People's Republic of  China, is by far the biggest lender to United
States of America. She has expressed doubts as to the financial
capability to repay her debts and IMF has supported her stance:

displayStory.cfm?story_ID=13382167

If there was a  close coordination between Muslim countries, this was
a golden opportunity for them to launch their own currency based on
Islamic principles. Islam has laid down the principle that  both
buyers and sellers should be in equal position after the transaction.
Therefore it allows only the currency whose value is not doubtful.
Gold standard and Silver standard allows the parties to take equal
advantage of the transaction. There is an Ayat at 3 places in Quran to
emphasize the principle.

For example  Pakistan sells a million tonne rice to India at  40
Million IRs.  India gets first class Basmati Rice which she could sell
for  SR 3,000, per ton. Within a week, Indian currency falls by  a
hefty 10%, whereas SR gains 3%. As a result India gains 3% whereas
Pakistan loses 10%, because the medium of  transaction was paper
currency. It it were gold, none of the sides would have lost or
gained. Therefore, instead of chance the transaction would have been
based on equity.  The mighty Banks who were dealing in paper currency
have lost lot of value. Therefore, opportunity existed  for the
Islamic nations to bring out their own international currency based on
Gold and Silver Standard to bring stability and equity in the world
economy.

But careless and fearful as it is, the Ummat has failed to  take the
opportunity that came its way. Any country that holds the money
deposits,  takes the leadership, by default. But we failed as a nation
to take it. But Israel has been planning this to happen, since last 50
years. Now she is ready to issue her own currency.

Oil producing Arab states have mindlessly placed all their earnings in
dollar deposits of USA. Now if dollar goes, so does their fortune. On
the other hand the secular rulers of  developing nations like
Bangladesh and Pakistan are even more stupid to  embrace secular,
interest based fiscal system of the West. If one of these nations were
a forerunner of Islamic Banking and had implemented it in its cAuto Deal Deal Technology List J A Golden Opportunity is being lost - soc.culture.pakistan | مجموعات k s Time Time nAuto Deal Deal Technology List J A Golden Opportunity is being lost - soc.culture.pakistan | مجموعات b Time Auto