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Database: Bankers: Difference between revisions
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Due to a few tenets of Islamic law - especially the injunction against charging interest for profit - modern [[banks|banking]] as we know it today was not officially endorsed by [[Ottoman Empire|Ottoman]] authorities until the middle of the 19th century. In its place was a quasi-religious network of {{Wiki|Waqf}}s - money lenders who were required to spend all their interest earned on social and religious programs. | Due to a few tenets of Islamic law - especially the injunction against charging interest for profit - modern [[banks|banking]] as we know it today was not officially endorsed by [[Ottoman Empire|Ottoman]] authorities until the middle of the 19th century. In its place was a quasi-religious network of {{Wiki|Waqf}}s - money lenders who were required to spend all their interest earned on social and religious programs. | ||
Revision as of 09:01, 22 April 2020
Due to a few tenets of Islamic law - especially the injunction against charging interest for profit - modern banking as we know it today was not officially endorsed by Ottoman authorities until the middle of the 19th century. In its place was a quasi-religious network of Waqfs - money lenders who were required to spend all their interest earned on social and religious programs.
Non-Muslim populations were exempt from these strictures, however, which led to the early formation of more familiar banking operations, especially in Galata where enclaves of Greeks, Jews, and Armenians flourished.