CIVILIZATION, ECONOMY AND WAQF IN OTTOMAN EUROPE

Abstract

The prosperity, stability, and socio-economic balance observed throughout Ottoman history was largely sustained by several key institutions developed in accordance with emerging challenges of the time whilst functioning effectively. Both the Ottoman economic mindset and impact of those institutions on the socio-economic and financial development cannot be ignored. In addition to other significant economic, social and political institutions, the waqf (charitable endowments) played a crucial role in Ottoman society and contributed to the supply of primary social needs, whether related to education, finance, health, economy, infrastructure or social stability. This article seeks to explore the role of waqfs, especially cash waqfs throughout 15th-19th century Ottoman Europe. It concludes that the investment of those waqf-based charity institution in religious, educational, health, and socio-economic sectors allowed for invaluable contributions in social spheres and public welfare in addition to playing a crucial role in the economic and financial stability and sustainability of the Ottoman society over long periods of time.   Keywords: Balkan, cash Waqf, development, endowment, Islamic finance, Ottoman civilization, Ottoman economy.   Cite as: Bulut, M. (2020). Civilization, economy and waqf in Ottoman Europe. Journal of Nusantara Studies, 5(2), 48-67. http://dx.doi.org/10.24200/jonus.vol5iss2pp48-67