Fatwa ID: 02680

Answered by: Moulana Tahsin Alam​

Question:

Assalamualaikum

I am graduating in accounting and finance, I have recently found out that observing interest is haram and mentioned clearly in the Quran.

What is the stance of the scholars for a Muslim observing interest, either working for someone else or opening his own business and observing.
 

بِسْمِ اللهِ الرَّحْمنِ الرَّحِيْم

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

Answer:

Dealing with interest is a sin and any money earned through it is considered haram and will have to be given in charity without the intention of reward.

It will not be permissible to work at any institute that earns their revenue through haram sources.

However you are not required to leave your job instantly, but should exert all your efforts in finding a job which is shariah compliant. When that is possible, you should resign from your current job.[1]

We also advise that you should priorities finding a shariah compliant job even though it may be less prospective material wise; perhaps specializing in the rapidly growing Islamic finance sector would be advisable.

Only Allah knows best

Written by Moulana Tahsin Alam

Checked and approved by Mufti Mohammed Tosir Miah

Darul Ifta Birmingham