ISIS wants to introduce its own currency and plans to bring back solid gold and silver dinar coins, it has emerged.
The
Middle East terror group apparently wants to introduce its own Islamic
currency as part of its attempts to solidify its makeshift caliphate.
Militants
are said to want to bring back the original dinar, which is an ancient
currency from early Islam, and religious figures in Mosul and Iraq’s
Nineveh province have apparently announced its return in mosques.
ISIS apparently wants to introduce its own currency and plans to bring back gold and silver dinar coins (above)
The
currency known as the dinar, which once consisted purely of gold and
silver coins, is today used by a variety of countries, but the coins are
created from different materials to the originals.
However,
the jihadi group is understood to be planning to return to the original
gold and silver coins, which were first introduced during the Caliphate
of Uthman in 634 CE.
The
original Islamic dinar was a gold coin which was the weight of gold
equivalent to 4.3 grams. Its silver counterpart, known as the Islamic
dirham, was a silver coin equal in weight to 3 grams of silver.
Both
were round in shape and one side of the coin was typically stamped with
an Islamic message, while the other side featured the date of minting
and the country’s ruler.
The terror group, led by Abu Bakr
al-Baghdadi (pictured addressing Muslim worshippers at a mosque in the
militant-held northern Iraqi city of Mosul), is apparently keen to
introduce its own currency to areas it controls
While
ISIS has yet to confirm the introduction of its currency, social media
is awash with claims that leading religious figures announced the plans
during recent prayers in Mosul and Nineveh province.
It is believed the terror outfit wants to use the independent currency in areas it controls as part of its war on the West.
The
currency, which could be introduced within the next few weeks, will
involve changing from regular dinars and Lira to golden dinars and
silver dirhams.
Last
month, it emerged that ISIS, which also goes by the name Islamic State,
is raking in money at a remarkable rate - earning about $1million a day
from black market oil sales alone.
The group extracts oil from territory captured across Syria and Iraq, and sells it to smugglers.
David
Cohen, who leads the Treasury Department's effort to undermine the
Islamic State's finances, said the extremists also get several million
dollars a month from wealthy donors, extortion rackets and other
criminal activities, such as robbing banks.
In addition, he said the group has taken in at least $20million in ransom payments this year from kidnappings.
Mr
Cohen said ISIS, which is led by Iraqi Abu Bakr al-Baghdadi,obtains the
vast majority of its revenues through local criminal and terrorist
activities.
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