ISIS cuts fighters’ salary in half amid financial hardship

According to a new document released by the Treasury Ministry, ISIS has decided to cut the salaries of all its fighters in half due to the exceptional circumstances.

The circumstances due to which the action is taken are likely to be related to the massive, intensified airstrikes launched by the international coalition against ISIS. The strikes are beginning to take a toll on them especially since the American-led coalition and the Russians began bombing targets connected to that group’s oil smuggling operation and other economic targets.

However, distribution of Zakat, a religious obligatory tax collected for poor Muslims, will not be hampered by such a step. ISIS, whose financial situation at present is even worse than it was in December, was badly hit when the international coalition bombed the central headquarters of Bayt al-Mal in Mosul, inflicting on them a great loss of millions of dollars that were burned.

In order to deal with this damage, ISIS governor in Mosul issued a fatwa that permits ISIS soldiers to get further money by taxing the locals.

Source: http://rudaw.net/english/middleeast/18012016

ICICI Bank hikes lending rate to 10%

ICICI Bank | Image: topnews.in
ICICI Bank | Image: topnews.in

 

Amidst the financial turmoil the country is facing; ICICI Bank Ltd, one of India’s largest private lenders has decided to increase the lending rate. The hike will impact all loans linked to the base rate and will be effective from this Friday. In totality this hike will increase the lending rate by quarter of the percentage to 10%. The minimum benchmark rate below which a bank is not allowed to lend was 25 basis points. This new reform was brought in for referral after rivals HDFC Bank Ltd. and Axis Bank Ltd. increased their lending rates after RBI (Reserve Bank of India) effectively hiked the short-term rates in the banking system.

 

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