Dinar Money: Dinar conversion

Rabu, 8 Oktober 2008

Dinar conversion

The Islamic gold dinar conversion rate to other currencies is based on gold spot price. International gold spot price is published in troy ounce of 24k gold, while gold dinar is 22k gold measured in grams. Because one kilogram is about 32.15 troy ounce, the International gold spot price is about 7.98 times of gold dinar conversion rate. weight of coin (grams) × purity of coin × troy ounces per kilogram = fraction of spot price per coin

$4.25\mathrm{\ g} \times \frac{22\mathrm{k}}{24\mathrm{k}} \times \frac{32.15\mathrm{\ oz}}{1000\mathrm{\ g}} = \frac{1}{7.98}$

For example, if today gold spot price is USD848.4 per ounce, then one Islamic gold dinar is about USD106.3 (848.4 divided by 7.98). The current gold dinar was a theoretical coin in the Islamic world until September 2006.

How to get 7.98?

=(31.1034768/1)/((4.25/1)*(22/24)) = 7.98

USD848.78 per ounce/7.98 = USD110.07 Per one Gold Dinar (4.25 Grams & 22k Gold)

In RM = multiply with the current exhange rate. i.e: x 3.45 = RM 366.7

source: http://en.wikipedia.org/wiki/Islamic_gold_dinar