The Caliph Abd Malik ibn Marwan Series
The gold dinar and the silver dirham are historically considered Shari’ah money, upon which the Shari’ah principles of muamalat, zakat, mahar and hudud are based. The dinar and dirham contribute towards the attainment of maqasid al-Shari’ah, i.e. the protection of faith (iman), life (nafs), intellect (aql), posterity (nasl) and wealth (mal) as expounded by Imam Al-Ghazali and Al-Shatibi. The dinar and dirham lost their role as money after the collapse of the Ottoman Caliphate in 1924. However, gold continued to play a role in international monetary system until Bretton Woods collapsed in 1971.
The Prophet Muhammad s.a.w. is reported to have said:
“A time is certainly coming over mankind in which there will be nothing (left) that will be of use (or benefit) save a Dinar and a Dirham.” - Musnad Imam Ahmad ibn Hambal
Imam Ghazali stated that God created gold and silver as the true measure of value. Indeed, monetary systems based on gold and silver contribute towards just, stable, vibrant and sustainable economies, devoid of persistent inflation and unemployment.
When the prophet s.a.w. preached Islam in the early 7th century, the Roman coin called denarius was circulating among the Arabs. Dirham is derived from the word drachma, the coin from the Greek-speaking Roman Byzantine Empire. The prophet accepted them as the monetary standard for the Muslims. Nevertheless, the first Islamic coin was minted only in the year 75H (697AD) by Abd al-Malik ibn Marwan (646–705 AD) who was the 5th Umayyad Caliph. Abd al-Malik was a well-educated man and a capable ruler. Ibn Khaldun described him as “... one of the greatest Arab and Muslim Caliphs. He followed in the footsteps of `Umar Ibn Al-Khattab, the Commander of the Believers, in regulating state affairs.”
Abd al-Malik replaced the Roman and Persian inscriptions on the dinar and dirham, respectively, with the syahadah ‘There is no god but Allah; Muhammad is His messenger.’ and simplistic inscriptions of Qur’anic verses.
Today, in the year 1438H (2017AD), after 1362 lunar years, we are honoured to once again revive this legacy.