Dato Seri Mahathir Mohamed, the Prime Minister of Malaysia, officially announced the opening of business of Dinarius-Dirham and the launch of its gold dinar and silver dirham at the Organisation of the Islamic Conference (OIC) Expo at Putrajaya International Conference Centre.
As the main sponsor of the event, Dinarius-Dirham led the initiative, which was supported by the Malaysian Government and the OIC. The government together with the 52 state heads of OIC countries endorsed the gold dinar through a gold dinar protocol in Putrajaya, Malaysia, in 2003.
Denarius Dirham Bullion (India) will start the business initially in Bangalore, India, with a showroom located in the city centre.
Objectives for the first three years of operation include:
• opening company-owned outlets in selected metropolitan cities (metros);
• opening franchised retail outlets across metros in tier I and II cities;
• presenting products in luxury hotel galleries and airport shopping areas;
• setting up a wealth management team that offers gold as an investment option;
• offering customers the option to buy gold in monthly instalments at a special rate;
• offering gold coins in different weights to cater to all segments of the population, institutions and corporates, and cross marketing them through stockbroking firms; and
• appointing individual agents working on a commission basis.
In the second phase of expansion, the company will forward integrate by offering designer gold jewellery and gold loans to prospective customers.
Denarius Bullion (India) will offer World Gold Council-approved products and provide ongoing customer service. It is a joint venture company of Dinarius & Dirham Global, based in Kuala Lumpur.
JV partner Dinarius Dirham Global is headed by Group Executive Chairman and President Dato Mohammed Raza, who has considerable experience in the bullion trading field.