The Islamic State plans to issue two gold, two copper and three silver coins featuring images including a mosque, a crescent moon, wheat, a shield and a spear (Islamic State/Twitter).

ALEPPO, Syria, Nov. 13 (UPI) -- Here's what every caliphate apparently needs: its own money, so Islamic State leaders plan to mint their own gold, silver and copper coins.

The decision aims to remove Muslims from the "tyrant's financial system" and a global monetary operation "based on satanic usury," said a statement by the Islamic State's Beit al Mal, or treasury, and posted on websites used by jihadist movements.


The exchange rate of the new currency — which will consist of seven coins — and where it can be found will be spelled out in a future statement.

Unlike many other radical movements, which often rely on financing from the outside, the Islamic State is largely self-funded, raising money from oil, ransom, taxes, stolen artifact sales and thefts from banks and jewelry stores.

"This is the wealthiest terrorist organization that the world has ever known, and so with that kind of money ... what's the potential?" former U.S. Treasury undersecretary Jimmy Gurule wondered on CNN. The difficulty is that "you can't just put that money in shoe boxes," he added. "It has to enter into the financial system at some point. I think the Treasury needs to be focusing on banks — banks in Qatar for example, and in Kuwait — that may be the recipients."

Leaders likely consider the currency one more sign that the organization meets an important requirement to be an independent state.

Islamic State leader Abu Bakr al-Baghdadi ordered the coins to be circulated, and the group's shoura council approved the measure, according to the statement.