This has probably been posted elsewhere. Not sure if the concept will be implemented.
October 21 , 2002
23:14PM
M'sia Urge OIC Member Countries To Use Gold
Dinar
From Othman Haji Shafie
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 Bernama.
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. -- BERNAMA |
