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What is m-dinar ?

November 4, 2009

M-Dinar is a payment system based on gold or Gold Dinar Dinar Payment System. M-Dinar is a very strategic method because it will be able to complete the implementation of the use of Dinar in society.

We know that two of the three functions of money (specifically dinar), namely as with the Store of Value and a Unit of Account has become widespread in society, among others through GeraiDinar and its agents. Well, now it comes to the third function as  a Medium of Exchange which will be played by the M-Dinar.

Dealing with physical dinar at this time is not practical, because carrying a gold coin is not as easy as with paper money, as well as gold dinar currency has a high nominal value that are not easy to use for shopping especially for small goods.

On the other hand, there is a modern object that is currently always carried by humans today, almost by all social levels – ie mobile phone. Mobile phone technology is advancing so that high speed internet already or soon will be accessed by almost all the mobile phone holder.

This is basis of M-Dinar, so that the dinar-based payment applications developed was internet -access oriented  (3G, GPRS etc..) which is already widely provided by the cellular operators. Although M-Dinar was planned to be used by cellular phone,  however people can also access all the features of this M-dinar from PC or Notebook (with internet access).

As a means to pay, and intended to be globally used , this payment system should be very safe. For this purpose, we use layered protection from data encryption using https, user id, password, confirmation request using email before the transaction executed.  The other aspect of this method which is not applied by a payment system based on paper money is a physical backup of gold, which in line in every transaction.

Physical gold from every owner of M-dinar accounts kept by Sharf or Trusted Third Party (TTP)  i.e. GeraiDinar and future partners inside and outside the country. When the account owner wwithdraws the gold from the M-Dinar system, following verification performed at Sharf or TTP .  Such a way ensure that only the eligible person can have the gold dinar.

This will be additional security, because even if a hacker managed to break into  one’s account ,  he will not gain anything because it will not be easy for him to get away with taking physical gold Dinar.

Here are examples of the use of M-dinar which can be enjoyed by the community.

1). Discussing liquidity of Dinar, It was explained that the best transaction is within M-Dinar community members (sell dinars to fellow M-Dinar members). Through this one can later sell to each other which will be facilitated in a special menu at the M-Dinar.

2) Transaction to buy or sell dinars with Sharf (paper money changers to the dinar in GeraiDinar, for example) will be much easier because the Dinar does not have to be carried physically unless one really want delivered physically.

3) Organizations such as cooperatives (co-op) which familiarly make transaction within its members, can now use M-Dinar account as transactions media. If  the readers are interested to organize cooperative based on Islamic gold Dinar, are interested to be involved in it.

4) Gold dinar transactions between consumers (C to C), between a business entity to consumer (B to C), or business to business (B to B) – practically can be done with this M-Dinar.

With the presence of this M-Dinar, the three functions of money (specifically dinar) is completed. Tho who interested could start trying to use it.

There is no ivory that is not cracked (Indonesian proverb). However good is any man-made system, of course there are weaknesses too. But this is the best effort that we can do to this day. May Allah always guide and protect our future.

original article here

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