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March 14, 2026International Journal of Islamic and Middle Eastern Finance and Management

Ottoman cash waqfs as early non-bank financial institutions: balance-sheet evidence and implications for financial inclusion

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BYBengü Doğangün YASAEAEdnan AyvazMYMehmet emin yardımcı

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Overview

Examines Ottoman cash waqfs to reveal their role in improving financial inclusion in communities, indicating lessons for modern finance.

Key Points

  • The study aims to analyze the financial mechanisms and social roles of Ottoman cash waqfs using historical accounting evidence.
  • Examined a fully audited ledger from 1872 in Kocaeli.
  • Utilized mixed-methods framework combining qualitative assessments and quantitative analysis.
  • Applied descriptive statistics, Gini coefficients, and Lorenz curves for financial analysis.
  • 39 cash waqfs managed a total of 1,093,620 gurus in capital.
  • Over 97% of capital was allocated through istiglal contracts, yielding returns of 10%-20%.
  • Peasants were the largest borrower group at 41%, followed by artisans and traders at 26%.
  • Neighborhood waqfs showed higher lending efficiency despite larger mosque waqfs controlling more capital.

Cite This Study

YASA et al. (2026) studied this question.

synapsesocial.com/papers/69b4fbd5b39f7826a300c412https://doi.org/10.1108/imefm-09-2025-0716
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