A Brief history of Dinar and Dirham

The history of the dinar and dirham in Islam is a fascinating journey through the development of Islamic currency, stretching back to the early days of the faith in the 7th century CE. The dinar, a gold coin, and the dirham, a silver coin, have played a crucial role in shaping Islamic economics, culture, and trade.

These coins found their beginnings during the time of the Prophet Muhammad. As Islam was emerging in the Arabian Peninsula, there was a need for a medium of exchange and a standard measure of value. At this early stage, the coins were relatively simple, often following the conventions of neighbouring Byzantine and Sassanian coinage.

The Umayyad Caliphate, the first major Islamic dynasty, was instrumental in standardizing and expanding the use of the dinar and dirham. The Umayyads played a significant role in shaping the coins' design and aesthetics. They began featuring inscriptions in Arabic, a notable departure from earlier practices of using Greek or Persian scripts. These coins, adorned with Arabic calligraphy and geometric motifs, began to symbolize the economic and political might of the Islamic world.

The Abbasid Caliphate, which succeeded the Umayyads, continued the tradition of minting the dinar and dirham. Under their rule, the coins became even more intricate and visually appealing, with a focus on beautiful calligraphy and artistic embellishments. This period marked a time of prosperity, and the dinar and dirham became renowned as symbols of the Islamic economic and political power that stretched from Spain to India.

The use of the dinar and dirham was not limited to the Arabian heartland. They spread across the Islamic world, influencing regions as diverse as Spain, North Africa, the Indian subcontinent, and Southeast Asia. These coins were not just a means of exchange but also a manifestation of Islamic identity and prestige.

However, over time, as the Islamic world faced political fragmentation and economic challenges, the standardization of the dinar and dirham began to erode. Local rulers and dynasties started to mint their own variations of these coins, leading to a loss of uniformity.

In subsequent centuries, the rise of the Mongol Empire and the dominance of the Ottoman Empire significantly altered the dynamics of Islamic coinage. The Ottomans introduced their own currencies, including the gold lira and the silver akçe, further diversifying the monetary landscape in the Islamic world.

During the colonial era, European powers introduced their currencies in regions under their control, contributing to the decline of the traditional dinar and dirham. In the modern era, many Islamic countries adopted fiat currencies, which are not based on precious metals.

The dinar and dirham continue to hold a special place in Islamic culture and finance, even if they are not widely used in their traditional form. They represent not just currency but a historical and symbolic connection to the early days of Islam and the economic and political prominence of Islamic civilization.

Are photos allowed on IMC products?

IMC does not provide compliance certification for coins, bars, or any assets featuring facial photography of humans or animals (eyes), in adherence to Shariah principles.

According to the Hadith, images with faces are discouraged, and IMC products respect this Islamic tradition by abstaining from including such photos.

Are IMC products always 24K - 999.9 fine?

IMC issues Tayyib Certifications for gold and silver, and we are actively exploring certifications for copper, platinum, and other precious metals. The certificates clearly indicate the purity levels, including 18k, 22k, and 24k for gold, and similar specifications for other precious metals provided by IMC.

Does the IMC issue Tayyib Certificates for jewellery or other precious metals?

Yes, we are supporting and supply the jewellery markets by supporting the issuing of Tayyib Digital and physical certificate for stating the purity, weight and information on precious metals. This includes copper, bronze, aluminium, platinum, diamond, ruby, emerald etc.

Aside from Dinar and Dirham, what are the IMC issued bars and coins? What are Amanah coins? Are they Dinar and Dirham?

In adherence to our Islamic tradition and the commitment to the financial well-being and protection of our Ummah, IMC believes in the investment and safeguarding of wealth. From Ramadhan 1443 - April 2022, IMC's board established benchmarks and criteria for the creation of minted ingot bars and bullion bars. This decision was driven by the convenience with which gold and silver can be manufactured at refineries without the governmental banking hindrances associated with dinar and dirham. Our bars adhere to industry standards similar to those of LBMA, Dubai Goods Delivery, and other recognized gold and silver precious metal marking sizes.

Are Amanah coins considered Dinar and Dirham?

Historically, the 1 dinar coin has been equivalent to 4.25g of gold. However, dinar coins have had varying weights in the past and were not always 4.25g. Amanah Coins adhere to industry standard weights of 4g and 8g and do not have decimal weights attached to them. Amanah Coins and Bars always maintain 24K gold and 999.9 fine purity standards.

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Not restrictive to IMC vendors and members

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