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Islamic Finance Briefing - Categorized | Banking, Market Moves more

Islamic banking presents “ethical” approach

Posted on 26 June 2012

Taking its name from an Arabic term translated as ‘house of money’ or ‘house of wealth’, privately-held Bayt Al Mal Investment was historically a financial institution responsible for the administration of taxes in Islamic states, particularly in the early Islamic Caliphate.
It served as a royal treasury for the caliphs and sultans, managing personal finances and government expenditures, and was the department that dealt with the revenues and all other economical matters of the state………………………………………..Full Article: Source

 
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