Mufti Sb. i have lot of confusion regarding intrest.
Todays era can not be defined without intrest specially in non muslim countries.I live in India.There are many available courses here such as Chartered accountant,cost Ac.M.B.A.(specially in finance).These all proffessional courses includes study and application of intrest.My question is that can we take up these courses for our studies.
Secondly after completion one would get job in finance sectors such as in banking,insurance etc.Can we do job here and if not than what are other areas where we can do job after completion of these courses.
In the name of Allah, Most Gracious, Most Merciful
Assalaamu `alaykum waRahmatullahi Wabarakatoh
It is permissible for you to study chartered accountancy and also practice it. An accountant is required to record dealings. Recording interest bearing dealings is not an engagement in interest. It is merely recording what was previously done.
We advise that an accountant do no serve in a conventional bank or insurance company as those institutions are almost completely interest based. There are many other Shariah Compliant avenues in which an accountant can serve.
And Allah knows best
Wassalam
Mufti Ebrahim Desai
Darul Iftaa, Madrassah In’aamiyyah