What is Baithul Maal?
Baithul Maal can be defined as a treasury and, financial system or institution which provide various financial projects under which various charities and financial aids to any person or set of people broadly or limitedly repayable or non-repayable, while preserving the capital and investments and generating profits out of them.
Importance of Baithul Maal and History
Briefly history of Baithul Maal goes back to the time of prophet Sallallahu Alaihi Wasallam. Prophet Sallallahu Alaihi Wasallam carried out relief and aid projects as when people put forward their necessities He Sallallahu Alaihi Wasallam provided them by his own wealth if available. As and when prophet Sallallahu Alaihi Wasallam himself unable to provide from his own he directed his companions to accommodate the requestor. The process continued at the Khilafath of Abu Bakr Radhi and Umar Radhi. Umar Radhi expanded the project to the extreme lengthened as finally the animals welfare too began to be cared by the Baithul Maal system.
If we research the Baithul Maal in detail we find that it is an authentic establishment in Islam. At the times of previous prophets Hazarath Yoosuf Alaihis Salam when found high ranked and became trustworthy in the sight of the King requested to appoint him the custodian of the treasury. (Quran Chapter Yoosuf verse number 54,55) A prophet requesting the appointment and its note being mentioned in the Quran it gives a strong authenticity for this as a sacred responsibility over Islamic heads.
At the time of prophet sal the needy like the who had no food, had nothing to conduct his marriage, fallen into consume illegal date from his neigbhours tree or nonemployee used to come to prophet Sallallahu Alaihi Wasallam and the prophet Sallallahu Alaihi Wasallam used to give with what was in his possession or took him to his wives houses to find what they had or directed to any of his companions to take up the matter and fulfill the need.
Also he used to distribute the Zakath instantly brought to him as he is not allowed to consume nor allowed to hold. Also he used to give from the Sadaqa came to him without holding it and He did not returned home until the sadaqa is ended. Later Prophet Sallallahu Alaihi Wasallam used to store properties at the companions houses.It is mentioned that Abu Huraira requested to appoint him as the custodian for Zakath ul Fitr and the incident continues as the shaithan came in the night and he caught red handed. In the third day Shaitan taught the Ayathul Kursi.
Also when Zakath goats are gathered at Prophet Sallallahu Alaihi Wasallam ordered Abu Zar Radhi to take them to the place called Rabdha. Abu Bakr Radhi assigned a house for Baithul Maal at sunh and he himself resided there which located at a kilometer distance from the house of prophet Sallallahu Alaihi Wasallam. He himself used to distribute. When companions suggested to appoint a security Umar Radhi ordered to place a lock.
Propher Sallallahu Alaihi Wasallam and Abu Bakr Radhi did not preserved the fund but Umar Radh as the workers increased and needs increased he used to preserve the Baithul Maal fund. At the end of the year he used to estimate the works and paid accordingly as to avoid duplicates and avoid miss outs. It is mentioned that Umar Radhi used to preserved amount of wealth which the government needed for a period of one year time. Then spend from it as per the requirement. Umar Radhi assigned a register for Baithul Maal. Baithul Maal treasuries established in big masjids. The Baithul Maal storage in Masjid Banee Umaiya in Dimishk still can be seen.
Umar Radhi requested Abu Huraira to accept the appointment to the designation of Baithul Maal custodian. He rejected. The Umar Radhi asked why do you refuse while the one who is the best than you the propher Yoosuf requested the designation?. He said Yoosuf Alai is son of four prophet from his father. I am ibnu Umaima and I fear three and two things. Umar Radhi said why not you say Five. He said no. What are they? He replied I fear if I say with no knowledge and judge with no knowledge and my back be beaten and my integrity accused and my wealth be charged. (Hadees in Hakim, Section Thafseer Soorathu Yoosuf)
ACJU Baithul Maal System
Baithuz Maal System offers its assistance in the form of Guidance and surveillance of Executing Baithul Maal fund Collection, finding and dispensing it to the rightful in order to derive the maximum strategic prosperities through this financial instrument. All the financial activities can be laid under Baithul Maal.
Baithul Maal projects are developed with the ideologies of Muslim theologians and field experts which offers its assistance in the form of Guidance and surveillance of Executing Fund raising, finding and dispensing it to any needy as refundable or non-refundable grant in order to derive the maximum strategic prosperities through this financial instrument.
Since the Baithuz Zakath fund has it’s restrictions as Quran and Hadees defined its inward and outward routes system had to comprise of sets of rules to preserve those sharia guidelines. When a situation requires any aid to a particular dire need and Baithuz Zakath system restrict the provision Baithul Maal has more liberty in the aspects of Sharia outlines and will provide a provision.
Baithul Maal Fund Management
Baithul Maal Basically shall have two sections of funds. Utilization fund and Investment fund. Baithul Maal may consist of self-income generating systems and sources like investment for profit generating and likewise.Interest free credit facility Brief system.
Baithul Maal as a treasury introduced and developed by Islam for the benefit of its community. Comprehensive life guidance of Islam has forbidden the interest which is unquestionable divine order which has proved that Islam has wisdom behind all its perceptions that a person who lends money for his inevitable need should not be trampled to be robbed his wealth for such innocent reasons.
The incumbent needs of man forces himself to obtain financial mean and when for the divine verdict he deprived of any necessity as a trial he and the community is tested whether they go only for permitted income means. The prevailing deep rooted and wide spread interest based credit and other financial aids grab the opportunity to be benefitted out of this man’s hard needy times and sometimes rob his possessions.
In order to safe guard the community in its individuals from this destructive trap the interest, the interest free credit service has been introduced. This project also a non-chargeable contract according to Islamic jurisprudence perspectives. Expenses incurred during the providence of the service shall be borne by the society or any other sources of Baithul Maal. Hence the project shall be operated by Baithul Maal system following guidelines detailed in Interest free credit facility project manual.