Enslaved by the dollar billNo area of life is immune from this treatment. In late 2014, in the fifth edition of its Dabiq magazine, Isil committed to “disentangle the Ummah from the corrupt, interest-based global financial system” by announcing that it would be minting a new currency based on the intrinsic value of gold, silver, and copper – heralding the return of the gold dinar. As well as addressing an ideological shortcoming of the Isil project, based as it is in great part on revenue generated from the US dollar-denominated sale of oil, it also favoured a reversal of global financial developments and a turn away from “currencies that are no longer backed by any precious metals, and whose values are constantly manipulated by the central banks.” Read more: Compare all the world's economies on this digital map It is thus timely that, against the background of current market volatility, Isil’s media arm al-Hayat has released a near hour-long video providing further details of the new currency, including an extended explanation as to why the global economy, built on fiat currencies and the payment of interest (riba is deemed usury under Sharia Law and is therefore forbidden), and “enslaved” by the US Federal Reserve and a “piece of paper that came to be known as the dollar bill”, is headed for inevitable collapse.
The slickly produced video takes the viewer through a potted history of the development of currencies, from barter economies where trade is conducted with dates to the US dollar-based global economy we have today. The video focuses particularly on the development of coins, used for their intrinsic value of gold, silver, and copper, and the way in which such currency allowed trade to flourish in the Caliphate of centuries past from Baghdad to Andalucía. Read more: Capitalism is not in crisis – but China’s phoney model is In contrast, it argues, the rest of the world was plagued by greed and indecency, as countries used their own currencies and banks charged interest on borrowings, profiting from money that belonged not to them but to their depositors.