Rethinking economic mentality of the Ottoman Empire with respect to education, culture, cash waqf and financial relations

Abstract

The main purpose of this paper is to show contribution of cash waqfs on wealth and purchasing power with respect to financial relations, culture and education. According to more than five hundred waqfiyyas of cash waqf, most of these institutions supported education in the Ottoman Empire. This investment on education entailed well educated individuals in the field of Islamic wisdom, science and lore. Thus, these educated individuals advanced to skilled worker class from unskilled worker class. This meant an increase in their revenues and wealth. This paper indicated that educated individuals from cash waqf supported education institutions increased their purchasing power three times higher than unskilled workers.