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The purpose of this study is to offer a quantitative analysis of cash waqf capital in the Ottoman Empire, using data from cash waqf deeds (waqfiyyas) of Rumelia provinces from a long-term perspective.

Extracting information on capital levels, personal characteristics of founders, financed services, distance from Istanbul and witnesses, this study estimates aggregate measures of capital levels. This study uses regression analysis to identify how capital levels are determined by several factors.

The results of this study indicate that holding a title, number of services, distance from Istanbul and family waqfs are positively related to higher capital levels. The number of witnesses, gender and individual services have no influence on capital levels.

Although the financial capital of cash waqfs decreased significantly since the 19th century, their number continued to increase. This was mainly because of the continuing tendency of a significant segment of society to borrow from these organizations, rather than the increasing role of modern banks. During this period, lending with less paperwork preserved the role of these organizations in credit relations, especially in relatively small-scale towns far from Istanbul. In other words, banks did not replace cash waqfs during the 19th century. Cash waqfs played an important role in channeling medium-sized financial capital to the market. For recent times, this study suggests that modern cash waqfs and Islamic financial institutions should prioritize trust, diversification and sustainability while adapting to contemporary economic and regulatory contexts.

In addition to providing valuable insights into cash waqf capital patterns from a long-term perspective, this study contributes to the literature by providing findings based on a novel data set of cash waqf organizations outside Istanbul. This study, for the first time, provides a quantitative and systematic analysis on the development of cash waqf capital and its determinants in the Ottoman Empire. Of great significance, this study focuses on organizations in the Rumelia region, which has received limited attention in the Ottoman waqf and finance history literature and provides a quantitative analysis of a substantial number of cash waqfs, specifically, 972.