ISIS unveils new Islamic currency in gold, silver and copper

The Islamic State has reportedly commenced the process of minting its own currency called the Islamic dinar. Reports have it that the currency would be minted in gold, silver and copper coins. It is believed that the dinar’s value would be equal to its weight in gold, silver or copper.

Credit: etfdailynews

 A website affiliated with the group on Thursday posted that IS leader Abu Bakr al-Baghdadi has instructed his followers to mint the coins to "change the tyrannical monetary system" modelled on Western economies that "enslaved Muslims." It is also believed that the order has been approved by the Islamic State group's Shura Council.

IS earlier this year, seized large swaths of Iraqi and Syrian territory and proclaimed it an Islamic caliphate.

According to the Huffington Post, “One of the gold coins carries the symbol of seven stalks of wheat, mentioned in the Quran, while another has the map of the world, a reference to Islam someday ruling the entire world.

One of the silver coins shows a sword and a shield in a reference to holy war, or jihad while another has a minaret symbolizing Damascus mentioned in one of the Prophet Muhammad's sayings.

Another coin carries the symbol of the Al-Aqsa Mosque in Jerusalem, where the Prophet prayed. It's revered as Islam's third-holiest place, complete with the site's iconic gold-topped Dome of the Rock, which enshrines the rock from which Muslims believe the Prophet ascended to heaven.

The copper coins carry the symbol of the crescent moon and three palm trees, also significant in Islam.

Photo credit: Zaid Benjamin/etfdailynews

Photo credit: Zaid Benjamin/etfdailynews