16th January 2002

E-Dinar Payment System Introduced in the UAE

keralamonitor.com

Dubai : At a time when the GCC leaders are moving ahead to introduce a common Arabian currency, a private company has introduced an e-dinar in the Gulf region. The e-dinar is the first electronic currency that unleashes the potential of worldwide e-commerce by enabling secure payments over the internet that are backed by physical gold.

"The e-dinar is proving to be very popular throughout the world as a method of e-payment, because it is simple, secure and open to all. Because of the fundamental political consequences of the introduction of paper money instruments into the Arab and Islamic world, the reintroduction of the gold money can be expected to be an equally significant milestone in the changing tides of the world economic - hence social - situation," noted Yahya Cattanach, Chief Operating Officer of e-dinar, global payment system. e-dinar is also the name of the electronic unit used within the e-dinar system.

Each e-dinar electronic unit corresponds to an exact, fixed weight of 4.25 grams of pure 24k gold. This unit is infinitely divisible thus allowing large as well as very small transactions.The physical gold bullion backing e-dinar units is always equivalent or larger than all electronic dinars in circulation. The physical gold bullion is held securely in internationally renowned bullion repository.

Transactions are executed using e-dinar units and, as a rule, do not result in physical movement of gold in the bullion repository. The exception are large transactions of at least 100'000.- USD where gold bars are physically moved between pallets.Account holders always have the option to exchange their e-dinars into any major currency or redeem them and take physical possession of an equivalent amount of gold dinar.

"This is a break through for e-commerce, a secure currency that is within the reach of everyone, and without the negative 'side effects'. Gold-backed systems are the leading on-line payment systems according to the Wall Street Journal, Forbes Magazine, Times and Nippon Business," commented Monal Zeidan, CEO, Zeidan Consultancy.