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JAMB UTME - Islamic Religious Studies - 1993

Question 1 Report

In the Islamic economic system, baytuk māl is equivalent to the
Answer Details
In the Islamic economic system, baytuk māl is equivalent to the public treasury. Baytuk māl refers to a central pool of resources that is managed by the Islamic state. This pool of resources includes money, property, and other assets that belong to the community as a whole. The purpose of the baytuk māl is to ensure that everyone in the community has access to basic needs such as food, shelter, and healthcare. Unlike a commercial bank or community bank, which are privately owned and operated for profit, the baytuk māl is a public institution that is managed by the government. It is similar to a common market in that it serves the needs of the community as a whole, but it is specifically focused on managing and distributing resources rather than facilitating trade.
Read lesson note on Islamic Economic System (JAMB)
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