CII’s Sheerani has another bright idea, wants re-circulation of gold and silver coins as currency

[Imad.Khan]

Problem with gold/silver coin is that people can make fake coins using copper or other metals or having a gold plating on some cheap metal.

 

[Musafir117]

Afghanio ka kiya kasoor hay?

Cave mentality suits caves.

 

[PaklovesTurkiye]

CII’s Sheerani has another bright idea, wants re-circulation of gold and silver coins as currency


Council of Islamic Ideology (CII) Chairman Maulana Muhammad Khan Sheerani has said that an economic system based on paper currency is not viable, and that a system based on gold and silver should be considered.

Speaking at a seminar hosted by the CII on Tuesday, Sheerani reminded media personnel that before the advent of the paper currency, all monetary transactions used to be conducted in gold and silver. He called on the government to return to using gold as currency.

He said this was necessary to establish a true Islamic economic system in an Islamic country such as Pakistan.

“The current system of economy based on paper currency is not durable because there is nothing concrete in paper currency,” he said. He further said that the Islamic style of economy was necessary to revive Islamic principles.

Sheerani announced that the CII would soon open a debate on re-circulation of gold and silver coins.
http://www.pakistantoday.com.pk/201...ulation-of-gold-and-silver-coins-as-currency/
@django @Moonlight @waz @WAJsal @Mr.Meap @PaklovesTurkiye @Musafir117 @Spring Onion @Shamain
Achi baat hey phir meri pay 100 ashrafiyan ho jaye shayad

If it is good, then we should go for it....

 

[HAIDER]

Iss molvi ki kami rah gai haa...quam ka lia naya shugalll

 

[v9s]

How to bankrupt your nation.1) Make this man your financial adviser.

Fiat money has failed every time if you look back in history. I used to have a knee-jerk reaction just like you when it came to moulvis (and even now I do). But it's important to see what the man has to say, rather than judging him based on his background.

The actual problem is that no one has come up with a comprehensive framework on how to switch existing systems to gold backed money.

Problem with gold/silver coin is that people can make fake coins using copper or other metals or having a gold plating on some cheap metal.

Problem with paper money is that while there are financial mechanisms to prohibit excessive printing of money, one can never be sure if they're being adhered to. Plus the fact that the inputs to the financial mechanisms governing the printing of money can be manipulated at whim.

 

[maxpayne]

Good idea. But it need alot of research to implement. Actually, Islam say us to stay away from interest. Due to global system, we cannot leave it immediately, but if we have a solid Islamic banking system, maybe one day we can have our own Islamic system which will link us with rest of the world.

 

[Zibago]

Iss molvi ki kami rah gai haa...quam ka lia naya shugalll

Muft entertainment for veli awaam
@Shamain @django @EAK @waz

 

[Spring Onion]

First sensible statement and solid idea. Few countries are already offing for Gold currency. Paper money has more negative aspects for world economy.

 

[Imad.Khan]

Problem with paper money is that while there are financial mechanisms to prohibit excessive printing of money, one can never be sure if they're being adhered to. Plus the fact that the inputs to the financial mechanisms governing the printing of money can be manipulated at whim.

I agree with you, but the problem is there is no alternate

 

[Pakistani E]

Does Pakistan have enough Gold reserves to start minting Gold coins? And Mr Sheerani now seems to have become an expert in economics also, well let me increase his knowledge. Pakistan cannot unilaterally introduce Gold on its own. It requires negotiating with other countries etc, basically a huge mess unless a large bloc of countries agree on the same idea. It just will not work with one country.

God, how do people take these mullahs seriously?

 

[Imad.Khan]

Good idea. But it need alot of research to implement. Actually, Islam say us to stay away from interest. Due to global system, we cannot leave it immediately, but if we have a solid Islamic banking system, maybe one day we can have our own Islamic system which will link us with rest of the world.

The problem with Islamic banking is that its very confusing.

Here in Australia you can actually do masters in islamic banking

http://www.latrobe.edu.au/handbook/2016/postgraduate/assc/bus-econ/finance/lmisbf.htm

 

[saiyan0321]

The idea is not a bad one and its pretty solid but implementation rakes it to another scale. Personally I have no idea how we left the old methods of gold and silver and entered this age of paper currency ( which if govt announces tomorrow or gets defaulted is worth less than toilet paper :p :p ).

Anyhow implementation is where it's going to fail. Firstly you need an excise method to make sure the minting is not copied ( this is easy enough).

Second you would need to mint enough gold and silver for a nation of 200 million people. Do we have even a third of the gold reserves to cover this? Four is international trading. The internal bloc must also agree and even if say the Islamic countries follow this then we will need paper currency in our reserves to trade with nations like China Europe America e.t.c...

Thirdly the repayment of loans will also require paper currency and fourthly the international world will not sit back and let us do this. There is a global financial system and they won't let us leave that system and try to create our own.

I like the idea but it's not practical enough.

 

[v9s]

Second you would need to mint enough gold and silver for a nation of 200 million people. Do we have even a third of the gold reserves to cover this? Four is international trading. The internal bloc must also agree and even if say the Islamic countries follow this then we will need paper currency in our reserves to trade with nations like China Europe America e.t.c...

Thirdly the repayment of loans will also require paper currency and fourthly the international world will not sit back and let us do this. There is a global financial system and they won't let us leave that system and try to create our own.

I like the idea but it's not practical enough.

Using gold and silver coins as money doesn't make sense. Using paper money backed by Gold makes more sense. So that solves the problem of trading with other countries.

The main issue is the fluctuating value of Gold. Pakistan doesn't produce much as far as i recall and hence the valuation of the currency will be at whim of Gold futures traders.

 

[EAK]

Muft entertainment for veli awaam
@Shamain @django @EAK @waz

Molvi sahab to Barter trade shuru krny lagy thy Mulk main .. Bs aankh khul becharon ki..

 

[django]

@jamahir Did the good colonel not propose a similar idea?