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Alternative of working in a Bank

Mu' meneen Brothers and Sisters,

As Salaam Aleikum wa Rahmatullahi wa Barakatuh.  (May Allah's Peace, Mercy and Blessings be upon all of you)



One of our brothers has asked this question:


Thank you very much for your answer.
However, what is the alternative of banking. Dont say modaraba or leasing as they also are based on interest rates and I have worked in both forms of financial corporations and we can fool ourselves by calling them Islamic mode of financing but in reality they are just another form of financing with nothing Islamic about them.


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Alternative of working in a Bank

In the name of Allah, We praise Him, seek His help and ask for His forgiveness. Whoever Allah guides none can misguide, and whoever He allows to fall astray, none can guide them aright. We bear witness that there is no one (no idol, no person, no grave, no prophet, no imam, no dai, nobody!) worthy of worship but Allah Alone, and we bear witness that Muhammad (saws) is His slave-servant and the seal of His Messengers.


Dear Brother in Islam, there are several Islamic banks and Islamic Financial Institutions, that adhere to the Shariah in their financial transactions. If these Islamic financial institutions are not 100% Islamic in your view, brother, you will at least agree that they are trying to work towards the right way as ordained by Shariah. Islamic banking is still in its infancy, and they need all the support and help of professionals who are sincere believers. And if believers and brothers like you and us do not help and support them; we cannot expect the pagans and the disbelievers to come and help them. The thing is brother, the world is so used to the forms of conventional interest-based banking, that it is difficult to convince someone to start a new or alternate phase of banking, which adheres to the Shariah and Laws of Allah.


Besides, all these banks have Shariah boards, with eminent scholars who approve each and every transaction or deals, done by these Islamic institutions. Instead of us pointing fingers at the work they do, it would be prudent if one is a believer and a banker, to join one of these Islamic financial institutions, and help them to reach their goal of interest-free banking.


Allah will reward each one of us for our intentions… and if the intention of a believer is to substitute his expertise in the field of conventional banking with helping the cause of interest-free Islamic banking; it will not only be his source of earning halaal income for himself and his family; but will, Insha Allah, also be a source to earn huge reward from Allah Subhanah on the Day of Judgment.


There is absolutely no doubt that conventional banking is interest-based, and therefore haraam. And even if in your view, the Islamic banks are not 100% interest-free; you will at least agree that they are at least trying to conform with the laws of Shariah. Thus if one is a believer and looking for a job in a financial institution; he should obviously opt to take his expertise and knowledge in helping the cause of Islamic banking, rather than feed himself and his family of the haraam from the earnings of a conventional interest-based bank.


Brother, please do not misunderstand us. We are not trying to protect or say that all the current Islamic financial institutions are 100% in conformity with Shariah; what we are trying to say is that if the only choice for a person is working in a conventional bank or an Islamic bank; we just think that it would be purer for him to take his knowledge and expertise to the Islamic financial institutions and strengthen them. Insha Allah, Allah will help them and maybe in 30 or 50 or 100 years they will actually be recognized as a halaal alternate source of banking. This process has to start somewhere someday… and today is as good a day as any! Their intention is good, and it is expected that their results will also be good, Insha Allah.


Whatever written of Truth and benefit is only due to Allah’s Assistance and Guidance, and whatever of error is of me. Allah Alone Knows Best and He is the Only Source of Strength.


Your brother and well wisher in islam,





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