WIM Standard Design Specifications
- The design of the Reverse side must be identical for each denomination of gold and silver coins
- The design of the Face changes according to the mints that produce them. The Face of the coin can contain the Logo of the State, the Sultan or any organization that mints them.
These are the standard measurements of the Islamic gold Dinar and silver Dirham.
These measurements are based on the original standard of Umar ibn al Khattab, may Allah be pleased with him.
Difference between Investment coins and Currency coins
Investment coins are not used as means of payment and therefore do not require some of the conditions that inherent to currency, namely:
1] Anti-counterfeiting Features
2] Pricing proportional to the weight
3] Global prices
Counterfeiting is the most important problem to currency. The first line of defense against counterfeiting is quality. Our coins require state of the art minting and highest security features in the trade in order to provide the highest degree of confidence to the public. Since the purpose is to prevent forgeries that means staying ahead of the possible forgeries and therefore the coins must be continuously tested against counterfeiting threats.
We are using two levels of anti-counterfeiting one is "enhanced hologram" for the highest denomination coins (5 and 10) and for all the other denominations (1/2, 1 and 2) we use edge lettering and hidden marking technologies.
Pricing Proportional to the Weight
Unlike investment coins circulating coins such as the Dinar and Dirham must have a selling price proportional to their weight –not to their production costs.
This is because according to Islamic Law, Dinars must exchange with Dinars "equal for equal" according to their weight. The same applies to Dirhams.
It follows that the premium on the coins must be the same to all the coins and that the differences in production costs are bared in average by all the different denominations.
The Dinar and the Dirham are global coins intended to circulate throughout the world as a single currency. In order to circulate globally they must follow global standards of quality and also common global prices. The price of all Dinars and all Dirhams in circulation worldwide follows a common pricing policy determined by formula and based on the world market price of gold and silver respectively.
This common pricing policy is coordinated and published daily in the WIM website, acting as a global regulatory organization of the Shariah currency throughout the world.
The common prices then are quoted daily in local currency by a local pricing board that determines the exchange rates policy and the rounding. This local price is known as the "recommended retail price" [RRP] and is valid within the geographical area in which the local currency operates. The rounding is a common pricing policy intended to create stability in the prices especially with regard to the Dirham prices.
The prices are then displayed in all the Wakalas (authorized buying and selling outlets), market places, official institutions related to the Minting companies and in the local mint website.