Time banking should not be taken as a means to replace money, but rather as a "complementary" tool to fill the gaps in the current market economics.
Money has now long been established as the best mechanism for buying goods and services. People work or do business to build wealth which they can use to satisfy their needs and wants. However, transactions involving money have been purely mechanical in nature and there's less emphasis on the social value of exchange.
This is where time banking comes in. It brings social cohesion to individuals who share the same passion for creating a positive change, without regard for the monetary value of the labour, technical skills or services they offer.
"The monetary system does a lot of great things. It runs very smoothly in many respects, but it has its gaps. And we're using Time Dirham as an example of a grassroots level kind of initiative which helps fills some of those gaps. So it should be called a complementary currency. It's never intended to replace money," explains Amir-Esmail Bozorgzadeh, also a founder of Time Dirham.
"The thing about monetary system is that it sometimes operates in a sink-or-swim kind of philosophy. You earn dollars, you hoard money and you feel secure. You don't feel the aspect of community belonging or community support ... And the walls that are built around time banking are totally different. Everything is equal, whether you're a lawyer or housewife," he says.
Shymaa Bin Braik, the organisation's co-founder, says there's no denying the fact that people still have to rely on the traditional economy to meet their basic needs and services.
"If you need water or electricity, you're still going to have to go through the market economy. What Time Dirham is essentially saying is that there are certain things you can rely on, or there's a social network to help you with.
And it's through those interactions in your social network, through a sort of trading of each other's time that you can, for one, meet each other's needs. That also creates a side benefit which is like social cohesion, trust and unity," she adds.
