Muslim states may switch to gold to tackle any sanctions

Iran, Malaysia, Turkey and Qatar are looking into using gold and barter for trade to shield themselves from any future punitive economic measures, Malaysian Prime Minister Mahathir Mohamad has announced.

The idea was voiced as the leaders of many Islamic nations gathered for a four-day Islamic summit in Kuala Lumpur, which was boycotted by Saudi Arabia.

In his address, the Malaysian prime minister said that while some of the states present at the meeting, such as Iran and Qatar, are facing economic restrictions due to “unilateral decisions” of some nations, others should remember that they can face the same fate.

“I have suggested that we revisit the idea of trading using the gold dinar and barter trade among us,” Reuters cited Mahathir as saying, referring to the gold coin of early Islam.