Iran, Malaysia, Turkey and Qatar are thinking about trading among them in gold and via a barter system for a hedge against some potential financial sanctions on these, Malaysian Prime Minister Mahathir Mohamad stated on Saturday.
Mahathir commended Qatar and Iran and stated it had been significant for the world to become self-reliant to face threats.
"Together with the world seeing countries making unilateral decisions to inflict such punitive steps, Malaysia and other countries must always keep in mind it may be levied on some people," Mahathir said.
U.S.-allied Arab countries like Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut trade and diplomatic links with Qatar roughly 2-1/2-years ago over allegations it supports terrorism, a fee Doha denies. Iran was hit, following the usa reimposed sanctions.
"I've indicated that we re-visit the notion of trading using the gold dinar and Hedge commerce among people," Mahathir said, referring to the Islamic medieval gold coin.
"We're seriously interested in this and we expect that we'll have the ability to discover a mechanism to place it into effect" The leaders agreed they had doing more company from the currencies of each other.
The summit, that was snubbed by Saudi Arabia, was nominated for undermining the Saudi-based Organisation of Islamic Cooperation (OIC), which reflects 57 Muslim-majority states. Malaysia said the OIC members were invited into the Kuala Lumpur summit but showed up.
The day at the summit had not any announcement published. The summit was expected to discuss issues affecting Muslims, such as Kashmir, Palestine and the plight of the camps for Uighur Muslims in its Xinjiang area of China and Rohingya Muslims in Myanmar.
Mahathir said that there was concern that Muslims from non-Muslim nations were made to experience assimilation without naming any country.
"We encourage integration but assimilation into the degree of shedding our faith is improper," he explained. In a press conference, he said the summit participants were advised that Uighurs were detained in China.
"We must listen to the country, we must hear the men and women who whine, then only it'll be honest," he explained.
He predicted the new citizenship act of India unlucky. The action facilitates for naturalisation of non-Muslims in Bangladesh Afghanistan and Pakistan who'd settled before 2015 in India.