Iran, Malaysia, Turkey and Qatar are considering trading among themselves in gold and through a barter system as a hedge against any future economic sanctions on them, Malaysian Prime Minister Mahathir Mohamad said yesterday.
At the end of an Islamic summit in Malaysia, Mahathir praised Iran and Qatar for withstanding economic embargoes and said that it was important for the Muslim world to be self-reliant to face future threats.
“With the world witnessing nations making unilateral decisions to impose such punitive measures, Malaysia and other nations must always bear in mind that it can be imposed on any of us,” Mahathir said.
US-allied Arab states Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and trade links with Qatar about two-and-a-half years ago over allegations it backs terrorism, a charge that Doha denies. Iran has been hit badly after the US reimposed sanctions on it last year.
“I have suggested that we revisit the idea of trading using the gold dinar and barter trade among us,” Mahathir said, referring to the Islamic medieval gold coin. “We are seriously looking into this and we hope that we will be able to find a mechanism to put it into effect.”
The leaders agreed that they needed do more business among themselves and trade in each other’s currencies.
The summit, which was snubbed by Saudi Arabia, was criticized for undermining the Saudi Arabia-based Organisation of Islamic Cooperation (OIC), which represents 57 Muslim-majority nations.
All OIC members were invited to the Kuala Lumpur Summit, but only about 20 showed up, Malaysia said.
By the fourth and final day of the summit, no joint statement had been released. The summit had been expected to discuss major issues affecting Muslims, including Palestine, Kashmir and the plight of Rohingya Muslims in Myanmar, and China’s camps for Uighur Muslims in the Xinjiang region.
Without naming any country, Mahathir said that there is concern that Muslims in non-Muslim countries are being forced to undergo assimilation.
“We support integration, but assimilation to the extent of shedding our religion is unacceptable,” Mahathir added.
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