The Impact of the Turkish Waqf System on International Trade and Logistics: A Network Theory Perspective

As impact investing and social benefit creation grow in popularity around the world, this trend is attributed to the importance that sociocultural structures place on long-term effects, as impact investments prioritise social returns that are critical to the continuity of their activities over financial returns. The fundamental difference between impact investing and modern waqf lies in their ability to measure outcomes. Traditional Turkish waqf, which possess this measurement capability, offer a structure similar to impact investing due to their ability to generate both sustainable income and social returns. In particular, the caravanserai foundations that are the subject of our study, despite being owned by different individuals, have demonstrated a holistic approach due to their systematic planning and have ensured the safety of merchants and their goods by being located at daily distances along international trade routes. Although each waqf had different ownership, it was determined that caravanserais were strategically placed at distances of 25-30 km in accordance with network theory, with nodes planned near the capitals of the principalities. The waqf's free services make it a hub for traders, while its trading exchange activities generate income. It has been observed that caravanserai waqfs, operating within a systematic framework, provided their own operational capital, thereby not imposing a financial burden on the state while contributing to regional development and international trade. Similar activities aimed at fostering international trade are currently being implemented under the ‘One Belt, One Road’ initiative. In our study, content analysis was conducted using a systematic literature review method. Our study, which draws attention to the fact that the impact investment model, the new name of the traditional Turkish waqf model, has existed in Turkish waqf civilization for centuries, emphasises that this value model still retains its importance.