The World Islamic Mint
What is the World Islamic Mint?
WIM verifies compliance with legal standards in accordance with Islamic law during the manufacture of coins and medallions. Correctly manufactured products receive a corresponding licence from the WIM.
We continually monitor the minting activity of all Islamic Mint Offices that mint the coins on a local basis. The dies of all the Islamic Mints maintain a certain standard incorporating key characteristics that allow people to recognise the coins.
WIM supports scientific research of the monetary system in general and the manufacturing process of coins and medallions according to Islamic law.
WIM examines the legal requirements and standards for the distribution of coins in the whole world. In addition we support the activities of lawyers regarding the introduction of these products as legal tender.
Perspectives of the "WIM Research Group"
Questions regarding monetary transactions are also being discussed at a global level during the present finance, debt and currency crisis.
The question as to the basic principles underlying an authentic Islamic currency and the ensuing legal questions is a matter under the scrutiny of the WIM Research Group.
A clarification of the legal parameters with respect to the use of the Islamic Dinar ensures the ongoing safeguarding of the standards and rules of minting.
The WIM Certification ensures in this way that no one alters for his own personal advantage the standards applying to the Islamic currency at present in circulation – such that weight, size as well as security features are determined in a uniform manner.
Muslim jurists, lawyers and researchers continue to concern themselves with:
- Basic Islamic legal sources dealing with Islamic currencies (the payment of Zakat, minting, circulation etc...). Legal scholars belonging to the various legal schools of Islam are working in this group.
- With contemporary background analyses of authentic money transactions in comparison with the present philosophy of paper money. Researcher and academics are working in this group towards regeneration within the current paper money crisis.
- With all the legal problems existing in connection with the use of the Islamic Dinar and Dirham (VAT, legal tender, statutory provisions at a national level).
Lawyers and international legal chambers are working in this group towards a legal monitoring of a global dinar economy taking into account national legislation.