Working as a trader for highly ranked investment firms
14-9-2006 | IslamWeb
Question:
Assalamu ‘alaykom, I have a critical question that will decide the direction of my studies and also my brother’s career choice. I will present my situation then my brother’s. My situation: I’m intending to pursue my studies in financial engineering in order to have a career in finance. A financial engineering diploma from the university I’m attending will allow me to work in the highly ranked investment firms like JPMorgan, Goldman Sachs, Merry Lynch… I intend to work as a trader on the financial markets for this kind of investment firms(I won’t be trading with bonds because that’s “Haram” for sure),but I don’t know if working with these firms ,and especially as a trader, is allowed because of the usurious environment . I don’t know what to do and I should decide quickly to choose the correct courses… Please help me and give me a fatwa ,carrying all the arguments, so I can know what to do My brother’s situation : My brother has a job opportunity to work in the technology department in JPMorgan. He’s seeking for a fatwa to know whether it’s allowed or not ,and I know that his situation is less critical then mine because he’s not working directly with an financial transaction… I hope that you can answer me for my brother’s situation as soon as possible because they will be waiting for his reply. Waiting for your answer Assalamu ‘alaykom
Answer:
All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad is His slave and Messenger. We ask Allaah to exalt his mention as well as that of his family and all his companions.
First of all, you should know that a Muslim student should do his best and endeavor to attain a high level is his studies (which should be in permissible fields) as the Prophet 
said: "Allaah loves when a person does a work, that he does it perfectly and to his best ability." The Prophet further said: "A strong believer is better and is more beloved by Allaah than a weak believer." [Muslim].
What is important is that your studies should be in permissible fields, in permissible business, and everything which is related to it should be permissible.
As regards working in the above institutions, after you and your brother graduate, then these institutions are included in one of the following three probabilities in regard to its activities and business:
1- The origin of its activities is forbidden in itself, like banks dealing with Ribaa, and commercial insurance companies and the like. In such case it is not permitted for either of you to work in these kinds of companies.
2- The origin of its work is not forbidden, but it carries forbidden works and contracts, like issuing bonds and the like. It is permissible for you to work only in permissible jobs in these kinds of companies and in which there is no help in something that is forbidden.
3- The origin of its work is permissible and its activities are permissible; in which case it is permissible to work in these kinds of companies without any restriction.
Allaah Knows best.