“I-Dinar” the first electronic platform for the Islamic exchange of digital currency.

On the sidelines of the 5th International Islamic Finance Conference, the first Islamic platform for the exchange of gold-backed digital currency, I-DINAR, was launched in Doha today.

The I-Din platform is an electronic symbol based on the exchange of digital currency.

Its initial value of one dinar is supported against one gram of gold,

It states one I dinar is valued at one gram of gold.

It takes 28.35 grams to equal an ounce.

Let’s say an ounce of gold is 1320.00.

Divide 1320 by 28.35 you get 46.56 per gram.

Doesn’t have to be 100% backed in fact my understanding is that BASEL III is 6% x 46.56 = USD2.79 each dinar worth?