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?
Bayt al-mal Bayt al-mal (بيت المال ) is an Arabic term that is translated as "House of money" or "House of Wealth." Historically, it was a financial institution responsible for the administration of taxes in Islamic states, particularly in the early Islamic Caliphate. It served as a royal treasury for the caliphs and sultans, managing personal finances and government expenditures. Further, it administered distributions of zakat revenues for public works. Modern Islamic economists deem the institutional framework appropriate for contemporary Islamic societies.
History of Islamic economics Between the 9th and 14th centuries, the Muslim world developed many advanced concepts, techniques and use in production, investment, finance, economic development, taxation, property use such as Hawala, an early informal value transfer system, Islamic trusts known as waqf, systems of contract relied upon by merchants, a widely circulated common currency, cheques, promissory notes, early contracts, bills of exchange, and mufawada.