Fatwa #437049 December 2019Senegal
Identifying a Halaal job in the financial industry
Question
After completing a diploma in Islamic finance last year (November 2018), I decide to change job because I am working as an investment officer in a conventional bank which is haram. So, I looked for a job in the Islamic financial industry but I did not find one because there is only one Islamic bank in my country which is not completely Shariah-compatible. I also apply for three different positions in the regional office of the Islamic Development Bank but unfortunately, it doesn't work. It is the reason why I am thinking today about other options outside the banking sector. So, I want to know if working as an investment officer in a conventional venture capital fund or a private equity fund is acceptable. I have the same question for jobs in audit and consulting firms as an auditor or advisor for conventional financial transactions. If these jobs are not permissible, could you help me identify a halal job in the financial industry? Or should I look for a totally different sector regarding the fact that the Islamic industry is not developed in my country?
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
Respected Brother.
Your efforts and concern of adhering to the teachings of Islam and to find a suitable job to earn a Halaal income is commendable and greatly admired. We make dua that Allah Ta’alah gives you a suitable job and provides you with Halaal sustenance.
Allah Ta’alah, the All-Wise, has not made it difficult upon one to adopt and follow the teachings of our deen. Therefore, not every job in the financial industry is impermissible. For a job to be permissible, it does not have to be in the Islamic financial industry, but it has to be compatible with Shari’a and must not contradict the teachings of Shari’a.
You have stated that you wish to be involved in the financial industry. There are two aspects that need to be considered:
1. The actual job
2. Source of remuneration
With regard to the first, one has to abstain from interest and insurance as these are totally impermissible in Sharīah. If one’s job profile does not entail one being directly involved in interest or other Haram activities, then it will be permissible for one to adopt that job profile.
The second aspect is the source of your remuneration. In principle, if more than half of the company’s income is from impermissible sources, it is not permissible for you to receive any remuneration from them. However, if half or more of the company’s income is from permissible sources, your salary is permissible.
Bearing in mind the above principles, you may pursue a job in the financial industry, be it Islamic or conventional.
However, even though working for such companies may be permissible and your income will be Halaal, it is advisable to refrain as it is better to work for a company that has no affiliation with interest or other Haraam dealings. However, if these are the only opportunities easily available to you, there is no problem in pursuing them.
Note:
This ruling is applicable as long as your job does not entail preparation of any documents that will be used in the actual insurance, interest or other Haraam transactions, as this is impermissible.
You may revert to us with the description of a specific job that is of interest to you and we will advise you further.
And Allah Ta’āla Knows Best
Abdullah Noorgat
Student Darul Ifta
South Africa
Checked and Approved by,
Mufti Ebrahim Desai.
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آكِلُ الرَّبَّا وَكَاسِبُ الْحَرَامِ أَهْدَى إلَيْهِ أَوْ أَضَافَهُ وَغَالِبُ مَالِهِ حَرَامٌ لَا يَقْبَلُ، وَلَا يَأْكُلُ مَا لَمْ يُخْبِرْهُ أَنَّ ذَلِكَ الْمَالَ أَصْلُهُ حَلَالٌ وَرِثَهُ أَوْ اسْتَقْرَضَهُ، وَإِنْ كَانَ غَالِبُ مَالِهِ حَلَالًا لَا بَأْسَ بِقَبُولِ هَدِيَّتِهِ وَالْأَكْلِ مِنْهَا، كَذَا فِي الْمُلْتَقَطِ. (الفتاوى الهندية (5/ 343)