Umar Vadillo

Umar Vadillo
عمر ابراہیم واڈیلو
Born May 19, 1964
Vitoria, Spain
Nationality Spanish
Fields Economics, Islamic studies
Known for Reintroduction of Gold dinar and silver dirham
Influences Abdalqadir as-Sufi
Website
http://www.e-dinar.com/

Umar Ibrahim Vadillo (Urdu: شیخ عمر ابراہیم واڈیلو‎) is a gold dinar movement activist who introduced the gold dinar to the state of Kelantan, Malaysia in 2010.[1][2] He is a member of the Murabitun World Movement.[3] He is also the founder of World Islamic Trade Organization.[4] He is the chairman and founder of World Islamic Mint and also introduced an online gold payment and repository system called E-DINAR.[5]

Reintroduction of the gold dinar

Due to Vadillo's work, the Malaysian State of Kelantan accepted the gold dinar and silver dirham in August 2010.

Vadillo also introduced "barter markets" in which only money with intrinsic value will been used. He believes that bypassing paper money will minimize the role of the modern banking system.[6]

Thoughts on banking

Vadillo is a critic of an interest-based economic system, which widens the gap between rich and poor. So the Muslim world should quit Capitalism and return to an Islamic economic model.[7] In his Fatwa on Paper Money he asserts that paper money is forbidden in Islam and he instructs the Muslim community to return to the gold dinar and silver dirham. He further argues that paper money has been printed by the central banks of countries which over-print it, devaluing its currency without the public awareness. He says that deficit financing is a hidden tax on the nations at its best and robbery at its worst.[8] Vadillo also criticizes modern banking, which he asserts involves forbidden practices such as interest, usury, paper money, the fractional reserve system, deception, speculation, and gambling.[9][10]

Bibliography

Vadillo's publications include:

See also

References

  1. ↑ "Malaysian Muslims Go for Gold, But It's Hard to Make Change". Wall Street Journal,. Retrieved 26 November 2014.
  2. ↑ Jan Stark, Malaysia and the Developing World: The Asian Tiger on the Cinnamon Road (Routledge Malaysian Studies Series), 2012, p 139. ISBN 0415699142
  3. ↑ Bruce Kapferer, Kari Telle, Annelin Eriksen, Contemporary Religiosities: Emergent Socialities and the Post-Nation-State, 2010, p 112. ISBN 0857455346.
  4. ↑ "You can use dinars and dirhams and modern information technologies at the same time". L.N.GUMILYOV EURASIAN NATIONAL UNIVERSITY. Retrieved 13 November 2014.
  5. ↑ "Islamic Research Institute, International Institute of Islamic Economics, and Shariah Academy International Islamic University, Islamabad". International Islamic University, Islamabad. Retrieved 13 November 2014.
  6. ↑ Bill Maurer, Mutual Life, Limited: Islamic Banking, Alternative Currencies, Lateral Reason, Princeton University Press, 2005, p. ?
  7. ↑ "Muslim call to thwart capitalism". BBC News, Date: Saturday, 12 July 2003, 21:21 GMT 22:21 UK ,. Retrieved 13 November 2014.
  8. ↑ "Introduction of Islamic dirham, dinar urged to get rid of usury". Pakistan Today News, Date: Saturday, 14 July 2014,. Retrieved 26 November 2014.
  9. ↑ "Malaysian Muslims Go for Gold, But It's Hard to Make Change". The Wall Street Journal,. Retrieved 26 November 2014.
  10. ↑ "Call to introduce dirham, dinar to end usury". The News (international), Date: Saturday, 13 July 2012,. Retrieved 26 November 2014.
  11. ↑ "End of Economics, Islamic Critique of Economics,". Madinah P. (1991)), ISBN 1874216096 ISBN 978-1874216094,. Retrieved 13 October 2014.
  12. ↑ "Fatwa : Concerning the Islamic Prohibition of Using Paper-Money as a Medium of Exchange,". bogvaerker,. Retrieved 13 October 2014.
  13. ↑ "Return of the Gold Dinar: Study of Money in Islamic Law,". Madinah Press; First Edition (February 6, 2003), ASIN: B004OL2JI2,. Retrieved 13 October 2014.
  14. ↑ "The Esoteric Deviation in Islam,". Bookwork (December 1996), ASIN: B004OL2JI2,. Retrieved 24 August 2014.
  15. ↑ "FATWA ON BANKING AND THE USE OF INTEREST RECEIVED ON BANK DEPOSITS BY UMAR IBRAHIM VADILLO,". Islamic Economics & Finance Pedia,. Retrieved 24 August 2014.
  16. ↑ "White Paper on the Gold Dinar," (PDF). Retrieved 13 October 2014.