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Effects of Cash Waqfs on Sustainable Economic Development in the Balkans During the Early Modern Period

In: Islamic Financial Institutions from the Early Modern Period to the 20th Century

Author

Listed:
  • Cem Korkut

    (Ankara Yıldırım Beyazıt University (AYBU))

Abstract

In the realm of economic development, various core factors lead to sustainable growth. Simply increasing economic activity doesn’t guarantee true development. “Waqfs,” especially within Islamic societies, play an essential role, acting as intermediaries to redistribute resources from wealthier sectors to the less privileged. The cash waqf, a subtype, combines charitable and economic aims for societal gain. The Ottoman Empire is noted for its widespread adoption of waqfs, with its influence extending from urban hubs to remote villages. In particular, the Rumelia province showcases the lasting impact of cash waqfs, which, over centuries, prioritized philanthropy and acted as financial agents. These entities supported educational, religious, and infrastructural needs while providing funding options for entrepreneurs. This chapter will delve into the ethos of cash waqfs and their role in fostering sustainable regional development, using primary sources such as establishment charters in the Shari’a Registers and the archives from the Directorate General of Foundations of the Turkish Republic. The study highlights the contributions of cash waqfs to areas like infrastructure, education, and poverty mitigation, seeking to link their objectives with broader sustainable development goals.

Suggested Citation

  • Cem Korkut, 2024. "Effects of Cash Waqfs on Sustainable Economic Development in the Balkans During the Early Modern Period," Springer Books, in: Mehmet Bulut & Bora Altay & Cem Korkut (ed.), Islamic Financial Institutions from the Early Modern Period to the 20th Century, chapter 0, pages 79-95, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-51318-3_5
    DOI: 10.1007/978-3-031-51318-3_5
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