Working in Long-only equity fund vs Equity research analyst in investment bank? *Hanafi madhab*

Everyday Islamic Finance Business and Career Questions
#1

Assalamu alaikum wa rahmatullahi wa barakatuhu,

According to the view of IFG it is permissible to work for a long only equity fund (Blackrock) or for an advisory firm such as Lazards or Mazars etc. But what I am seeking clarity is on the following (please do correct any assumptions I make):

I understand I cannot work as an equity research analyst for JP Morgan Chase because fundamentally it is a haraam company unlike Lazards which fundamentally is an advisory firm thus deeming it permissible. But when working for Lazards I would be advising on haraam stocks? Or if I worked at a long-only equity fund I would be purchasing/advising on equities and assets that are haraam in and of themselves?

So where is the line drawn, why is one permissible but the other is not? I am trying to understand the principle here and seek further clarity.

Thank you for the help.
May Allah swt reward you tenfold Inshallah.

Regards,
Hamzah

1 Like
#2

Salaam,

Did you get an answer to this query? I also have a similar question.

Jazakhallah

#3

W’Salaam,

Unfortunately, I have not received a reply on this but I am still seeking an answer or clarification

#4

@Mufti_Billal, @Mufti_Faraz_Adam Salaam, please could you provide an answer to this question? Jazakhallah