Malaysia Urge OIC Member Countries To Use Gold Dinar

  • From: "Muslim-News" <editor_@xxxxxxxxxxxxxxx>
  • To: <submit@xxxxxxxxxxxxxxx>
  • Date: Thu, 24 Oct 2002 17:01:13 +0100

OUAGADOUGOU (BURKINA FASO), Oct 21 (Bernama) -- Malaysia hopes that the
Organisation of Islamic Conference (OIC) members and others will use
Gold Dinar in future trade transactions in order to enhance economic and
trade relationships among themselves. 

This will be among the issues to be raised during the two-day 27th
annual meeting of the Islamic Development Bank (IDB) beginning here
tomorrow, said Deputy Finance Minister Datuk Dr Shafie Mohd Salleh. 

Dr Shafie, who is heading a five-member delegation to the annual
meeting, said Malaysia would impress upon the delegates that using Gold
Dinar as an alternative means of transactions would strengthen them and
shield them from the uncertainties of using the US dollar which is
unstable of late due to the current development in the global economy
and security. 

"We will entice Islamic countries to accept the concept of trading using
Gold Dinar to facilitate and to enhance trade among Islamic countries as
well as other trading partners, as we can no longer rely on the unstable
dollar compared with other currencies in use presently," he told

With that, Malaysia hoped that initially Gold Dinar would be used as a
bilateral payment arrangement (BPA), and ultimately the BPA would be
expanded as a multi-lateral payment arrangement with other participating
Islamic countries as well as other trading partners, he added. 

As the usage of Gold Dinar would become a normal practice, the poorer
Islamic countries seeking aids and support from the IDB would gain the
confidence of the Islamic funding and assistance institution, he said. 

Dr Shafie also said Malaysia would urge Muslim countries to look at
Malaysia as their new trading destination in investments, especially in
view that more and more tourists from West Asia are visiting Malaysia. 

He said this would augur well for more investments from the Middle East
as well as other Muslim countries. 

On another note, he said Malaysia's stand on the Palestinian issue would
also be submitted during the plenary sessions at the annual meeting
where Malaysia expects to call on the international community to exert
pressure on Israel to halt all military actions and withdraw fully from
the occupied Palestinian territory. 

He added that this was important as trade could only be intensified when
there was global peace in all region following the Sept 11 2001 attacks
on the US. The event had brought a threat to Islamic countries' assets
being frozen as the US accused them of being supportive towards such
terrible acts. 

Malaysia, condemning military aggressions and violations of human rights
and international humanitarian laws, has reiterated that lasting peace
in the West Asia was only possible if Israel withdrew completely from
all Palestine and other Israeli-occupied lands since 1967. 

"Malaysia is fully supportive of the idea to allow the UN Protection
Force to enter the disputed areas in the occupied Palestinian
territories and provide security for both Palestinians and Israelis
alike," Dr Shafie said. 

Fifty-four IDB member countries are participating in the two-day meeting
to be held at the Ouaga 2000 Centre here. 

The Secretary of the Financial Division of the Finance Ministry Haji
Ahmad Haji Hashim is among the Malaysian delegates to the event, while
Bank Industri Malaysia and Bank Pembangunan dan Infrastruktur Malaysia
Bhd are acting observers. 
Source: Bernama 

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