LAHORE – Renowned economist and the founder of the Dirham-o-Dinar movement, Umar Ibrahim Wadelo, has said if Islamic countries start making payments in currency of gold- and silver-made Dinar and Dirham, the American Dollar would stand nowhere and we would come out of the clutches of capitalism.

He expressed these views while addressing an International Conference on the topic of ‘Islamic Economic System and Dirham-o-Dinar’ on Sunday. The conference was held at Aiwan-e-Iqbal and attended by people from all walks of life.

Wadelo said, “Today we have become slaves of Capitalism because America prints dollar and purchases oil, gas and other natural resources from us. This is a big conspiracy.”

He said America had trapped the whole world in capitalism. “The currency of capitalism, Dollar, is a mere piece of paper, but America has established its monopoly over the world through this currency,” the founder of the Dirham-o-Dinar movement said.

Wadelo said the currencies of the Muslim world were Dinar and Dirham, which were also mentioned in Holy Quran. “These currencies remained in use for 1,400 years until the end of Khilafat.”

He further said American Dollars worth 1400 trillion were currently circulating in the world market. “At present, the size of the international trade is 4 trillion dollars, while America has printed 4000 times more Dollars than international trade. This is the reason that there is a general perception among the people that Dollar would never end, but it is not true since Americans have themselves termed the Dollar as fraud. They not only demand end of this currency, but also demand end of the American Central Bank,” he maintained.

Wadelo said an American Senator Wrang Paul in his book has challenged the Federal Reserve System.”The people of Europe want to convert their economic system in accordance with the Islamic system.”