- ISIS announced its expansion and separation from AK-Qaeda on March 2013
- Like other jihadist groups, ISIS has learned that kidnapping can be profitable
- ISIS has a major profit making hold on oil fields in Syria and Iraq
Sept 18, 2016: Carrying out such extraordinarily well planned and well executed terrorist attacks, is not possible without enormously adequate funding. The Islamic State is, therefore, one of the largest funded groups in the world. 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.
This organisation faces absolutely no financial crunches in purchasing weapons or other arms. the fact is that these arms are occupied by the IS from black markets or from various other corrupted government officials. In march 2013, the IS announced itself to have been spread from Iraq to Syria. This rapid extension from AL-Qaeda would not have been possible without the supply of enough money.
Apparently, the IS has also taken apart from AL Qaeda. 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. other state-funded and small terrorist organisations rely on the rich supporters or other influential state people.
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But unlike them, the IS relies on the money it makes through its business operations.besides receiving good amounts of the donation from the rich gulf supporters, IS also makes huge sums from the oil fields under its control in western Iraq and eastern Syria.
According to Economic Times, 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. America and Britain which have strict policies against payment of hostages and ransoms to any country have asked all the European countries to not pay them anything. but apparently, they deny doing so.
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Also, the American army has had air strikes on the oil fields of IS. Its a stone hard fact that an enormous organisation like IS cannot be demolished nor pacified till the time its resources are extinguished. Until then it is powerful enough to carry all its operations and very well also pay for them.
– by Ayushi Gaur of NewsGram