Question Summary:
Is it permissible to accept a job in which majority of the income is based on interest?

Question Detail:

I am a Chartered Accountant working in an accounting firm in Dubai. I am looking to change my job. One of the job offers i have got is from a real estate company which gives residential and office properties on rent and are also developing new properties for future sale or rental.
My responsibilities under this new job will also include, among othrer things, communicating with the banks on behalf of this company to obtain loans to develop the new properties. These loans will be repaid from future income of the property for which the loan was taken. This will include both islamic and conventional banks.
I have the following questions: 1. Since all new real estate projects these days are financed in the above manner (using bank loans) is it halal to work for such a real estate company in any role?
2. Is it allowed under the Shariah rule for me to accept the above job? Given i will only be communicating on behalf of the company with the banks and i will not be the decision maker as to which bank or loan should be selected by the company.
3. One of my niyah, if i ultimately decide to join this company, is to ensure that all loans that are obtained by this company in the future are from islamic banks and not from conventional banks. However i can only try to achieve this objective, as the ultimate decision as to which loan and bank lies with the senior management and i can only show them all options available to them (obviously showing the islamic bank options with a lot of positivity so that they select them).

Answer :

In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.
Brother in Islam,
Among the responsibilities of the new job offer is to communicate with banks to obtain loans that will be interest bearing if it is from a conventional bank.
 
Allah Ta’ala says:
 
وَلَا تَعَاوَنُوا عَلَى الْإِثْمِ وَالْعُدْان
And do not assist each other in sin and transgression. (Maa’idah verse 2)
To arrange an interest-bearing loan is assisting in sin and therefore prohibited. It is not permissible for you to accept the job offer in reference with the responsibility of arranging interest-bearing loans. If you are absolved from the responsibility of arranging interest-bearing loans from conventional banks, then you may accept the job offer.
 
 
And Allah Ta’āla Knows Best


Saleem ibn Sajawal Khan
Student - Darul Iftaa
UK


Checked and Approved by,
Mufti Ebrahim Desai.