Working in Conventional Bank : working in a conventional bank-is it ok ?

Fatawa Question

Salam Dr. Monzer Kahf, Firstly, let me introduce myself. My name is Mahathir, graduated from Business Degree in Singapore, last July. I've read your advises online on IslamOnline.net and your website, and I find them very enlightening and insightful. I'm currently asking views from various people in the hope that their advice will allow me to give a good thought and reflect on my career strategy - in the world of banking. A conversation with a friend - struck me hard yesterday. With regards to verses of the Quran regarding Riba, it is said : “If we are believer, we should stay away from Riba." Scholars see Riba and interest as one and the same. To give you a back ground, I'm currently working in a department that involves managing internal projects (mostly to improve the internal systems) of a foreign conventional bank. My assigned project (which lasts from Jul'10 to May'11) is about the system is called "Account Opening"-which aims to improve and have a consistent customer experience. As the name suggests, account opening involves opening such products such as deposit accounts and credit cards at the bank. For this said project, it is unfortunate that they are working out to introduce credit cards first into the system before any other banking products. The general idea about Credit cards is, if the customer is delayed in making credit card payments (i.e. by 1 month), s / he will incur interest in the debt. I like my current work place mainly because : 1) it allows me to learn how a conventional bank works, 2) it allows me to work on my weaknesses (e.g. communication skills, project management skills, etc.), 3) I believe I can grow here in terms of career prospects, and most importantly, 4) I earn enough to support my family (i.e. my main motivation to work). In addition, I'm the only Muslim in the department (of 34), so I hope by staying here, it will be a bit easier for the next Muslim who enters this department. After my conversation with my friend, he recommended that I have an "exit strategy" as we should not be near Riba. As I also hope to work in an Islamic bank one day, I would think it is GOOD to know how the conventional bank works, take note of its main failures (from Islamic perspective), and perhaps this experience will be useful when I In sha’ Allah. From Islamic perspective, I need your opinion on the following : a) How long is enough for me to work in conventional bank ? b) With the potential benefits of staying (Para 3), is it enough to justify my working here ? c) I've noted from Islam Online forums that : it is permissible to work in an IT department in a bank. However, it is not permissible to process Issuance of credit cards. I see my project as a "software" or "system" in processing all banking products. d) Your other personal opinions. Thank you. May Allah reward you with the good. Ameen. Regards, Mahathir

Fatwa

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Publication Date

2011-01-15

Main Subjects

Economics & Business Administration
Islamic Studies

No. of Pages

2

Data Type

Fatawa

Language

English

Record ID

BIM-730907

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