Ottoman Cash Waqfs: An Alternative Financial System


Bulut M., Korkut C.

INSIGHT TURKEY, vol.21, no.3, pp.91-111, 2019 (Journal Indexed in ESCI) identifier identifier

  • Publication Type: Article / Article
  • Volume: 21 Issue: 3
  • Publication Date: 2019
  • Doi Number: 10.25253/99.2018ev.07
  • Title of Journal : INSIGHT TURKEY
  • Page Numbers: pp.91-111

Abstract

The institutions of "waqfs," that is foundations, stand before us as an intermediate option between collectivist and individualistic societies. These foundations provide for societal and individual needs in many areas including religion, education, finance, health, and infrastructure. One of the most important forms is the cash waqf, which acts as both a charity and financial intermediary and has evolved to become an option to today's conventional lending mechanism. Waqfs have historically solved the most important financial needs of the period by considering the sensitivities of the society. This study will discuss the potential solutions that the cash waqfs can bring to the problems that modern-day societies are currently experiencing in finance.