Working in conventional bank : paid Internship at an Investment bank

Fatawa Question

Dear Dr. Monzer, Assalamu Alaykum Wa Rahmatullahi Wa Barakatuh, Following is a financial question : Visitor Question : I have been offered a paid internship at an investment bank in the Fixed Income division (also includes currencies and commodities) on a rotation basis. This division, on the whole, works with and sells advice and products that are heavily involved in interest and thus Haram (e.g. bonds etc.). There is some work such as research that is not directly involved with interest. As an intern, I will be shadowing full-time workers and may be involved in doing some work checking or research but will not execute any transactions. I would largely be observing how things are done. Also, this is not the division I originally applied for but was given this as an alternative. I wanted to know whether it would be permissible to do the internship (even though it is largely in a division which deals with interest related products) with the intention of learning how the industry works and identify other roles that are wholly Shari’ah compliant. It will allow me to see what other work is undertaken in banks. It will also be an opportunity to make contacts in areas that I may wanted to pursue. Jazaka Allahu. Jazakum Allahu Khairan for your constant help Yours, Sami

Fatwa

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Publication Date

2008-04-03

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

1

Data Type

Fatawa

Language

English

Record ID

BIM-730878

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