The Influence of Istanbul Cash Waqf on the Ottoman Financial Stability
Fatchul Wachid
Islamic Economics and Finance, Sakarya University, Sakarya, Turkey
Abstract
A mechanism where the savings and wealth in the individuals transform into service in the community needs has been created through the waqf system. Waqf system reduce and even eliminate the gap between social classes. Where people who have capital will compete to serve the community to get closer to Allah. The Ottomans can be remembered today because of the waqf civilization was strong at the time. Various academic studies showed that waqf institution emerged as a third economic institution after the Ottoman central treasury and timar system. Therefore, research on the structure of the Ottoman economy and the function of the waqf institution is very important. The aim of this study is to explain the formation of cash waqf by analyzing the wakfiyah as the primary source. We also analyze the amount of profits obtained by cash waqf institution in Rumeli (Istanbul). Istanbul is the center of the Ottoman economy. Therefore, researching waqf institutions in Istanbul can help us to understand Ottoman financial condition generally. In addition, academic research on cash waqf institutions at Rumeli (Istanbul) is also very rare.
Keywords: Cash Waqf, Ottoman Waqf, Ottoman Cash Waqf, Islamic Finance
Topic: International Conference of Islamic Economic and Financial Inclusion