Question:
Actually I’m planning to make my career in finance as my core subject was accounts and finance during graduation. I’m planning to do chartered financial analyst…. Am I allowed to go ahead with this degree.?
Answer:
In the Name of Allah, the Most Gracious, the Most Merciful.
The permissibility or impermissibility depends, if such a job as a chartered financial analyst entails engaging in interest related matters e.g. calculating risks and costs of insurances, suggesting new insurance contracts, analysing statistical data on insurance contracts, then it will not be permissible to keep such a job.
Furthermore, if such a job entails the sale of any impermissible elements, e.g. alcohol, gambling, music etc then the income derived from such a job will be unlawful. If the firm pays one’s salary from the profits it makes through the sale of Haraam items, the salary will be impermissible, as the company’s source of profit was through unlawful means.
If the mentioned job is free from any prohibited transaction or element, then it will be permissible.
There are various Shariah Compliant job opportunities for CFA Professionals in different fields such as portfolio management, consultancy, financial strategy, economic research and sales/marketing at various Islamic Banks and Financial Houses. You may contact Islamic Banks and Financial Houses to advise on job opportunities in your intended field of expertise.
And Allah Ta’āla Knows Best
Mufti Arshad Ali
Darul Iftaa, Jaamia Madinatul Uloom (Trinidad)
