View Full Version : what is the ruling on this?
11-06-2011, 12:39 AM
recently I came across a post from a person wanting to leave there employment at a bank so as not to deal with interest anymore as it is haram..Reply
I am particularly concerened since I am a finance major student my self and the type of job prospects that I am like to get (inshallah) are revolve around banking (investment banking), financial planning, financial analyst etc. all of which have inherited in it some sort of aspect of interest, or risk etc. It makes me very pessimestic when hearing this that even if your not paying/receiving interest your self, its haram to facilitate the use of interest or give advice to people (non- muslims who don't care about usuary) about alternative financing options and which interest rates would be best suitable for them or how much they should borrow etc...
If the statement that the first person made, which is "i dont want to work in banking as they deal with interest" then pretty much every other job out there in the world should be haram, and it doesn't matter which industry or which aspect of the business you work in because any business now a day stays afloat by borrowing to meet cash flow needs and stay up with their operations or with any excess cash they posses, they invest it in order to earn a rate of interest, and hence paying a rate of interest or receiving it the company is therefor engaged in a haram act and there fore making your employment with such a company haram as well.correct?
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11-06-2011, 02:19 AM
it's a little more complicated than that:
can't be compacted into words so easily,
scroll to 43 min : 40 seconds
11-06-2011, 03:55 AM
thanks for the video.. TBH the person didn't really answer the question but rather just explained how in today's society it is pretty much impossible to escape or be free from riba because one way or another you will be affected... but it still doesn't answer the question that what if I as a Financial analyst or a hedge fund manager - investing for other people - perhaps using money that people have borrowed with interest, what is the ruling on that...Reply
I understand it is a very complicated and sensitive issue and I am sure there are many different opinions held here.
11-06-2011, 06:46 AM
it comes down to avoiding the certain direct stuff and putting in an effort to change the situation on things you know are the dust of it, eg, fiat promissory notes which are debt based,Reply
We can't buy food without it, or earn wages,
But we can exert our effort into educating those around us and building a community which accepts barter and or gold and silver, or make an effort to move to a place where you are not forced to disobey God and thereby lose yourselves to corruption and slavery to the servants of Satan.
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