BAIT-UL-MAAL (Concept of Public Treasury, Riba Free Loan & Insurance)

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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, He can’t save himself. In this society we all are totally depending upon the Banks & especially Loans. People took loans from banks on heavy interests for building houses, buying cars, marriage, education etc. even some people spend half of their lives in returning back the Loan.
     Bait-ul-Maal can be helpful for those people especially middle class people who need loans to fulfill their dreams. Bait-ul-Maal can lend loans (Karaz-e-Hsana) Loan without Interest & there is no fixed time to pay back.

BAIT-UL-MAAL AND THE CONCEPT OF INSURANCE.
     Almost every Muslim nation is living in a state where people are suffering, killed their homes are burnt & apart from these things a human being can have some dreadful diseases.
   By the money of Bait-ul-Maal we can have an assurance of some savings that can be used in tough times, no matter how much we earn & save. & definitely there is no concept of Riba.

HOW TO CREATE A BAIT-UL-MAAL
   Crating a Bait-ul-Maal is very simple & natural. Some points highlighted are:-
  • First of all we need to select one family member from every house hold. The members will discuss utilization, collecting & expenditure of the money.
  • Select a head, chief who will look after.
  • All families need to be registered.
  • A family needs to pay a fixed monthly amount of money based on their will & income.
  • Make a complete record.
  • Distribute the printed records to the registered families.
  • We can store the money in an account of Islamic Bank.

BENFITS OF BAIT-UL-MAAL
  • A household will get full Riba free insurance plan.
  • Any individual can take loan where he doesn’t need to pay extra money & there is relaxation in paying back.
  • You can pay your zakat to Bait-ul-Maal and help needy.
I think every human being on the surface of earth dream about a comfortable & risk free life. & what is the need of going against Islam, when Islam provides a full halal honey package.


...Shadab Ibn Hasan

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