| 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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