By: Ali Younes
An official statement issued today by the purported “treasury department of Islamic State” announced its decision to struck “Islamic currency” made of Gold, Silver, and Copper. The statement said that “under the instructions of Caliph Ibrahim, the Treasury Department of the Islamic state will issue three types of Islamic coins of Gold, Silver and Copper in order to become independent of the tyranny of international Monterey and financial system.” The statement added that the decision to issue “ the state’s” own money is to get rid of the international monetary system that exploited and squandered Muslims resources and that benefited the Jews and the Crusaders.”
Although The Arab Daily News is unable to independently verify the statement, many social media accounts associated with ISIS also known as ISIL and in Arabic ” Da’ish”, have published the statement.
The statement also added that “several Islamic state experts and specialists have discussed and approved and recommended this project then sent it to the shura council [legislative body] which in turn has approved it. There have been several previous tweets and talks within ISIS social media sphere of “the State” as it is also commonly referred to by its supporters of its intention to issue its own money.
The choice to issue gold, silver and copper coins, and not paper money, which is an astronomically expensive if not an impossible proposition carries a lot of symbolic value to Islamic past . Ancient Islamic States and empires struck its own gold coins and currency. ISIS obviously is seeking to draw on this symbolism and create the impression that it is rather a “ State” in continuation of past Islamic states that existed in glorious Islamic past in the 9th and 10th centuries.
The statement included the designs and the value of the future currency.
The One Dinar gold coin has “ one Dinar” on the front and numerated with its weight of 4.25 grams , and seven wheat plants to symbolize “ Islamic giving and abundance”
The “Five Dinar” Gold coin with its weight of 21.25 grams struck on the front and has the map of the world in the back, to symbolize the “prophecy that Islam will encompass the world”
The silver currency has three dominations, 1, 5 and 10 Dinar coins each weighing 2, 10 and 20 grams respectively.
The one Dinar coin carries the symbol of spear and shield.
While the 5 Dinar coin has a picture of the “White Minaret of Damascus” to symbolize the place of Jesus descends from heaven and the land of the battles. “
The 10 dinar silver coin will carry the symbol of Al Aqsa Mosque in Jerusalem,” the place of prophet’s Mohammad’s ascendency to heaven “The copper currency included 2 smaller dominations of “ 10 fils” and “ 20 fils” which is closer to 10 and 20 cents denominations in the American coin system.
Ali Younes is the Editor of the Arab Daily News. He can be reached at aliyounes@thearabdailynews.com, and on twitter@clearali
Ali Younes is a Senior Political Analyst for The Arab Daily News online newspaper. He is a veteran news-editor, Journalist, and a Middle East analyst working for major American news network . He is based in Washington, D.C.
Reach Ali at aliyounes99@gmail.com
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How many days should we work to do to earn a five dinar coin ?