Abstract:

Waqfs are a charity institution that has taken its place in history as a part of Turkish and Islamic civilization. The services it did and the things it had committed varied according to time. The only thing that does not change according to these changes is the concept of " Waqfs ". As a concept that continues to be used today, the waqf is referred to as civil society or third sector organization in its last definition. In the Ottoman Empire, where gold and silver coins were used, in the Sultan Kanuni Period (1520-66), the concept of "nukud" cash waqf was included in the body of the waqf institution. This concept has found a field of application for more than 400 years with its unique finance method in the Ottoman experience and the waqf institution. In today's developing Islamic finance sector, it is desired to evaluate cash waqfs as a historical experience. However, the old concept of waqf, which is a type of cash waqf; It seems to be regarded as an example of interest or similar practices or, on the contrary, as an old example of Islamic finance. In addition, the concept of waqf, which has an additional concept such as Vakifbank and Vakif Katilim, is included in the banking sector today; Vakifbank and Vakif Katilim is used in the waqfs identified with the concept of Participation Banks as financial institutions today. Our aim in this article is to draw attention to the new meanings it takes in the world of waqf and finance by traveling the history of cash waqfs within the framework of the concept of waqf, and to express our concern about falling into anachronism through the definition of the concept.

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