Bayt al-mal

Bayt al-mal (بيت المال) is an Arabic term that is translated as "House of money" or "House of wealth". Historically, it was a financial institution responsible for the administration of taxes in Islamic states, particularly in the early Islamic Caliphate.[1] It served as a royal treasury for the caliphs and sultans, managing personal finances and government expenditures. Further, it administered distributions of zakat revenues for public works. Modern Islamic economists[who?] deem the institutional framework appropriate for contemporary Islamic societies.

  1. ^ Rahman, Md. Habibur (7 August 2015). "BAYT AL-MAL AND ITS ROLE IN ECONOMIC DEVELOPMENT: A CONTEMPORARY STUDY". Turkish Journal of Islamic Economics. 2 (2): 21. doi:10.15238/tujise.2015.2.2.21-44 (inactive 1 November 2024). ISSN 2148-3809.{{cite journal}}: CS1 maint: DOI inactive as of November 2024 (link)