President Erdogan was not allowed by Diyanet

Following the currency-protected TL time deposit system announced by President Recep Tayyip Erdoğan, the Fatwa stating that “time deposits are haram” came to the fore, and the Presidency of Religious Affairs issued a “haram” fatwa for the new model. Stating that the new system is also subject to the provisions regarding “time deposits” and that interest is accrued in this system, the fatwa of the Supreme Council of Religious Affairs said, “It is objectionable, it is haram.”

Erdogan said in November regarding the Central Bank’s (MB) interest rate cut, “Nas is in the middle. What happens to you and me now that you’re there? We will look at the event from here and take our steps accordingly”. Don’t expect anything else from me. As a Muslim, I will continue to do whatever the nas require. This is the verdict,” he said. However, Erdogan, who announced new economic measures to prevent the high depreciation of the Turkish lira, announced the exchange-protected TL time deposit system. Afterwards, Diyanet’s statement regarding the time deposit account said, “Muslims should not knowingly and willingly invest money in interest-bearing deposits. The excesses accrued on the deposit accounts are interest and are religiously forbidden”.


This time, the Diyanet issued a fatwa regarding the new system. “The religious provision of using a currency-protected TL time deposit account” was answered via the ALO 190 Fatwa Line, where Diyanet provides fatwa service over the phone. Reminding him of the Diyanet’s fatwa regarding the time deposit account, he replied, “The same fatwa is valid. Religion has the same provisions. Interest is valid both in time deposits and also in exchange rate protection. After all, the bank gives a surplus, that is, interest is accrued. That’s why it’s objectionable, it’s haram”.

Source: Cumhuriyet Gazetesi – Güncel by

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