A person considered a religious successor to the Islamic prophet Muhammad (Muhammad ibn ʿAbdullāh) and a leader of the entire Muslim community would have used what financial institution?
Caliphate A caliphate (Arabic: خِلافة‎ ‎ "khilāfa") is a territory under the leadership of an Islamic steward known as a caliph ( , Arabic: خَليفة‎ ‎ "khalīfah ",    ), a person considered a religious successor to the Islamic prophet Muhammad (Muhammad ibn ʿAbdullāh) and a leader of the entire Muslim community. Historically, the caliphates were polities based in Islam which developed into multi-ethnic trans-national empires. During the medieval period, three major caliphates existed: the Rashidun Caliphate (632–661), the Umayyad Caliphate (661–750) and the Abbasid Caliphate (750–1258). The fourth major caliphate, the Ottoman Caliphate, established by the Ottoman Empire in 1517, was a manifestation whereby the Ottoman rulers claimed caliphal authority. During the history of Islam, several other Muslim states, almost all of them hereditary monarchies, have claimed to be caliphates.
Islamic economics Islamic economics (Arabic: الاقتصاد الإسلامي‎ ‎ ), is a term used to refer to Islamic commercial jurisprudence or fiqh al-mu'āmalāt (Arabic: فقه المعاملات‎ ‎ ), and also to an ideology of economics based on the teachings of Islam that takes a middle ground between the systems of Marxism and capitalism.