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2017 | OriginalPaper | Chapter

4. A Look at Cash Waqfs as Islamic Financial Institutions and Instruments

Authors : Mehmet Bulut, Cem Korkut

Published in: Critical Issues and Challenges in Islamic Economics and Finance Development

Publisher: Springer International Publishing

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Abstract

People have used many methods for covering their cash needs. Banks and other financial institutions were founded for this purpose. The main activity of these institutions is transferring savings to investments. One of these institutions was cash waqfs that were founded in the Ottoman State and were special because they provided cash for people adhering to Islamic fiqh. In this chapter, the rate of money operation (the method of using money in order to take profit from mudarabah, musaharakah etc.), the period of lending, the capital of institutions, etc. will be examined. There will also be a discussion of cash waqfs and an investigation of Islamic finance methods dealing with these waqfs.

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previous chapter The Possibility of the Application of an Early Warning Sign System into the Quality Management System of a Credit Portfolio of Islamic Banks

next chapter The Implementation of Islamic Financial Services in Afghanistan: A Case Study

Ebussuud was Shayk al-Islam for nearly thirty years during the most glorious times of the Ottoman Empire. He had an impact not only on scientific and intellectual works but also on state policy. He was a scholar and jurist who contributed in the implementation of customary law and Islamic law in a harmonious manner in the context of meeting the needs of society.

Imam Zufar was the scholar who saw CWs absolutely permissible. He also listed the halal ways of using money as capital for CWs.

Saheeh: trustworthy (English), sahih (Turkish).

Fiqh can be defined as Islamic jurisprudence. All studies under the theoretical and practical applications of Islamic law are subject of fiqh.

In the bida’a method, the borrower uses the money that was taken from the cash waqf for his business. Later, the profit is given back to the cash waqf to serve its purposes. Thus, the borrower does not expect any profit gain in the bida’a method.

The operation method of a CW can be defined as an Islamic financial instrument such as murabahah, mudarabahah, and sale-and-leaseback.

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Title: A Look at Cash Waqfs as Islamic Financial Institutions and Instruments
Authors: Mehmet Bulut
Cem Korkut
Publisher: Springer International Publishing
Book: Critical Issues and Challenges in Islamic Economics and Finance Development
Print ISBN: 978-3-319-45028-5

Electronic ISBN: 978-3-319-45029-2

Copyright Year: 2017
DOI: https://doi.org/10.1007/978-3-319-45029-2_4