TY  - JOUR
TT  - A Look at the Cash Waqfs as an Indicator of Ottoman Financial Mentality
AU  - Bulut, Mehmet
AU  - Korkut, Cem
PY  - 2019
DA  - May
Y2  - 2019
DO  - 10.16971/vakiflar.586433
JF  - Vakıflar Dergisi
PB  - T.C. Vakıflar Genel Müdürlüğü
WT  - DergiPark
SN  - 1011-7474
SP  - 116
EP  - 132
LA  - en
KW  - Cash Waqfs
KW  - Ottoman Empire
KW  - Islamic Finance
KW  - Philanthropy
KW  - Altruistic Finance Model
KW  - basic principles of cash waqfs
N2  - In spite of the fact that the waqfs have existed withthe history of humankind and are helpful in all social communities, they have adifferent and important place in Islamic societies. The waqfs have institutionalizedand organized assistance and solidarity between individuals. Especially inIslamic so­cieties, a great importance has been attached to waqfs. The waqfsthat helped institutionalize the concept of “infaq” (charitable giving), metmany needs of the community. One of the Islamic states where the waqfs are veryactive was the Ottoman Empire. The range of waqf services in the Ottomansexpanded so much that, besides serving individuals and community, waqfs forinjured birds and sick animals were also established. The fact that the waqfsare so widespread in the state has made it possible to refer the Ottoman Empireas a waqf civilization.One of the waqf types operating in the Ottoman Empirewas the cash waqfs (CWs) which hold cash money as capital. The CWs operated itscapital with various Islamic finance methods. Revenues obtai­ned from variousinvestments were used for the purpose of waqf. The CWs met the vitalnecessities of the society pertaining to education and religion in the periodthey were active in the Ottoman Empire. Another function of these waqfs was tooperate as a micro-credit mechanism. Through these waqfs, the surplus and theaccumulated savings in the hands of the wealthy people were made available tomerc­hants, farmers, craftsmen, and artisans. Hence, these waqfs have served asresource transfer channels as well as functioning as a charity in the society.The main goal of CWs, which is thepioneer of modern Islamic financial institutions, is different from that ofIslamic interest-free financial institutions. The CWs did not transfer theprofits they obta­ined to the waqf’s founder or owner. The income obtained wasspent to fulfill the charitable services. Therefore, these institutions createdan altruistic finance model operating within the borders of Islamic rules andorders. Therefore, this model has its own principles. In our study, thefinancial mentality of the Ottoman society in the context of CWs and how thismentality shaped them will be discussed. The basic principles of this mentalityand CW model will be emphasized.
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UR  - https://doi.org/10.16971/vakiflar.586433
L1  - https://dergipark.org.tr/en/download/article-file/752377
ER  -