ISIS�s new currency? Islamic State
says it will mint gold, silver and copper money
Isis to introduce its own currency, the
Islamic dinar
Website affiliated with Islamic State says leader Abu Bakr
al-Baghdadi has instructed his followers to start minting
coins
Islamic State says its leader has ordered that the organisation start
minting gold, silver and copper coins for its own currency, the Islamic dinar.
A website affiliated with the militant group said late on Thursday that its
leader, Abu Bakr al-Baghdadi, had instructed his followers to start minting the
coins to �change the tyrannical monetary system� modelled on western economies
that had �enslaved Muslims�.
The posting says the order was approved by the group�s shura council, an
advisory board.
After seizing large swaths of Iraqi and Syrian territory this year, Isis
proclaimed a caliphate, or Islamic empire, on lands under its control.
The group has also sought to implement its harsh interpretation of sharia law,
and Baghdadi has proclaimed himself the caliph.
(CNN) -- ISIS is planning to
mint its own currency in gold, silver and copper, the group said Thursday.
Its aim is to stay away from the "tyrant's financial system," ISIS said in a
statement. It said it would issue another statement to explain the new
currency's exchange rate, and where it can be found.
The currency will include seven coins: two gold, three silver and two copper.
The move is "purely dedicated to God" and will remove Muslims from the "global
economic system that is based on satanic usury," ISIS said.
The terror group, which calls itself the Islamic State, has seized large swaths
of territory in Iraq and Syria.
Where does ISIS get its money?
ISIS announced that it will begin minting its own currency in gold, silver and
copper. There will be seven different coins, valued in dinars. There's no
international exchange rate for this currency, without which an accurate value
is not possible. ISIS says this gold coin will be worth 1 dinar.
This gold coin will be worth 5 dinar, according to ISIS. The map on the back
depicts the ISIS plan of world domination. The terrorist group said its
"treasury department" is involved in setting up the currency.
This silver coin will be worth 1 dinar. The monetary move is "purely dedicated
to God" and will remove Muslims from the "global economic system that is based
on satanic usury," ISIS said.
This silver coin will be worth 5 dinar.
This silver coin will be worth 10 dinar.
This bronze coin will be worth 10 dinar.
This bronze coin will be worth 20 dinar. A former U.S. Treasury official says
the group's funding comes from oil, ransom payments, taxes and the sale of
stolen artifacts.
ISIS currency ISIS currency
Why is ISIS so wealthy?
It seeks to establish an Islamic caliphate in the region.
"Unlike its predecessor al Qaeda, which raised money principally from external
sources ... ISIS is principally, primarily self-funded," Jimmy Gurule, a former
U.S. Treasury undersecretary, told CNN's "The Lead with Jake Tapper" on
Thursday.
How ISIS makes its millions
He said its funding comes from oil, ransom payments, taxes and the sale of
stolen artifacts.
"This is the wealthiest terrorist organization that the world has ever known,
and so with that kind of money it's hard to understand -- what's the potential?
What could they do with that?" Gurule said.
He added: "The difficulty, of course, with that kind of money is you can't just
put that money in shoe boxes and place it under your mattress. It has to enter
into the financial system at some point in time. So I think the Treasury needs
to be focusing on banks -- banks in Qatar for example, and in Kuwait -- that may
be the recipients and handling money for ISIS."
