The Strategic Role of the Islamic Gold Dinar in Countering the Dominance of the US Dollar: Challenges and Practices
DOI:
https://doi.org/10.31436/ijfus.v9i2.374Keywords:
Gold Dinar, Strategic, Confrontation, Dominance, US Dollar, Challenges and PracticesAbstract
People are fed up with the continued dominance of the US Dollar and its control over local currencies in Islamic countries and other countries aspiring to independence from Western dependence. Muslims are looking forward to monetary independence that prevents usury and ensures fair development, by returning to the currencies that Muslims used to achieve their ancient renaissance, in accordance with the guidance of the Prophet: "You are more knowledgeable about your worldly affairs" (Muslim). The research aims to explore the strategy of the Islamic Gold Dinar as a mechanism to enhance financial independence, confront the US Dollar, and develop the Islamic economy, by influencing the value of the US Dollar and breaking its global dominance over vulnerable peoples, and then stabilizing the value of Islamic money in the event that the Gold Dinar and the Silver Dirham are used, which will be a global currency if all Islamic countries adopt it and agree to use it as an alternative currency to the European Euro and the US Dollar. The problem of the study revolves around the dominance of the US Dollar and its high exchange rate versus the floating and depreciation of the currencies of Islamic countries that aspire to issue an Islamic currency as an alternative if they overcome the challenges and find understanding among themselves. The idea of the research will be implemented through the descriptive analytical approach, and the researcher does not dispense with the inductive approach in order to reach the desired results. Among the most important expected conclusions is discussing the challenges that may face this strategy, in addition to effective practices and their application on the ground that can be adopted to achieve the goals of controlling and overcoming the high Dollar exchange rate and stabilizing the low value of the currencies of Islamic countries, which would enhance development and improve the economic rate of Islamic countries.
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