MONETARY WAQF IN THE OTTOMAN STATE AND THEIR FUNCTIONS IN THE TERRITORY OF THE REPUBLIC OF NORTH MACEDONIA
MONETARY WAQF IN THE OTTOMAN STATE AND THEIR FUNCTIONS IN THE TERRITORY OF THE REPUBLIC OF NORTH MACEDONIA

Summary/Abstract: In the Ottoman state, waqf played a key role in the social and economic realm of the state organization and the system itself. The Ottoman state can also be referred to as the "Waqf State". One of the most striking waqf that functioned in the Ottoman state was the monetary waqfs (wuquf-i nuqood). One of the main characteristics that distinguished the Ottomans from other states and civilizations was the establishment of monetary waqf that were compatible with their value system and mind-set and compatible with civilizational concepts confronting modern capitalism and its modern financial institutions that dominated and influenced the world in the modern age. They developed and expanded to almost every part of the Ottoman state, including in the territory of the Republic of North Macedonia. These institutions, with their understanding of a foundation that plays the role of a third sector outside the public and private sectors, apart from removing individual and institutional needs in the social, cultural, economic and financial fields, as well as the long-term economy, can be said to have played a vital role in maintaining financial "stability" in these territories. In this paper, with some examples, we will try to present the system of operation of monetary waqf and their functions in the territory of the Republic of North Macedonia.

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