The first Caliph, Abu Bakr, was the first to introduce a centralized and permanent bait al-mal which is simply known as the Treasury House.

Question

Quizplus · Accepted Answer

The concept of Bait al-Mal (Treasury House) was indeed established during the time of the Islamic Caliphate, but it was the second Caliph, Umar ibn al-Khattab, who is credited with organizing it into a formal institution for managing state finances, including the collection and distribution of zakat and other public revenues. Abu Bakr, the first Caliph, did manage the financial matters of the state, but the establishment of a more structured and centralized treasury system is attributed to his successor, Umar.

The First Caliph, Abu Bakr, Was the First to Introduce