithqals).

In the year 75 (695 CE) the Khalifah Abdalmalik ordered Al-Hajjaj to mint the first dirhams, thus he established officially the standard of Umar Ibn al-Khattab. In the next year he ordered the dirhams to be minted in all the regions of the Dar al-Islam. He ordered that the coins be stamped with the sentence: “Allah is Unique, Allah is Eternal”. He ordered the removal of human figures and animals from the coins and that they be replaced with letters.

This command was then carried on throughout all the history of Islam. The dinar and the dirham were both round, and the writing was stamped in concentric circles. Typically on one side it was written the “tahlil” and the “tahmid”, that is, “la ilaha ill’Allah” and “alhamdulillah”; and on the other side was written the name of the Amir and the date. Later on it became common to introduce the blessings on the Prophet, salla’llahu alayhi wa sallam, and sometimes, ayats of the Qur’an.

Gold and silver coins remained official currency until the fall of the Khalifate. Since then, dozens of different national currencies were made in each of the new postcolonial national states created from the dismemberment of Dar al-Islam.

History has demonstrated repeatedly that paper money has been a permanent instrument of default and reducing the wealth of the Muslims. In addition, Islamic Law does not permit the use of a promise of payment as a medium of exchange.