Arabic (بيت المال) for public treasury; the place where the State of Islam (particularly, early Islam) kept its public wealth (al-mal al-a’am). Under caliphates (thereafter and at medieval times), it was used to refer to the public entity or agency that preserved and disposed of the State’s public wealth. In this sense, bayt al-mal had a legal personality whereby it enjoyed an independent financial status and functioned as the central bank of the state. Bayt al-mal also assumed the roles of controller of local and foreign trade and public insurer.