Studying and working in the other financial firms and the financial sector : working in the financial sector in a western country

Fatawa Question

Assalamu Alaykum I'm currently in the process of applying for graduate jobs in the UK. The majority of the best jobs for students with a business background are in the financial sector (mainly commercial banking and investment banking) in terms of pay and opportunities for promotion and training, but most importantly in terms of the importance of this sector in running the whole economy and understanding the dynamics of a modern economy. After consulting a local Imam, as to whether it is permissible to work for financial institutes, his advise was that it depends on my Niyyah (intention), i. e. if I was intending on working there to gain experience and move into an Islamic institution in the future, then he strongly recommended that I do go into this sector, he said we need Muslim youth to be the must knowledgeable in this industry in order to transfer those skills to Islamic banking. I would be very grateful if you can give me your opinion. Is it really a matter of Niyyah, or is it a clear cut Haram or Halal issue ? Jazzakum Allah Khayran

Fatwa

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Publication Date

2002-12-21

Main Subjects

Financial and Accounting Sciences
Religion
Islamic Studies

Topics

• Islamic jurisprudence
• Financial institutions
• Contracts
• Financing
• Labour
• Western world
• Witnesses
• Usury

Data Type

Fatawa

Language

English

Record ID

BIM-724914

• APA
• MLA
• AMA