Khaleeji Currency

The concept

The Khaleeji (Arabic: خليجي ) is a proposed common currency of the member states of the GCC or Cooperation Council for the Arab States of the Gulf. The term 'Khaleeji' is Arabic for "of the gulf", and is traditionally associated with the states of the Arabian Gulf. There is, however, no official name as of yet.

A Latin-styled currency symbol has been developed by corporate branding company INCIDE, consisting of the letter G overlaid with a vertical bar. [1] Several names are being deliberated on an open forum [2]

Adoption

The currency, when adopted as planned in 2010, will be sole legal tender in Saudi Arabia, Kuwait, Bahrain, Qatar, and the United Arab Emirates. Oman has stated it will not be able to adopt the new currency at the onset. In addition, Yemen is slated to join the Gulf Cooperation Council by 2016, although it will not adopt anytime soon.

Possible Gold Backing

Due to interest or 'Riba' being against Islamic law there is a very good chance that the Khaleeji will be backed by gold [3].