Is it allowed to work in an investment bank?

Is it allowed to work in an investment bank? my field is IT helpdesk.  I am in a steady job but looking to move and would like to know whether I should consider working in an investment bank (as they pay more).  I will only consider this option if Muslims are allowed to work in such jobs.

For example, the job could be deploying all of the PC’s with a new operating system like Windows 7.

Answer:

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

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

As a principle, two aspects are considered when analysing the Shari’ah compliancy of any job:

1)     The nature of the job itself.

2)     The source of the funds from which the employees will be remunerated.

A person who works in the IT department of an investment banks is usually in charge of complex computer models, trading platforms, and communications systems.[1] He has no direct association with the activities and trading of the bank.

The Capital raised in an investment bank can come from private investors (who often have a high net worth), or from pools of capital obtained within the public markets. Capital obtained from public markets is normally through an initial public offering (IPO); however, special purpose acquisition companies (SPACs) are another alternative.[2]

Hence, working in the helpdesk of an investment bank is in itself permissible. According to the principles of Imam Abu Hanīfah (rahimahullah), this does not amount to assisting in sin.  The job itself is free of any sinful transaction and activity.  The job does not have a direct link with the usurious transactions the bank may undertake. [3] Also, the bulk of the money in such a bank is of a non-usurious nature, thus it is lawful money.  The income received from such a job will be halāl.[4]

And Allah Ta’āla Knows Best

Mawlana Faraz Ibn Adam,
Student Darul Iftaa

UK

Checked and Approved by,
Mufti Ebrahim Desai.
www.daruliftaa.net