IS to mint its own currency
THE terrorist group IS has a whole new set of financial goals. It wants to establish its own currency system with jihadi coins.
IF YOU’RE trying to establish legitimacy in the face of overwhelming global condemnation, one smart move would be to establish your own currency. Right?
That’s exactly what the Islamic State is doing.
According to reports from publications including the Los Angeles Times and Newsweek, IS will introduce its own form of currency. In a statement, the militant group said it will no longer be beholden to 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”. Right then.
The currency will be based on what IS says is the “inherent value” of gold, silver and copper.
The terrorist group has released designs for its coins, which include images of the world map, a shift and sword representing jihad, crescents, wheat stalks and mosques from Jerusalem and Damascus.
It’s probably a safe bet that the IS currency won’t ever be floated on the global financial markets, nor will it ever be manipulated by mega banks on the foreign exchange market.
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