Erdogan urges Islamic nations to use local currencies for international trade

Ankara: Turkey President Recep Tayyip Erdogan urged Islamic nations to use local currencies for international trade instead of dollar or euro.

During a virtual meeting of the Organisation of Islamic Cooperation’s (OIC) Standing Committee for Economic and Commercial Cooperation (COMCEC), he stressed the need to take steps towards value-added production and trade.

Sukuk

He also urged participants of the meeting to make use of Sukuk, an Islamic financial certificate. The certificate is similar to bond in western financial markets.

Talking about Islamophobia which is prevailing in the western world, Erdogan said that Muslims are witnessing same hatred as Jews in Europe before World War II.

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Jerusalem

Speaking about Jerusalem, he said that a new program has been launched within COMCEC in order to improve the socio-economic situation of the local people.

He said that the unity, solidarity and effective cooperation among COMCEC members is essential for the success of the Palestine cause.

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