In 2021 the creator of the documentary below (brother Asif Shiraz @AsifShiraz) on the history of the Gold Dinar movement also wrote an essay explaining why he believes Bitcoin is a good alternative to the current fiat, riba based financial system in the digital age. He discusses why he was a gold bug for a long time and the unfortunate limitations the Gold Dinar movement faced in trying to realize their vision.
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Bitcoin: A Second Chance For The Muslim World
– The historical suppression of technological advancements, such as the printing press, has contributed to intellectual stagnation in the Muslim world, contrasting sharply with its earlier golden age of innovation.
– The early Islamic community was characterized by an openness to new ideas, which facilitated a blend of intellectual inquiry and mystical experience, leading to significant advancements in various fields.
– The Mongol destruction of the House of Wisdom marked a turning point, resulting in a loss of intellectual capital and a conservative approach to knowledge and innovation in the Muslim Ummah.
– Islamic financial principles, established by the Prophet Muhammad, emphasize sound money, the prohibition of usury (Riba), and the avoidance of uncertainty (Gharar), which remain relevant in contemporary discussions of finance.
– Attempts to integrate modern banking with Islamic principles have often resulted in superficial adaptations rather than genuine reform, leading to a reliance on traditional systems that may not serve current needs.
– The Gold Dinar Movement emerged as a response to the shortcomings of fiat currency, advocating for a return to sound money based on gold, but faced logistical and regulatory challenges.
– Bitcoin presents an innovative alternative to traditional banking and fiat currency, offering a decentralized and censorship-resistant financial system that aligns with Islamic values of sound money.
– Education and awareness about financial systems and Bitcoin are crucial for overcoming the current economic challenges faced by the Muslim world and fostering financial empowerment.
– The adoption of Bitcoin can serve as a tool for revolution, enabling the Muslim community to separate from the existing fiat system and pursue economic independence.
– Bitcoin’s characteristics make it a viable medium of exchange and store of value, providing immediate support to those in need, rather than waiting for broader political or social reforms.
Moro Blanco 
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