Actuary at Consultancy(Insurance Division)

[Hassan]

Salam,

I understand that the opinion of IFG is that Insurance is permissable. However, if one adopts the opinion that Insurance is impermissable, would working as an Actuary at a Consultancy firm, such as the big 4, within their insurance divisions be permissable?

That is, working as an Actuary in a Consultancy firm advising and working for their Clients who will be Insurance Companies?

I have viewed this https://youtu.be/EXBptkhl5A0 and from the principles postulated in the video I am under the impression that it is permissable.

Thank you.

[Mufti_Billal]

Wasalam

May Allah bless you.
Please see the links below:

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?

Studying/working in actuary

Wasalam May Allah bless you. There is nothing wrong in studying and working whilst analysing financial risk and its impact. However, the job itself will be depend on who is the employer, and on details of the role involved. See this link from the respected Mohammed Amin: You can also get in touch with IAA who has an Islamic finance expert panel, and ask them for guidance on how to have a career in Islamic financial field as an actuary. https://www.actuaries.org/iaa/IAA/Committees/Insur…

Regards

[Hassan]

Thank you for your reply.

However, I have read those answers previously and it did not answer my question which is why I asked here.

[Mufti_Billal]

Although IFG is of the opinion that insurance is permissible, this is not the opinion of @Mufti_Faraz_Adam or myself. However, where I have adopted a more lenient approach towards certain type of insurance, this was based on ‘necessity’ rather than being halal in itself.

So in terms of working as an actuary in the insurance division, the answer posted by Mufti Faraz is applicable:

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?

And Allah knows best!