Bank

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  I work in a data centre as a network engineer, which supports a conventional bank, an Islamic Bank (which is a subsidiary of the conventional bank), and an Academy which teaches banking courses. For now our data centre is located in the same building of the bank and will be moved to a different building soon. All in all, the conventional bank owns the data centre, so can I work here?  Should I quit and find a job or find a job and then quit? Please advise.

Shaykh Shafiq JakhuraRead

I am interested in the Forex SPOT trading business and would like to know if it is halal. The trading that I will be doing will be as follows: Let’s say, I invest $1,000, the broker invests or lends $99,000 and together we buy the currency like euro worth $100,000. The broker will not charge any interest on the money that he invested or lend, because it will be a Shariah compliant account.     – If the rate of the euro goes up and I decide to sell the euro. The broker will take a small share of the profit and rest is given to me     – If the rate of the euro goes down below a certain margin which is determined by the amount I invest, my broker will close the trade and take his money back and I will lose the money I invested. Also, another place were interest may be involved is when the buying and selling is not done on the same day, then a rollover occurs which mean that either we have to pay interest or give interest on the currency you have bought, but the brokers is offering a swap free or interest free accounts for Muslims only, in which, even if you do not close the trade on the same day, they will not debit or credit any interest. I am interested in Spot trading not Future trading. Please let me know if this type of trading is halal.  

Shaykh Shafiq JakhuraRead

Seeing the name of Maulana Mufti Taqi Usmani in the Shariah Board and reading his fatwa on the permissibility of Meezan Bank products, I opened a saving account with Meezan Bank Limited. Now I have found out that there is a controversy on the subject and even Mufti Taqi does not recommend the bank now. Please guide me should I continue with the said bank or not? Where I should keep my money if even this bank is not Shariah compliant?  

Shaykh Taqi UsmaniRead

I am a chartered accountant by profession and have been facing a dilemma. During my articleship (on job training) I have been mostly posted at different types of financial institutions. Now that I have decided to enter the industry, my CV shows significant experience of banking and other financial institutions. This has resulted in most of the job offers being made by different banks to me. In this regard, what I want to ask is (i) Is there any permissibility for working as an employee with the bank in the capacity of an accountant or auditor? (ii) What is your view on Islamic banks and is it allowed to join an Islamic bank in the above-mentioned capacities?

Shaykh Shafiq JakhuraRead

IT Jobs in Bank

Shaykh Ebrahim DesaiRead

Real Estate Brokerage

Shaykh Abdur Rahman ibn YusufRead

Opening Bank Accounts

Shaykh Ebrahim DesaiRead

Zakaat on a Kruger coin for previous years

Shaykh Ebrahim Desai, Shaykh Faraz AdamRead

Reducing risk in foreign exchange

Shaykh Faraz AdamRead

Is the Home Purchase Plan offered by the Islamic Bank of Britain permissible?

Shaykh Faraz AdamRead

Is it allowed to work in an investment bank?

Shaykh Ebrahim Desai, Shaykh Faraz AdamRead

Can a traveller who was robbed accept zakāt funds if he still has access to his bank account?

Shaykh Faraz Adam, Shaykh Husain KadodiaRead

Working in IT field in insurance company

Fatwa.org.auRead

Can Muslims work in banks, such as asset management and corporate banking. We all know that the banks (non-Islamic) are the centres of interest; so any job in a bank is likely to be haram. Also, the culture in a bank is very materialistic and secular and bank employees are always thinking about making money and surrounding themselves with material things. I feel that working in non-Islamic bank is prohibited for Muslims. Is this view correct?

Fatwa.org.auRead

Wife spending from joint account

Fatwa.org.auRead

Who should interest money be given to

Shaykh Faizal RizaRead

Using interest for public welfare projects

Shaykh Faizal RizaRead

Spending from joint account

Fatwa.org.auRead

Selling company’s cars and keeping profit

Fatwa.org.auRead

Parenting Payment

Fatwa.org.auRead