Ahmad Fanakati

Ahmad Fanākatī (? – 1282) was a Muslim financial staff of Khubilai Khan of the Mongol Empire (Dai-ön Ulus).

He came from Fanakat (Banakat), a town on the upper Syr River in Central Asia. Confidenced by Chabui Khatun, Khubilai's favorite wife, he was entrusted with state finances in 1262. He was successful in managing the financial affairs of Northern China and brought huge tax revenues to Khubilai's new government.

In 1270 he assumed the full power of the new financial department that had equal status with the administrative department named Zhongshusheng. After the conquest of the Song Dynasty in 1276, he entered the financial matters of Southern China. He prepared state monopoly in salt, which came to account 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. Ahmad's tax system gained bad reputation from Chinese because it was ruthlessly operated and considerably differed from traditional Chinese one.

In 1271 the new financial department was absorbed into Zhongshusheng. While holding the financial affairs, he started intervening in state administration. It heightened tension with the rival faction that included Crown Prince Chinkim, Antung, the head of Zhongshusheng and other Mongol aristocrats, and Chinese bureaucrats. the death of his political patron Chabui Khatun in 1281 made the situation critical. Ahmad was assassinated in the next year and his faction fell from power.

Ahmad is portrayed as an evil man by Chinese and his corruption and tyranny are emphasized. In contrast, the Jami al-Tawarikh positively evaluates his assistance for Khubilai's administration. The recent Mongolian studies also tend to make positive reference to his role in establishing the dynasty's unique financial system.