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Bank Job

Q:

Dear Team, Salaam. I work as a Compliance advisory Officer in a Commercial Bank where i provide review and answer to the queries asked relating to the regulators instruction on how to conduct business with costumers. further i also review banks policies and procedures again with respect to the regulators instruction in various aspects. 1- kindly advise whether my job is to be considered as Haraam or Halal with respect to Riba. 2- Moreover if it the job is prohibited under shariah and i leave the job please advise whether the earning and savings done from my salary considered as Halal can i take the same for future purposes or i have to disown it if it is haraam. 3- kindly also advise in Provident fund case where employee shares his part of salary and bank shares their part and while leaving the job the banks return the lump sum amount to the employee as a good gesture. Am i allowed to take that money and use it or is it haram too. your kind guidance with reference would be highly appreciated . Thanks and Regards Name: Massab Rasool Gender: Male Age: 27 Education: Graduate Country: Pakistan

A:

Alaykum Salaam

Please see the fatwa of Syed Sistani below. I do not think you fall into the category of haram activity so it should be OK to carry on as Compliance officer.

There are two kinds of bank business:

1. The first is haraam. This may cover the type that relates to transactions leading to usury, such as acting as an agent in handling, registering, acting as witness, receiving excess money [interest] on behalf of the owner and the like. Of the same nature are transactions pertaining to companies involved in usury or the merchandise of alcoholic drink, be it sale of their shares, the opening of letter of credit or similar work. All this sort of work is haraam. It is not permissible to be involved in it and those working in it are not entitled to wages in return for the work they do.

2. The second kind is that which does not involve interest. It is permissible to take part in it and receive wages thereof. If, in the usury transaction, the party paying the interest is an unbeliever, be it a foreign bank or other, it is, as explained earlier on, permissible for a Muslim to take. Accordingly, it is permissible to deal in such work, which is linked to carrying out such usury transactions within the banks and outside them. In some cases, some of the money, deposited with either state owned or national bank in Muslim countries is considered among money of majhoulil malik, needs consultation with the Marji' to having the right of disposal over it. There is, therefore, ishkal in working for the bank and getting involved in either receiving from or delivering such money to bank customers, from those who might have the right of disposal over it without a license from the Marji' to make it good.

 

With kind regards

Abbas Jaffer