ISIS announced on Thursday that it is planning to make its own currency in silver, gold and copper.
Islamic State of Iraq and Syria, popularly known as ISIS, claims that the move was "purely dedicated to God" wants to veer away from the "tyrant's financial system," and would release another statement to explain where the currency can be found and tis exchange rate.
Two gold coins, three silver coins and two copper coins will comprise the currency.
According to the militant group, they wanted to create their own currency to remove Muslims from the "global economic system that is based on satanic usury."
The militant group already captured large territories in Syria and Iraq, and wants to put up an Islamic caliphate in the region.
"Unlike its predecessor al Qaeda, which raised money principally from external sources ... ISIS is principally, primarily self-funded," Jimmy Gurule, a former U.S. Treasury undersecretary, told CNN's "The Lead with Jake Tapper" on Thursday.
Gurule added that ISIS gets its money from different businesses including oil business, taxes, sale of stolen artifacts and even from huge ransom payments.
"This is the wealthiest terrorist organization that the world has ever known, and so with that kind of money it's hard to understand -- what's the potential? What could they do with that?" Gurule said.
Gurule added that banks in Qatar and Kuwait needed to be scrutinized since they might be handling the terrorist group's millions of money.
"The difficulty, of course, with that kind of money is you can't just put that money in shoe boxes and place it under your mattress. It has to enter into the financial system at some point in time. So I think the Treasury needs to be focusing on banks -- banks in Qatar for example, and in Kuwait -- that may be the recipients and handling money for ISIS."
