IS has announced the introduction of Caliphate currency!

The Dhaka Times Desk The Islamic State, also known as IS, has announced the introduction of the early caliphate currency. IS is going to release gold, silver and copper coins on the model of the reign of the third Caliph of Islam, Hazrat Usman (RA).

According to the media, the Islamic State (IS) is going to issue gold, silver and copper coins in the same manner as the coins that were in use during the reign of the third Caliph of Islam, Hazrat Usman (RA). These proposed gold coins will be called 'dinars' and silver coins 'dirhams'. The Guardian reported this news citing a website affiliated with IS.

The news also said that this metal currency will be used for trading in all the vast areas that IS has occupied in Iraq and Syria. ISIS's 'Caliph' Abu Bakr al-Baghdadi ordered the circulation of this 'Islamic Dinar'.

Confirming the introduction of their own monetary system, the Sunni faction stated that they would adopt the gold and silver coinage introduced by Caliph Osman in 634 AD. The coins will be made of pure gold, silver and copper.

According to the news, the dinar is being made with 4 grams of gold. And dirham will have 3 grams of silver. The name of the caliph will be engraved on both sides of this circular coin. IS has already started distributing their new currency to different mosques in the Mosul area of Iraq, according to international media.

According to the news, ISIS is earning 1 million dollars every day by extracting oil from the oil fields occupied by Iraq and Syria and selling it on the black market. With this money they buy gold and silver from smugglers. Coins are made from that gold and silver.