Working in conventional finance and banks : working for an investment bank

السؤال

Assalamu Alaikum Wa Rahmatullah My name is Abdul Rahman, Insha'Allah this message finds you well (I understand that you are traveling). I'm writing to seek your counsel on a deeply personal issue that has wracked my brain for some time, and that is the Islamic position with regards to working for an investment bank (not a retail or commercial bank). A couple of summers ago, I worked as an intern at an investment bank called Goldman Sachs ; my primary job function was to model out potential merger and acquisition transactions in the healthcare sector. I was well-aware going into my summer that working in investment banking came with the risk of dealing with unsavory financial instruments (bonds, convertible bonds, etc.), but I was able to avoid that problem by explicitly asking my employer if I could work with equity products alone. My request was granted, and I had a very good summer and was extended an offer to return for a full-time job. I ended up declining the firm's offer, however, because I feared that I would be forced into situations where I would have no choice but to work with debt products (for example, if a company finances part of an acquisition with debt rather than shares of its stock). This, in spite of the fact that working in investment banking would provide me with the surest path into a career I am truly interested in, venture capital ("Islamic finance" at its essence). I tried to consult local scholars when I was working through my decision, but didn't find anyone that was informed enough on what investment banking was to provide me with a coherent answer. Coincidentally, the investment banking firm I worked for has reached out to me recently, asking if I would be interested in joining them if an opportunity opened up, but I don't know if I should be, since the Prophet (SAWS) invoked a curse on the receiver of interest, the payer of interest, the scribe and the two witnesses ("They are the same"). As an analyst at an investment bank, I would not be the receiver or payer, but there is a chance that I may be a 'witness' ; that chance is lessened by the fact that I would be working in the technology industry group (where companies generally have zero or very little debt on their balance sheets), but it still stands. I know you are extremely busy, but I would sincerely appreciate any knowledge/advice you can impart. Jazakumullahu Khayr, Ws,

جواب الفتوى

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تاريخ النشر

2006-04-20

التخصصات الرئيسية

العلوم الاقتصادية والمالية وإدارة الأعمال
الدراسات الإسلامية

عدد الصفحات

2

نوع البيانات

فتاوى

لغة النص

الإنجليزية

رقم السجل

BIM-788475

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