Question Summary:
Conventional Brokerage and Portfolio Management Service

Question Detail:

Subject: Is Conventional Brokerage and Portfolio Management Service Halal?

Answer :

In the Name of Allah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

Allah Ta’ala says:

ولا تعاونوا على الإثم

Translation:

And do not assist in sin. [Surah Al-Ma`idah: 2]

It is impermissible to facilitate such transactions as that will be assisting in sin. Therefore, working in such company will be not permissible.

However, if you do not have any other source of income and you are in dire need, then you may continue with this employment while actively searching for an alternate halal job, and also make sincere tawba and dua to Allah.

May Allah provide you halal sustenance. Ameen [2]

And Allah Ta’āla Knows Best

Anas Sharieff Qasmi.

Student Darul Iftaa

Hyderabad, India.

Checked and Approved by,
Mufti Ebrahim Desai. 

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 [1]المحيط البرهاني في الفقه النعماني (7/ 482)

والإجارة على المعصية باطلة؛ ولأن الأجير مع المستأجر يشتركان في منفعة ذلك فتكون هذه الإجارة واقعة على عمل هو فيه شريك

[2] [فتاویٰ محمودیہ 25:256] جو کام ناجائز ہے اس کام کی نوکری کرنا بھی نہ جائز ہے،اور دوسرا ذریعہ معاش تلاش کر لے اور اس نوکری کو چھوڑدے .