R eflecting on the fiscal policies of the Rashidun era to draw conceptual parallels for modern Islamic economic systems, focusing on the institution of Bayt al-Mal.
The establishment of the Bayt al-Mal (state treasury) during the caliphate of Umar ibn al-Khattab represents a watershed moment in the institutionalization of economic justice.
This reflection examines the underlying philosophy of the Bayt al-Mal. It was not merely a depository for state funds, but a mechanism designed to ensure the equitable circulation of wealth.
Contemporary Islamic economics often focuses heavily on commercial banking and financial instruments. However, revisiting these early fiscal policies reminds us that the primary objective is systemic socio-economic equity.
References
- Rahman, F. (2022). Economics in Early Islamic History.