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, it functioned as something of a mix between a Central Bank and a Treasury. It was managed by the caliphs and sultans, in dealing with the personal finances of muslim citizens and government expenditures. Furthermore, it administered the investment of zakat revenues into public affairs and private muslim endeavors, as well as distributing jizya to the islamic populace.

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