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 & Finance1 month agoOman Oil Marketing Company Concludes Its Annual Health, Safety, Environment, and Quality Week, Reaffirming People and Safety as a Top Priority
-
News2 months agoOIG Appoints New CEO to Lead Its Next Chapter of Excellence
-
News2 months agoReport: How India & The Middle East Are Exploiting Immense Economic Synergies
-
Uncategorized2 months agoOman’s ISWK Cambridge Learners Achieve ‘Top in the World’ and National Honours in June 2025 Cambridge Series
-
Trade2 months agoConsulate Office of the Republic of South Africa opens in Muscat, enhancing bilateral relations
-
Economy1 month agoPrime Minister of India Narendra Modi to Visit the Sultanate of Oman on 17-18 December
-
News1 month agoJamal Ahmed Al Harthy Honoured as ‘Pioneer in Youth Empowerment through Education and Sport’ at CSR Summit & Awards 2025
-
News2 months agoIHE Launches Eicher Pro League of Trucks & Buses in Oman
