Home » Hanafi Fiqh » ShariahBoard.org » I have been made aware of a compliance/financial audit job with Federal Reserve. I do have a friend working there who told me that I am qualified for the position there. Federal Reserve is not like a regular bank where it lends money on interest to consumers. It is more of a regulatory body of the Federal Government that governs economy, and other banks for compliance with government regulations. It is the bank that prints currency bills. I am presently working for a large public accounting company and am exclusively working on audits of commercial banks that lends money to consumers on interest. Is it halal for me to accept this kind of Federal Reserve job?

I have been made aware of a compliance/financial audit job with Federal Reserve. I do have a friend working there who told me that I am qualified for the position there. Federal Reserve is not like a regular bank where it lends money on interest to consumers. It is more of a regulatory body of the Federal Government that governs economy, and other banks for compliance with government regulations. It is the bank that prints currency bills. I am presently working for a large public accounting company and am exclusively working on audits of commercial banks that lends money to consumers on interest. Is it halal for me to accept this kind of Federal Reserve job?

Answered as per Hanafi Fiqh by ShariahBoard.org
I have been made aware of a compliance/financial audit job with Federal Reserve. I do have a friend working there who told me that I am qualified for the position there. Federal Reserve is not like a regular bank where it lends money on interest to consumers. It is more of a regulatory body of the Federal Government that governs economy, and other banks for compliance with government regulations. It is the bank that prints currency bills. I am presently working for a large public accounting company and am exclusively working on audits of commercial banks that lends money to consumers on interest. Is it halal for me to accept this kind of Federal Reserve job?
Any institution in which there is an interest based dealing, where people give and take interest, is not allowed to work in. If the employee is not directly involved in taking or giving interest but is responsible for doing other things that either support, or implement the transactions of interest then the ruling for this employee would be the same as the first one. Working in banks is also not permissible.
Allah (Subhanahu Wa Ta’ala) Knows Best
Mufti Nawal-ur-Rahman

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This answer was collected from Shariahboard.org. It was established under the supervision of the eminent faqih of our era, Hazrat Shah Mufti Mohammed Navalur Rahman damat barakatuhum.

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