Salam,
I work as a temporary Financial Analyst at Bank of America/Merill Lynch until October. They are offering full time jobs and as I know it’s not permissible to work for Investment banking because they profit from interest. However, due to COVID-19, a lot of companies are not hiring and its harder finding a job because of the market. I am not the breadwinner of the family but I help my dad out with the expenses of the house. I was wondering in this case, would it be permissible to take the full time job until i find another job due to the economy and job market or is that still not a valid enough reason to take the job.
Jazakallah Khair
Wasalam
May Allah bless you.
Can you give us details of your role as a financial analyst please.
Regards.
Yes sure,
i’m in the Tax Reporting Team where we deal with peoples 1099 forms that is reported to the IRS by making updates to their mutual funds, bonds, & equities. I have come across requests that we complete that deal with interest bonds which is why i was a bit hesitant on taking the full time job.
What sort of updates do you make to the bonds and mutual funds?
We make cost basis updates related to whatever the situation is ex: if someone passes away, bond amortization/accretion, exercised/expired options contracts.
If you are just recording the cost of transactions to help customers with their tax forms, then the role itself is permissible. This is provided that you are not assisting them directly in selecting and acquiring interest bearing financial instruments.
As far as receiving a wage from a bank is concerned, if the majority of their source of income is from halal means such as customers’ deposits and shareholders’ capital, then the wage received will be lawful (halal) too.
However working for a conventional bank is not advisable even if you are performing a permissible function. For now you can carry on working there until you find a more suitable job inshaAllah.
And Allah knows best!