Question Summary:
Could you please comment on the fatwa on working in a conventional bank issued by the sheikh on the following link and could you please (if possible) tell me about the reliability of the sheikh. Question Detail:
Asalamoalikum Mufti Sahab,
Could you please comment on the fatwa on working in a conventional bank issued by the sheikh on the following link and could you please (if possible) tell me about the reliability of the sheikh. Actually one of my friends has an offer in the finance department of a conventional bank and i told him that its not allowed and he brought this fatwa in his defence so i am writing to you to gain guidance on this aspect. I would be grateful if you could please reply ASAP because he is in the process of the accepting/rejecting the offer. The link is as follows:
http://www.islamonline.net/servlet/Satellite?pagename=IslamOnline-English-Ask_Scholar/FatwaE/FatwaE&cid=1119503543128
Jazakallahkhair
Answer :
In the name of Allah, Most Gracious, Most Merciful
Assalaamu `alaykum waRahmatullahi Wabarakatuh
We have studied the fatwa in the link attached and found that the verdict has been issued in light of two aspects, viz:
1) The author says, “If we too prohibit working with banks and financial institutions, then non-Muslims will control our economies as well as the international economy.”
2) The author further substantiates his point by saying, “Therefore, the rule of necessity will apply here.”
Firstly, we fail to understand how Muslims merely working as employees in a bank will have any difference especially in the capitalist system. The economy is controlled by much higher authorities.
Furthermore, if the economy fails and Muslims are working in a bank then Muslims working there will also fail. This can clearly be understood presently in light of the financial depression. Hence, this could not be referred to as a necessity which would make the working in a bank permissible.
The success of Muslims is to establish an interest free economy which is based on the principles of Shariah. This is a huge challenge against the conventional economic system. Our success does not lie in following a failing system. We have to swim in another direction for our success.
The Islamic economic system aims at benefiting each member in society. This is in direct contrast to the present economy which aims at making the rich richer and the poor poorer. In order to attain this, they promote debt transactions in every way possible. With this they inflate the interest which is due on these debts. They encourage one to live beyond his means and purchase things today using the earnings of tomorrow. This is precisely the reason why there is so much havoc in the present economy.
Hereunder we have listed a few more negative aspects of a Western financial system:
· The debt culture created through the provision of credit and consumerism renders all the future earnings of an individual as useless because they are already spent,
· The manufacture of more money through the fractional reserve banking system stimulates inflation and ensures that people resort to constant credit to keep pace with the prices,
· The constant changing of commodity prices, interest rates, etc. makes budgeting complicated and causes financial suffering. It introduces uncertainty in financial affairs,
· The economic uncertainty and high levels of debt negatively impacts entrepreneurship and academic excellence,
· There is extreme income inequality,
· The costs of living inflates unpredictably,
· Reliance is placed on products which feed on human fears such as insurance etc. This further erodes free income.
On the other hand, the Islamic system has the following benefits:
· In an Islamic economic system there are no interest bearing transactions,
· There is a strong discouragement of any financial activities that promote debts,
· There is opportunity for the holders of capital and the general masses at large to become partners in enterprises,
· The risks and rewards of business undertakings are shared by the providers of capital as well as business founders,
· There is no such concept as risk free returns,
· Profit and private ownership is legitimate on condition it takes place in a free and just manner,
· There is a meeting of intellectual and financial capital and there is a strong focus on social capital, proper conduct and good character.
· It advocates a modest living, an avoidance of debt, control of one’s material greed and increased productivity
This all will ultimately lead to the self sufficiency and progress of the Ummah a on national as well as international level.
Secondly, if the author referred to necessity being in an individual context then this will only be in a situation where a person has tried all avenues to gain a halaal income. Also, while working in a bank he should continuously look for halaal employment. This is based on another principle of fiqh that “Necessity is limited to the amount of necessity.”
المبسوط للسرخسي - (2 / 226 دار الفكر(
لأن الثابت بالضرورة يتقدر بقدر الضرورة
اللباب في شرح الكتاب - (1 / 411 دار الكتاب العربي)
ما ثبت بالضرورة يتقدر بقدر الضرورة
And Allah knows best
Wassalam u Alaikum
Ml. Ismail Moosa,
Student Darul Iftaa
Checked and Approved by:
Mufti Ebrahim Desai
Darul Iftaa, Madrassah In'aamiyyah
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