You are here

Home » Content

Bridging the Gap: The Restitution of Historical Cash Waqf Through Vakıf Participation Bank

Journal Name:

  • International Journal of Islamic Economics and Finance Studies

Publication Year:

  • 2017
DOI: 
10.25272/j.2149-8407.2017.3.2.04

Key Words:

Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
Financial needs have been met through formal or informal institutions throughout history. Some of these institutions have been operating for many years and have developed and adapted to suit the current time. In the Ottoman Empire (1299-1923), cash waqfs were served as financial and social institutions in the society since the early cash waqfs were established in the period of Murad II and Mehmet II in the 15th century. The main aim of a cash waqf is to provide financial services to the different strata of the society, ranging from poor people to merchants, and to generate income, which would be used for the specific purpose of the waqf. They operated until the first years of the new Turkey after the collapse of the Ottoman Empire. As to the Islamic finance in Turkey, it has not been applied as a formal institution in many years and the history of Islamic banking in Turkey goes back to the legislation in 1984, which allowed the establishment of Islamic banks (IBs) under the name of Special Finance Houses (SFHs). The name of these institutions was changed to Participation Banks (PBs) in 2005 and the Islamic finance sector has been a strategic sector especially in recent years. The aim of this paper is to give a brief history of Islamic finance in the Ottoman Empire through cash waqfs and in modern Turkey through PBs. Thus, the process of the change of the Islamic finance applications, from cash waqfs to state-owned PBs, within six centuries, will be explained by giving a chronological outline. And finally, the bridging purpose of the recent government between cash waqfs and Vakıf PB will be evaluated and some suggestions will be proposed to PBs, Vakıf PB in particular, to improve the social aspects of them through the benefit from the cash waqf experience.
Bookmark/Search this post with
FULL TEXT (PDF): 
PDF icon arastirmax-bridging-gap-restitution-historical-cash-waqf-through-vakif-participation-bank.pdf
  • 2
74
99
  • English

REFERENCES

References: 

Asutay, M. (2007). A Political Economy Approach to Islamic Economics:
Systemic Understanding for an Alternative Economic System. Kyoto
Bulletin of Islamic Area Studies, 1(2), 3–18.
Asutay, M., Aysan, A. F., & Karahan, C. C. (2013). Reflecting on the
Trajectory of Islamic Finance: From Mit Ghamr to the Globalisation
of Islamic Finance. Afro Eurasian Studies, 2(1–2), 5–14.
Baldwin, D. (1990). Turkey: Islamic Banking in a Secularist Context. In R.
W. (Ed), Islamic Financial Markets (pp. 33-58). New York: Routledge.
Barkan, Ö. L., & Ayverdi, E. H. (1970). İstanbul Vakıfları Tahrir Defteri 953
(1546). İstanbul.
BRSA (2006). Bankalar ve Konsolide Denetime Tabi Kuruluşlarca
Yapılabilecek Bağış ve Yardımlara İlişkin Yönetmelik. Ankara: Banking
Regulation and Supervision Agency. Retrieved from
https://www.bddk.org.tr/WebSitesi/turkce/Mevzuat/Bankacilik_Kanu
nuna_Iliskin_Duzenlemeler/1700bagisveyardimlaryönetmeliği.pdf
BRSA, "Interactive Monthly Bulletin", www.bddk.gov.tr, accessed date:
15.06.2017
BRSA, Decision on Cancellation of the licence of Bank Asya,
http://www.bddk.org.tr/WebSitesi/turkce/Duyurular/BDDK_Kurul_
Kararlari/153626947.pdf
Bulut, D. H., & Er, D. B. (2012). Katılım Finansmanı Katılım Bankacılığı ve
Girişim. İstanbul: Türkiye Katılım Bankaları Birliği.
Bulut, M., & Korkut, C. (2016). A Comparison Between Ottoman Cash
Waqfs (CWs) and Modern Interest-Free Financial Institutions.
Vakıflar Dergisi, 46(Aralık), 23–45.
Çizakça, M. (1995). Cash Waqfs of Bursa, 1555-1823. Journal of the
Economic and Social History of the Orient, 38(3), 313–354.
Çizakça, M. (1998). Awqaf In History and Its Implications For Modern
Islamic Economies. Islamic Economic Studies, 6(1), 43–70.
Çizakça, M. (1993). Risk Sermayesi Özel Finans Kurumları ve Para Vakıfları.
İstanbul: İSAV.
Döndüren, H. (1998). 16. Yüzyıl Kültürümüzde: Finansman ve İstihdam
Politikası. Uludağ Üniversitesi İlahiyat Fakültesi, 7(7), 59–76.
IJISEF
96 International Journal of Islamic Economics and Finance Studies
Döndüren, H. (2008). Osmanlı Tarihinde Bazı Faizsiz Kredi Uygulamaları ve
Modern Türkiye’de Faizsiz Bankacılık Tecrübesi. Uludağ Üniversitesi
İlâhiyat Fakültesi Dergisi, 17(1), 1-24.
Durmuş, M. E. (2016). Muhasebe Kayıtları Işığında 18. Yüzyılın Son
Çeyreğinde Üsküdar Para Vakıfları, Unpublished master thesis.
Sakarya University
Elbiz. (2017). Global Islamic Finance Report 2017. Retrieved from
http://www.gifr.net/publications/gifr2017/intro.pdf
Gedikli, F. (1999). İbda’. Türkiye Diyanet Vakfı Ansiklopedisi. volume 19,
pp. 262–263.
Gözüdenli, O. G. (2012). “Vakfiye”, TDV Encyclopedia of Islam, volume 42,
465-467.
Günay, H. M. (2012). “Vakıf”, Türkiye Diyanet Vakfı Ansiklopedisi,
42(2012), 475-479.
Kahf, M. (2003). The Role of Waqf in Improving the Ummah Welfare.
Presented to the International Seminar on “Waqf as a Private LEgal
Body” organized by the Islamic University of North Sumatra, Medan,
Indonesia Jan. 6-7, 2003.
Kaya, S. (2010). XVIII. Yüzyıl Sonlarında Üsküdar Vakıflarının Gelir
Kaynakları. Dîvân Disiplinlerarası Çalışmalar Dergisi, 15(29).
Kurt, İ. (2010). Para Vakıfları Ve Davut Paşa Mahkemesi’nde Kayıtlı Para
Vakfiyeleri. In O. N. Özalp, Prof. Dr. Sacit ADALI’ya 65. Yaş
Armağanı (pp. 179-214).
Mandaville, J. E. (1979). Usurious Piety: The Cash Waqf Controversy in the
Ottoman Empire. International Journal of Middle East Studies, 10(3),
289–308. http://doi.org/10.1017/S0020743800000118
Özcan, T. (2010). Vakıf Medeniyeti ve Para Vakıfları. İstanbul.
Özdemir, M., & Aslan, H. (2017). Türkiye’de İslami Finansın Dönüşümünün
Ekonomi Politiği. SETA, Ankara.
TKBB, Presentation, www.tkbb.gov.tr, accessed date: 15.06.2017
TKBB. (2015). Turkish Participation Banking Strategy Document. Istanbul.
Udovitch, A. L. (1970). Partnership and profit in medieval Islam. New Jersey:
Princeton University Press.
IJISEF
International Journal of Islamic Economics and Finance Studies 97
Vakıf Katılım, Mission&Vision,
https://www.vakifkatilim.com.tr/tr/hakkimizda, accessed date:
15.06.2017
"Wakf", Encyclopedia of Islam Second Edition, Leiden: E. J. Brill, 1960–
2005.
Warde, I. (2000). Islamic finance in the global economy. Edinburgh:
Edinburgh University Press.
Zaman, N., & Asutay, M. (2009). Divergence between Aspirations and
Realities of Islamic Economics: A Political Economy Approach to
Bridging the Divide. IIUM Journal of Economics & Management,
17(1), 73–96.

Thank you for copying data from http://www.arastirmax.com