Buying and selling precious documents in terms of Islamic Law

People of a certain faith had a tendency to keep their savings in gold and foreign currency due to reasons such as avoiding interest-bearing transactions, not taking the risk of trade, and the depreciation of the Turkish Lira against the American Dollar and German Mark at that time until the 1980s in Turkey, and this tendency was keeping serious amount of cash idle before it is released to the market. Special Finance Institutions were established in order to bring the idle savings of the people who have the aforementioned reservations to the economy with minimum risk, and later these institutions took the name of Participation Bank and entered into the jurisdiction of the Banking Regulation and Supervision Agency, subject to the Banking Code No. 9537. Participation Banks had to develop their banking activities in order to compete with conventional banks. For this purpose, non-interest Islamic Banking instruments, which are applied especially in Malaysia and Gulf Countries, have started to be implemented in our country. One of these instruments, and probably the most complex one, is sukuk, which is known as the Lease Certificate in our country. This instrument draws attention as a regulation worthy of examination due to its multilateral structure, the fact that it contains more than one contract, and that it has been arranged by the state in a way that has many privileges. In this study, the parties involved in the creation of the sukuk instrument, their relations, contracts, privileges, the compliance of this relationship, liability and rights with the basic principles of Islamic Law, and the legal and fiqh evaluation of the relevant Lease Certificates Communique are made. As a result of this study, it has been determined that both the Lease Certificates Communique in force and the actual implementation are seriously contrary to the basic principles of Islamic Law, and these contradictions are explained in detail with their reasons. In the conclusion part, it is stated that the regulations that should be made to make the sukuk instrument conform to the basic principles of Islamic Law by correcting these discrepancies.