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Microcredit in the Ottoman Empire: A Review of Cash Waqfs in Transition to Modern Banking

In: Financing in Europe

Author

Listed:
  • Gürer Karagedikli

    (Middle East Technical University)

  • Ali Coşkun Tunçer

    (University College London)

Abstract

The chapter by Gürer Karagedikli and Ali Coşkun Tunçer explores the credit activities of cash waqfs (religious foundations) in the Ottoman Empire in the nineteenth century by relying on original waqf registers. It conceptualises cash waqfs as microcredit organisations and questions the established view that they went into decline in the nineteenth century at the face of competition with the formal credit institutions. The chapter shows that the cash waqfs and the bank branches proliferated in number across the Ottoman Empire during this period, and they showed a similar geographical distribution. This finding implies that cash waqfs complemented the activities of the modern banks by mitigating the social costs of nineteenth-century globalisation.

Suggested Citation

  • Gürer Karagedikli & Ali Coşkun Tunçer, 2018. "Microcredit in the Ottoman Empire: A Review of Cash Waqfs in Transition to Modern Banking," Palgrave Studies in the History of Finance, in: Marcella Lorenzini & Cinzia Lorandini & D'Maris Coffman (ed.), Financing in Europe, pages 239-268, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-3-319-58493-5_10
    DOI: 10.1007/978-3-319-58493-5_10
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    Cited by:

    1. Gürer Karagedikli & Ali Coşkun Tunçer, 2021. "House prices in the Ottoman Empire: evidence from eighteenth‐century Edirne," Economic History Review, Economic History Society, vol. 74(1), pages 6-33, February.

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