Islamic marriage advice and family advice

Is working in Bank and Stock exchange halal?

Working in bank, stock exchange

1- Is working in a bank halal or haram?

2- Earning from stock exchange & mlm (multi-level marketing e-g; tvi express) are haram or halal?


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7 Responses »

  1. As salamu alaykum, Farhad,

    I´ve been researching and I have this information to share with you:

    Earning Money by Halal ways and keeping yourself away from Haram means of Earning has great Importance in Islam. Specially Interest Riba is completely Haram in Islam. There are large number of Quran Verses and Hadiths of Prophet Saw which clearly mentions that dealing in Interest Riba is Haram. Allah Swt says in Quran "Allah has permitted trade and has forbidden usury". . The Reason Allah Swt has made Interest Haram because it is harmful for poors and beneficial for a rich person. Due to Interest Richer continues to become rich while Poor becomes more Poor. Riba (usury) is Haraam & a major sin.

    According to Most of the Islamic Scholars Working a Interest Bases Bank Is totally Haram in Islam because Bank is an Institution which deals in Interest. While Working in Bank you are actually Dealing in Interest and Promoting it.

    You are not permitted to work in Bank or stock exchange due to the nature of this work since it is cooperation in dealing with Riba (usury/interest). The Prophet (Sallallahu Alaihi wa Sallam) said: "Allah has Cursed the one who consumes Riba (usury/interest), the one who gives it to others, the one who writes its deed down and those who witness it. He said: All of them are equal in sin". [Reported by Imam Muslim ].

    If one leaves something for the sake of Allah, surely Allah will give him better than what he left. Allah (swt) Says : "And whosoever fears Allah and keeps his duty to Him, He will make a way for him to get out (from every difficulty). And He will provide him from (sources) he never could imagine. " [65:2-3].

    Allah (swt) says, "O you who believe, do not consume interest, double & multiplied. And be conscious of Allah in order that you may be successful. (3:130)

    I hope this can be of help to you, insha´Allah.

    And Only Allah(swt) Knows Best.

    All my Unconditional Respect,

    María Editor

    • Please read Wael´s answer, he knows better than me, I´ve just done some research.

      Thank you and please, forgive me if what I said was wrong.

      María Editor

  2. Farhad, I'm not qualified to answer this question. Every Western corporation deals with interest. So if we start avoiding any company that deals with interest, what jobs will we hold in the West?

    Also, a stock exchange is NOT the same as a bank. A stock exchange is a free trade market, not based on interest. Off the top of my head I can't see any reason why it would be prohibited to work in a stock exchange.

    MLM is again another matter. I don't see why it would be haram unless it is a pyramid scheme, or making promises that cannot be guaranteed.

    Ultimately, however, you must talk to a scholar who can answer these questions for you. It might depend on the specific job and the functions of the job.

    Wael Editor

    • Thank you, Wael.

      María Editor

    • Asalamoalaikum Br. Wael,
      I have very limited knowledge in regards to this issue but what I do know is that anyone who promotes gives or receives interest is cursed by Allah swt. In your post you state: “Every Western corporation deals with interest. So if we start avoiding any company that deals with interest, what jobs will we hold in the West?”
      Although you are correct that every large corporation does deal with interest, I feel however that Banks are directly promoting interest. Their main function is to gain money from their clients and keep it in their banks. Other corporations may be dealing with interest behind the scenes but their intent of their business is not to promote or receive interest. Personally I feel that if one can avoid working in a bank (and find another well suitable job) then they should do so as we know that we are directly working and dealing for a corporation that is promoting, giving & receiving interest.

      -Helping Sister

  3. I am a small investor in DHAKA STOCK EXCHANGE (DSE) there are a lot of Halal company are listed like textile, engineering , Islamic bank and Islamic life insurances and so on. And I am buying and selling sometime get profit and sometime get lose I am not a gambling person. And I also apply for initial public offer (IPO) which is select by lottery and I want to avoid Haram Company or sell when it’s come to market I don’t take any dividend is it halal or haram?

  4. What about IT support in Stock trading firms traditional one's or using technology like quantitative analysis? Is that permissible.

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