GOLD DINAR: THE CAPABILITY OF STABILIZING PRICES

Transcription

1 BM(23) GOLD DINAR: THE CAPABILITY OF STABILIZING PRICES Dziauddin Sharif 1, Norliana Atan 2, Dr Ahmad Che Yaakob 1 Center for Islamic Thought and Understanding, Universiti Teknologi MARA Johor, Malaysia 2, 3 Universiti Teknologi MARA Johor, Malaysia * dziau646@johor.uitm.edu.my ABSTRACT The word Dinar refers to gold coins used as a medium of exchange by Muslims throughout the Islamic history until the fall of the Ottoman caliphate. Islamic Dinar coinage was first issued in Damascus by Caliph Abdul Malik ibn Marwan in the year 77H. It is reported that the prophet Muhammad (saw) had said that A time is certainly coming over mankind in which there will be nothing (left) which will be use save a Dinar and Dirham (Musnad of Imam Ahmad Ibn Hambal). The Muslim scholars Ibn Khaldun ( C.E.) claimed that God created the two precious metals, gold and silver to serve as the measure of all commodities. The value of the Islamic bimetallic currency has remained surprisingly stable in relation to basic consumable goods for decades. Unlike paper money, the gold dinar cannot be inflated due to the special characteristic that it has. In addition, the Gold Dinar can be an ideal currency to facilitate; increase international trade and minimize speculation in paper currency that lead to the Asian crisis in By using Gold Dinar, it can regulate naturally the market in stabilizing the price fluctuation due to the demand and supply activities. This paper concentrated on the imports of major and selected commodities issued from 1996 until Gold Dinar and USD are used as independent variables while oil, utility, transportation and commodity prices are used as dependent variables. The analysis for the year 1996 to 2005 is based on Pearson-Product-Moment Correlation and Descriptive Analysis. This study found that Gold Dinar has strong correlation with oil and consumer products while USD has strong correlation with consumer products and construction products. Keywords: gold dinar, stabilize, price fluctuation INTRODUCTION The word Dinar refers to gold coins used as a medium of exchange by Muslims throughout the Islamic history until the fall of the Ottoman caliphate. Islamic Dinar coinage was first issued in Damascus by Caliph Abdul Malik ibn Marwan in the year 77H. It is reported that the prophet Muhammad (saw) had said that A time is certainly coming over mankind in which there will be nothing (left) which will be use save a Dinar and Dirham (Musnad of Imam Ahmad Ibn Hambal). The Muslim scholars Ibn Khaldun ( C.E.) claimed that God created the two precious metals, gold and silver to serve as the measure of all commodities. With the spread of Islam, the Dinar was minted in large quantities and gradually displaced the bezant gold as the major international currency, circulating throughout the Muslim world and the Christian Europe as well. After the two world wars that caused serious trade disruptions, the gold standard collapsed and was replaced with the Bretton Woods system. In modern history, as a consequence of currency crisis in Asia, the first in 1997, the former Prime Minister of Malaysia, Mahathir bin Mohamad proposed introduction of Islamic gold dinar as a currency for international trade in the Muslim world.

2 ECER Regional Conference 2008, UiTM Kelantan It was supposed to suppress the too overly traded American dollar and ensure that dollar's instability does not affect international trade because Islamic gold dinar was to be tied to the price of gold and thus provide stable value of the currency. Mahathir announced that Malaysia was to start using the dinar in mid-2003, but when Abdullah Ahmad Badawi replaced him as the Prime Minister of Malaysia in 2003, this idea was halted. On 20 September 2006, Kelantan became the first state to launch gold dinar coins. It features the Kelantanese state crest, the date of production, as well as the weight and purity of the gold used on its face. The coins can be bought and sold at the Kelantan Corporation Bhd (Perbadanan Kelantan Bhd) and all eight Ar-Rahn Islamic pawnshops in the state. THEORETICAL FRAMEWORK Independent variables: Gold Dinar, US Dollar Dependent variables: Oil Price, Price of Consumer Product and Price of Construction Product. Independent Dependent Oil Price Gold Dinar Price of Consumer Products Price of Construction Products Oil Price US Dollar Price of Consumer Products Price of Construction Products Figure 1: Schematic Diagram (Relationship Diagram) DATA ANALYSIS AND TREATMENT The statistical tool used in this study is Pearson Correlation Coefficient. In this subsection, this paper would develop the empirical method to detect the possible correlation of oil price, price of consumer products and price of construction products between Gold Dinar and USD. Due to extent regression correlation, the analysis will show on how to determine the nature capability of the relationship. In order to determine the strongest relation, the author would construct correlation analysis. It is followed by Pearson-product Moment Correlation by implementing the data output into computer. The methodology is useful in this context as it is recognized to correlate dichotomous and continuous variables and is the most common measure in linear relationship. This coefficient has a rage 742

3 Dziauddin, Norliana, Ahmad Che Yaakob, Gold Dinar of possible values from -1 or +1. The values indicate the strength of the relation, where the sign (+1 or -1) indicates the direction. This method could be analyzed by using the Statistical Package for Social Science (SPSS). The Pearson- Product Moment Correlation can be evaluated by:- Ho: p = 0 Hı: p 0 where p is the correlation coefficient between Gold Dinar and USD. The second method that has been used is descriptive analysis. This method was used to find the mean for the price of oil, consumer products and construction products for Gold Dinar and USD. From this analysis, it also can give a view about the differences on the fluctuation price oil, consumer products and construction products in Gold Dinar and USD. FINDINGS AND ANALYSIS Overall the correlation analysis was analyzed by using the Statistical Package for Social Science (SPSS). The correlation analysis is the most versatile and popular statistical procedure. At the same time, it is a method that tries to look at the relationship between two variables in linear fashion. A person product-moment correlation describes the relationship between two continuous variables. A person product-moment correlation is used to correlate a dichotomous and continuous variable. This study addresses bivariate correlation using Pearson Product Moment Correlation. Simple bivariate is also referred to as zero-order correlation, referring to the correlation between continuous variables and is the most common measure of linear relationship. This coefficient has a range of possible value from -1 to +1. The value indicates the strength of the relationship, while the sign (+ or -) indicates the direction. Significance values of this study are 1% and 5% depending on the factors or independent variables involved. Significant means there is a significant correlation, in order to determine whether to reject of failed to reject the null hypotheses. Pearson Correlation Test This research examined the correlation price of oil, consumer products and construction products between the Gold Dinar and USD for the overall period of 1996 to Pearson Correlation test is used for this research to test the correlation price of oil, consumer products between Gold Dinar and USD to analyze the data for 10 years and by using the price of imports of major and selected commodities. This method is evaluated by Ho: p = 0 Hı: p 0 where p is the correlation between oil, consumer products and construction products over period. 743

4 ECER Regional Conference 2008, UiTM Kelantan Table 1: Dinar, Oil, Consumer and Construction Correlation Dinar Oil Consumer Products Construction Products Oil.706(*).022 Consumer Products -.853(**) Construction Products * Correlation is significant at the 0.05 level (2-tailed). ** Correlation is significant at the 0.01 level (2-tailed) Table 1 shows the results of Pearson Correlation test between Gold Dinar, oil, consumer products and construction products. This study begins analysis by estimating the correlation of the yearly change in prices. The samples begin from 1996 until From table 1, it shows a positive correlation for two from all pairs with the correlation of 0.25 or higher. As a result, Dinar s cross correlation with oil being reveals a strong correlation and the result is significant and clarified at which is below 0.05 level. It shows that there is no sufficient evidence to support the null hypothesis for Hypothesis 1 and the alternate hypothesis of Hypothesis 1 is accepted. Moreover, the results of correlation of Gold Dinar s with Consumer products is explained with a positive correlation at and significant at which is below 0.01 level. For the result, the alternate hypothesis of Hypothesis 2 is accepted and there is no sufficient evidence to support the null hypothesis of Hypothesis 2. The result on Gold Dinar s cross correlation with Construction products shows a weak correlation which is and not significant at which is above 0.01 or 0.05 level. As a result, the null hypothesis of Hypothesis 3 is accepted and there is no sufficient evidence to support the alternate hypothesis of Hypothesis 3. From the result of correlation between Gold Dinar and prices of oil, consumer products and construction products show that Gold Dinar and price of oil and consumer products have strong correlations. It also shows that Gold Dinar can influence the price of oil and consumer products. Looking at the current situation, oil price is the most important factor to influence other prices of goods. This is because when the price of oil increases, the other prices of goods also increase. When there is a strong relationship between oil and Gold Dinar, it can help to hedge our price to remain stable since the value of Gold Dinar is stable and has intrinsic value. Besides that, the same goes with the relationship between Gold Dinar and price of consumer products. When there is a strong correlation between Gold Dinar and the price of consumer products, it 744

5 Dziauddin, Norliana, Ahmad Che Yaakob, Gold Dinar can help to hedge the fluctuation of consumer products since the value of Gold Dinar is stable and has intrinsic value for a long time. Table 2: USD, Oil, Consumer Products and Construction Products Correlation USD Oil Consumer Products Construction Products Oil Consumer Products (**).009 Construction Products -.657(*).039 ** Correlation is significant at the 0.01 level (2-tailed). * Correlation is significant at the 0.05 level (2-tailed). Table 2 gives an idea on the results of Pearson Correlation test between USD, Oil, Consumer Products and Construction Products. This study estimates the correlation of the yearly changes in price. As a result, it shows a positive correlation of 0.25 or higher. The USD s cross correlation with oil is that shows the correlation and the outcome is not significant as is above 0.01 or 0.05 level. Because of that, the null hypothesis of Hypothesis 4 is accepted and there is no sufficient evidence to support the alternate hypothesis of Hypothesis 4. Besides that, the additional cases of correlation are USD with consumer products which explain a correlation of and significant at that is below 0.01 level. Thus, there is no sufficient evidence to support the null hypothesis of Hypothesis 5 and as a result, the alternate hypothesis of Hypothesis 5 is accepted. Moreover, USD and Construction Products consists a strong correlation of and significant at 0.39 that is below 0.05 level. From the result, the alternate hypothesis of Hypothesis 6 is accepted for this study and there is no sufficient evidence to support the null hypothesis of Hypothesis 6. From the correlation between the price of Gold Dinar and the price of oil, consumer products and constructions products, it can be seen that USD has a strong correlation between price of consumer products and construction products. But, USD does not have strong correlation with oil price which mostly influence the price of the other goods or products. As for the first result (see table 1) it shows that Gold Dinar with Oil and Gold Dinar with consumer products have significant positive relationships. For the second result (see table 2) it shows that USD with consumer products and USD with construction products have significant positive relationships. Because of that, this study has no sufficient evidence to support the null hypothesis for the hypotheses 1, 2, 5 and 6. From the result of this study, it can also be found that Gold Dinar has a strong relationship with oil price. It also shows that oil price will be influenced by the Gold Dinar. Compared to USD, it shows that there is no relationship between oil price and USD. Because of that, we can say that Gold Dinar is more 745

6 ECER Regional Conference 2008, UiTM Kelantan efficient as a medium of exchange to import crude oil from the foreign country. In the real life, the increase in oil price will influence the increase in all other prices of goods and commodities. This means that despite the increase in the price of oil, we are actually earning less due to the devaluation of the dollar (Mahathir, 2007). The same goes with the strong relationship between Gold Dinar and consumer products. Because of that, the Gold Dinar can also influence the price of consumer products and help to hedge the fluctuation of prices in order to reduce risk. As said by Mohd Dali (2003), the OIC countries are also encouraging the use of Gold Dinar as an alternative international payment settlement through the Bilateral Payment Arrangement Mechanism (BPA) with the cooperation from central banks to avoid the currency crisis from recurring. Descriptive Analysis The second method that has been used is descriptive analysis. This method was used to find the mean for the price of oil, consumer products and construction products for Gold Dinar and USD. From this analysis, it can also give a view about the differences on the fluctuation of oil price, consumer products and construction products in Gold Dinar and USD. Price ('000,000) 4000 Oil Dinar USD Yea r Mean USD: 1,209 million Dinar: 25 million Figure 2: Fluctuation of oil price in Gold Dinar and USD 746

7 Dziauddin, Norliana, Ahmad Che Yaakob, Gold Dinar From the above graph, the mean for oil price in USD is 1,209,000,000 while the mean for Gold Dinar is 25,000,000. The graph also shows the fluctuation of oil price in Gold Dinar and USD. From 1996 until 2005, we can see the price of oil in USD is still increasing from year to year. It also shows that the price of oil in USD is not stable and always fluctuate with the current situation. Compared to the price of oil in Gold Dinar, it shows that the price of oil in Gold Dinar remains stable from 1996 until The fluctuation of Gold Dinar is minimal if compared to the price of oil in USD. In addition, it also shows that Gold Dinar can hedge the fluctuation of oil prices. (%) Year Figure 3: Percentage Differences between Price of Oil in USD and Gold Dinar This graph shows the percentage differences between the price of oil in Gold Dinar and USD which is continued from graph 1. From the graph, we can also find that there are big differences of percentage between the prices in Gold Dinar and USD. The percentage differences of Gold Dinar with USD are strong which is above 97% from the year 1996 until When the difference between Gold Dinar with USD is bigger, it shows that Gold Dinar is strong and it can hedge the fluctuation of price compared to USD. 747

8 ECER Regional Conference 2008, UiTM Kelantan Prices ('000,000) ,537 1,411 1,169 1,157 1,137 1,130 1,081 1,003 1,249 1,429 Dina r USD Year Mean USD=1230 million Dinar= 27 million Figure 4: Price of Consumer Products in USD and Gold Dinar From the above graph, the mean for price of consumer products in USD is 1,230,000,000 while the mean for price of consumer products in Gold Dinar is 27,000,000. From 1996 until 2005, we can see the price of consumer products in USD is still increasing and continue to fluctuate from year to year. It also shows that the price of consumer products in USD is not stable since there is a big fluctuation of it with the current situation. Compared to the price of consumer products in Gold Dinar, it shows that the price of consumer products in Gold Dinar remains stable from 1996 until The fluctuation of Gold Dinar is minimal if compared to the price of consumer products in USD. In addition, it also shows that Gold Dinar can hedge the fluctuation of consumer product s prices. 748

9 Dziauddin, Norliana, Ahmad Che Yaakob, Gold Dinar (%) Year Figure 5: Percentage Differences between Price of Consumer Products in USD and Gold Dinar This graph shows the percentage differences between the price of construction products in Gold Dinar and USD which is continued from graph From the graph, we can also find that there are big differences of percentage between prices in Gold Dinar and USD. It shows that Gold Dinar can hedge the fluctuation of consumer products price since the percentage differences of Gold Dinar is strong which is above 97% from the year 1996 until

10 ECER Regional Conference 2008, UiTM Kelantan Price ('000,000) Dinar USD Year Mean USD: 1448 million Dinar: 31 million Figure 6: Price of Construction Products in USD and Gold Dinar From the above graph, the mean for price of construction products in USD is 1,448,000,000 while the mean for price of construction products in Gold Dinar is 31,000,000. From 1996 until 2005, we can see that the price of construction products in USD is still increasing and continue to fluctuate from year to year. It also shows that the price of oil in USD is not stable since there is a big fluctuation of it with the current situation. Compared to the price of construction products in Gold Dinar, it shows that the price of construction products in Gold Dinar remains stable from 1996 until The fluctuation of Gold Dinar is minimal if compared to the price of construction products in USD. In addition, it also shows that Gold Dinar can hedge the fluctuation of construction product s prices. 750

11 Dziauddin, Norliana, Ahmad Che Yaakob, Gold Dinar (%) Year Figure 7: Percentage Differences between Price of Construction Products in USD and Gold Dinar This graph shows the percentage differences between the price of construction products in Gold Dinar and USD which is continued from graph From the graph, it also found that there are big differences of percentage between prices in Gold Dinar and USD. The percentage differences of Gold Dinar with USD are strong which is above 97% from the year 1996 until It shows that Gold Dinar is strong and can hedge the fluctuation of price. CONCLUSION Several conclusions can be made after conducting a thorough analysis of the output and the result from tests. As for the first result (see table 4.1.1) it shows that Gold Dinar with oil and Gold Dinar with consumer products have significant positive relationships. For the second result (see table 4.1.2) it shows that USD with consumer products and USD with construction products have significant positive relationships. Because of that, this study has no sufficient evidence to support the null hypothesis for the hypotheses 1, 2, 5 and 6. From the descriptive analysis, the mean for oil price for USD is 1,209,000,000 while the mean for Gold Dinar is 25,000,000. Besides that, the mean for price of construction products in USD is 1,448,000,000 while the mean for price of construction products in Gold Dinar is 31,000,000. Furthermore, the mean for price of construction products in USD is 1,448,000,000 while the mean for price of construction products in Gold Dinar is 31,000,

12 ECER Regional Conference 2008, UiTM Kelantan From the graph also, we can find that the fluctuation of price in Gold Dinar for oil, consumer products and construction products is minimal if compared to the price in USD. The differences between Gold Dinar with USD are also big because it went above 97% from the year 1996 until This shows that Gold Dinar can hedge the fluctuation of oil price, consumer products and construction products. This study tried to simplify the issues of fluctuation in prices that will affect our economics stability. This research concentrates on the issues of Gold Dinar and USD as the medium of exchange that will influence the price of oil, consumer products and construction products. The objective of this research was to examine the relationship between price of oil, consumer products and construction products with Gold Dinar and USD. This lesson also gives valuable information, education and experiences to student, as it would be useful for researchers as a guideline and reference in order to make or conduct similar research in the future. The data set includes observations in the period of which is the time series basis analyzed by yearly on the price of oil, consumer products and construction products. All the data used in this research are collected from Statistics Department. The variables being collected are price of oil, consumer products, construction products, value of one USD and Gold Dinar that concentrates by yearly data on the period of 1996 until This research begins with the analysis by estimating the correlation coefficient of Gold Dinar and USD with price of oil, consumer products and construction products. For the result of Gold Dinar with oil and Gold Dinar with consumer products, they have significant correlation effect. But, for the result of Gold Dinar with construction products, it does not have significant correlation effect. Consequently, there is no sufficient evidence to support the null hypothesis of Hypotheses 1 and 2 but the null hypothesis of Hypothesis 3 is accepted. For the result of USD with oil, it does not have significant correlation effect and the null hypothesis of Hypothesis 4 is accepted. Besides that, for the result of USD with consumer products and USD with construction products, they have significant correlation effect and thus there is no sufficient evidence to support the null hypothesis of Hypotheses 5 and 6. Oil, consumer products and construction products are being chosen for this research since it will give a major implication in our life. For example oil price. As we know the world market price of oil in this world is still increasing especially after the war in Iraq. But, even though there is an increase in oil price, we still can hedge it so that it will not fluctuate very much. This situation can be resolved by using gold as our medium of exchange. When we use Gold Dinar, we only deal in small amount and standard values in transactions. This situation will bring the benefits to all countries regardless of currencies in poor or rich countries. Unlike USD as a single currency in international trading, the poor countries are forced to pay more due to the value of currency that they have which are much cheaper than others. 752

13 Dziauddin, Norliana, Ahmad Che Yaakob, Gold Dinar RECOMMENDATION The analysis of oil, consumer products and construction products reaction towards Gold Dinar and USD provides opportunity to test possible theories. The process of analyzing the reaction of correlation is based on the use of yearly data in this study. Therefore the researchers can use different data to be performed such as monthly data for ten years. Besides that, more previous literature review should be added to have more understanding and information. Moreover, the number of selected commodities to become the subject of research should be extended such as copper, machinery and equipment that have been used for particular industries and parts, etc. Further research on the issues of Gold Dinar in other areas is still crucial to be explored especially in banking industry. This is because, more research on this topic will result new inventions and systems to be founded. It also could encourage more information about the benefits of using Gold Dinar compared to the paper currency especially in the international trading. Finally, people should know the importance of using Gold Dinar since it is more stable compared to USD. It has the ability to hedge the fluctuation of price and gradually being capable to avoid the economic crisis such as inflation or recession. Moreover, it also provides the platform to ensure the economic stability in a longer duration. REFERENCES Al-Quran and Hadith Ahamed Kameel Mydin Meera & Moussa Larbani (2004). Seigniorage of Fiat Money and the Maqasid Shariah: The compatibility of the Gold Dinar with the Maqasid. Department of Business Administration, faculty of economics and Management Sciences, International Islamic University Malaysia, Jalan Gombak, Kuala Lumpur, Selangor, Malaysia. Ahamed Kameel Mydin Meera and Hassanuddeen Abdul aziz (2002). The Islamic Gold Dinar: Socioeconomic Perspectives. Proceeding of the 2002 International Conferences on Stable and Just Global Monetary System at International Islamic University Malaysia Ahamed Kameel Mydin Meera (2002). The Islamic Gold Dinar, 1st Edition, Pelanduk Publications (M) Sdn Bhd. Abdul Halim Abdul Hamid and Norizaton Azmin Mohd Nordin (2002). Dinar and Dirham Effect on the Banking Business and Its Solution. Proceedings of the 2002 International Conference on stable and Just Global Monetary System at International Islamic University Malaysia Dato Dr. Mahathir Bin Mohammad (2002). Seriousness of the Gold Dinar. Evans, Abdalhamid. The Gold Dinar- A Platform For unity. Proc. Of The International convention on Gold Dinar As An Alternatives International Currency. July 1, 2003 Putra World Trade Centre, Kuala Lumpur Hj. Muhammad Nasri Hj. Md Hussain and Azizi Abu Bakar (2004). Potensi Dinar Emas Sebagai Mata wang Utama Dunia: Teori & Strategi. Universiti Utara Malaysia. James Turk and John Rubino (2004). The Coming Collapse Of The Dollar and How To Profit From It, 1st Edition, Doubleday. 753

14 ECER Regional Conference 2008, UiTM Kelantan J.Kent Willis (2004). Resurrection of The Islamic Gold Dinar: The Moral Imperative From The Muslim Perspective As Perceived In The West. Khaled Hanafi ( 2003). Islamic Gold Dinar Will Minimize Dependency on US Dollar. Cairo- IslamOnline. Mohd Dali at el. (2003) Gold Dinar. Using Bilateral Payment Arrangement system or Electronic Payment System. Proceeding of Student Conference on Research Development. Universiti Tenaga Nasional. Michael O. Billington (2002). Gold Dinar: An Economic and Strategic. Executive Intelligence Review. Rose, Peter s. (2000). Money and Capital Markets: Instruments in a Global Marketplace, 7th Edition, Irwin-McGraw Hill, Boston. Uma Sekaran (2005). Research Methods for Business: A Skill-Buildind Approach, 4th Edition, John Wiley & Sons, Inc

15 Dziauddin, Norliana, Ahmad Che Yaakob, Gold Dinar APPENDIX 1(a) Year RM/USD Gold (RM/oz) Gold (RM/g) 1 Dinar (4.25g) ) Milk& Cream, Powder Year RM USD Dinar ,500, ,538, ,558, ,400, ,015, ,660, ,000, ,000, ,974, ,400, ,263, ,332, ,800, ,631, ,995, ,200, ,894, ,666, ,200, ,368, ,758, ,100, ,657, ,880, ,008,100, ,289, ,738, ,102,100, ,560, ,798, ) Wheat Year RM USD Dinar ,300, ,831, ,092, ,200, ,526, ,654, ,300, ,236, ,806, ,200, ,315, ,648, ,900, ,078, ,905, ,300, ,131, ,566, ,400, ,684, ,765, ,000, ,842, ,461, ,090,300, ,921, ,125, ,121,700, ,746, ,883, ) Rice Year RM USD Dinar ,500, ,505, ,029, ,300, ,152, ,376, ,500, ,605, ,959, ,900, ,184, ,963, ,300, ,394, ,756, ,700, ,394, ,764, ,100, ,236, ,171, ,700, ,921, ,113, ,100, ,236, ,576, ,700, ,195, ,998,

16 ECER Regional Conference 2008, UiTM Kelantan APPENDIX 1 (b) 4) Maize Year RM USD Dinar ,130,100, ,897, ,471, ,144,300, ,747, ,772, ,500, ,868, ,463, ,114,300, ,236, ,692, ,088,400, ,421, ,510, ,300, ,657, ,795, ,088,600, ,473, ,769, ,131,800, ,842, ,998, ,148,200, ,157, ,397, ,368,200, ,957, ,956, ) Raw Beet & Cane Sugar Year RM USD Dinar ,100, ,268, ,855, ,600, ,625, ,735, ,051,100, ,605, ,880, ,300, ,868, ,712, ,800, ,631, ,650, ,087,200, ,105, ,725, ,900, ,078, ,074, ,100, ,342, ,760, ,600, ,894, ,463, ,119,100, ,058, ,872, ) Crude Petroleum Year RM USD Dinar ,600, ,548, ,482, ,500, ,170, ,629, ,200, ,000, ,452, ,357,400, ,210, ,371, ,000,300,000 1,315,868, ,504, ,891,400,000 1,550,368, ,864, ,777,500,000 1,257,236, ,708, ,305,300,000 1,659,289, ,419, ,723,600,000 2,032,526, ,306, ,825,500,000 3,392,989, ,836, ) Steel Year RM USD Dinar ,991,100,000 1,982,562, ,415, ,910,500,000 2,049,268, ,309, ,021,000,000 1,058,157, ,320, ,928,200,000 1,296,894, ,023, ,985,200,000 1,311,894, ,400, ,611,800, ,473, ,665, ,770,800, ,315, ,448, ,162,900,000 1,095,500, ,064, ,584,200,000 1,732,684, ,950, ,589,600,000 2,007,830, ,041,