Fatwa ID: 04768

Answered by: Maulana Shadman Ahmed

Question

I hope this email finds you in good health.

I wanted to know if it would be ok to pursue a job as a financial advisor for a company that is not necessarily based on Islamic values.

In the name of Allah, the Most Gracious, the Most Merciful

Answer:

It would not be permissible to be a financial/investment advisor for a company that is not based on Islamic values due to being involved in investing and advising clients for unethical trades. Allah SWT says in Surah Ma’idah, “ Do help each other in sin and transgression.” If you can try to have a portfolio where the investing is done faith-based or ethically such as without sin stocks, companies involved with stigmatized activities, such as gambling, alcohol, smoking, or firearms, and asset and debt ratio then it would be permissible. 

The link you provided states that advisors will offer products, “covering virtually every category – including mutual funds, ETFs, stocks, bonds, IRAs, insurance, annuities, etc.” which would fall into the unethical category.

For more details you can also read the following link:

http://daruliftabirmingham.co.uk/working-as-an-advisor-for-a-life-insurance-company/

Only Allah knows best

Written by Maulana Shadman Ahmed

Checked and approved by Mufti Mohammed Tosir Miah

Darul Ifta Birmingham