A new report by International Christian Concern (ICC) examines the Islamic State Khorasan Province (ISKP) and the international financial networks that enable the systematic targeting of Christian communities.

Written by ICC Fellow Daniel St John, “The Terrorism Economy: Islamic State’s Operations Against Christians” focuses on how ISKP generates income and targets Christians in Afghanistan, Pakistan, Türkiye, and Europe. It builds on St John’s previous reports, “Nigeria’s Terrorism Economy” and “The
East African Terrorism Economy: Systematic Targeting Christians.”

ISKP operates within the Khorasan region, which includes modern-day Afghanistan, Iran, Central Asia, and Pakistan. The report probes the ISIS-ISKP financial ecosystem to understand how it funds violence. Although it does not catalog specific casualties, the report dissects the administrative and systemic mechanisms that enable these attacks.

Geopolitically, ISIS equates Western foreign policy with Christianity, justifying retaliation against Western nations by framing attacks on Christians as retribution for airstrikes and military actions against Muslims. Propaganda encourages followers to attack Christians during religious holidays like Christmas, urging them to “turn celebrations into funerals.”

The report argues that disrupting ISKP’s financial networks is critical to stopping additional persecution. Citing former Financial Action Task Force (FATF) President Je-Yoon Shin, the author stresses that terrorism requires funding to plan and execute attacks. Without access to the financial system, ISKP’s capability to operate is severely limited.

The report aims to provide policymakers and Christian advocacy organizations with the knowledge needed to understand the link between international Islamist financing and the persecution of Christians.

By targeting the financial sources that sustain ISKP, the international community can create a hostile environment for terrorism and subsequently reduce the threat to Christian communities in the Khorasan region and beyond.

To read the report, click here.

To read more news stories, visit the ICC Newsroom. For interviews, please email us. To support ICC’s work around the world, please give to our Where Most Needed Fund.