Halal jobs for Muslims in Finance or IB
As a Muslim what jobs could I do in Finance or IB which would involve me with not dealing with Interest directly?
I was really interested in S&T until I found out that shorting stocks is forbidden because I'm selling something I don't own, so now I'm stuck.
I was really interested in S&T until I found out that shorting stocks is forbidden because I'm selling something I don't own, so now I'm stuck.
Scroll to see replies
Original post by thatapanydude
x
if you're concerned about haram/halal... banking (atleast with the western companies) would be a big no no. everything literally touches interest (riba), whether you're actually financing deals / structuring products / advising on deals.
we literally make money via interest, it's our breathing ground. debt provides leverage and rates provide return.
all in all, speaking as a fellow muslim (if one can call myself that).. it's not an islam friendly playing field. because whether you're dealing with/advising or even help keep the operations for other people to pump out these haram deals/products.. you're still facilitating this to happen, hence your earnings in essence are still from the generation or facilitation of interest.
(edited 7 years ago)
Original post by thatapanydude
As a Muslim what jobs could I do in Finance or IB which would involve me with not dealing with Interest directly?
I was really interested in S&T until I found out that shorting stocks is forbidden because I'm selling something I don't own, so now I'm stuck.
I was really interested in S&T until I found out that shorting stocks is forbidden because I'm selling something I don't own, so now I'm stuck.
There are some Muslims in S&T. It's just that they aren't very observant or religious. So I guess you need to decide whether you are prepared to not follow your religion correctly in order to succeed in banking or whether you feel that it is more important to follow your religion and choose a different career.
But you can always do accounting outside an IB, or maybe asset management, not sure.
Original post by gr8wizard10
if you're concerned about haram/halal... banking (atleast with the western companies) would be a big no no. everything literally touches interest (riba), whether you're actually financing deals / structuring products / advising on deals.
we literally make money via interest, it's our breathing ground. debt provides leverage and rates provide return.
all in all, speaking as a fellow muslim (if one can call myself that).. it's not an islam friendly playing field. because whether you're dealing with/advising or even help keep the operations for other people to pump out these haram deals/products.. you're still facilitating this to happen, hence your earnings in essence are still from the generation or facilitation of interest.
we literally make money via interest, it's our breathing ground. debt provides leverage and rates provide return.
all in all, speaking as a fellow muslim (if one can call myself that).. it's not an islam friendly playing field. because whether you're dealing with/advising or even help keep the operations for other people to pump out these haram deals/products.. you're still facilitating this to happen, hence your earnings in essence are still from the generation or facilitation of interest.
Thanks for the reply mate. To be honest it's what I suspected that it's nearly impossible not to touch interest in banking. It isnt that big of a deal for me since I have having Computer Science to fall back on but whats putting doubts in my mind is that the pay is much higher than other field even for Tech analysts never mind Front Office jobs. Just to clarify do even jobs such as a financial/markets analyst deal with interest as well seeing as it mainly research?
Original post by Trapz99
There are some Muslims in S&T. It's just that they aren't very observant or religious. So I guess you need to decide whether you are prepared to not follow your religion correctly in order to succeed in banking or whether you feel that it is more important to follow your religion and choose a different career.
But you can always do accounting outside an IB, or maybe asset management, not sure.
But you can always do accounting outside an IB, or maybe asset management, not sure.
Thanks for the reply mate, tbh I see myself trying to follow Islam as much as reasonably possible (ie avoiding interest) so S&T is out of the window, along M&A and most FO jobs. I have looked at accountancy though that is also forbidden due to the high chance of myself writing down interest related activity. I will take a look at asset management which sound interesting along with quant developing with my Computing background, though the pay of these are a long way off FO jobs which is something I cant quite avoid.
Original post by thatapanydude
Thanks for the reply mate. To be honest it's what I suspected that it's nearly impossible not to touch interest in banking. It isnt that big of a deal for me since I have having Computer Science to fall back on but whats putting doubts in my mind is that the pay is much higher than other field even for Tech analysts never mind Front Office jobs. Just to clarify do even jobs such as a financial/markets analyst deal with interest as well seeing as it mainly research?
no worries bud and again you're advising on interest related products and the banks whole ethos runs on interest facilitation. it's merely a question on how religious you are, whether or not you decide to pursue a role in banking.
Not currently a banker, but doing a finance based MSc. The whole job is predicated on interest rates and how it moves.
Interest is a key part of the industry even if you do something seemingly inoccuous like algo trading.
As mentioned by gr8 its down to how religious you are. Yes everyone, including a cashier at sainsburies is working with riba, but as an investment banker you will be working with how to actively benefit from riba.
Not in anyway to invalidate the severity of a Muslims involvement in high finance - people do worse, much much worse than working more closely with interest than bushra down at sainsburies. So again it comes down to how religious you are. Yes it's haram, but so is having a mortgage and student loan alot of those that decry investment banking as the greatest sin on earth are just mad cuz bad.
Interest is a key part of the industry even if you do something seemingly inoccuous like algo trading.
As mentioned by gr8 its down to how religious you are. Yes everyone, including a cashier at sainsburies is working with riba, but as an investment banker you will be working with how to actively benefit from riba.
Not in anyway to invalidate the severity of a Muslims involvement in high finance - people do worse, much much worse than working more closely with interest than bushra down at sainsburies. So again it comes down to how religious you are. Yes it's haram, but so is having a mortgage and student loan alot of those that decry investment banking as the greatest sin on earth are just mad cuz bad.
Original post by thatapanydude
As a Muslim what jobs could I do in Finance or IB which would involve me with not dealing with Interest directly?
I was really interested in S&T until I found out that shorting stocks is forbidden because I'm selling something I don't own, so now I'm stuck.
I was really interested in S&T until I found out that shorting stocks is forbidden because I'm selling something I don't own, so now I'm stuck.
work in an islamic bank like islamic bank of britain .ect
There is Islamic banking and Islamic asset management. There are few jobs in London but Dubai is quickly becoming a hub for Islamic financial services.
Everything runs on interest. Even the so called "muslim countries". Modern civilisation was created to rule this world.
One way to stop this new world order is to create an economic system thats free of interest. If 1 country decides to not base their economy on interest the whole financial system will collapse.
The only reason why the west is so rich is because they control the money. Lol
Posted from TSR Mobile
One way to stop this new world order is to create an economic system thats free of interest. If 1 country decides to not base their economy on interest the whole financial system will collapse.
The only reason why the west is so rich is because they control the money. Lol
Posted from TSR Mobile
This is a very late response but i have also been searching for a permissible accounting job. There are charity organisations which have no loans involved within the organisation, they are solely functioning with the help of donors/investors. So, maybe you should look into accountancy jobs with charities.you
There is a website called 'Charity Jobs' which maybe useful.
There is a website called 'Charity Jobs' which maybe useful.
aren't advisory services, within an IB, charged via fees and not interest? If so, why is it portrayed as haraam?
To be truly confident that you are working in a Sharia compliant work place - you
would have to check out if the Bank/Financial Instittion works under SUKUK finance rules. You can find out which financial institutions follow Sukuk guidelines here:
https://www.sukuk.com/
would have to check out if the Bank/Financial Instittion works under SUKUK finance rules. You can find out which financial institutions follow Sukuk guidelines here:
https://www.sukuk.com/
Original post by thatapanydude
As a Muslim what jobs could I do in Finance or IB which would involve me with not dealing with Interest directly?
I was really interested in S&T until I found out that shorting stocks is forbidden because I'm selling something I don't own, so now I'm stuck.
I was really interested in S&T until I found out that shorting stocks is forbidden because I'm selling something I don't own, so now I'm stuck.
The reason "the West is so rich" ( as you put it) is because they have a lot of
bright enquiring minds who are encouraged to make full use of their intelligence
- they put energy into advancing technology - creating new
structures - educating themselves - they dont spend hours and hours of
their Country's School curriculum
studying Religion hours every day like some Countries I could name
This is one of the main reasons some 'Religious heavy' Countries have 'fallen
behind' the West in terms of wealth.
bright enquiring minds who are encouraged to make full use of their intelligence
- they put energy into advancing technology - creating new
structures - educating themselves - they dont spend hours and hours of
their Country's School curriculum
studying Religion hours every day like some Countries I could name
This is one of the main reasons some 'Religious heavy' Countries have 'fallen
behind' the West in terms of wealth.
Original post by Think People
Everything runs on interest. Even the so called "muslim countries". Modern civilisation was created to rule this world.
One way to stop this new world order is to create an economic system thats free of interest. If 1 country decides to not base their economy on interest the whole financial system will collapse.
The only reason why the west is so rich is because they control the money. Lol
Posted from TSR Mobile
One way to stop this new world order is to create an economic system thats free of interest. If 1 country decides to not base their economy on interest the whole financial system will collapse.
The only reason why the west is so rich is because they control the money. Lol
Posted from TSR Mobile
Basically for those who are interested, i'm looking at capital markets (equity) or research as these areas of i-banking have very minimal or no direct contact with interest related activities. Furthermore these jobs in particular are not that heavy with the hours you work (I've read on wso that it's usually 8am-10pm for capital markets, with little weekend) when compared to m&a, which will hopefully give myself time to practice my religion.
For those who are struggling to come to a decision, I would urge you to have a look at this article http://indiaopines.com/conventional-banking-completely-haram/. While it's probably not the most credible, its given me an idea on what is permissible and not, but overall it's comes down to your own judgement
For those who are struggling to come to a decision, I would urge you to have a look at this article http://indiaopines.com/conventional-banking-completely-haram/. While it's probably not the most credible, its given me an idea on what is permissible and not, but overall it's comes down to your own judgement
Original post by gr8wizard10
if you're concerned about haram/halal... banking (atleast with the western companies) would be a big no no. everything literally touches interest (riba), whether you're actually financing deals / structuring products / advising on deals.
we literally make money via interest, it's our breathing ground. debt provides leverage and rates provide return.
all in all, speaking as a fellow muslim (if one can call myself that).. it's not an islam friendly playing field. because whether you're dealing with/advising or even help keep the operations for other people to pump out these haram deals/products.. you're still facilitating this to happen, hence your earnings in essence are still from the generation or facilitation of interest.
we literally make money via interest, it's our breathing ground. debt provides leverage and rates provide return.
all in all, speaking as a fellow muslim (if one can call myself that).. it's not an islam friendly playing field. because whether you're dealing with/advising or even help keep the operations for other people to pump out these haram deals/products.. you're still facilitating this to happen, hence your earnings in essence are still from the generation or facilitation of interest.
what's your opinion on strat consulting? haram too?
Original post by classicbanker
what's your opinion on strat consulting? haram too?
I’m a strat consultant, depends on the client but as a junior you have very little say in it. Alot of my projects have been transactions so interest has been used in modelling. DD work or corporate strategy will have less/no interest
Depends on how religious you are because transactions are fairly common in strat (my personal opinion is that it’s not haram at all, as I dont think telling clients how interest will affect future cashflows is dealing in riba)
(edited 6 years ago)
Banking is the antithesis of halal...
All jobs in finance are haram. Its not only about dealing with interest, its witnessing it and writing it off. If you care a lot about not sinning this way I would suggest avoiding finance all together.
Quick Reply
Related discussions
- Economics as a Muslim
- Is investment banking haram?
- Muslims and SFE
- Is becoming a nurse allowed in Islam?
- Can Muslims practice criminal law
- Out of all the universities that have been listed, which are more Muslim friendly?
- Durham university social and city life?
- Any sisters going to RHUL
- idk what to do about fees
- Liberal arts in warwick or finance in Durham (undergrad)
- Being a muslim girl (is sometimes hard)
- I want a relationship- Brown girl friendly
- TSR I-SOC (Islamic Society) Mk. XVII
- Finance career question
- sheffield or cardiff uni?
- 'Halal' / 'Muslim' Flat
- Can I get into investment banking with an Accounting and Finance degree?
- what happens if a muslim...
- Costie Livs in Cardiff as a Muslim
- university of york
Latest
Trending
Last reply 4 days ago
Offered two summer internships not sure what to pickLast reply 2 weeks ago
How open is consultancy/finance to me after an engineering degree apprenticeship?Last reply 1 month ago
should I get a summer internship for 1st year psychology?Posted 2 months ago
Alvarez & Marsal 2024 Restructuring & Insolvency Graduate SchemeTrending
Last reply 4 days ago
Offered two summer internships not sure what to pickLast reply 2 weeks ago
How open is consultancy/finance to me after an engineering degree apprenticeship?Last reply 1 month ago
should I get a summer internship for 1st year psychology?Posted 2 months ago
Alvarez & Marsal 2024 Restructuring & Insolvency Graduate Scheme
