(IraqiNews.com) The Islamic State in Iraq and Syria (ISIS) announced it had opened its own bank in the city of Mosul for giving loans and redeeming mutilated (damaged) currency, in a move that raised concerns about financing the terrorist organization’s businesses.
‘Russia Today’ website wrote, “ISIS opened a private bank to give loans and redeem mutilated currency,” adding that, “This might be an ISIS scheme to control the funds in areas under its grip.”
The website added, “ISIS’ geographic expansion enables it to economically expand wide enough to open its privately-owned “Islamic bank” in Mosul; its purpose is to give out loans and to replace mutilated currency.”
“This step raises concerns because the bank will be used in financing the organization’s business,” it stated, pointing out that, “According to press reports, the bank is witnessing high demand in areas under ISIS control, that’s due to poverty among citizens who are being exploited by the terrorist group offering them loans for nothing in return.”
It also said, “While Iraqi economic medium is discussing the repercussions of establishing this bank, there are concerns about large amounts of Iraqi currency accumulating in ISIS’ hands, especially with four billion dinars received by citizens from the Iraqi government as monthly salaries in areas under the group’s control.”