Reports: ISIS to introduce own ‘currency’

The dinar, then made of real gold, was used throughout the Arabian Peninsula in the earlier days of Islam circa 634 CE

The dinar, then made of real gold, was used throughout the Arabian Peninsula in the earlier days of Islam circa 634 CE

The Islamic State of Iraq and Syria (ISIS) is now looking to introduce its own currency in an effort of solidifying its control over areas where it proclaimed a “caliphate.”

The militant group is reportedly looking to reinstate the Dinar as a means of exchange. Militant leaders announced in mosques in the Iraqi cities of Mosul and Nineveh that it has returned.

The dinar was used throughout the Arabian Peninsula in the earlier days of Islam circa 634 CE, and ISIS leaders are planning to reintroduce the actual gold and silver coins in areas they control, according to the reports.

The militant group, which is accused of committing war crimes and crimes against humanity by various rights organizations including the U.N., plans to introduce the currency in the next few weeks replacing regular Liras and dinars to golden dinars and silver dirhams.

Reports surfaced in October indicating that ISIS makes a daily revenue of $1 million from black market oil sales alone.

The group also receives several millions a month from wealthy supporters in addition to criminal activities such as robbing the banks in the cities they have taken over, U.S. Treasury Department anti-terrorism finance chief David Cohen has said.

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