Its self-declared state has no functioning ministries, nor is it recognized by any government in the world; it is also under sustained daily air attack by the US and its allies. But none of this has prevented the Islamic State of Iraq and Levant from declaring plans to mint its own money.

A statement on Wednesday by the al-Qaeda offshoot known as Isis, announced the launching of its new currency as a way to separate its self-declared proto-state encompassing northwest Iraq and northeast Syria from the “tyrannical financial system imposed on Muslims”.

The group also released a 17-minute audio recording purported to be of their leader, Abu Bakr al-Baghdadi,in an apparent effort to dispel rumors that he had been killed in recent airstrikes. In the recording he referred to recent events that took place after announcements by the US of his presumed death – such as a pledge of allegiance by an Egyptian jihadi group.

“Fighting is obligatory upon every individual,” he said in speech that called for new recruits and lambasted western countries and their Arab allies, especially the oil-rich Kingdom of Saudi Arabia. “Jihad is the peak of deeds and the best of Islam.”… see more

source: cnbc