The 1998 East Asian Crisis revealed the fallacies of the fiat money system, generally known as paper money system. Opposed to classical gold standard where money was redeemable for gold, paper money is not backed by any asset and hence works purely on trust. This system is unsustainable even though it is the global system is bound to flaunder one day. It also came clear the reason gold and silver formed the monetary standard in Islam. Backing money with assets like gold and silver made the economy fair, stable and sustainable. Indeed persistent inflation would disappear and make cost of living more stable under such a system. Hence TijarahNet Sdn Bhd was born with the objective of encouraging people to save in gold to protect against inflation and ultimately at an opportune time implement a payment and netting system based on gold.
While we at TijarahNet have been researching, educating and assisting the public on this since 2002 TijarahNet Sdn Bhd was incorporated in May 2011 initially as Bazaar Al Noor Sdn Bhd (946727-P).
TijarahNet therefore is the pioneer in pushing the idea of gold-backed money in Malaysia. This is a long shot since there are obstacles in realizing this in practice, particularly the legal tender law. Hence the idea needs to be pursued carefully within the present existing legal structure but with the objective of finally successfully implementing it. Now few other people and firms are also attempting this effort. In line in with this, our vision and mission are as follows:
Vision: To be the most trusted precious metals-based payments and netting system operator, committed to the realization of a Just, Stable and Sustainable economy, that is inflation-free and prosperous for all”
Mission: To collaborate with the right partners in Malaysia and worldwide to achieve our Vision
“We are dedicated to offering our customers a simple, reliable and secure environment for our customers to perform their business credit transactions. As a company, our mission is to improve the lives of our customers by providing quality products, services and solutions that earn their confidence and trust and build lifetime relationships and at the same time adhering to high moral and ethical standards.”
In pursuing its ambition, TijarahNet provides the following services to the public using online platforms:
- Sell and buy gold and silver – wafers, bullions and coins – in different denominations from 1gm to 1 kg. This is to assist the public and businesses to save in gold and silver. This feature also allows the public to invest in these precious metals, i.e. buy when the price is low and sell when it is high.
- A vault where customers can choose to place their precious metals for safe-keeping.
- Allow the transfer of gold between customers accounts. This feature allows the use of customers gold savings for payment, transfers and e-commerce.
- Implement a netting system backed by gold that would tremendously increase business and profitability of our customers with the least use of cash.
To operate an Interest-free Gold-backed Electronic Netting System (IGENS) is TijarahNet’s ultimate ambition, which is essentially a business-to-business netting system. Our vision for IGENS is:
“A vibrant and self sustaining community of individuals, businesses, corporations and government that serves the needs of each and every member”
The following are TijarahNet’s strong points:
- We have many years of experience dealing in gold
- We were involved in the launch of the first dinar in Malaysia in 2003, with the Royal Mint
- We were involved in the launch Dinar Kelantan in 2007
- Involved in the launch of Dinar of the state of Perak in 2011
- We have intellectual banking including Shariah compliance
- We have knowledge and expertise to implement an electronic payments and netting system with gold and silver backing