Rouhani calls on Muslim states to end US dollar domination

“The Islamic world should adopt measures to set itself free from the domination of America’s financial system and US dollar,” Rouhani told the Kuala Lumpur summit on Thursday in Malaysia.

He went on to say that Islamic countries complement each other and that signing banking cooperation and creating various financial mechanisms can lead to the mentioned aim.

Economic sanctions have turned into the main tool for imposing domination, he said, adding that the dollar-based financial system of the world has allowed the United States to impose its illegitimate demands on other countries through the ‘threat of sanctions’ and ‘economic terrorism’.

Kuala Lumpur Summit, themed “The Role of Development in Achieving National Security,” has gathered around 450 leaders, scholars, clerics, and thinkers from 52 countries including Iran, Indonesia, Pakistan, Qatar, and Turkey. The meeting aims at finding solutions to problems afflicting the Muslim world.

Here is the full text of President Rouhani's speech according to his official website:

In the Name of God, The Most Compassionate, the Most Merciful

Your Excellency Tun Dr Mahathir Mohamad, the Honorable Prime Minister of Malaysia

Honorable Presidents

Distinguished Heads of Delegation

Ladies and Gentlemen

Assalamu alaikum wa rahmatullahi wa barakatuh,

At the outset, I would like to appreciate the nation and government of Malaysia for their warm hospitality and organising this summit. Also, I would like to appreciate Tun Dr Mahathir Mohamad for presenting this important initiative and creating a valuable model of peaceful cultural diversity as well as taking brave steps for bridging the east and the west of the Muslim world and his foresight in bringing diverse attitudes closer together.

Excellencies,

The Muslim world is facing emerging challenges at the national and international levels which have impeded the track of development and progress. The most important such challenges include the following:

1. Cultural and identity challenges

The danger of weakening national and Islamic identity, the younger generation distancing from their identity and domination of foreign cultures are the most serious threats to the Muslim world. The western pioneering in the development of new technologies has resulted in their strength in imposing and mainstreaming news, the culture of consumption and western lifestyle. Joint efforts to compensate under-development in information technology, moving towards national and regional communication networks and increasing share of Muslim states in the digital economy constitute the roadmap of our future in combatting these crises.

1. Security challenges:

It is regrettable that the Muslim world, from the far western spot in North Africa to the farthest area in East Asia, is grappling with serious security threats and problems ranging from the continued threats imposed by the Zionist Regime that is killing our brothers and sisters in Palestine on a daily basis to the military, political, and economic threats by the United States against some Muslim countries, to the menace of terrorism and mental and behavioural radicalism in some Muslim societies which has paved the ground for foreign intervention. The war in Syria, Yemen, and riots and turbulences in Iraq, Libya and Afghanistan is the outcome of the combination of domestic extremism and foreign intervention.

1. Challenges of under-development:

Maladies such as weakening governance, poverty, unemployment, corruption, and increasing and eroding violence and extremism have endangered national sovereignty in some parts of the Muslim world. Issues such as the globalisation of economy and society, emergence of new discourse in the area of democracy and human rights, growing attention to semantic and software power, rising access to information and progressing growth of non-state actors have added to the dimensions of this challenge. Idealistic, but realistic, policy making in the area of development is now an inevitable necessity.

1. Economic challenges:

Economic sanctions are being employed as tools for domineering, hegemony and bullying. The interconnectedness of international economic, commercial and financial systems with the American economic regime and dollarization of national and global economies have provided the US with the possibility of advancing its hegemony under the threat of sanctions and economic terrorism and imposing its illegitimate demands on the other nations. The Muslim world should be designing measures to save it from the domination of US dollar and the American financial regime. The fact of the matter is that Muslim states are complementary to each other in economic terms and therefore, the creation of special mechanisms for banking and financial cooperation among Muslim nations, the use of national money in mutual trade, conclusion of preferential trade agreements among the Muslim countries as well as investment in sectors with relative advantage and similar ideas should be thoroughly investigated by the economists and experts of Muslim states.

Distinguished colleagues and dignitaries

If we return to our national and Islamic capacity and rely on our own domestic power and strength, we would be able to convert all the above-mentioned challenges to an opportunity of growth and promotion. I consider the following capacities as the main components of power in the Muslim world:

1. Islam is the central component of identity amongst us as Muslims. Islam is both a source and destination as well as path and track. The divine will of the Almighty has been based on the foundation that Muslims, following the model and role presented by our holy Prophet, should be adopting and promoting moderation so as to act as a role model for the whole world: "And we have made you a moderate nation to witness people and the Prophet will witness you".
2. People are the main source of power. Democracy, when coupled with faith in religion, would culminate in people and Muslim Ummah being mobilised. The spread of social justice, political and cultural security, the right to enjoyment of a decent life and good governance are the essentials of Islamic concepts and teachings as well as the main reasons for people's alignment and contribution.
3. Science and technology are the key to power and development. Knowledge is power. Whoever finds it, will be victorious. It is a matter of regret that Muslim countries have no alternative at the moment but to resort and refer to others to supply their scientific and technological needs. Our young generation are undying source of creativity and hope, and the movement of education, research and innovation is the priority of the Muslim world's today and in the future.
4. Cooperation and interaction among Muslim nations is an unreplaceable principle. Consolidation of political and economic capacities could turn the Muslim world into a powerful bloc in international relations. The accumulation of scientific and technological capacities of Muslim countries can compensate many of the present time underdevelopments and eliminate grounds for the imposition of hegemony by the others. The standing mechanisms and institutions of the Muslims world, which have been designed for this purpose, have regrettably failed to accomplish its noble goals and purposes.

Dear friends

When I talk about hope towards confronting the challenges and problems of the Muslim world, I mean to present the success story of the Islamic Republic of Iran. My country for the past four decades has been facing all sorts of threats and conspiracies, but it has managed to overcome successfully any threat or challenge and has gained more strength and experience in a manner that we are now recognised in the world as a model of resilience and steadfastness. Since its Islamic Revolution, Iran has overcome three main powerful waves of threats:

1. Terrorism: Since the beginning of the 1980s, my county has been confronting the scourge of terrorism inside and outside of its soil. I am confident enough to say that the people of Iran have been at the forefront of the fight against terrorism and have attained the highest level of success in confronting it.
2. War: Eight years of resistance in the extensive war imposed on Iran incurred heavy material and human costs on our nation. However, it made my country self-sufficient in defence, and today, such indigenous capability guarantees Iran's defensive deterrence.
3. Sanctions: The Islamic Republic of Iran has been under oppressive sanctions of the United States of America. Recently, they were seeking the collapse or surrender of the Islamic establishment through the imposition of the heaviest sanctions or so-called crippling sanctions. While only since 8 May 2018, when the US withdrew from the nuclear deal, more than 93 sanctions measures have been imposed on Iran, today the Iranian economy has recovered properly and economic indices are improving. Under such circumstances, economic reforms are underway and the current budget of the country now being reviewed by the parliament is totally independent from oil.

Our reliance on Almighty God, enjoyment of Islamic principles and values, contribution of people, development of domestic capabilities and ultimately attention to science and technology are the key to success of the Islamic Republic of Iran. I firmly believe that such a success story and model could be transferred to the Muslim world.

Ladies and Gentlemen,

I deem it necessary to refer to the issue of Palestine now. Palestine and resistance against the occupation of the Zionist Regime remains the main issue of the Muslim world. Any ignorance and lack of attention to the issue of Palestine, while highlighting sideline and divisive issues would be a big deviation. Palestine has chosen the path of resistance and in this regard, Palestinians are benefitting from the support of all Muslim nations.

Numerous crises in the Middle East, especially in Yemen, Afghanistan, Syria, and Libya are clear examples of irresponsible and divisive policies. In order to resolve the internal problems of the Muslim world, we believe we need to provide necessary grounds for dialogue and engagement through tolerance of various Islamic schools of though and respect to national sovereignty of all the countries. I personally for my own share presented two initiatives titled the World Against Violence and Extremism and also the Hormuz Peace Endeavour to the General Assembly of the United Nations in order to highlight the significance of dialogue and engagement; domestic dialogue and engagement with neighbours as well as regional countries.

Insisting on peace and friendship and prohibition of hostility and animosity are sings of our firm belief on the sublime teachings of Islam as we consider their realization as a divine promise by the Almighty God.

For an auspicious beginning, I should like to mention some of the plans which could make us closer to realizing such goals:

1. To establish the Joint Kuala Lumpur Summit Fund to Finance Technology Cooperation among Muslim States in order to contribute significantly to the global chain of values
2. To conduct joint research in academic and scientific centres on artificial intelligence technologies as well as cyber security in order to pioneer interdisciplinary information and communication technologies
3. To create a joint market for Muslim states in the area of digital economy and cooperate and exchange experience on crypto-currencies

In conclusion, once again I would like to appreciate the warm and cordial hospitality of the government and nation of Malaysia especially His Excellency Tun Dr. Mahathir Mohamad.

I thank you for your attention.

MNA/4801977/PR