It became the late 19th century incarnation of the Defterdar (Grand Treasurer).
[1] An aborted attempt to establish a Ministry of Finance came about in early 1838 under Sultan Mahmud II, but it was dissolved the next year during Hüsrev Pasha's brief period of dominance following the accession of Abdul Mecid to the throne, as he was hoping to grant the army financial independence.
The Ministry of Finance was restored on 20 June 1839 soon after Mustafa Reşid Pasha's Gülhane proclamation, which combined the military and imperial treasuries.
[2] Upon its creation, it originally had two undersecretaries for the treasuries assigned to the ministry.
After the Crimean War, Fuad Pasha introduced a Account Council (Divan-ı Muhasabat).