Economy
Muslim Nations Mull Barter System as Hedge on Sanctions: Report
(Bloomberg) –Malaysia’s prime minister floated the idea of a barter system for Islamic countries to protect their economies against potential future sanctions, Reuters reported.
Speaking at the end of an Islamic summit in Malaysia on Saturday, Mahathir Mohamad said Muslim countries are sometimes threatened with sanctions and that it was important for them to be self-reliant. Malaysia, Iran, Turkey and Qatar discussed setting up a barter system or using gold to trade among themselves, Mahathir said, according to Reuters.
Several Arab states, including Saudi Arabia and the United Arab Emirates, cut trade ties with Qatar over allegations that it supports terrorism, claims Qatar denies. Iran has been subject to U.S. sanctions since the Trump administration pulled out of a nuclear deal with the Gulf nation last year.
Saudi Arabia boycotted the summit, arguing that it undercut the Saudi-based Organization of Islamic Cooperation, Reuters said.
-
Banking & Finance2 months agoOman Oil Marketing Company Concludes Its Annual Health, Safety, Environment, and Quality Week, Reaffirming People and Safety as a Top Priority
-
News2 months agoJamal Ahmed Al Harthy Honoured as ‘Pioneer in Youth Empowerment through Education and Sport’ at CSR Summit & Awards 2025
-
OER Magazines2 months agoOER, December 2025
-
News2 months agoAI Security Conference 2025 Hosted by Securado Highlights the Changing Cybersecurity Landscape
-
Insurance1 month agoSupporting Community Wellness: Liva Insurance Sponsors Muscat Marathon 2026 with Free Health Checkups
-
Interviews1 month agoEXCLUSIVE INTERVIEW: TLS Rebranding Marks Strategic Leap Toward Innovation, Sustainability & Growth
-
Insurance3 weeks agoLiva Insurance Supports Community Wellness Through “Experience Oman – Muscat Marathon 2026”
-
Banking & Finance3 weeks agoA New Platform for SME Growth: Oman Arab Bank Unveils Tumouhi
