Muslim leaders call for using national currencies in trade among Muslim countries instead of the US Dollar

Malaysia has already started initiating the role of having a substitute Islamic finance- Recep Erdogan.

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  • Financial markets are fragile to shocks and manipulation, to avoid this; we should try to create new transaction systems- President Erdogan
  • With the cooperation of our central banks and new blockchain technology we should launch united cryptography to Muslim nations- President Hassan Rouhani
  • Rouhani further added, by using the national currency for trade, Muslim countries would gain independence from relying on the US dollar.

national currencies

At an ongoing Kuala Lampur Summit 2019, World Muslim leaders have called for using their own national currencies for trade to seek independent from US Dollar.

Own National Currencies

President Erdogan said, “Instead of doing trade using foreign currency, we would like to trade with our own national currencies. Financial markets are fragile to shocks and manipulation. To avoid such situation, all the Muslim nations should try to create new transaction systems”.

Erdogan further stated that nowadays trade war is a problem and affairs related to trade should be prioritized. Our agenda must also include Islamic finance. However, Malaysia has already started initiating the role of having a substitute Islamic finance, Recep Erdogan.

New Blockchain Technology

Meantime, President of Iran Hassan Rouhani said that with the cooperation of our central banks and new blockchain technology we should launch united cryptography to Muslim nations.

He further added, “In the past, Dr. Mahathir had wanted to introduce the Islamic dinar. With such technology underway, we can set up a new currency for the Muslim world. The benefit of cryptocurrency is that it can cut through bureaucratic and market fluctuations”.

Moreover, Rouhani further added, by using the national currency for trade, Muslim countries would gain independence from relying on the US dollar.


Also See:

Turkey Demands China To Close Their ‘Re-Education Camps’ For Uighur Muslims

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