Explanation

Bayt al-mal in Arabic term can be translated as “House of Money” or “House of Wealth.”

The Bayt al-Mal was formally established during the second Caliph, Umar al-Khattab

Hazrat Umar appointed Abdullah Bin Masud as custodian of Bait Ul Mal

while 

Pakistan Bait-ul-Mal (PBM), is an autonomous body set up through the 1991 Act.

ND11-2-2023