FUNDAMENTAL PRINCIPLES OF CASH WAQFS AND THEIR MANAGEMENT

Abstract

As an Islamic philanthropic institution with a predominant social dimension, cash waqfs had played an important role in Muslim societies in the history. With their original establishment, management and operation methods, they have undertaken important functions in meeting societal needs during the historical process. Goals, structures and functions of the cash waqfs have been discussed in a wide range of literature. This article discusses on the characteristics of Ottoman cash waqfs which present an original philanthropic perspective that engages religious, business and societal logics to perform sustainable, long-standing charities. In this article, we argue that there were three main principles existed for cash waqfs: (i) permanency of the charitable work, (ii) sustainability of operations and (iii) societal contribution. As non-profit institutions, cash waqfs had acted like a third sector to contribute in sustainable development, social welfare and public services. The experience and Ottoman period implementations in the historical process also offer valuable implications for solving today's economic and social problems.