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The Open Mithqal Standard Print E-mail
News - Current Events
Written by Mogamat Abrahams   
Tuesday, 26 Rabi'ul Akhir 1433

The Dinar is the Mithqal and the Mithqal is 72 Grains of Barley.

The Open Mithqal Standard is a standard for determining the weight and measure of modern Dirhams and Dinars. The standard is also known as the Nabawi standard as it seeks to more closely replicate the Dirham and Dinar coins used by the Muslims during the time of the Messenger and the Salaf us Saalih, the Byzantine Solidus and the Greek Drakhma.

1 Dirham = 3.11 grams (1/10th Troy Ounce) of 999 (Fine) Silver

1 Dinar = 4.44 grams (1/7th Troy Ounce) of 9999 (24ct) Gold.

A defining characteristic of OMS is that it is a collaborative standard, developed by co-operating local mints, with emphasis on WAQF OWNERSHIP of the production process which delivers low operational costs and quick diversification. OMS does not specify any sizes for coins as these dimensions are left up to the local mint to decide. Local Mints can optimise production by keeping diameters uniform while  changing thickness to produce another denomination.

It should be noted that OMS is a Standard and we in no way are asserting that it is THE standard, i.e there are other standards as well who have merrit. Mints should choose the standard which best meets the requirements of their people.

The standard and the production process is open and transparent. The aim is to make Dirham and Dinar production as ubiquitous as possible, in so doing, to promote the use of Bimetalic coins for saving, trading, dowry, zakaat etc.

ISNET does not however see the return to Silver and Gold as its primary purpose, rather the coins form part of a larger “self sufficiency” project, realised in the Muslim Village, a faith based eco-village initiative.

READ MORE at Islamic Network website.

 

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