The Islamic State of Iraq and Levant, commonly known as the militant group Isis or Isil, is shunning the digital and crypto-currency revolution with its own plans to reinstate ancient Islamic gold, silver and copper coins.
The move to mint its own currency is a step in establishing a caliphate across the Middle East while distancing itself from the ’tyrant’s financial system imposed on Muslims’ the group says in a statement on Wednesday.
The ancient Islamic dinar currency will consist of two gold, three silver and two copper coins. Isis have not stated when the cash will come into circulation but will be releasing a further statement to set out the currency’s exchange rate.
Detailed plans of the currency were released by the alleged ‘Diwan al-Mal’ treasury department of Isis in a jihadi forum, including mockup designs of the coins. The value of the coins will be based on the market pricing of gold and silver.
In another tangling of east and west, the telco-backed mobile money venture formerly known as Isis recently changed its name to Softcard in an effort to distance itself from the militant group.