Ma`rifat Eqtesadi

This research, with a comparative and institutional approach, re-examines the mechanisms of treasury governance in the Prophetic state in their historical and cultural context. In this study, the modern theories of “agent-employer” and “beneficiaries” are used not for direct adaptation and conceptual imposition, but as analytical tools to understand similar functions in two different contexts. The research focuses on identifying the institutional logic of prophetic decisions. The findings show that the Prophet of Islam, by utilizing otherworldly motivations, internal and popular oversight, moral accountability, and fair distribution of resources, established a dynamic balance between justice, legitimacy, and efficiency; which opens a new horizon for analyzing the cost of agency in morally oriented societies and reveals the missing link in conventional models focused on material motivation. This governance based on value and justice was able to create a primitive but effective form of controlling agents and regulating public interests without relying on complex bureaucratic structures. The research findings on the resilience, effectiveness, and dynamism of the experience of prophetic governance implicitly challenge the static theory of Islamic institutions and establish a dialogue between contemporary theories of governance and the experience of early Islam.