Malaysian Islamic Finance Scholar Advocates Using Digital Gold

‘Bakar did advocate the use of gold being used as a means of exchange in a virtual
transaction’

Malaysian Islamic finance scholar Mohammed Daud Bakar spoke this month at the International Islamic Finance Forum in Dubai along side Nobel Laureate Muhammad Yunus.

Bakar spoke about his views regarding the “gold standard” being used as medium of exchange in the Islamic world today.

“I don’t believe in the gold standard for currency,” said Bakar. “For me it’s not practical... there could even be wars over gold - it’s just creating another issue.” However, Bakar did advocate the use of gold being used as a means of exchange in a virtual transaction, as is currently done by sites such as www.e-gold.com and www.igdexchange.com

It was just a brief sentence in a recent issue of ArabianBusiness.com but a very powerful statement about the global nature of the world in which we now live.
Although the article’s focus was centered around the still controversial issue of a, “...universal financial standard which is Sharia compliant”, after
seeing the e-gold domain mentioned, its easy to understand how trade between different countries, different languages, currencies or religions can all
be connected through the one common denominator
- GOLD.
Source: http://www.arabianbusiness.
com/516581-scholar-urges-islamic-finance-standardisation

Article by Alen Smithee