| Abstract: |
Although the waqfs have existed with the history of humanity and are useful in
all societies, they had different role and place in Islamic societies. The
waqfs have made institutionalized cooperation and solidarity among people.
Especially in Islamic societies, great importance has been attached to waqfs.
The waqfs that helped institutionalize the concept of infaq met many needs of
the community. One of the Islamic states where the foundations are very active
was the Ottoman Empire. The size of the waqf services in the Ottoman Empire
expanded so much that, besides the human services, waqfs for injured birds and
sick animals were established. The fact that the waqfs are so widespread in
the state has made it possible to refer to the Ottoman Empire as a waqf
civilization. One of the waqf types operating in the Ottoman Empire was the
cash waqfs (CWs) which were made up of cash in the capital. The CWs operated
the cash that made up its capital with various Islamic finance methods.
Revenues from the operating money were used in the direction of waqf purpose.
The CWs provided the vital necessities of the society such as education and
religion in the period they were active in the Ottoman Empire. Another
function of these waqfs was to operate as a micro-credit mechanism. Through
these waqfs, the surplus and the accumulated savings in the hands of the asset
owners were made available to merchants, farmers, craftsmen, and artisans.
Hence, these waqfs have served as resource transfer channels as well as
functioning as a charity in the society. The ultimate goal of CWs, which is
the pioneer of modern interest-free financial institutions today, is different
from these institutions. The CWs did not transfer the profits they got to the
waqf founder or owner. The income obtained has been spent to fulfill the
charitable services in the direction of the waqf purposes. Therefore, these
institutions created Altruistic Finance Model operating within the borders of
Islamic prohibitions and orders. In our study, the financial mentality of the
Ottoman society in the context of the CWs and how this mentality shaped the
CWs will be discussed. |