Working as an Investment Banker

[muthar]

Assalam Aalaikum all...i am a recent graduate (MBA Finance) looking to join a financial institution/bank as a research analyst in their investment banking division. However, just recently a close family associate of mine has warned me of doing the same as he claims it is haram for anyone to take up a position in a bank. I am now in a dilemma and am requesting anyone to kindly be of some help to me by coming up with a hadith regarding this issue of mine.

Jazakallah Khair

 

[ditta]

Assalaamu'Alaykum,

First of all, it is best to ask someone knowledgeable who can give you a reply, but i did check Fatawa Islamiyah and there is a sub-topic in relation to Working in Banks. I will post the first Fatawa.

Question

I am just about to graduate and I intend to work in one of the banks that are present in my city. What is the opinion of his Eminence, the Shaykh, concerning this? Is working in the banks included in what is mentioned in the noble Hadith about Riba?

Answer

I advise you not to work in the Riba banks due to what that contains of assisting those who run them in what Allah has forbidden of Riba. Indeed Allah said:

"And cooperate in righteousness and piety, and do not cooperate in sin and transgression. And fear Allah. Verily, Allah is severe in punishment."

[Soorah al-Ma'idah 5:2]
This is also because the Prophet cursed the person who devours Riba, the person who gives it, the person who writes it and its witnesses, and he said:

"They are the same (in sin)."

[Muslim no. 1598]
This was recorded by Muslim in his Sahih on the authority of Jabir bin 'Abdullah (radhiyaAllaahu anh). I ask Allah to help those who are in charge of the banks to adhere to the Islamic law and leave off what Allah has forbidden for them of Riba. I also ask Him to help the authorities in preventing them from this (Riba) so that they (the bankers) may adhere to the Law of Allah and avoid what opposes it. Verily, He is the Best Who is asked.

Ash-Shaykh Ibn Baz Rahimahullaah.

[Reference: Fatawa Islamiyah, Volume 3 - The Book of Sales Transactions, Working in Banks, Pg. 389-390]

If you would like to know who Shaykh Abdullah bin Baaz is, you can refer here to his biography:

http://www.fatwa-online.com/scholarsbiographies/15thcentury/ibnbaaz.htm

Insha'Allaah i hope the Fatawa answered your question.

Alhamdu'Lillaah.

Walaykum Salaam.

 

[muthar]

Thanx

Thanx Brother Ditta for ur efforts but i'm still in a dilemma as the tasks carried out in Investment banking are in a way quite different than those carried out in personal banking.

Anyways thanx again for ur efforts

Jazak Allah Khair