The Islamic State (ISIS) is planning to mint its own currency. The well-funded militant group released mockup designs for bronze, silver and gold coins on Thursday.
ISIS published extensive designs and a proposed currency breakdown that quickly circulated among supporters on social media.
According to a statement issued by the group in a jihadi forum, the currency will exist separate from those that have been “imposed upon Muslims” and “enslave and impoverish” them.
The document, released by so-called “Diwan al-Mal” treasury department of ISIS, includes extensive illustrations and descriptions of the Islamic State’s ideal currency. According to a translation from SITE intelligence group, which monitors terrorist groups, the value of the coins will be based on the market pricing of gold and silver.
Based on the directive of the Emir of the Believers in the Islamic State, Caliph Ibrahim, may Allah preserve him, to mint current for the Islamic State, as it is far removed from the tyrannical monetary system that was imposed on the Muslims and was a reason for their enslavement and impoverishment, and the wasting the fortunes of the Ummah, making it easy prey in the hands of the Jews and Crusaders, the Treasury Department studied the matter and presented a comprehensive project, by the grace of Allah, to mint a currency based on the inherent value of the metals gold and silver.
Laith Alkhouri, director of MENA Research and Analysis at Flashpoint Global Partners, told Mashable that the proposed currency was entirely unrealistic. Without international recognition of the currency, he said, it will have virtually no trading power.
“There are numerous problems in regards to the currency exchange, No. 1 being recognition,” said Alkhouri. “No country will ever recognize it as legitimate, and undoubtedly trading with these coins in any way — at least for the grand majority of countries around the world — will constitute material support for terrorism and will likely generate multiple indictments including money laundering.”
What does the money look like?
The currency appears to have two gold coins: one with a symbol of seven wheat stalks and a second with a world map. Below are front and back images:
The silver coin had three different denominations: one symbolized with a spear and shield, another with a white minaret of Damascus and a third with the al-Aqsa mosque, each increasing in value.
For the copper currency, one coin has a crescent while another more valuable coin has a palm tree.
It’s unclear how or where ISIS plans to mint the currency. Alkhouri said the logistics of creating such large quantity of gold and silver coins would be virtually impossible for ISIS.
“The group lacks the presence of economist and currency experts, and I don’t believe it possesses such grand amount of precious metal to begin implementing the use of the new currency in all its territory,” she said.
Where would the money come from?
The militant group does have cash. According to U.S. Treasury Department officials, ISIS brings in approximately $1 million in oil revenue daily, $20 million in kidnapping ransoms this year, and an undisclosed amount from criminal extortion in the territories it controls and donations from supporters.
The U.S. Treasury Department spoke to the challenges faced when combatting ISIS financially during testimony at the House Financial Services Committee hearing on Wednesday.
“Our efforts to combat its financing will take time,” said David Cohen, the Treasury Department’s undersecretary for Terrorism and Financial Intelligence. “We have no silver bullet, no secret weapon to empty [ISIS’s] coffers overnight.”
The currency announcement is the second show of force from the ISIS propaganda machine on Thursday, after releasing an audio recording of group leader Abu Bakr al-Baghdadi earlier in the day.
Source – mashable