A new company selling dinar and dirham coins have been established in Singapore recently for the purpose of savings and investments.
The company, registered as FLITU International has been operating since last October, along Arab Street, opposite the Golden Landmark building. Haji Abdul Rahman Arif Haji Tahir, a Bruneian entrepreneur who acts as the Chief Executive Officer, owns the company.
According to Haji Abdul Rahman, 45 years of age, the company is a joint venture of two companies – Rufus International and YESINV, which comes together as YesRufus Goldsmith. Rufus International originates as an import and export company for gold and silver generic bullions, which is based in Kuala Lumpur, Malaysia.
YESINV is a Bruneian company, which offers training services and financial intelligence courses owned by Haji Abdul Rahman. To explain the establishment of the new branch in Singapore, Haji Abdul Rahman states: “We think it is the best option to invest in gold and silver, rather than placing your investments on something that most investors have not a clue of.It is a very safe and stable investment and at the same time not volatile.” The company is headquartered in Bandar Seri Begawan, Brunei. Prior to this, the company has established branches in Petaling Jaya, Malaysia and Makati in Philippines. Further expansion of distribution channels will be established across the country this year, including Sarawak and Sabah. Another branch will be opened in Penang Island next month, added Haji Abdul Rahman .
The company produces two types of dinar coins – 1 dinar and ½ dinar. A 24 karat 1 dinar pure gold coin of 4.25gram is sold at a price of $394 inclusive of GST while the 24-karat ½ dinar pure gold coin, weighing at 2.125 gram is sold at $197 inclusive of GST. The company also mints and produces three types of dirham coins – 1 dirham, 2 dirham and 3 dirham. One pure silver dirham weighing at 2.975 gram sells for $8.35 inclusive of GST. The company designed the dinar and dirham coins. One surface displays the kris, a dagger of Bruneian heritage, and the opposite is a calligraphic sentence of Arabic origin which means “Let’s go for prayer, let’s go for success”. The dinar and dirham coins are sold to everybody, Muslims or non-Muslims.
“We would also like to share our knowledge and understanding about the value of gold and silver to the general public – not just as an investment tool, but also an instrument of preserving wealth.”
“We will be holding a few workshops concerning financial intelligence, based on the value of dinar and dirham coins, for investment and savings purposes, and how its value is withheld even when inflation hits.”
“We would also like to educate the general public about the usage of the dinar and dinar coins, on how owning physical precious metals does not go against a country’s regulations, and how it would complete one’s financial portfolio.”
YesRufus Goldsmith has organized a seminar on the dinar and dirham last Saturday with the ongoing topic of “Real Money In A Conventional Economy”. Haji Abdul Rahman and a scholar in the field of philosophy and Islamic economy, Mr. Abdul Halim Abdul Karim, delivered the lecture at the seminar. According to Haji Abdul Rahman, his company will be producing and selling gold and silver bullions in dinar and dirham denominations by the end of the following month.