Tengku Razaleigh Hamzah (right) and Dato Husam Musa having ‘buka puasa’ with Persada.
Tengku Razaleigh Hamzah today appeared to back the Kelantan state government’s gold dinar and silver dirham currency, despite the uncertainty surrounding its legal status.
“I feel the Kelantan state government, which believes in [the dinar and dirham’s] potential for trade, should work and fight for it,” the Umno veteran said before breaking fast at an event organised by Kelantanese Persatuan Anak Darul Naim Selangor dan Wilayah Persekutuan (Persada) here.
The former finance minister said while only Bank Negara Malaysia could issue legal tender, there was nothing to stop the dinar and dirham from being used as a medium of exchange.
Picking up a small side plate, he continued: “That means we can exchange this saucer for whatever we want, on the condition that the person trading for the saucer accepts it.”
“The dinar and dirham introduced by Kelantan ... can be accepted by all, if we choose to do so.
“There are laws stating that only the Malaysian ringgit can be used as legal tender to prevent confusion among the people, but if someone wishes to accept the dinar that’s his right.”
Tengku Razaleigh, better known as Ku Li, added that he did not think it was wrong for people to want to use dinar and dirham among themselves as long as the syariah currency was not meant to supplant the ringgit.
“If people want to accept the saucer as a medium (of exchange) they can,” he said, going back to his earlier analogy, “but it certainly cannot be used nationwide”.
The Kelantan government had strongly denied that the dinar and dirham will be made a second currency in the state, claiming it will instead be used as an alternative in barter trade.
The Kelantan prince also said that the introduction of the dinar will not have an impact on Kelantan’s economy as it was merely a medium of exchange like any other.
“Whether or not the economy rises or falls depends on economic activity and not necessarily the medium,” he stated.
Kelantan paved the way to become the first state to introduce the gold dinar and silver dirham when it launched the syariah currency earlier this month.
Kelantan Mentri Besar Datuk Nik Aziz Nik Mat said the state will strive to expand the use of gold dinar and silver dirham in all transactions, including paying civil servants’ remuneration.
The gold dinar and silver dirham is managed by Kelantan Gold Trade (KGT), a subsidiary of Kelantan Menteri Besar Incorporated (PMBK).
Nik Aziz, who is also PMBK chairman, said to date 1,000 traders agreed to use the gold dinar and the dirham silver currency in their transactions besides Lembaga Tabung Haji and Bank Islam Malaysia.
Earlier during the event, Kelantan state economic planning, finance and welfare committee chairman Datuk Husam Musa urged those present to pay zakat fitrah (charity) using the dinar, citing the Quranic injunction to pay in tangible items and not promissory notes.
He stressed that gold and silver were “growing assets” whose demand-driven value would increase steadily over time, unlike the ringgit.
Husam also said that the Kelantan state government will launch an extensive and comprehensive dinar education programme after Hari Raya to ensure that its citizens knew of its mechanisms and benefits.
He added that the state government was looking to establish an exchange trade fund (ETF) for both the dinar and dirham in time to come to help boost state revenue.
comments
Mahathir is a NATO. (no action talk only). He was the PM and could have allow the use of the dinar during his rule as PM. The dinar could have been used as an alternative currency in Malaysia but he chickened out. Mahathir abort the idea. So how can he sue Kelantan unless the judiciary again shows prejudiced judgment. Go on Kelantan, you can use it in the state even if the BN states are not in favvour. The Bank Negara is not stupid. They will say no and later UMNO will apply to use dinar which will be approved
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