In the Islamic economic system, baytuk māl is equivalent to the

In the Islamic economic system, baytuk māl is equivalent to the

Answer Details

In the Islamic economic system, baytuk māl is equivalent to the public treasury. Baytuk māl is an Arabic term that translates to "house of money" or "public treasury." It refers to a financial institution that manages the collection, distribution, and administration of funds in a Muslim state or community. Baytuk māl serves as a central repository of wealth in an Islamic society and is responsible for collecting various forms of taxes, such as zakat (charitable giving), jizya (tax on non-Muslims), and khums (tax on income). The funds collected by baytuk māl are then used to provide social welfare, public goods, and services to the community, such as education, healthcare, and infrastructure development. Therefore, unlike commercial banks or community banks, baytuk māl is a public institution that serves the collective interests of the Muslim community, rather than generating profits for private individuals or shareholders.