Why & How does IMC make prices for Gold and Silver?

The IMC Nominal Value System

The Islamic Monetary Council (IMC) does not function without Mathematics. The IMC is free from any political ideology or political movement - we are a non-profit organisation. The IMC is different in that our market rates are on top of the current spot rates with a unique nominal value.

The famous companion of the Holy Prophet Muhammed ﷺ (Peach Be Upon Him) - Hadhrat Umar ibn al Khattab (R.A) did many superb things for Islam. Two prominent milestones were the compilation of The Holy Qur'an and the second being the creation of the Islamic Monetary System which was a consolidation of Gold and Silver. Hadhrat Umar (R.A) unified the marketplaces and set the Dinar and Dirham rates and that is our aim and benchmark to follow. His formulas and strategy were put in place to tackle the disputes, confusion and the mixture of traders at the time using various Gold coin sizes, different purities - some traders were even trading in barley and wheat. A unified Islamic Financial System was required. Such a system it was that the Romans and all the world followed suit.

The IMC Board members who are involved in the Nominal Council do a weekly Mashwara that reflects market prices that we stipulate. So Scholars, Technology Experts, Finance Experts, Market Experts and IMC Board members all have inputs into the pricing based on their localities for the Nominal value. Together with this human input we use technology to suggest prices based on the climate. The Board members are not paid nor gain a financial benefit of the pricing matrix. The security, protection against manipulation & market insider knowledge is a core component in our pricing of the nominal value with a transparent board.

There are 2 metrics that formulate the pricing of IMC Gold and Silver on top of the market rates: IMC-V Rate and the IMC-Nominal Rate

IMC-V Rate	This applies for IMC Company Members. IMC Registered Members pay fees for precious metal OR digital asset usage of hallmarking, certification, brand marks, API requests, QR code sticker printing, network and database calls and PDF storage for certificates. Fixed at GBP
IMC-Nominal Rate	Mathematically decided based on the Ulamā and Board consesus per week. Each board member receives an automatic email which is a report generated from selected statistic scenarios. The report lists Muslim Country Demographics in Muslim and Non-Muslim countries. The report contains political climate situations, poverty of Muslim Ummah (Country GDP, Countries in War, State of the Country etc), population of Muslims in cities, average household incomes, Zakaat rates mixed in with country currency fiat and many factors are presented to the board. The automatic email suggests a rate and board members opt-in or set a opt-out and set a suggested rate. Currently fixed at for Gold and for Silver
IMC-Gold USD	Current Gold USD Spot + IMC Nominal Value of ∴ + = Price per gram
IMC-Gold GBP	Current Gold GBP Spot + IMC Nominal Value of ∴ + = Price per gram
IMC-Silver USD	Current Silver USD Spot + IMC Nominal Value of ∴ + = Price per gram
IMC-Silver GBP	Current Silver GBP Spot + IMC Nominal Value of ∴ + = Price per gram