Bayt al-mal

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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.