Hijra's Blog: THE FUTURE OF BANKING IN A GOLD DINAR ECONOMY - A PRESCRIPTION TO UPLIFT THE UMMAH ECONOMY

MONTAJ HIJRA

The Quran verse explains to us in a scientific viewpoint about the system of the universe, whereby all move on their respective orbit sand tracks. All the planets, moons and stars will not collide with one another as long as Allah wills it as such these movements are those of Sunnatullah or the movement of the norms. The earth circles around the sun for a year in one direction, the moon circles around the earth for a month on one direction and all the planets in the universe circle the sun in one direction known as the Tawaf Movement (Anticlockwise).

The idea of an earth movement clockwise clock and watches strikes when our founder question his class teacher when he was in primary 3 way back in 1974. His gazillion golden question to his teacher was, why does the clock rotates from left to right and not vice-versa. When the answer that he got was conservatively. So the guest to nd clockwise begins. While studying in California, USA, he discover s that mother nature’s and its inhabitants move from right to left which is known as anticlockwise. The earth rotates on its own axis from right to left and so does the moon and the planets circulating the sun, so does the Milky Way. Undoubtedly all plants when they grow, they will rotates from right to left. Even the hurricane gets its strenght by rotating from right to left. Furthermore, among athletics even starts and nish from right to left. Running on the track and eld, throwing shot put and discus, top spin, bicycle races etc. Even when you look out the running water in the sink, it rotates from right to left. As the audience grows day by day, Hijra founder realise that the time clockwise of today’s clock and watches should be rotating from right to left. Through the existing clockwise was imitating the ancient sundial shadow rotation but today clock and watches does not apply sundial shadow shadow movement on its creation. Furthermore, the ancient sundial clock way more of a kind of worshipping dal then goddess and today’s watch and clock does not has any relationship with worshipping, its purely a time machine that moves accordingly to nature’s form. The Sun even moves from east to west or right to left. Based on these evidences and ndings, the rst earth movement clock and watch was made in 2001. Though this is not the world rst anti clock wise watches made because some watch maker has in the port make such a watches and clock. However, those anti clock wise watches when it was made the intention is more of fashion and uniqueness. On the countrary Hijra movement clock and watch when it was introduced in 2009 was to the fact that Hijra believes the true clockwise is from right to left which is the earth movement and therefore Hijra embarked into a mission to see that the whole world adapt the true clockwise of earth movement which is from right to left. To see that the whole world change the present clock to the true clockwise movement relating with the formation of Hijra Timepiece (M) Sdn Bhd on 11th September 2013. With the above above storyline, Hijra believe that we are the rst clock and watches company in the world that want to change the world clock and watches movement to the true clockwise movement that is the earth movement or that was called ‘Tawaf Movement’.

Tuesday 1 November 2016

THE FUTURE OF BANKING IN A GOLD DINAR ECONOMY - A PRESCRIPTION TO UPLIFT THE UMMAH ECONOMY

The future of modern-day banking is so uncertain. The sub-prime issues, escalating deterioration of world’s fiat money, the uprising of consumer good prices are a major cause of concern in today’s economic zone. In current turbulence scenarios, looking for a new economic model such as the gold dinar would be justified. Evidence showing that the usage of the gold dinar can curb inflation and loss of fiat money value over time has been proven. However, the gold dinar economy is new in today’s conventional banking system. In fact, it cannot be implemented under the present banking scenario. Banks that exist today are based entirely on the concept of interest-bearing instruments and also the money multiplier principle or money creation. Meanwhile the gold dinar economy is based on ‘real money’ and promotes ‘real economy’. This is because each gold dinar must be represented with actual money that contains a certain weight of gold. In this case the gold dinar will have 4.25 grams of pure fine gold.

Real economy is where factory workers toil, doctors tend the sick, and where teachers teach and where roads, bridges, harbors, airports and railway systems are built. The other economy, the ‘financial economy’, is not the economy of trade but of speculation. Its commerce is in financial instruments. Mostly, it is concerned with the exchange of equities, such as stocks and securities, such as bonds and other forms of debt including currencies. Under the gold dinar system, for every transaction, trades and investments, real physical money do change hands. Therefore, it’s crucial that today’s banking begin to gradually change and become an “Entrepreneur Bank”.

How does an entrepreneur banking system work in this gold dinar based economy? First, banks should change its role from becoming a debt provider to a partnership (Musyarakah). Debt should be highly discouraged and should be avoided whenever possible. As mentioned in a hadith narrated by ‘Aisha, the wife of the Prophet: Allah Apostle used to invoke Allah in the prayer saying “.... O Allah, I seek refuge with You from the sins and from being in debt.” Somebody said to him, “Why do you so frequently seek refuge with Allah from being in debt?” The Prophet replied, “A person in debt tells lies whenever he speaks, and break promises whenever he makes them”. Therefore, banks should become a trustee and a partner in business, instead of just being a debt provider. Secondly, debt should be discouraged especially in doing business. If a customer approaches the bank for a business loan, an entrepreneur bank should treat it as a partnership, in which the bank shall take part in running the business. An entrepreneur bank shall not merely observe from afar and reaps the profit when the business succeeds and left the business in despair when it fails. Banks should provide advice and assistance to entrepreneurs on how to improve the performance of their business. This is the most crucial element in an entrepreneur bank because this may become its major source of income replacing the interest income. Thirdly, an entrepreneur bank should encourage spending on savings instead of spending on credit, which means an entrepreneur bank should encourage the use of debit card instead of credit card. Finally, an entrepreneur bank should encourage its customers to do business which will give its customers an equal opportunity to prosper and to discourage monopoly business. The entrepreneur banking is truly a holistic effort that can uplift the Muslim ummah (community) economy to a much higher respected level, Insya’Allah (God Willing).

Abdul Halim