Return and Expand?: The Finances and Prospects of the Islamic State After the Caliphate

With the end of its territorial caliphate, the Islamic State will almost certainly attempt a comeback. Such efforts will require money. This report details the group’s history, drawing from the literature, documents, and interviews with people who lived under the caliphate, with a focus on the group’s revenue-raising activities and expenses, both as a self-styled caliphate and as an insurgency.