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.
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.