NEW YORK, May 20, 2015:

The Islamic State rakes in over US$1 million (RM3.5 million) per day in extortion and taxation and the dreaded terror group has enough assets to cover its expenses despite falling oil prices, according to a media report. The group minimises costs by looting military equipment, appropriating land and infrastructure and paying relatively low salaries, a report in the New York Times said citing analysts at the RAND Corporation, a nonprofit organisation that researches public policy.

According to the analysis, The Times of Indiaquoting the New York Timesreport said, the terror group collected over US$1.2 billion (RM4.2 billion) in 2014.

The breakdown stated that IS raked in US$600 million (RM2.1 billion) from extortion and taxation, US$500 million (RM1.75 billon) from robbing state-owned Iraq banks and only US$100 million RM350 million) from oil infrastructure. The group also limited its vulnerability by shifting operations, transitioning between expanding its territory and fuelling terrorist activity, the report added. The Islamic State has revenue and assets that are more than enough to cover its current expenses despite expectations that airstrikes and falling oil prices would hurt the group’s finances, according to the analysts at RAND Corporation.

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