Islamc State's financial practices
in Neoliberalism and neo-jihadism
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This chapter accounts for US-led interventions in Iraq from the 1990s to 2003 and discusses key fundraising and financial management practices on the part of Islamic State from 2014 to 2017. Drawing on think-tank research, declassified intelligence reports, and administrative materials produced by Islamic State actors, the analysis reflects on the relative importance of financial institutions, oil and gas, other natural resources, and financial governance within the Caliphate, and the organisation’s historical fundraising. Islamic State’s actions are in this context interpreted in relation to the impact of neoliberal economic restructuring in the Middle Eastern region, drawing on Jamie Peck’s theory of ‘neoliberal layering’. Islamic State’s practices are also analysed for their neoliberal features, with reference to Bourdieusian and neo-Marxist ideas. Using a neo-Marxist lens to compare the financial behaviour of Al Qaeda and Islamic State, the discussion further considers the extent to which their different financial behaviour exists in a recursive relationship with each organisation’s geo-economic orientation. The divergent geo-economic and territorial interests of Al Qaeda and Islamic State are a point of focus in this chapter, as is the extent to which these characteristics can be said to characterise differentiated organisational models of neo-jihadism.

Neoliberalism and neo-jihadism

Propaganda and finance in Al Qaeda and Islamic State


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