Discourse Analysis of the Dinar Currency System and the single currency agenda in the Gulf States

Dinar (Gold) currency system has been the focal point of monetary authorities in both medieval and modern periods. The purpose of this paper is to discuss the historical connection between the dinar currency system and the single currency agenda in the Gulf States. The authors adopt qualitative research method, while sourcing the required information from the documentary sources. The sourced materials were critically analysed using discourse analysis. The first finding indicates that there is a strong historical connection between the dinar currency system and the single currency system in the Gulf States because of its religious and cultural connection to Muslim countries especially in the Middle East and North Africa (often called MENA). The second finding indicates that the desire by the six GCC member nations to have a single currency is motivated by the strong belief that a single currency in the region would place them at a vantage position to assert their influence economically, diplomatically and politically at the level of international trade relations. The implication of the paper is that the modern calls for the formation of economic and political blocs in the Gulf region have religious and cultural connections with the dinar currency system which collapsed in Turkey in 1928