Islamic State has $250M year-end surplus now opens bank

[Anthea]

The Washington Times

Islamic State touts $250M year-end budget surplus; opens bank
By Cheryl K. Chumley

Terrorists with the Islamic State say that when 2015 wraps, they’ll have an estimated $250 million left over from their $2 billion budget — and that the extra money will go to help fund their war against the West and western allies.

The group’s representatives said in an interview with Al-Araby Al-Jadeed that their $2 billion budget includes money for the poor, the disabled and for families of those who were killed during combat-related airstrikes from Iraqi fighters and U.S. soldiers. But plenty will be left over — and with that, the group has big plans to fund its fighting, United Press International reported.

At the same time, the Islamic State announced the opening of its own bank. Called the Islamic Bank, the operation actually makes loans, takes in deposits and exchanges, and replaces paper currencies that are no longer accepted or that are worn out, UPI said.

The Islamic State gets it money from oil, from raided weaponry sales and from taxes it imposes on various businesses and merchants, UPI said.

Fouad Ali, who studies armed resistance groups in Iraq, told the local news outlet that the projected $2 billion budget may actually be understated, but that the announcement of the bank and the budget may be little more than a propaganda tool to boost the credibility of the terrorist group.

http://www.washingtontimes.com/news/201 ... medium=RSS

[Anthea]

The Economist

Where Islamic State gets its money

IT WILL not be easy to defeat the brutal jihadists of Islamic State (IS), as the American-led coalition against the group aims to do. IS is one of the best-financed terrorist organisations in the world, except for state-backed ones. There is no credible estimate of the secretive group’s net worth, but in October 2014 an American official described it as amassing wealth at “a pretty massive clip”. It pays fighters around $400 a month, which is more than Syrian rebel groups or the Iraqi government offer. It appears to have no trouble purchasing weaponry, either on the black market or from corrupt officials or militias. And it runs services (even if not always successfully) across the areas it controls, paying schoolteachers and providing for the poor and widowed. So where does it get all its cash from?

Without this wealth, IS, the latest evolution of al-Qaeda in Iraq, could not have expanded so rapidly. It only announced itself in its current form in March 2013 when it expanded into Syria from Iraq (subsequently parting ways with al-Qaeda). It has since has fought to take over swathes of land in the two countries. By June 2013 it had taken control of Raqqa, a city in Syria, and in June 2014 it took over Mosul, Iraq’s second city. By then in control of an area that is home to 6m-8m people, it declared a caliphate at the end of that month. Fighters have flocked to join the group. By September 2014 it was estimated to have 30,000 men (and some women, in a female police force), including 15,000 foreign fighters.

Unlike other terrorist groups, including al-Qaeda in Iraq, IS largely funds itself rather than relying on rich supporters (despite various versions of a conspiracy theory in the region that America, Iran or Israel bankrolls the group). Although IS receives donations, especially from Gulf-based financiers, they are a relatively insignificant contributor to its coffers. Instead the bulk of its money comes from oil revenues from fields under its control in western Iraq and eastern Syria. American officials estimated that it was making $2m a day from oil before air strikes started (locals reckon it was more) but in December an official said the strikes, some of which have been against oil facilities in Syria, meant the group's oil revenues had “significantly” dropped. Controlling so much land also helps IS make money from extortion and taxing people in the areas it controls. Like other jihadist groups, it has learned that kidnapping can be profitable. IS earned at least $20m last year from ransoms paid for hostages, including several French and Spanish journalists.

The group cannot be defeated without cutting off its funds. That is why the coalition says it aims to attack the sources of its revenue as well as stopping the group from advancing militarily. America and its allies have carried out air strikes on IS-controlled oil refineries in Syria. America and Britain, which have a strict policy against paying ransoms for hostages, are pressuring European countries to stop paying up (something they deny doing). Several countries have applied sanctions against IS leaders as well as those known to raise funds for the group. But officials are keen to emphasise it will be a long fight. For now, IS still seems to be able to pay for everything it needs.

http://www.economist.com/blogs/economis ... t-explains

[RomaMater]

Since when do terrorist bands have banks?

Something is fishy with this stupid 'caliphate.'

[Anthea]

Since when do terrorist bands have banks?

Something is fishy with this stupid 'caliphate.'

I think you are right there is something fishy going on

It is almost as though the Islamic State have been allowed to become powerful

We could all see what was happening but almost nothing was done to prevent their growth while they were still in the embryonic stages

[RomaMater]

I think you are right there is something fishy going on

It is almost as though the Islamic State have been allowed to become powerful

We could all see what was happening but almost nothing was done to prevent their growth while they were still in the embryonic stages

The 'caliphate' is an obvious stinker of worldly proportions.

Think of it: the 'caliphate' grows and grows whilst the weaklings in the West do nothing. (Because the 'caliphate' is being funded by evil-doers in the West.)

In the old days of, say, the wonderful President Reagan the 'caliphate' would have been obliterated by American artillery strikes, bombs, missiles, etc.

An alliance of nations would easily destroy these idiots who wear garbage sacks over their heads.



It's the 'creeping New World Order.' Christians are expecting the advent of the Antichrist, i.e. the man of sin, the false prophet, etc .

[Anthea]

I am not sure the Islamic State has anything to do with the New World Order

I am sure that America funded their initial growth - as they have done and are still doing with other rebel groups in Syria

ISIS would have been very easy to stop and as you rightly point out other presidents would not have hesitated to clamp down on them

Today we have news of America supplying the Kurds with two mine-resistant - ambush-protected vehicles - surely vehicles such as these should have been one of the first priorities - NOT some sort of afterthought