Advertisement

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

  • Gürer Karagedikli
  • Ali Coşkun Tunçer
Chapter
Part of the Palgrave Studies in the History of Finance book series (PSHF)

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.

References

Archival Sources

  1. Vakıflar Genel Müdürlüğü (VGM) nos: 583, 593, 607, 746, and 747.Google Scholar

Secondary Sources

  1. Autheman, A. 2002. The Imperial Ottoman Bank. Istanbul: Ottoman Bank Archives and Research Centre.Google Scholar
  2. Barnes, R.J. 1987. An Introduction to Religious Foundations in the Ottoman Empire. Leiden: E.J Brill.Google Scholar
  3. Battilossi, S. 2006. The Determinants of Multinational Banking During the First Globalisation 1880–1914. European Review of Economic History 10: 361–388.CrossRefGoogle Scholar
  4. Çaǧatay, N. 1970. Ribā and Interest Concept and Banking in the Ottoman Empire. Studia Islamica 32: 53–68.CrossRefGoogle Scholar
  5. ———. 1971. Osmanlı İmparatorluğunda Riba-Faiz Konusu. Vakiflar Dergisi 9: 39–66.Google Scholar
  6. Carbonell-Esteller, M. 2012. Montes de Piedad and Savings Banks as Microfinance Institutions on the Periphery of the Financial System of Mid-Nineteenth-Century Barcelona. Business History 54 (3): 363–380.CrossRefGoogle Scholar
  7. Cizakça, M. 1995. The Cash Waqfs of Bursa, 1555–1823. Journal of the Economic and Social History of the Orient 38 (3): 313–354.CrossRefGoogle Scholar
  8. Çizakça, M. 2000. A History of Philanthropic Foundations: The Islamic World from the Seventh Century to the Present. Istanbul: Bogazici University Press.Google Scholar
  9. ———. 2004. Ottoman Cash Waqfs Revisited: The Case of the Bursa 1555–1823. FSTC Paper. No. 4062.Google Scholar
  10. Clay, C. 1990. The Imperial Ottoman Bank in the Later Nineteenth Century: A Multi-national ‘National Bank’. In Banks as Multinationals, ed. G. Jones, 256–258. New York: Routledge.Google Scholar
  11. ———. 1994. The Origins of Modern Banking in the Levant: The Branch Network of the Imperial Ottoman Bank, 1890–1914. International Journal of Middle East Studies 26 (4): 589–614.CrossRefGoogle Scholar
  12. ———. 1999. Western Banking and the Ottoman Economy before 1890: A Story of Disappointed Expectations. Journal of European Economic History 28: 473–509.Google Scholar
  13. Eldem, E. 1999. A History of the Ottoman Bank. Istanbul: Ottoman Bank Historical Research Centre.Google Scholar
  14. Ferid, H. 1914. Osmanlı’da para ve finansal kredi, Vol. 3. Republished in 2008 by Başbakanlık Hazine Müsteşarlığı Darphane ve Damga Matbaası Genel Müdürlüğü, İstanbul.Google Scholar
  15. Gerber, H. 1981. Jews and Money-Lending in the Ottoman Empire. The Jewish Quarterly Review 72 (2): 100–118.CrossRefGoogle Scholar
  16. Geyikdagi, V.N. 2011. Foreign Investment in the Ottoman Empire – International Trade and Relations 1854–1914. London/New York: I. B. Tauris.Google Scholar
  17. Gökbilgin, M.T. 1952. XV. ve XVI. Yüzyıllarda Edirne ve Paşa Livası. Vakıflar- Mülkler-Mukataalar. Istanbul: Işaret Yayınları.Google Scholar
  18. Güran, T. 1997. Osmanlı Devleti’nin Ilk Istatistik Yilligi 1897 (The First Statistical Yearbook of the Ottoman Empire). Vol. 5. Ankara: DIE Tarihi İstatistikler Dizisi.Google Scholar
  19. Kuran, T. 2001. The Provision of Public Goods Under Islamic Law: Origins, Impact, and Limitations of the Waqf System. Law & Society Review 35 (4): 841–898.CrossRefGoogle Scholar
  20. Kurt, I. 1996. Para Vakiflari: Nazariyat ve Tatbikat. Istanbul: Ensar Nesriyat.Google Scholar
  21. Mandaville, J.E. 1979. Usurious Piety: The Cash Waqf Controversy in the Ottoman Empire. International Journal of Middle East Studies 10 (3): 289–308.CrossRefGoogle Scholar
  22. Masters, B. 1988. The Origins of Western Economic Dominance in the Middle East. New York: New York University Press.Google Scholar
  23. Ökçün, A.G. 1973. 1909–1930 Yılları Arasında Anonim Şirket Olarak Kurulan Bankalar. Türkiye İktisat Tarihi Semineri (8–10 Haziran 1973), Hacettepe Üniversitesi Yayım, 409–75.Google Scholar
  24. Pamuk, S. 1987. The Ottoman Empire and European Capitalism. Cambridge: Cambridge University Press.Google Scholar
  25. ———. 2009. Changes in Factor Markets in the Ottoman Empire, 1500–1800. Continuity and Change 24 (1): 1–30.CrossRefGoogle Scholar
  26. Quataert, D. 1975. Dilemma of Development: The Agricultural Bank and Agricultural Reform in Ottoman Turkey, 1888–1908. International Journal of Middle East Studies 6 (2): 210–227.CrossRefGoogle Scholar
  27. Roded, R. 1989. Quantitative Analysis of Waqf Endowment Deeds: A Pilot Project. Journal of Ottoman Studies 9: 57–76.Google Scholar
  28. Seyhun, A. 1992. Centralization Process of Cash Waqfs in the Ottoman Empire and Their Legal Framework. Unpublished MA Thesis. Istanbul: Bogazici University.Google Scholar
  29. Singer, A. 2002. Constructing Ottoman Beneficence. An Imperial Soup Kitchen in Jerusalem. New York: State University of New York Press.Google Scholar
  30. Thobie, J. 1992. European Banks in the Middle East. In International Banking, ed. R. Cameron and V.I. Bovykin, 1870–1914. Oxford: Oxford University Press.Google Scholar
  31. Toprak, Z. 1985. Osmanlı Devleti’nde para ve bankacılık (Money and Banking in the Ottoman Empire). In Tanzimat’tan Cumhuriyet’e Türkiye Ansiklopedisi (Encyclopedia of Turkey from Tanz- imat to Republic). İstanbul: İletişim Yayınları.Google Scholar
  32. Tschoegl, A.E. 2004. Financial Integration, Dis-integration and Emerging Re-integration in the Eastern Mediterranean, c.1850 to the Presen. Financial Markets, Institutions & Instruments 13: 245–285.CrossRefGoogle Scholar
  33. Tunçer, A.C. 2015. Sovereign Debt and International Financial Control: The Middle East and the Balkans, 1870–1914. Houndmills: Palgrave Macmillan.CrossRefGoogle Scholar
  34. Tunçer, A.C., and Ş. Pamuk. 2014. Ottoman Empire: From 1830 to 1914. In South-Eastern European Monetary and Economic Statistics from the Nineteenth Century to World War II. Athens: Bank of Greece, Bulgarian National Bank, National Bank of Romania, Oesterreichische National Bank.Google Scholar
  35. Yediyıldız, B. 2003. XVIII. Yüzyılda Türkiye’de Vakıf Müessesesi -Bir Sosyal Tarih İncelemesi.Ankara: Türk Tarih Kurumu.Google Scholar
  36. Yüksel, H. 2012. Vakfiye (Türk ve Osmanlı Tarihi). Türkiye Diyanet Vakfı İslam Ansiklopedisi 42: 467–469.Google Scholar

Copyright information

© The Author(s) 2018

Authors and Affiliations

  • Gürer Karagedikli
    • 1
  • Ali Coşkun Tunçer
    • 2
  1. 1.Middle East Technical UniversityAnkaraTurkey
  2. 2.University College LondonLondonUK

Personalised recommendations