Islamic countries should use Gold Dinar or Barter exchange to bypass US

Lumpur: Malaysian Prime Minister Mahathir Mohammed advised that the Islamic countries should start using Gold Dinar as currency or barter exchange system. Mahathir Mohammed expressed confidence that this would facilitate countering sanctions imposed by countries like the United States. Iran and Turkey have supported the idea, and there are indications that steps will be initiated in that direction, in the near future.

Important countries like Turkey, Iran and Qatar have participated in the Kuala Lumpur Summit held in Malaysia. There are clear indications that these countries have been preparing to challenge Saudi Arabia led the ‘Organisation of Islamic Countries’. Therefore, Saudi Arabia and its allies did not show up in the summit. It is claimed that Pakistan, who was keen on participating in the summit had to refrain because of pressure from Saudi. However, Saudi has dismissed this claim.

In this scenario, the highest priority has been given to the economic cooperation between the Islamic nations. In order to confront the economic domination of the US dollar, Islamic cryptocurrency should be introduced, suggested Iranian President. Malaysian President Mahathir Mohammed demanded that the Islamic nations should start their dealings among themselves, in Gold Dinars. Mahathir Mohammed reiterated that the option of barter exchange also was open.

Mahathir Mohammed also made a striking statement that with this, the Islamic countries will not have to face the effects of the unilateral sanctions imposed by any country. The United States has imposed harsh sanctions against Iran, and the Iranian economy has been passing through a significant crisis, whereas, the United States has been preparing to impose sanctions even against Turkey. A prosperous country like Qatar also is trapped in the trade cornering by Saudi and its allies. As per Mahathir Mohammed, all these issues can be resolved by using Gold Dinar as currency.

Before this, in 1997, when the Asian countries were passing through the worst economic crisis, Mahathir Mohammed had suggested the use of Gold Dinars as currency. But no other country demonstrated the courage to challenge the domination of the USD as the international currency. But the issue has come up once again during the Kuala Lumpur summit and Iran, Turkey, Malaysia and Qatar seem to be preparing to develop an alternative system for US Dollar.

Mahathir Mohammed appealed to the Islamic countries to join the new economic system saying that sanctions have been imposed against one Islamic country, whereas, tomorrow, any country could be picked as a target for sanctions. Therefore, the US Dollar, which became the global currency, after being accepted as the ‘Petrodollar’, seems to be in for a new challenge. Therefore, there is a distinct possibility that a strong reaction is expected from the United States, Saudi Arabia and other allies, over the issue.