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KL Summit: Muslim Leaders consider trade in gold, Islamic Dinar to evade sanctions

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21st Dec, 2019. 07:07 pm
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KL Summit

KL Summit: Muslim leaders in Kuala Lumpur are considering to trade more among themselves, gold and each other’s currencies should be preferred for payments.

According to the details, Malaysian Prime Minister Mahathir Mohamad said on Saturday that Malaysia, Iran, Turkey and Qatar are considering trading among themselves in gold and through a barter system to counter future economic sanctions on them.

Mahathir was addressing to the media at the end of an Islamic summit held in Malaysia. He praised Iran and Qatar for withstanding economic embargoes and said 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.

Mahathir also referred Islamic medieval gold coin and said “I have suggested that we re-visit the idea of trading using the gold dinar and barter trade among us”.

“We are seriously looking into this and we hope that we will be able to find a mechanism to put it into effect.”

In the KL Summit, The leaders agreed they needed do more business among themselves and trade in each other’s currencies.

Pakistan was also supposed to attend the summit but E on Tuesday (Dec 17) Pakistan withdraws to attend Kuala Lumpur Islamic Conference in Malaysian capital.

Prime Minister Imran Khan telephoned Malaysian Prime Minister Mahathir Mohammed and informed him of his decision not to attend the KL Summit in Kuala Lumpur.

Dr Mahathir appreciated Prime Minister Imran Khan’s call to inform of his inability to attend the summit where the Pakistani leader was expected to speak and share his thoughts on the state of affairs of the Islamic world.

Meanwhile, Turkish President Recep Tayyip Erdogan said on Friday that Kingdom of Saudi Arabia issued economic pressure to Pakistan to withdrawing from a gathering of leaders from many Islamic nations in Malaysia.

After that, Pakistan’s Foreign office has issued an official statement on Pakistan’s withdrawal to attend Kuala Lumpur Islamic Conference in Malaysian.

Spokesperson foreign office Aisha Farooqui stated “Pakistan did not participate in the KL Summit as time and efforts were needed to address the concerns of major Muslim countries regarding possible division in the Ummah.”

“Pakistan will continue to work for the unity and solidarity of the Ummah, which is indispensable for effectively addressing the challenges faced by the Muslim world,” she added.

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