Actuarial Careers

Assalamu Alaikum,

Im currently applying as an Actuary, and want to ask;

Is it permissible to work for a company that specialises in insurance (e.g life, GI, motor, reinsurance) or pensions or must I solely apply for consultancy firms?

Assalaamu alaykum,

It would be most advisable to avoid directly working in such companies. However, there is a fatwa of my teacher Mufti Ebrahim Desai who is of the following view:

If this type of analysis is general in nature such that it can be used by the insurance industry and others to get a general picture of the economic climate, then this work is permissible.

If, however, this analysis is specifically to help the insurance company in its impermissible activities, such as: suggesting new insurance contracts, calculating insurance premiums, analyzing statistical data on insurance contracts, etc. then this work is not permissible.

Allah knows best