Business & Management Quarterly Review, 2(3), 79-87, 2011 ISSN 2180-2777 

PUBLIC ACCEPTANCE TOWARDS KELANTAN GOLD DINAR 

Nik Maheran Nik Muhammad Universiti Teknologi MARA, Kelantan, Malaysia 
ABSTRACT 
This research was conducted in objective to identify the factors that influence public acceptance towards Kelantan 
gold dinar. For this purpose, survey to 220 respondents who bought Kelantan gold dinar at ar- rahnu (Kelantan gold 
dinar distribution centre) using purposive sampling method was conducted. Out of those, 100 questionnaires were 
received and usable. The data was then analyzed using SPSS statistical tool via frequency analysis, factor analysis, 
reliability test and descriptive analysis. From factor analysis it was found that there were four factors namely 
economic, political, investment and social factors that influenced the public acceptance towards Kelantan gold dinar. 
Descriptive analysis on the other hand found that an economic factor was the most influential factors followed by 
social, political and investment factor. The present study is descriptive in nature thus for future research, prescriptive 
research is recommended so that it can determine how gold dinar influences the economic stability. Future research 
could also be investigated focusing on the effectiveness of the gold dinar investment strategy and their 
implementation to increase economic stability. Keywords: Gold Dinar, fiat money, Islamic investment. 
Introduction 
“Abu  Bakar  ibn  Abi  Maryam  reported  that  he  heard  the  Messenger  of  Allah,  may  Allah  bless  him  and  grant  him 
peace,  says:  “A  time  is  certainly coming over mankind in which there will be nothing (left) which will be of us save 
a dinar and dirham”. [The musnab of Imam Ahmad ibn Hanbal) 
Professor  Omar  Ibrahim  Vadillo,  a  founder  of  the  Morabeteen  International  Organization  in  South  Africa,  first 
introduced  gold  Dinar  investment  in  1983. Its main purpose is for the unification of the economy among the Islamic 
country  (Meera,  2006).  In  Malaysia,  it‟s  former Prime Minister Dr. Mahathir Mohamed was first expressed interest 
in  universal  currency  (gold  dinar)  after  Malaysia  and  other  Asian  countries  were  attack  by  the  speculators,  which 
leads  to  financial  crisis  in  1997  (Mohd Dali, Muhammad, Azizan 2004). He suggested that universal currency (gold 
Dinar)  could  be  used  to  help  unite  Muslim  countries  due  to  the  fact  that,  since  beginning of Islam, the value of the 
Islamic  bimetallic  currency has remained surprisingly stable in relation to basic consumable goods (mahathir, 2001). 
Gold  is  an  ideal  value  keeper.  It  can  be kept for future use and will not be obsolete like fiat money. It is uncreatable 
and  indestructible  and  does  not  cause  inflation.  It  is  also  un-susceptible  to  exchange  rate  (Dinar  Dirham  Research 
Group  2003).  The  collapse  of  Bretton  Woods  in  1971,  lead  the  world  monetary  system  in  inflationary  and  high 
volatility.  Thus,  gold  in  international  trade  is  seen  as  a  strategic  move  to  protect  the  interest  of  nations  as  far  as 
monetary  stability, independence and justice are concerned. It has a stable unit of account. In many peoples mind, an 
international  payment  system  based  on  gold,  addresses  both  the  issues  of  monetary  stability  and justice (Mohamad 
2002).  In  addition,  it  also  assists  welfare  and  sustained  economic  growth,  free  from  deception,  exploitation  and 
oppression  (Hifzur  2002).  The  need  to  revisit  the  gold  Dinar  as  a  monetary  stability  has  been  voiced  out  by  many 
scholars  and  ulama‟s  since  1970s  in  order  to  avoid  riba  and to provide alternative for the Muslim. Even though the 
gold  Dinar  could  provide  justice  and  stable  monetary  system,  the  implementation  is  not  as  easy  as  being said. The 
developing  and  less  developing  countries  could  not  easily  transform  their  system  to  the  gold  standard  because 
developed  countries would definitely oppose to the system which will make their paper money worthless. In order to 
avoid  disruption  in  the  economic  order,  the  implementation  of  gold  Dinar  must  be  done  part  by  part  to  ensure 
success especially in overcoming 
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Business & Management Quarterly Review, 2(3), 79-87, 2011 ISSN 2180-2777 
obstacles, such as the small amount of gold holding among Islamic countries and the minimum level of awareness 
regarding the usage of gold Dinar for trading transaction (Mohd Dali, Muhammad, Azizan 2004). 
Kelantan Launches Gold Dinar Kelantan became the first state in Malaysia to launch its gold dinar coins. Kelantan 
gold Dinar investment was first launched on the 20th September 2006 and was terminated due to lack of demand of 
gold dinar investment (sources: Customer Sales Statistic-January 2007 until March 2008, Kelantan Gold Dinar 
Distribution Centre, Kota Bharu, Kelantan). However, in 12th August 2010 the second launching was made. This 
time is to introduce gold dinar as means of exchange. The introduction of Gold Dinar and Silver Dirham in the state 
of Kelantan is not a new idea or experiment; it is the return to the medium of exchange that has been known for 
1400 years throughout Dar al-Islam as Money of Shari‟ah taking its legislation from Allah‟s Revelation and 
Rasul‟s Sunnah. Kelantan gold dinar is similar to the original Islamic Dinar in weight and purity of gold used by 
previous legend. According to Islamic law, the Islamic Dinar is a specific weight of 22k gold (91.7 percent) 
equivalent to 4.25 grams while the Islamic Dirham is a specific weight of pure silver equivalent to 3.0 grams. “There 
is a consensus (ijma) since the beginning of Islam and the age of the Companions and the Followers that the dirham 
of the shari'ah is that of which ten weigh seven mithqals (weight of the dinar) of gold. The weight of a mithqal of 
gold is seventy-two grains of barley, so that the dirham which is seven-tenths of it is fifty and two-fifths grains. All 
these measurements are firmly established by consensus." Ibn Khaldun, Al-Muqaddimah 
According  to  Tok  Guru  Nik  Aziz,  the  Kelantan‟s  State  Minister,  as  an  Islamic  state,  the  introduction  of 
gold  dinar  in  Kelantan  is  important,  it  should  be  introduced  part  by  part,  first  part  should  be  in  strategizing  gold 
dinar as means of investment and later for means of exchange; 
.....Speaking  when  launching  the  Syariah  currency  in  August  2010,  The  State  Minister,  Datuk  Nik Abdul Aziz Nik 
Mat  said  the  state  would  strive  to  expand  the  use  of  the  gold  dinar  and  silver  dirham  in  all  transactions,  including 
paying  civil servants' remuneration... "There is no reason why transactions in syariah currency cannot be practised in 
the  state  as  it  was  widely  used  thousands  of  years before the fall of the Ottoman Empire," he said, adding that other 
states were encouraged to use the currency. - Bernama 
The  above  statements  had  create  numerous  controversial.  There  are  many  groups  that  oppose  to  the  idea 
and  one  of  the  crucial  reason  is  legality;  the  question  of,  does  the  state  has  the  rights  to  issue  currency? Under the 
Malaysian  law,  Bank  Negara  Malaysia is the sole authority to issue currency for legal trader. Therefore according to 
many  sources,  if  the  Kelantan  government  issuing  these  coins  as  payment  for  use  in  trade  and  in  payment  of  civil 
service  wages,  they are already in violation of Section 62 (1) and (2), as the dinar and dirham are obviously intended 
for  use  as  “legal  tender”.  Unless  BNM has authorised the Kelantan Gold Trade to issue coins on its behalf, then it‟s 
going  to  see  an  early  test  of the CBMA 2009. Another claim is that the introduction of gold dinar in Kelantan is just 
a  „political  hype‟  (the  state  is  under  an  opposition  party).  That  is,  “Kelantan's  coin  scheme  should  be  seen  as  a 
strategy  to  set  the  political  agenda  and  to  push  Mr  Najib's  administration  on  the  back  foot.  If  Mr Najib attempts to 
ban  the  use  of  Kelantan's  coins, it would diminish his Islamic credentials. If he allows it - it would be perceived as a 
victory for PAS”. (Business Times, August 19th). 
However,  regardless  of  these  two  controversial  issues,  the  second  launching  of  Kelantan  gold  dinar  has 
been  sold  out  in  three  weeks  after  it  was  launched.  According  to  Professor  Umar  Ibrahim  Vadillo,  chief  executive 
officer  of  the  state-owned  Kelantan  Golden  Trade  Sdn  Bhd  (KGT),  “  there  are  an  overwhelming  demand  for  the 
gold  dinar  from  the  public.  Most  of  them  purchasing  the  coins  as  investment  and  there  are  pre-orders  for  another 
RM4million  and  it  still  growing...”  (Strait  times,  2010).  Is  it  true  that  the  public  bought  gold  dinar  for  investment 
purposes,  or  are  there  any  other  reasons  behind  it?  This  study  aims  to  investigate  what  motivate  the  public 
particularly  the  Kelantanese  to  buy  the  Kelantan  gold  dinar.  Is  it  because  of  investment  opportunity?  Political 
support?  Economic  reasons?  Or  social  factor?  Another  questions  trigger  the  researcher  is;  do  they  buy  for 
investment  purposes  or  means  of  exchange.  This  study  intends  to  discover  factors  influencing  the  public  to  accept 
the Kelantan gold dinar. The next section of this 
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Business & Management Quarterly Review, 2(3), 79-87, 2011 ISSN 2180-2777 
paper will discuss on the theoretical perspective pertinent to gold dinar, followed by research methodology, results, 
discussion and conclusion. 
Theoretical perspective In Islamic perspective, an exchange must be made with strict guidelines to ensure stability of 
prices in the market. These are in view of the fact that any instability or turmoil in the value of currencies will 
definitely cause trouble in the marketplace and create difficulties for people to carry out transactions and economic 
activities (Zainal Azam 2005). Gold dinar has been used thousand years ago and the idea of revisiting the currency 
of gold Dinar is an interesting idea in the development of the Islamic countries and its trading bloc. This present 
study employed theory of reasoned action (TRA) (Fishbein and Ajzen, 1975; Ajzen and Fishbein, 2000) to seek for 
the behavioral reasons of an individual towards their decision in accepting Kelantan gold dinar. TRA in this present 
study is composed of social factors, political factors, economic factors, religious believe and the degrees of 
perceived investment return from the investment. Social factor refers to the environments that influence their 
behavior. People have the tendency to follow others behavior if they perceive that it will beneficial to them. It is 
related to frame of references or herding behavior in finance theory and folk unities in social theory. Political factor 
on the other hand refers to political believes and support towards government efforts. For investment factor, it‟s 
involved the people perceptions towards future risk and return on gold dinar investment. Religious believe on the 
other hand is related to the public concerns with riba as gold dinar will be a good alternative for the Muslims to 
avoid riba and gharaj. Finally economic factor concern with stability of the economy locally and internationally. 
Research Methodology 220 questionnaires were distributed via purposive sampling to the respondents who bought 
gold dinar at Kelantan Gold Dinar Distribution Centre, Kota Bharu, Kelantan (i.e Ar-rahnu) within three weeks after 
the second launching by State Minister, Dato‟ Nik Aziz Nik Mat. Out of those, only 100 was received and usable. 
The variables were operationalized using self-constructed questionnaires. The variables were measured using 
five-point Likert type scale anchored from (1) “strongly agree” to (5) “strongly disagree”. The study is descriptive in 
nature and aim to describe the factors that influence the public acceptance towards Kelantan gold dinar. 
Result and Findings Respondent Profile Out of 100 respondents selected via purposive sampling, it comprises of 53 
percent male and 47 percent female. 92 percent is Malays and only 8 percent Chinese. This might be relatively due 
to composition of population ethnic in Kelantan where the biggest ethnic is Malay. In terms of age level, most 
respondents are fall between the age of 41 – 50 years old (45 %) followed by 31 – 40 years old (35 %), 21 – 30 years 
old, (11 %) and 8 percent for 51 years old and above, and 1 percent for 20 years old and below. The result shows 
that most of the respondents are middle age people. This is probably due to stability of income among this age 
group. Surprisingly that young group of people also interested in buying the gold dinar. In terms of marital status, 
most of the respondents are married which represents 66 percent and un-married respondents are 33 percent and 
widower is 1 percent. Most of the respondents are Federal government servant (47 %) and state government servant 
(13%). Others (business owner and private) are comprises of 40 percent. Surprisingly most of the respondents are 
holding STPM/Diploma (39%). Bachelor degree holder hold 34 percent and the rest were holding other 
qualification. Their income level are mostly within RM1,000 to RM3,000 (77%) and most of them live in Kota 
Bharu, the capital city of Kelantan. Table 1 below present the above explanation. 
81 
   
 Government Servant (national) 47.0% Government Servant (state) 13.0% Private Sector 25.0% Own Business 15.0% Residence: 
Kota Bharu 38.0% Pasir Mas 21.0% Tumpat 7.0% Bachok 6.0% Machang 9.0% Jeli 1.0% Outside Kelantan 18.0% 
Goodness of Measure Validity and Reliability test Factor analysis attempts to identify underlying variables, or 
factors that explain the pattern of correlations within a set of observed variables. At the same time factor analysis is 
often used in data reduction to identify a small number of factors that explain most of the variance observed in a 
much larger number of manifest variables (Huctheson and Sofroniou, 1999). From the results of our factor analysis, 
it statistically indicates that public acceptance towards Kelantan gold dinar was due to four factors, namely 
economic factor, investment factor, social factor and political factor. Table 2 presents the results of varimax factor 
rotation of all variables for public acceptance of gold dinar. Eleven items from Political factor, was loaded in factor 
1 with a variance of 39.14 percent, five items from investment factor loaded on factor 2 with 11.97 percent, five 
items from economic factor loaded on factor 3 with a variance of 4.85 percent and two items from social factor 
loaded on factor 4 with a variance of 4.66 percent. The total variance achieved is 60.62 percent. Reliability test 
shows that all items are reliable with Cronbach alpha above 0.8, accept for social factor which is in the acceptable 
range of 0.65. This means that all items have internal consistencies and reliable for further analysis. 
Frequency analysis 100 percent of the respondent in the present study knew about gold dinar before coming to 
Kelantan Gold Dinar Distribution Centre. 34 percent were influence by the newspapers and magazines and 22 
percent and 18 percent indicate that they were influence by their friends and family respectively. Majority of them 
(74%) understand the function of gold dinar as investment tools and means of exchange and interested to own the 
gold dinar (78%). However, most of them buy Kelantan gold dinar for investment purposes (40%); for their new 
investment. 30 percent however bought gold dinar as they perceive that it is a value added asset and 
will  offer  future  returns.  13  percent  on  the  other  hand  bought  Kelantan  gold  dinar  for  political  purposes  (i.e.  to 
support  the  government)  and  16  percent  was  not  sure  of the reason they buy the gold dinar. In researcher‟s point of 
view,  it  might  be  due  to  social  factor,  which  is  following  others,  behavior  (i.e.  herding  behavior  or  folk  unities). 
Table 3 below summarizes the above explanation. 
Descriptive analysis The main objective of this study is to have a broad overview of what factors influence 
acceptance of the public towards Kelantan Gold Dinar. There are various factors that might influence the public in 
accepting the investment, however, based on the data collected and factor analysis done, the current study found that 
there are four major factors that influence them to accept and buy Kelantan gold dinar, that is investment purposes, 
political factor, economic factor and social factor; descriptive statistics are computed as in table 4 below: 
83 
 
Descriptive statistics computed include the means, standard deviations, and rank orders of the responses. It involved 
economic factors, political factors, investment factors and social factors of the public acceptance towards gold dinar 
investment. Descriptive statistics for the final list of variables of the study are shown in table 4. The measurement 
scale used is a five-point likert like scale. For ease of interpretation, the range of the 5 point likert scale was 
categorized into 3 groups. Scores of less than 2.33 (4/3 + lowest value (1)) are considered low acceptance level; and 
3.67 (highest value 5 – 4/3) and above are considered high acceptance level. In order to answer the research question 
of, “What are the factors influencing the public acceptance toward Gold Dinar?” Table 4 shows the mean and 
standard deviation related to those factors. It can be seen that the mean values of all variables fall between 3.6 to 4.0 
points. The mean levels of economic, political and social factors are above 3.67 indicating a high influencing factor 
towards acceptance of Kelantan gold dinar. An investment factor which is slightly below 3.67 indicates that, it is the 
least factors why people 
accept  gold  dinar.  Overall,  based  on  the  descriptive  analysis,  it  can  be  concluded  that  economic  factors is the most 
influencing  factors  in  public  acceptance  towards  Kelantan  gold  dinar,  followed  by  social  and  political  factors. 
Factors related to political and social do not differ by much; indicating that their influence is equally important to the 
public  in  accepting  Kelantan  gold  dinar.  Economic  factors  shows  highest  influencing  factors  with  mean  of 4.0 and 
investment factors are the least influential in determining the public acceptance towards gold dinar. 
Discussion This study was designed to determine the factors that influence the acceptance of gold dinar. A 
comprehensive profile analysis had been done in order to get the actual data. All the key determinants that influence 
the acceptance of gold dinar such as economic, social, political, religious and investment factor were investigated. 
Statistical analysis from factor analysis proved that only four main factors that influence the public to accept 
Kelantan gold dinar namely economic, political, social and investment factor. Based on the descriptive analysis 
results, it indicates that economic reasons followed by social, political and investment reasons influence the 
acceptance of the public towards investing in Gold Dinar. The result of the present study is consistent with Mohd 
Arsad and Mohd Nahar (2002), who found that people choose more strong and stable investment vehicles to avoid 
economic fluctuation. During the economic fluctuation, people are earning less due to the devaluation of the dollar 
which fluctuates in value and subject to speculation and manipulation. Thus the gold dinar was accepted by 
investors as it provides stable value of the currency. Furthermore, the price of gold dinar is tied to the international 
gold price. It is also uncreatable, indestructible, does not cause inflation, and cannot be devalued by government 
decree (Dinar Dirham Research Group (2003). On the other hand, it is an asset, which does not depend upon 
anybody‟s promise to pay. 
The  descriptive  result  also  indicates  that  political  factor  does  influence  the  acceptance  of  Gold  Dinar 
investment.  Since,  the  respondents  in  the  present  study  was  majority  the  Kelantanese,  its  finding  is  supported  by 
Hassan  (2003)  who  signified  that  most  of  the  Kelantanese  tend  to  have  high  spirit  of  nationalism  and  Islamic 
believe.  Since  the  gold  dinar  is  a  symbol  of  Islamic  currency  and  even  has  been used for international trade during 
the  Malacca  Empire  in  the  16th  century,  it  has  convinced  the  Kelantanese  in the acceptance of Kelantan gold dinar 
as  well  as  to  support  the  state  government  effort  in  order  to  strengthen the economic condition of the country. As a 
result,  the  political  believe  towards  gold Dinar is high among Kelantanese. In addition, as mentioned by Gary North 
(2004),  gold  is  seen  in  a  much  positive  light  in  countries  beginning  to  come  to  the  forefront  on  the  world  scene. 
Prominent  developing  countries  such  as  China,  India  and  Russia  have  been  accumulating  gold.  In  fact,  China with 
its  1.3  billion  people recently established a National Gold Exchange and relaxed control over the assets. President of 
Argentina  also  proposed  during  his  campaign,  a  gold  backed peso as an antidote for the financial catastrophe which 
his  country  has  experienced and Russia is talking about a fully convertible currency with gold backing. The political 
pressure  is  very  strong  to  keep  a  higher  price  of  gold  from  identifying  reduced  confidence  in  the  dollar.  Social 
factors  such  as  environment and frame of references also influence the public acceptance towards Gold Dinar. It can 
be  seen  that  herding  behavior  also  occurred  among  the  public  where  they  have  the  tendency to mimic the behavior 
of  others.  Furthermore,  people  who  bought  Kelantan‟s  Gold  Dinar having an aim to treat it as their new investment 
tool  as  the  price  of  gold  has  increased  from  time  to  time  which  reflected  by  the  international  gold  price.  The 
fluctuation  price  of  gold  is  very  small  and  it  gives  more  safety  return  as  compare  to  the stock market and currency 
exchange  investment.  In  addition,  nowadays,  more  investors  are  shifted  to  gold  investment  rather  than  other 
investment tools since world economic most probably does not prone to the stock market exchange. 
In  general,  results  from  frequency  analysis  show  that  majority  of  the  respondents  are  happy  with  the 
Kelantan  state  government‟s  gold  dinar.  They  agree  that  it  is  beneficial  in  stabilizing  the  economy  and  has  value 
added  to  their  new  investment  portfolios.  The  implication  of  the  findings  from  this  study  is significant to Kelantan 
state  government  to  understand  the  reason  behind  the  acceptance of the public towards their gold dinar. Their move 
towards  introducing  gold  dinar as investment alternative can also be imitated by other states as the findings from the 
current  study  indicate  that  the  acceptance  level  of  the  public  towards gold dinar is high and promising. It can divert 
the mentality of the investors from conventional investment 
to  Islamic  investment  which  follow  syari‟ah  and  riba-free.  Since  no  such  study  was  thoroughly  done  on  the  Gold 
Dinar  Investment,  the present study will also contribute to the literature of Islamic finance and Islamic investment in 
particular.  This  research  moreover  was  just  to describe the factors that influence the public acceptance towards gold 
dinar.  For  future,  prescriptive  research  is  recommended  in  order  to  determine  how  gold  dinar  can  influence 
economic  stability.  Difference  perspective  such  as  scope,  location  and  time  should  also  be  considered.  Number  of 
samples  should  be  increased  in  order  to  have  a  better  generalization.  Future  research  could  also  be  investigated 
focusing  on  the  effectiveness  of  the  gold  dinar  investment  strategy  and  their  implementation  to  increase  economic 
stability,  using  broader  empirical  basis  for  reaching  various  kinds  of  comparative  conclusions  (Nik  Muhammad, 
2010). 
Conclusion The researcher concludes that among those four factors, Economics, followed by social, political and 
investment factors influence the acceptance of public towards Kelantan gold dinar. It can be proved by factor 
analysis and the mean value in the descriptive results. Based on the results derived from the present study, the 
implication from this research will provide advantage to Permodalan Kelantan Bhd (PKB) who initiate this 
investment vehicle in improving their strategy to increase awareness and acceptance towards gold dinar investment. 
This gold dinar is not the matter of political agenda, but more towards economic view, as to strengthen Malaysian 
economic through the anticipation of gold dinar as trade, medium of exchange, a new tool of investment and as an 
alternative of existing currency. In the case of Kelantan gold dinar, it is not restricted to the Kelantanese only or 
people who live in Kelantan, but to all Malaysian who are particularly aware the unique of gold dinar. 
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