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MUSLIMS- Finance careers are HARAM Watch

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    Most finance careers, including accounting, actuarial, investment banking, investment management and others involve working with debt. In western societies, this involves riba (interest) which is forbidden in Islam. Working in any place that deals with interest and helping these firms is haram.

    I would like to let you know because I didn't know about this until recently. It's astounding how many jobs indirectly deal with debt and this poses a challenge for Muslims. I'm not saying "don't do these careers if you're muslim" but I am letting you know that the Quran forbids these activities.
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    (Original post by BigTraderBoi)
    Most finance careers, including accounting, actuarial, investment banking, investment management and others involve working with debt. In western societies, this involves riba (interest) which is forbidden in Islam. Working in any place that deals with interest and helping these firms is haram.

    I would like to let you know because I didn't know about this until recently. It's astounding how many jobs indirectly deal with debt and this poses a challenge for Muslims. I'm not saying "don't do these careers if you're muslim" but I am letting you know that the Quran forbids these activities.
    I became aware of this
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    (Original post by BigTraderBoi)
    Most finance careers, including accounting, actuarial, investment banking, investment management and others involve working with debt. In western societies, this involves riba (interest) which is forbidden in Islam. Working in any place that deals with interest and helping these firms is haram.

    I would like to let you know because I didn't know about this until recently. It's astounding how many jobs indirectly deal with debt and this poses a challenge for Muslims. I'm not saying "don't do these careers if you're muslim" but I am letting you know that the Quran forbids these activities.
    Will you change you haram username?
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    (Original post by MrsSheldonCooper)
    It's not that deep babe.

    Just chill..
    Yes, it's not deep at all.
    Some jobs are Haram some aren't.
    Some Muslims will choose to work in a firm that others may consider Haram.
    In fact most of the OPs examples weren't in fact considered Haram.
    And the title is pretty misleading... Finance careers are HARAM (btw i mean in western culture cos we matter most).

    Just a heads up. Don't quote any sheik or anything and say he said this is haram he said this isn't.
    There are several different points of view.

    End
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    JZK for the reminder.
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    (Original post by BigTraderBoi)
    Most finance careers, including accounting, actuarial, investment banking, investment management and others involve working with debt. In western societies, this involves riba (interest) which is forbidden in Islam. Working in any place that deals with interest and helping these firms is haram.

    I would like to let you know because I didn't know about this until recently. It's astounding how many jobs indirectly deal with debt and this poses a challenge for Muslims. I'm not saying "don't do these careers if you're muslim" but I am letting you know that the Quran forbids these activities.
    There are Islamic banks with shariah supervisory boards even in the west for example al-rayan bank, Europe Arab Bank and Gatehouse Bank to name a few. They use a workaround, for example the bank will buy the house and sell back in instalments for a profit instead of a mortgage or charge an arrangement fee payable in instalments rather than a loan with interest, to avoid interest but the end result is effectively the same though the side effect is that the collateral is usually far stricter as the bank owns it until every penny is paid which means that in the case of default the bank doesn't have to reclaim the asset through the courts.
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    What about if you wanna work in Islamic Finance?

    (even I knew that interest is "haram" in your religion, how is it possible that an actual practising Muslim would have forgotten?)
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    (Original post by natninja)
    There are Islamic banks with shariah supervisory boards even in the west for example al-rayan bank, Europe Arab Bank and Gatehouse Bank to name a few. They use a workaround, for example the bank will buy the house and sell back in instalments for a profit instead of a mortgage or charge an arrangement fee payable in instalments rather than a loan with interest, to avoid interest but the end result is effectively the same though the side effect is that the collateral is usually far stricter as the bank owns it until every penny is paid which means that in the case of default the bank doesn't have to reclaim the asset through the courts.
    Seems a bit silly doesn't it. Like either you believe in the religion, in which case don't lend money for profit, or you don't so you can go to town. But if you do believe, don't try and loophole your God with a workaround the any reasonable person would conclude is the exact same thing as lending money for interest!
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    (Original post by M1011)
    Seems a bit silly doesn't it. Like either you believe in the religion, in which case don't lend money for profit, or you don't so you can go to town. But if you do believe, don't try and loophole your God with a workaround the any reasonable person would conclude is the exact same thing as lending money for interest!
    From an accounting perspective some of the workarounds get the same treatment as interest - kind of says it all really
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    From personal experience, a Muslim should avoid being a Financial Advisor and also avoid Investment and Wealth Management professions.

    Will update this in a few months when I have changed jobs.
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    (Original post by BigTraderBoi)
    Most finance careers, including accounting, actuarial, investment banking, investment management and others involve working with debt. In western societies, this involves riba (interest) which is forbidden in Islam. Working in any place that deals with interest and helping these firms is haram.

    I would like to let you know because I didn't know about this until recently. It's astounding how many jobs indirectly deal with debt and this poses a challenge for Muslims. I'm not saying "don't do these careers if you're muslim" but I am letting you know that the Quran forbids these activities.
    It sounds like you don't know what half of the jobs are.

    Who invented double-entry bookkeeping?
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    Can't wait to use this argument against the extremists in school.
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    Again, I'm not telling Muslims or anyone to avoid these jobs. I'm just saying that jobs involving riba are forbidden in Islam. You can then make a decision on where you want to take your life.
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    (Original post by Zamestaneh)
    From personal experience, a Muslim should avoid being a Financial Advisor and also avoid Investment and Wealth Management professions.

    Will update this in a few months when I have changed jobs.
    Hi, nice to know that you are considering changing jobs. Did you feel that it was difficult being a Muslim in these jobs?
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    (Original post by BigTraderBoi)
    Again, I'm not telling Muslims or anyone to avoid these jobs. I'm just saying that jobs involving riba are forbidden in Islam. You can then make a decision on where you want to take your life.
    What interest does accounting involve you absolute rookie?

    The only finance career that could conceivably be apportioned to generating money on interest solely is Investment Banking (and all derivatives). I'd say working for a large bank/certain brokers could be up for debate, but to say even accounting is haraam is just aids logic.
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    Wow, you people would consider working hard for many years to enter a competitive profession only to jack it all in because of a storybook. Amazing!
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    There is an University (online) called ISLAMIC ONLINE UNIVERSITY (IOU)
    That teaches about how and why this is forbidden
    And teaches the islamic way of banking fully riba free
    I would highly recommand it to people willing to study islamic banking
    As far as jobs are concerned
    Students from this uni really make a difference in the banking fields and are now in great demand in islamic banks and states
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    (Original post by Reality Check)
    Wow, you people would consider working hard for many years to enter a competitive profession only to jack it all in because of a storybook. Amazing!
    lol have you ever read this 'storybook'?
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    (Original post by YoloBaggins00)
    lol have you ever read this 'storybook'?
    I've got far too much factual stuff to read I'm afraid, and though I do like reading fiction I just don't seem to have the time for it these days
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    (Original post by Reality Check)
    I've got far too much factual stuff to read I'm afraid, and though I do like reading fiction I just don't seem to have the time for it these days
    Well then you can't call it a storybook if you've never read it.
 
 
 
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