Vakıflar Dergisi

Abstract

In spite of the fact that the waqfs have existed with
the history of humankind and are helpful in all social communities, they have a
different and important place in Islamic societies. The waqfs have institutionalized
and organized assistance and solidarity between individuals. Especially in
Islamic so­cieties, a great importance has been attached to waqfs. The waqfs
that helped institutionalize the concept of “infaq” (charitable giving), met
many needs of the community. One of the Islamic states where the waqfs are very
active was the Ottoman Empire. The range of waqf services in the Ottomans
expanded so much that, besides serving individuals and community, waqfs for
injured birds and sick animals were also established. The fact that the waqfs
are so widespread in the state has made it possible to refer the Ottoman Empire
as a waqf civilization.

One of the waqf types operating in the Ottoman Empire
was the cash waqfs (CWs) which hold cash money as capital. The CWs operated its
capital with various Islamic finance methods. Revenues obtai­ned from various
investments were used for the purpose of waqf. The CWs met the vital
necessities of the society pertaining to 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 wealthy people 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 main goal of CWs, which is the
pioneer of modern Islamic financial institutions, is different from that of
Islamic interest-free financial institutions. The CWs did not transfer the
profits they obta­ined to the waqf’s founder or owner. The income obtained was
spent to fulfill the charitable services. Therefore, these institutions created
an altruistic finance model operating within the borders of Islamic rules and
orders. Therefore, this model has its own principles. In our study, the
financial mentality of the Ottoman society in the context of CWs and how this
mentality shaped them will be discussed. The basic principles of this mentality
and CW model will be emphasized.