Economy

D8 countries to use single payment card in trade

Joint payment card D8P will enable trade in local currencies among member states, says head of organization

21.01.2019
D8 countries to use single payment card in trade

By Gulsum Incekaya

ISTANBUL

The Developing-8 Organization for Economic Cooperation works to adopt one card payment system, said the chief of body.

After Turkish President Recep Tayyip Erdogan made a bid on trade in local currencies among the member states, the D-8 started to work on the subject, Dato Ku Jaafar Ku Shaari told Anadolu Agency.

He said that a Malaysian firm developed a single payment card named "D8P", which will enable D-8 countries to use local currencies in international trade among members of the organization.

"In the near future, the central bank officials of the member states will gather to complete the works,” Shaari underlined.

Through an application to be prepared with the D8P card, all citizens of member countries will be able to use this payment method in all shopping and touristic visits, he said.

The D-8 head added that the card would work as a master or visa card in time.

Shaari also said that a center would be established for developing technologic substructure for several trade activities in compliance with the Islamic rules.

Stressing Erdogan’s “strong vision”, he said: "Erdogan is not just the leader of Turkey, he is very efficient in other countries."

Shaari came to Turkey for signing a cooperation protocol with Anadolu Agency.

Established in Istanbul in 1997, the D-8 is the economic group of eight Muslim countries – Turkey, Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, and Pakistan.

"The objectives of D-8 are to improve the position of member states in the global economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at international level, and improve standards of living," according to its website.

*Gokhan Ergocun from Istanbul contributed to this story

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