The Islamic State group (IS) announced the launch of its own currency in a video posted online at the weekend, saying it would release Muslims from “enslavement by satanic banks”. The jihadist group showcased its gold, silver and copper coins in an hour-long video released on Saturday, touting the “return of the Gold Dinar” – a currency originally used in the early days of Islam. The announcement comes two months after IS first released pictures of the new currency it planned to use in the so-called “Caliphate”, a territory carved out of vast swathes of Iraq and Syria. It marks another step in the group’s efforts to establish itself as a functioning state.
The IS group already boasts of its own territory, armed forces, services (including schools and hospitals), and judicial system. It also raises taxes – the “jizzieh, imposed on religious minorities – in the areas it controls.
FRANCE 24’s Wassim Nasr, an expert on jihadist networks, said the currency’s launch followed a double imperative for the IS group, which has amassed a war chest of millions of dollars through tax collection, seizing oil refineries, smuggling and kidnappings for ransom.
Read more: France24
