Kurdish Blogger, political & security risk analyst and Due Diligence consultant with legal background; writing about policy, political & legal reforms in Kurdistan, Iraq and wider Middle East. Special focus on Kurdistan Region oil & gas sector, investment & economic development.
The armed group Islamic State of Iraq and the Levant (ISIL) makes money from oil sales, taxes, abductions and extortion.
An ISIL budget, like an ISIL video or statement, is hard to verify. But according to Al Araby Al Jadeed, the group's budget stands at $2bn with a surplus of $250m. And on top of that ISIL has been demanding $200m for the release of a Japanese hostage.
So how does an organisation like ISIL handle such vast amounts of money?
Shwan Zulal, an oil expert with Cardushi Consulting Company, joins the programme.