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Can you please tell me if my role in an investment bank is halal?

Answered according to Hanafi Fiqh by Askimam.org

Can you please tell me if my role in an investment bank is halal?

I have attached the job specification for you below. Jazakallahu Khair. Please don’t disclose the job specification or my personal details online.

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Hedge Fund Asset Servicing/Control Specialist 

JPMorgan Chase & Co. is a leading global financial services firm with assets of more than $2 trillion, over 260,000 employees and operations in more than 60 countries. It operates across four business segments including Corporate & Investment Banking, Commercial Banking, Asset Management, Consumer & Community Banking.

The Wealth Management division of JPMorgan Chase & Co. is part of the Asset & Wealth Management business segment.  It has offered for over 160 years customised solutions and client service of the highest quality to solve the complex needs of wealthy individuals and their families around the world.  With assets under management of $2.4 trillion, it is one of the largest asset and wealth managers in the world.

Operations Overview

Operations are uniquely positioned at the heart of what we do. We impact the business we undertake from end to end – involved in almost all major steps of the transaction lifecycle as well as new initiatives (products and services) and vendor management. We work in collaboration with counterparts from all areas across Lines of Business, Technology, Finance and Corporate Functions. Our role is about maintaining the efficient processes our people rely on every day to do first-class business. We constantly strive to achieve the improvement that makes the firm one of the most respected financial institutions in the world.

Operations teams are aligned to Alternative products.

We are offering you an exciting opportunity to join a dynamic and growing team in a fast paced and challenging area working on complex products and processes.

Key Responsibilities:

  • Hedge Fund and documentation review, including setup, maintenance and control
  • Weekly, monthly & quarterly reconciliations, including identification and resolution of issues.
  • Identify and understand implication of data input related to country jurisdictions and corresponding regulations
  • Funds review and on-boarding, instrument set up and maintenance
  • Responding to ad hoc front office questions and requests as well as providing periodic product information and support. 
  • Working with a wide variety of internal and external counterparties to ensure timely identification of issues and their resolution.
  • Providing data analysis and metrics to senior management
  • Support of the project agenda (both ad hoc and strategic) to meet the changing requirements in the industry as well as driving efficiency gains and risk reduction

What do we look for?

The candidate should have relevant experience in a reputable bank, fund administrator or financial institution and have strong Hedge Fund knowledge and operational experience. In addition he or she should be looking to take on a new challenge in a growing, fast paced and ever changing environment. Candidates should in addition have the following attributes:

  • BS/BA Degree – Legal, Accounting, Finance or Business preferred
  • Hedge Fund management and Product maintenance experience a plus
  • Strong risk and controls awareness
  • Meticulous attention to detail
  • Ability to multi-task and work well under pressure to meet deadlines
  • Team player with a strong sense of ownership
  • High level of integrity
  • Consultative in approach, understanding and anticipating business partner needs and proactively delivering solutions
  • Strong organizational and prioritization skills
  • Ability to take a corporate perspective
  • Excellent written & oral communication skills in English
  • Microsoft Word, Excel, PowerPoint proficiency is required, Access a plus
  • Experience with Olympic Banking System a plus
  • Knowledge of the various financial regulatory requirements a plus
Answer

In the Name of Allah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuhu

The job profile in reference is unclear. 

Kindly advise if you will be directly involved in setting up, managing and maintaining hedge funds and other conventional financial instruments.

And Allah Ta’āla Knows Best

Ismail Desai,

Darul Iftaa

Checked and Approved,

Mufti Ebrahim Desai.


This answer was collected from Askimam.org, which is operated under the supervision of Mufti Ebrahim Desai from South Africa.

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