Now, ISIS plans to introduce its own currency | world | Hindustan Times
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Now, ISIS plans to introduce its own currency

world Updated: Nov 11, 2014 23:34 IST

The Islamic State of Iraq and the Levant (ISIL/ISIS) plans to introduce its own currency and bring back solid gold and silver coins, according to recent media reports.

It is believed to be part of the ISIS’s efforts to gain legitimacy and solidify its dominance.

The extremists want to bring back the original dinar, which is a currency from the ancient Islamic era, and religious authorities in Iraq have apparently announced the currency’s return in mosques, the Daily Mail reported on Monday.

The original dinar was a gold coin, equal in weight to 4.3 gm of gold.

Its silver counterpart, known as the dirham, was a silver coin whose weight was equivalent to 3 gm 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 original gold and silver coins were first introduced during the Caliphate of Uthman in 634 CE. The dinar is today used by a number of countries, but the coins are created from materials different from the originals.

It is believed that the ISIS wants to use the independent currency in areas it controls as part of its war on the West, though the terror outfit has yet to confirm this.

Last month, it emerged that ISIS was raking in money at a remarkable rate, earning about $1 million 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 US Treasury Department’s efforts to undermine the ISIS’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.