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Charitable Foundations for Lending: Cash Waqfs in Ottoman Bulgaria – Distribution and Limitations

Author

Listed:
  • Hristiyan Atanasov

    (State University of Library Studies and Information Technologies, Sofia, Bulgaria)

Abstract

This article aims to survey Ottoman charitable foundations operating in the Bulgarian lands during the 18th and 19th centuries, with a particular focus on the so-called cash waqfs, which functioned as credit institutions. The research is based on near 100 waqfiyyas (waqfname) and other archival materials. The data have been statistically presented and analyzed in four tables that outline the general profile of these waqfs – detailing the origins of their assets, their founders, and their methods of operation. Waqf institutions are grouped and analyzed based on their monetary assets, interest rates, and the profits they managed (or failed) to generate. The study seeks to answer the question: why didn't these monetary foundations evolve into modern banking institutions? Is the Islamic concept of “perpetuity” responsible for this limitation? Examples from various cities in Ottoman Bulgaria are provided, initiating the mapping of these institutions.

Suggested Citation

  • Hristiyan Atanasov, 2024. "Charitable Foundations for Lending: Cash Waqfs in Ottoman Bulgaria – Distribution and Limitations," Proceedings of the Centre for Economic History Research, Centre for Economic History Research, vol. 9, pages 117-131, November.
    • Handle: RePEc:ceh:journl:y:2024:v:9:p:117-131
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    References listed on IDEAS

    as
    1. Timur Kuran, 2011. "The Long Divergence: How Islamic Law Held Back the Middle East," Economics Books, Princeton University Press, edition 1, number 9273.
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    More about this item

    Keywords

    Ottoman Bulgaria; Cash Waqfs; Interest Rate;
    All these keywords.

    JEL classification:

    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
    • N33 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: Pre-1913

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