Ahmad Fanakati

Ahmad Fanākatī or Banākatī (Persian: احمد فناکتی / احمد بناکتی‎‎; before 1242 — 10 April 1282) was a PersianMuslim from Qara Khitai who was finance minister of Kublai Khan's Yuan dynasty. He became known as a chief minister under Kublai and is credited with successfully establishing the financial system of the Mongols. He was considered to be a "villainous minister" in dynastic histories because of his perceived corruption.

Ahmad Fanākatī came from Fanākat (or Banākat), a town on the upper Syr Darya in Central Asia, under the rule of the Qara Khitai until they were conquered by the Mongol Empire.

Ahmad obtained employment under Kublai through Empress Jamui Khatun, who had known him before her marriage. To her court he was originally attached but we find him already in high financial office in 1264.

Trusted by Chabi Khatun, Kublai's favorite wife, Ahmad was entrusted with state finances in 1262. He was successful in managing the financial affairs of Northern China and brought huge tax revenues to Kublai's new government.

In 1270, he assumed the full power of the new financial department known as the Department of State Affairs (Shangshu Sheng), which had equal status with the administrative department known as the Central Secretariat (Zhongshu Sheng).

After the conquest of the Song dynasty in 1276, he entered the financial matters of Southern China. He prepared a state monopoly in salt, which came to account for a large portion of state income. In his 20-year term of office, he created his strong faction with his clan and Muslims from Central Asia.

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