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
Assalamu Alaykum,
Would then working in a Big 4 Audit firm as an actuary be permissible? As your income is now paid from the audit companies’ profit (audit fees etc.) as opposed to an insurance companies’ profit (interest earned from invested premiums as well as the overall insurance products). Although some of your work may still be of consulting nature, but these would be less of core business operations (ie pricing insurance products) but more so of financial reporting questions and how to apply new systems to the client (which is likely to be an insurance company).
Jazakallahu Kheiran!
Salam Aleykoum brother, did you receive any answer ? May Allah bless you
Wa alaykum assalam brother, unfortunately i have not received any reply as of yet.
Ok ok, inchAllah kheir. I guess you are also working on IFRS 17 or similar reporting… I really hope that this is permissible, inchAllah ya rab 