Islamic business ethics

Table of contents for the topic Islamic business ethics
  1. On Muslims working for companies that deal with interest

On Muslims working for companies that deal with interest

I just wanted to ask you since my major is economy and some jobs involves working with the interest rate especially if it's a firm that works with lending money. Can I still work with them? There's a lot of competition here in this country regarding this major so saying no to a job means it's very difficult to find any other job.

Working for a lender who charges interest is similar to working for a company that you know systematically steals money from people, or working for a company that runs brothels. It is not an honorable thing to do, and by helping them, you share a part of their sin. The same applies to for-profit insurance companies. It is far better to lose a job opportunity and find a lower paying job than find a great job and have a cursed life.

It is therefore forbidden to work for such companies unless one has no choice. In cases of desperation an exception can be made until the person can find another job.

Source on the permissibility of working at usurious banks when a person has no choice:

Best wishes inshaAllah.

I just read your answer on the banking job. I got the work as a financial officer in the bank. I feel confused about your answer, because applying that logic it means that Muslims can't work in banks but how is that possible when banks are everywhere even in Muslim countries. After doing some research I found that it is even haram to be security guard for a bank. But then how come we use credit cards from the banks? we are still their customers even if we don't take interest

We cannot use credit cards unless there is a desperate financial need for it since they charge interest. I guess you meant how we can have bank accounts and debit cards. The reason is that using a service from an unethical company when you don’t have a good alternative is very different from working for them. Ideally we should have our bank accounts and debit cards with Islamic banks that do not deal in usury, but there are no reliable and respected banks of that kind in the United States, though your country might have them.

Muslims can work in banks, as long as the banks do not deal with usury. There is a whole field of Islamic finance that can do everything an ordinary bank does without usury.

When we Muslims use debit cards from a bank, we are simply using a halal service offered by a company that deals in both halal and haram. It is similar to buying groceries from someone who also owns an unethical business. Ideally we wouldn’t buy from such a person, but sometimes we don’t have alternatives.