Bait-ul-Maal. Creation, Functions and Resources of Bait-ul-Maal Essay

Bait-ul-Maal. Creation, Functions and Resources of Bait-ul-Maal - Essay ExampleThe Muslim financial system is among the most autonomous and righteous systems in our society. The Holy Quran states this truth in Surah al-Hashr 597, In order that it may non (merely) make a circuit between the wealthinessy among you. For that reason, the Islamic society focuses on the required circulation of wealth among all citizens and not just those who are affluent, as this may carets humiliation to the Muslim society and raise social class culture (Tamer, p. 102, 2005). Definition of Bait-ul-Maal Bait-ul-Maal is an Arabic expression, which means home plate of wealth or House of money (Ayub, pp. 23-25, 2008). Traditionally, it was a financial institution in charge for the management of taxes in Islamic nations, mainly during the early Islamic Caliphate. It provided as a noble reserve for the Caliphs and Sultans, controlling personal finances as wholesome as government expenses. Additionally, it managed circulations of Zakat revenues for community efforts. Contemporary Islamic economists reckon the institutional structure suitable for modern Islamic nations (USA International Business Publications, p. 187, 2009). Creation of Bait-ul-Maal The Muslims began establishing Bayt al-Mal from the time of illusionist Muhammad (PBUH). He (PBUH) is accustomed to choose the administrators as well as the commanders for the different areas. Each commander was in charge for gathering Zakah, Jizyah in addition to the fifths of the booty and Kharaj. E genuinely now and then, the Prophet Muhammad (peace be upon him) set to employ somebody in charge just for the financial dealings to gather the owing cash for the State together with, Kharaj, Jizyah, Tenths (Zakat on lands, assets and the fruits) and donations and give them to Bait-ul-Maal (Ayub, pp. 31-37, 2008). The Prophet Muhammad (peace be upon him) did the same with Muadh ibn Jabal (may Allah be pleased with him) when he sent him to Y emen to gather the funds of Zakat from its representatives and with Ubaydah ibn al-Jarrah (may Allah be pleased with him) (Kettell, pp. 56-60, 2010) when he sent him to al-Bahrain to gather the Jizyah. The startle of Bayt al-Mal from the time of Prophet Muhammads (PBUH) reign is an obvious proof on the accuracy of the Islamic financial structures since this early time. As a result, it is usual that Bayt al-Mal extends in accordance with the different ages (USA International Business Publications, p. 76, 2009). Functions of Bait-ul-Maal The authority of Bait-ul-Maal consists of the wealth due for Muslims as a group not possessed by one of them and the wealth used for the gain of Muslims. For that reason, Bait-ul-Maal is among the key establishments of the Islamic society as it is the single power entitled to paying money on the different Muslim benefit. It has the tempt of a Ministry of Finance and a Central Bank during the present days (Tamer, p. 76, 2005). Divisions in other Coun tries of Bait-ul-Maal During the reign of the Umayyad Caliphate, finances get better. The sum of money was very big without doubt, as it came from just one Muslim state, that is Egypt, let alone other finances that made their way to the Bayt al-Mal from other Islamic states (Kettell, pp. 56-60, 2010). There is no uncertainty that such enormous sum of funds accentuated the significance of the Bait-ul-Maal during the period of the Umayyads, and consequently the prominence of this caliphate. It is obvious from the report of Ibn Abdul-Hakam that there was a middle management for the Bait-ul-Maal in the Islamic caliphates centre of Damascus as well as sub-managements in every state independently. The