GOLD DINAR AS A CURRENCY AND COMMODITY IN SELECTED COUNTRIES

Gold Dinar is been considered as an alternative by world economists as solution to global currency crisis. Therefore, this study aims to evaluate the practical utility of gold dinar in countries that currently use gold dinar such as Malaysia, Indonesia, United Arab Emirates (Dubai), United Kingdom (Norwich) and Africa South (Cape Town). This study used qualitative methods through content analysis. The study shows that there are various forms of application of gold dinar in those countries either as currency or commodity. The usage in currency such as physical currency (dinar durham), electronic payments (e-dinar) and zakat payment. While, using of gold dinar in commodities aspects such as for asset of investment, savings (deposits), pilgrimage (Hajj), gifts, and also used as wedding gifts. This study is relevant because it can fulfill the Muslim’s objective to return the using of gold dinar. However, the current reality shows that using gold dinar is more suitable to be applied in form of commodities compared to currency. Further research can be done by scrutinizing the constraints and obstacles in a country to apply the gold dinar as currency. Thus, the harmony of the Islamic financial system can be realized.