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Last Updated: 2011/10/29
Summary of question
Can I use the money which I have in Turkish banks to purchase savings bonds and receive interest?
question
According to you, can I use the money which I have with Turkish banks to purchase bonds and benefit from its interest? What is meant by 'non-Islamic' country? Does it mean a system of government which does not operate in accordance with Islamic rules? Can the Turkish government which is not run according to Islamic rules be called Islamic government? Is it permissible to purchase bonds from the Turkish government and receive interest?
Concise answer

Office of Grand Ayatollah Khamenei (may Allah grant him long life):

There is no problem in conducting transactions which are permissible according to Shari'ah rules. However, interest-based transactions and taking interest from Islamic banks and financial institutes is not permissible except for when the assets of the bank belong to non-Muslims.

Office of Grand Ayatollah Makarem Shirazi (may Allah grant him long life):

Keeping in view that Turkey is an Islamic country, there is a problem in taking interest from them (Turkish banks) except for the non-Islamic banks with branches there from which taking interest and buying partnership bonds would be permissible.

Office of Grand Ayatollah Saafi Gulpaigani (may Allah grant him long life):

If you let us know about their policies or procedures, we can give you a precise answer. Generally speaking, if it is like the partnership bonds in Iran, and there is something externally against it like a company or industrial workshops, there is no problem in making investments; there is no problem in the interest received from the investment.

An answer given by Ayatollah Mahdi Hadavi Tehrani to the above question is as under:  There is no difference between depositing money in Turkish state-owned banks and buying savings bonds?

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