Studying and working in the other financial firms and the financial sector : studying and working in finance

Fatawa Question

Assalamu Alaikum, my dear brothers, I recently earned a master (MBA) in finance and am currently unsure whether to continue and get a job in that field or change everything around and give a shot at computer science. My education already cost me everything and I need a decent a job asap (I am currently working as security guard to sustain myself). Until now I have tried to avoid the Riba (interest involved with almost any kind of product / transaction / or organization here in North America. Didn't Allah SWT and his prophet declare war to all usurers ?). But : 0-I am afraid of the meeting with my lord the Day of Judgment 1-Finance is my major and passion. I already spent a considerable amount of time applying to Islamic banks without success (even with a serious European / French bachelor and a North American MBA) 2-It may take some more time, money(maybe) and risk for me to get a new degree / certification in IT or computer science. 3-Most of the jobs here and in finance in general involve Riba, at least to some extent. The very few "clean jobs" left are generally provided by the institutions that promote Riba (Investment Banks...) 4-Saying that I would take such a job (in a bank)now to then, change later (to networking for example) may work or not (given the fact that the field of finance is so deep and the top jobs are so demanding that I am wondering if I will have enough time and energy to invest in a totally new / different education) 5-I am in my 30's and cannot keep doing the security guard job forever. I need to be married and get a life, Build a family. Questions 1-Since Finance and investments in particular are my passion and skills, can I make this a quest for knowledge, a personal Jihad, or lifetime commitment that will aim at using my experience to develop Islamic Finance ??? I noticed that our top institutions when not simply led / managed by non-Muslims (i.e., some of the 88 so-called Islamic funds in America or Islamic banks in the Middle East) are generally paying top dollars to hire external non-Muslim consultants. The fact is that the best investment Managers are either American, British or Europeans in general. 2-My brother and classmate simply decided to get more involved in finance through (Highly competitive and prestigious) additional certifications such as the CFA in addition to seeking to jobs in investment banks (i.e., equity research, venture capital, trading, portfolio management). Should I do the same ??? 3-My brother mentioned the fact that in some positions, equity research for example the dealing with Riba is marginal since the individual does not make transactions (even though he may write them or write interest rates in his reports). Is that right ? 4-Some Imam told me that I should take any jobs now and try to change later. Is it realistic given my love for finance and the considerable additional amount of time and efforts that will be invested in this field ? 5-Is it allowed to work in a bank if not dealing with Riba ? 6-Under what condition can I work with Riba ? 7-What is your advice based on the serious Fatwa available and your experience ? Please feel free to give any serious source / research or website or Fatwa that could help me deal with this (quite technical) issue in respect with the worship and due obedience to my Lord and cherisher, Allah SWT. May Allah SWT grant you a generous reward for your help in that difficult matter. BaraK Allahufik.

Fatwa

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Publication Date

2002-06-16

Main Subjects

Financial and Accounting Sciences
Religion
Islamic Studies

Topics

• Islamic jurisprudence
• Financial institutions
• Financing
• Labour
• Investment portfolio

No. of Pages

3

Data Type

Fatawa

Language

English

Record ID

BIM-724898

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