Is working in Federal Reserve Bank of USA is allowed?
Mission The Federal Reserve System is the central bank of the United States. It was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years, its role in banking and the economy has expanded. Today, the Federal Reserve’s duties fall into four general areas: * conducting the nation’s monetary policy by influencing the monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates * supervising and regulating banking institutions to ensure the safety and soundness of the nation’s banking and financial system and to protect the credit rights of consumers * maintaining the stability of the financial system and containing systemic risk that may arise in financial markets * providing financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation’s payments system
The Federal Reserve Bank of USA is like any other conventional bank. They all engage in interest bearing transactions.
In point one of the four general areas of service of the Federal Bank, you have also stated that ‘… and moderate long term interest rates.’ The Qur’aan expressly prohibits interest and related dealings. Allah states ‘… and do not assist in sin.’ If one works in the Federal Reserve Bank or any conventional Bank, that will be assisting in the sin of interest.
and Allah Ta’ala Knows Best
Mufti Ebrahim Desai