Günümüz Bankacılığının Temeli: Para Vakıfları
The Foundation of Today's Banking: Money Foundations

Author(s): Mehmet Ali Türkmenoğlu, Mehmet Ziya Kantaş
Subject(s): Business Economy / Management, Socio-Economic Research
Published by: Özgür Yayın Dağıtım Ltd. Şti.
Keywords: Cash Foundations; banking; Mukataa;
Summary/Abstract: Doing good takes part in the foundation of Islam. In Islamic states, charities were done by the state at one side and were done by trust institutions that have power nearly equal to government budget at the other side. When looked from a wider perspective, trust institutions affected and developed the society in many ways. The income from the operation of these institutions were used for the benefit of the public directed to psychology-religion and economy. Administrative mechanism of the institutions that were inspected by the government was expressed in details with the endowment letters that have the characteristics of internal regulation. The foundations’ being long-lasting and trustworthy was deeply affected by the government. The foundations that undertook important missions in many fields in the Islamic states reached their peak in parallel with the development of the governments, especially with the Ottoman Empire. Correspondingly, there were changes also in their activities and management methods. In Islamic law where interest is not taken kindly, using the montes pietatis as a means of trade and charity for the good of the people was one of the changes mentioned. In spite of the arguments and criticism about the montes pietatis, most of the ulama of that period mentioned that this process was a kind of trade that could be briefly described as buying for cash and selling on trust, and they issued fatwa on that it was in accordance with Islamic Sharia. With this structuring that is ratified, banking business in Islamic states was founded, and the people fulfilled their need of cash from these foundations instead of usurers.

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