BAIT-UL-MAAL (Concept of Public Treasury, Riba Free Loan & Insurance)
Leaving all the Islamic jurisprudence (Fiqh) related issues regarding Interest based trade, the real motive & the true concept behind establishing “Bait-ul-Maal”. We will discuss some social aspect of the concept of “Bait-ul-Maal” & its need & importance in modern Muslim society. The word “Bait-ul-Maal” literally mean House of Money/Wealth. It served as the institution responsible administration of the revenues, taxes & Zakat during the period of Islamic Caliphate. Now a day’s most of people even don’t know about these institutions. I am deeply impressed by the work of Jamaat-e-Islami in this field. Still majority of people don’t participate in creating such institutions. NEED OF BAIT-UL-MAAL Modern Muslim society has unfortunately adopted the banking system developed by non-Muslims which is totally based on “Riba” interest. Despite every Muslim individual knew that Allah has declared war against those who dealing, giving, taking Riba, H...