An announcement by an Islamic State propagandist has informed social media that ISIL, which is thought to be the wealthiest terrorist organization in the world, has recently announced that they will begin producing their own independent currency and circulating it in the areas of their control in Iraq and Syria. The plan is to reestablish an ancient Islamic currency and from there, mint seven different coins: two gold, three silver, and two copper. Each of these coins has their own symbolism and Islamic message within them. It has been mentioned that the most expensive coin will be worth $694 and the lowest will be 7 cents. A team of experts has been assembled to figure out how it will work and explains that the currency will circulate in stages, although the start date of this circulation has yet to be announced.
They believe that this move, which is being “purely dedicated to God”, will “emancipate itself [ISIL] from the satanic global economic system.” Furthermore, it shows their growing sophistication as an organization. As of now, ISIL has been striving to establish a completely self-sufficient state, which their oil production has aided in. Their plan is to add on to that and eventually establish their own caliphate across the Middle East. Conjointly, ISIL’s extreme brutality will assist in their currency production because everyone in the cities and towns that ISIL controls will not have a choice but to use the currency. Further, even though paying for these precious metals wouldn’t be a problem; in order to get ahold of them would cause IS to confiscate more property, which means more theft and war.
ISIL’s funding will be discussed in depth at our upcoming Day on the INLETS: Terrorism Financing and Fraud on December 10, 2014 in Newark, DE. To register, click here.
Sources: Forbes, The Independent, Quartz, The Telegraph