Title

Is it permissible to work as an IT technician for an Investment bank?

Question

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. 

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.[i]  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.[ii]

Working in the helpdesk of an investment bank is in itself permissible.  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. [iii]  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.[iv]

And Allah Ta’āla Knows Best

Mawlana Faraz Ibn Adam,
Student Darul Iftaa

UK

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