Softwares that helps banks and other companies monitor their client’s credit and payback history. In view of this, it deals in helping banks in calculation of interest that is receivable from clients who use their credit cards. A short intro of the company in their own words is this: Company is an Award Winning Software Specialist company with a specific focus in the areas of Credit, Collections and Revenue Recovery; and Data Mining. Company helps organisations manage the delicate balance of the Revenue-Receivables-Rentention cycle to a positive Collections-Cashflow-Profitability dimension. Company leverages from the most advanced software tools to mine its customers data to render solutions in the areas of Churn & Loyalty Prediction, Profiling & Segmentation, Credit Risk Scoring and Marketing Response Modeling. Kindly advise whether it is permissible for me to work in this company. Please note that the software/s may not be only for banks but a generalized one
Working for a software company of this nature is permissible since all the software programmes are not interest-related or of a Haraam nature. However, working with or programming software that is specifically used for interest calculations is not permissible.
and Allah Ta’ala Knows Best
Mufti Muhammad Kadwa
FATWA DEPT.
CHECKED AND APPROVED: Mufti Ebrahim Desai