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Israel-Hamas war may change world order, strengthen the dollar: All India Mohammadi Mission

Israel-Hama war: What's next?

The All India Mohammadi Mission (AIMM) has said that the US along with the West has vested interest in the ongoing Israel Hamas war as this could change the political and economic dynamics of the Arab world. The bulk of the Organization of the Petroleum Exporting Countries (OPEC) oil reserves – more than 67 per cent of its total—is found in West Asia.

“The current conflict is nothing but a well thought out tactic of the West to control world politics and economy,” Ashraf said. “This massive conflict will impact world politics and will strengthen the US dollar,” Syed Babar Ashraf, Secretary General, All India Mohammadi Mission told India Narrative in an interview.

Besides, the war is likely to protect the “so called super power” status of the West, Ashraf, who earlier served as Vice President at the Dargah Committee at Ajmer Dargah, said.

“The recent developments in Palestine have once again put the spotlight back on the region. The attack on Israel by Hamas has ignited a fierce debate on the legitimate or measured response to such actions. It is clear that Hamas or Muslim Brotherhood neither in the past nor today can represent the Muslims and they have no legitimacy to singularly act on the behalf of all Palestinians, putting the lives of lakhs of Muslims at risk,” Ashraf said.

He also pointed out that while Hamas’ attack on Israel is deplorable, Tel Aviv’s response to wipe out Palestine is equally condemnable.

“It is important to remember that the West is interested in its own power game,” he added.

Amid the rapidly shifting geopolitical contours, the de-dollarisation exercise was gaining momentum. Though the petrodollar continues its dominance, several countries are now openly looking at setting up payment mechanisms outside the US dollar ambit following Washington’s move to isolate Russia by freezing its foreign exchange reserves and denying access to the SWIFT payment mode.

Ashraf also lashed out at the Western media. “The Western media also wants to dominate the narrative of the Israel-Hamas conflict as none of the big, known news organisations have come out portraying both sides of the story in a transparent manner. One sided narrative is dangerous and creates more problems,” he said.

Earlier, the Ajmer Dargah and the AIMM among others issued statements calling for peace.

In a statement, Spiritual Head of the Ajmer Dargah, Hazrat Dewan Syed Zainul Abedin, said that the loss of lives of innocent people is unjustified and highly condemnable. “It is against the teachings of both Islam and Judaism. I appeal with folded hands to both sides to stop this bloodshed for the sake of their respective religion and humanity,” he said.

Global oil prices have started going northward since the Israel Hama war broke out. If the conflict escalates, global growth will be stunted.

Indian policymakers said that while it is too early to analyse the impact of the war, steps are being taken to ensure that the country’s economy does not get dented.

India imports more than 80 per cent of its total oil requirements.

According to the New York Times, US Treasury Secretary Janet Yellen has said that the Israel-Gaza war was a potential concern for the global economy, signaling that additional U.S. sanctions could be coming in response to the attack on Israel by Hamas.

The news organisation said that Yellen did not rule out reversing a decision made last month — to unfreeze $6 billion of Iranian funds in exchange for the release of American hostages — if it is determined that Iran was involved in the attack by Hamas.

Meanwhile, the US, France, Germany, Italy, and the UK in a joint statement expressed united support to Israel.

“Today, we — President Macron of France, Chancellor Scholz of Germany, Prime Minister Meloni of Italy, Prime Minister Sunak of the United Kingdom, and President Biden of the United States — express our steadfast and united support to the State of Israel, and our unequivocal condemnation of Hamas and its appalling acts of terrorism,” the statement read.

“Our countries will support Israel in its efforts to defend itself and its people against such atrocities. We further emphasize that this is not a moment for any party hostile to Israel to exploit these attacks to seek advantage,” the statement further read.

Also read: Spiritual head of Ajmer Dargah calls for peace in Israel, says every human life is precious