Continuation
vi. The Financial
System
Islam as a last ideology (religion) for the whole mankind
could not have ignored this most important: aspect of human life.
It was due to this fact that the Prophet (pbuh) gave to the
Muslims the unparalleled financial system of Bait-al-Mal.
Bait-al-Mal was to dominate all economic activities of the
Muslims throughout the world.
The institution of Bait-al-Mal was already established by the
pious hands of the Prophet (pbuh) before the battle of Badr.
Ibnu Kathir declares, in his famous exegesis:
- Saad-bin-Malik, a companion of the Prophet (pbuh) found a
sword in the battle of Badr.
He brought this sword to the Prophet (pbuh) and requested
that the same may be given to him.
The Prophet (pbuh) replied that the sword did not belong to
him nor to the companion.
Used from paper of Abdul Ghafar
Ismail and Noraziah Che Arshad
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