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2013 April
20
news

The launch of The Wadi'ah in Malaysia

Wadiah Nusantara

April 2013 saw the launch of the first legitimate Wadi'ah service for over one hundred years in Kuala Lumpur, Malaysia, called "Wadi'ah Nusantara". The term 'wadi'ah' quite simply means safekeeping. But it is much more than just that.

Wadiah-Nusantara2010 saw the issuing of the dinar and dirham by the Malaysian state government of Kelantan, and in recent months we have witnessed four different Sultans all implement the minting of the coins under their authority, in accordance with with the Fiqh. They are the Sultans of Cirebon, Ternate and Bintan (Indonesia) and Sulu (formerly Philippines). After authorisation from the Sultan is declared, the coins must be minted at the highest possible quality to ensure durability and authenticity, with both visible and invisible security features so that it can function as a trusted currency. We only use World Islamic Mint (WIM) coins for this reason.

After minting comes the promotion and selling of the coins. The aim is to remove fiat currency from circulation and restore the Dinar & Dirham as the preferred currency of Muslims. The new currency must be available and every individual must have the opportunity to use it in any commercial or business transaction he wishes to enter, as well as to save in it. We formed a network of businesses that accept the coins called "Dinar Shops" (dinarshops.com).

The Wadi'ah is simply a service in which the depositor gives their property to al-wadi' to safe keep in return for a payment, which covers the costs that the Wadi'ah incurs. So the wadi'ah opens accounts for people, to safekeep their coins. But with the wadi'ah comes another service, the payment system.

Our Wadi'ah offers three services:
1. Wakil: we sell coins
2. Wadi'ah: we safe keep coins
3. Payments: we facilitate payments between account holders

The payment system allows account holders to make payments to other account holders, remotely. This means people can pay others (or get paid) any amount, anywhere in the world (who has an account) and the recipient can go their local branch and withdraw the coins. Initially we have started with one branch.

This function of making transfers is the role of the wakil (plural: wakala). So our wadi'ah service is also a wakala service too. The wakil acts on behalf of both parties making the transaction. Hence, when the transfer is made, it is in reality your act of paying done by the wakil and the other party receiving your payment through his wakil. So ultimately the transaction is between only between you and the other party. Due to the limitations of distance you need a wakil to facilitate the physical as well as the electronic transfer. The wakil is a system managed by human beings that both parties employ.

The Wadi'ah has safe keeping branches; open to the public but secure. The Wadi'ah should be as close to the users as possible, so that users have the easiest access to their coins. Obviously the more branches we have themore accessible the coins will be to the people. As the wadi'ah service carries such high responsibility, i.e. safekeeping gold and silver coins, any company wishing to be involved will be required to apply and go through a vigorous licensing programme. We will be working with WIM to develop this.

For more information please visit, www.wadiahnusantara.com
or contact info@wadiahnusantara.com