In the Islamic economic system, baytuk mal is equivalent to the
IRS
JAMB 2015
In the Islamic economic system, baytuk mal is equivalent to the
- A. commercial bank
- B. public treasury
- C. common market
- D. community bank
Correct Answer: B. public treasury
Explanation
Bayt al-Mal, known as the public treasury of Islamic state, was established by the Prophet-may peace be upon Him- and then it was further extended and expanded by Abu Bakr and Umar, who succeeded the Prophet as the Caliph of the Islamic state
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