Iran, Malaysia, Turkey and Qatar are preparing to develop trade in gold and barter system as a shield against future economic sanctions, said Malaysian Prime Minister Mahathir Mohamad on Saturday, Reuters reported.
Close to the completion of an Islamic summit in Kuala Lumpur in Malaysia, Mahathir praised Iran and Qatar for opposing monetary embargoes sanctions and said it was noteworthy for the Muslim world to act autonomously in the face future risks.
With the world watching countries settling on embargoes, Malaysia and different countries should consistently recall that it tends to be forced on any of us, Mahathir said. He also said that these sanctions and embargoes do just affect Iran and Qatar, so it is necessary for the Muslim world to face potential dangers with confidence.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt, aligned with the United States, severed diplomatic and commercial relations with Qatar about two and a half years ago on charges that they support terrorism, an accusation refuted by Doha. Iran, meanwhile, was hit hard after the U.S. sanctions imposed on it last year.
I proposed that the four countries revive the concept of trading using the gold dinar and barter system amongst us, Mahathir said, referring to the Islamic gold coin from the medieval period. He also added that the nations were seriously looking into this and hoping that they will be capable of seeking a method for applying it.
The leaders decided that they required to do more business with each other and trade in the currencies of each other.
Saudi Arabia, scorning the summit, blamed it for debilitating the Saudi-based the Organisation of Islamic Cooperation (OIC), representing 57 Muslim-majority countries. Malaysia said every member from the OIC were invited to the Kuala Lumpur, yet only 20 turned up.
Even after the fourth and final day of the summit, which was intended to address serious issues affecting Muslims in Palestine, Kashmir, Myanmar and China, no official decision was announced.
He found unfortunate the latest act of Indian citizenship. The act encourages the faster naturalization of Afghan, Bangladesh and Pakistani non-Muslims who had settled in India prior to 2015.
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