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Doing research on banking and the financial sector

Answered as per Hanafi Fiqh by Muftionline.co.za

Q: Is it permissible in Islam to research banking and financial sector? I am currently researching how bank management and governance structures influence the profitability of banks. I also want to publish my research paper at the end. Is it halaal or haraam?

Bismillaah

A: In our understanding, a bank revolves around haraam. The main business is usury which is a curse. Whatever accrues from this business is also accursed.

And Allah Ta’ala (الله تعالى) knows best.

Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)


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This answer was collected from MuftiOnline.co.za, where the questions have been answered by Mufti Zakaria Makada (Hafizahullah), who is currently a senior lecturer in the science of Hadith and Fiqh at Madrasah Ta’leemuddeen, Isipingo Beach, South Africa.

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