Launch of the American Gold Dinar Bullion Coin

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) December 16, 2011 -- Dinar Wakala LLC, an alternative bartering solution provider based out of Austin Texas, has launched its newest medallion, the American Gold DinarTM, completing its portfolio of precious metals based tokens targeted primarily to the sound money enthusiasts in the Muslim community, as well as to the broader audience of numismatic collectors and bullion investors.

The medallion retains the primary design features of a predecessor in its series, the American Silver Dirham, featuring an artistic amalgamation of the Middle Eastern symbol of the Rub-el-Hizb with the stars and stripes from the US flag, a combination that faithfully depicts the cross-civilizational partnership underlying the production of the medallion itself. It is the result of collaboration between the Dallas based American Open Currency Standard (AOCS), Dinar Wakala LLC and Emir Ismail Bryant, representing the Muslim communities of North Carolina and Philadelphia.

AOCS is a sound money movement started in the US to establish an honest value-for-value trading standard. AOCS has worked with communities and groups around the world to aid in the development of private trading medallions and guarantee that they conform to a verifiable standard. The American Silver Dirhams and Gold Dinars are the latest addition to their catalog which includes designs for the Ludwig Von Mises institute, Ron Paul's Campaign for Liberty and the sovereign Lakota Nation with whom they co-founded the Free Lakota Bank. Their web site is www.opencurrency.com.

In Islam, the strongest case for its revival in the modern world runs not on a cultural, but a legal precept in Islamic Finance: The twin prohibition of Riba and Gharar. So while the Austrian Economists criticize central banking from an economical and ethical view point, Islam lends support to the same conclusions on legal footings. The prohibition of usury (Riba) forbids the discounted sale of debt by the Treasury to the Central Bank, and the prohibition of uncertainty (Gharar) forbids the increase in money supply by way of fractional reserve banking. Taken together, the two injunctions provide grounds for Dinar activists to demand monetary and banking reforms along similar lines to those popularly expressed in their own times by Thomas Jefferson and Andrew Jackson.

"Long before even starting this initiative”, in the words of Asif Shiraz, the Pakistani American founder and CEO of Dinar Wakala LLC, “I realized the strong congruence that existed between what has been handed down to the Americans by their founding fathers like Jefferson, and to us, by the Imams of Fiqh. It was one and the same thing, at least from a strictly economic perspective: A free market economy, denominated in sound money, with limited government interference. This was a great Eureka moment! That our civilizations are much closer to each other in values, than what appears at first glance from the politically tainted milieu of conflict. From that time on, this singleness of purpose, to collaborate on restoring sound money, has brought me closer to my libertarian friends in America, far more effectively than any number of interfaith conferences or cultural events."

Following the terrible tragedy of 9/11, the Gold Dinar was also caught in an impulsive surge of suspicion surrounding all things Middle Eastern, with some analysts misunderstanding its resurgence as being associated with some extremist philosophy. However, as the temperatures have cooled off and the demand for sound money, or at least some prudence in monetary policy, is now a mainstream debate topic, the Gold Dinar is also regaining its stature in the US as a novel avenue for bullion investment. According to Craig Smith, Chairman of the Swiss America Trading Corp. and author of Rediscovering Gold in the 21st Century, "[the] Dinar is a brilliant approach to a world awash with Fiat currencies and Muslims who use the dinar for savings and future buying power will be rewarded."

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