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waqf [2015/09/27 18:36]
nathanairplane created
waqf [2015/09/27 19:06] (current)
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     * The example of lighthouses - a public good that waqfs provided     * The example of lighthouses - a public good that waqfs provided
     * Argues that the waqf was a means for property-holders to achieve economic security and shield assets from revenue-seeking rulers (843). Also that the waqf may have led to underdevelopment of Islamic world because the lack of flexibility given to managers. There was no "​indigenous"​ ransformation of the waqf to modern corporate status.     * Argues that the waqf was a means for property-holders to achieve economic security and shield assets from revenue-seeking rulers (843). Also that the waqf may have led to underdevelopment of Islamic world because the lack of flexibility given to managers. There was no "​indigenous"​ ransformation of the waqf to modern corporate status.
-    * Since flexibility required bending the rules, argues that the waqf structure fostered a culture of corruption (844)+    * Since flexibility required bending the rules, argues that the waqf structure fostered a culture of corruption (844), considered a distinctly Islamic institution,​ though with some prefiguration among Middle Eastern societies (848) 
 +    * Origins of the waqf in 700s, a century after Mohammed 
 +    * Original definition in terms of immovable assets only (846) 
 +    * An ongoing tension between the waqf's roles of sheltering assets and provisioning public goods (847-48) 
 +    * Oxford'​s Merton College provides possible evidence that the British trust system emerged out of the inspiration of the waqf (848-49n) 
 +    * At the founding of Turkey, 3/4 of arable land was in waqfs (849), many did not serve purely charitable functions. Huge bedrock of the economy and financial system. 
 +    * Motives for founding: piety, status, politics (854). "​weakness of property rights made the sacred institution of the waqf a convenient institution for defending wealth against official predation"​ (854-55). (The waqf was therefore at once a removal of property from the private system and a strengthening of property rights.) 
 +    * Distinction of "​charity waqf" and "​family waqf" (855) 
 +    * The mutawalli, or waqf administrator,​ could be paid handsomely for the service (856) 
 +    * Waqf also allows for more flexibility in inheritance than normal Islamic inheritance law (859) 
 +    * (much more!)