NSTopinion He explained that gold has a certain value for all countries. If one uses gold as a standard, one can call one’s currency by whatever name, but it must relate to the value of gold in that country.
Foremost among the summit objectives was the proposal for Muslim countries to have a unified currency that would help reduce their dependency on the US dollar in international trade and finance. The dollarisation of global economy has granted power to the US to impose illegitimate demands, including punitive sanctions and tariffs on other nations, such as China and Iran.
Iran President Hassan Rouhani called for an end to the domination of the US dollar with the suggestion of a single cryptocurrency that can be used among Muslim countries, adding that Muslim nations can create special mechanisms for banking and financial cooperation to minimise their reliance on the US.
An agreement on a unified currency will undoubtedly be the most important outcome, if it does materialise, of the KL Summit. This is because when their currencies are used by others, it gave them added power. Then clearly if there are follow-up measures on the part of the summit participants, they must be resolute and able to withstand politically motivated opposition.
The KL Summit can be seen as a true reflection of maqasid al-shariah and of Islamic awakening on the part of its participants, and it merits therefore to be rigorously pursued.
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