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BAIT-UL-MAAL

BAIT-UL-MAAL The Bait-ul-Maal was established by the government of Prime Minister Mian Nawaz Sharif, on 6 February 1992 By taking this step, the Sharif administration continued with the tradition started by President Zia ul-Haq to Islamize the economy Zia ul-Haq, Sharif’s mentor, had introduced a number of Islamic instruments into the economy, including taxes such as zakat and ushr The government of Prime Minister Mian Nawaz Sharif continued with the program begun by Zia Islamists trace the institution of Bait-ul-Maal to Caliph Hazrat Umar, who enjoined all well-to-do Muslims to contribute funds to the state for the welfare of the needyBait-ul-Maal survived the change in government in 1993, when Benazir Bhutto replaced Mian Nawaz Sharif as prime minister This was one of the few initiatives taken by her predecessor that she was prepared to keep in place It would have been exceedingly difficult for her to dismantle an institution which had been established in the name of Islam

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