FX fact: Islamic currency union
MARKET NEWS
Fourteen hundred years ago, Islamic nations used a single currency in the form of dinar and dirham -- gold- and silver-weighted coins that remained in use in Muslim states until the 1920s.
Today Murabitun, a movement that aims to revive the currency in the Islamic world, believes the dinar and dirham are the most stable currency units in the world because unlike paper money, metals cannot be reprinted or devalued by regulatory bodies to manipulate exchange rates.
Murabitun, led by academic Umar
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