Baitulmal Wealth Management

1730 Words7 Pages
Baitulmal is normally known as a charitable of institution. In Arabic word, is translated as house of money or house of wealth. So, Baitulmal are property house which manages financial resource and Islamic property for development of Muslim in socio economic. Historically, it was a financial institution that responsible for the administration of tax in Islamic states, particularly in the early Islamic Caliphate. The sources of Baitulmal in this time are community property, government property and general property. According to more current and dominant view, Baitulmal was first establishment during the Abu Bakar time who succeeded the Prophet in the year 632. But have researcher said, Baitulmal has existed since the time of Rasullullah S.A.W, when Saidina Umar gained a land in Khaibar. Saidina Umar meets the Prophet Muhammad S.A.W to know what he should do with the obtained land. In the early days of Islam, Baitulmal is not prominent and also not important. Because of the economic development at that time was limited and there was not much revenue for the state, hence there is no difficulty to manage it. The Baitulmal can categories by wealth management. Wealth management is an important aspect in Islam. If we do not know the owner of the wealth, we must manage it in the best way as we can. This is because wealth management is closely related with individual and society welfare. The success economies in Malaysia not just arise on how income and expenditure level, but also relies on how wealth or properties manage. That’s why the wealth management must to do the best way. In practice, the Baitulmal is responsible to manage the religious matter that are outlined under the jurisdiction of the government including marriage, waka... ... middle of paper ... ...he effective method of collection the source of Baitulmal and their distribution. And the proper management of wakaf property can lead towards successful planning and implementation of wakaf development for the benefit of Muslims and can give benefit to development of Baitulmal. These innovations also might bring better economic development for Muslims and Malaysia as a whole. Al-Quran already clearly mentioned that Baitulmal is for human to do good deeds for the society. In Surah AlHaj 17: 77 - “O you have believed and bow and prostrate and worship your Lord and do good that you may have succeed’’. After we know that the development of Baitulmal in Malaysia has many important aspect and things, so we can also help this development to go fast and see that Baitulmal is one thing that has in Islamic principle and has been formed since time Rasullullah and Sahabat.
Open Document