Acturial profession According to islam

Acturial profession According to islam - Printable Version

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Acturial profession According to islam - Zikria Yamin - 05-24-2006

Dear Friends
AOA
Every one of us wishes to earn more and more and didn't pay any attention towards that whether these means of earning are allowed or prohibited by islam.
We are muslims and beleive on the fact that every one amongs us has to die but we are going to find out more means of earning and forget the day of Accountability.
Now i want to discuss the profession of Banking and acturies.
According to islam all those persons who earn ,who calculate and who persuade the other to invest in interest based businesses are at fault and must be punished on the day of judgement .
In this regard the business of banking and insurance are prohibited by islam.
But the problem is that our muslim brothers have been invested with rapid rate. Every one wishes to be an Actury, Banker etc.
Is there no other mean of earning income?
Please give some comments whether our people have to leave the Banking and insurance business or not.

Thanks

Zikria

- Abdur.Rehman - 05-24-2006

well banking is doubtful but not actuary. as acturial valuation is based on formulas and estimates and it is a skill, so not prohibited in Islam. Yes the insurance business is doubtful, but all these issues shud b discussed with a well reputed religious scholar, and not over this forum as everyone will give his/her opinion.
and second thing that u should follow in future, that Allah can forgive every sin except shirk, so dont use the word "must be punished on the day of judgement" except for shirk. our own other sins r countless. so dont pass judgement on anything at ur own.
salam

- Mahtab - 05-24-2006

AOA
I am Agree With You Abdur.Rehman
Mahtab

- Zikria Yamin - 05-24-2006

Dear Friends
AOA
Why our muslims are not willing to leave such a system which is based on interest.
Quran had clearly prohibited interest based economy. I am very sory to read your statement that "Allah will forgive us only the Shirk will be punishable sin"
Islam preaches keep away your self from the evil of Ineterest but our people are not willing to leave this and called it as Doubtfull, Holy prophet advised strictly to his follower about Interest.
Now tell me how we can declare the actury,banking and insurance business as doubtfull, they are totally HARAM, but some people tries to prove them as HLAL.
Please change your mental attitude

Thanks
Zikria

- derivativetrader - 05-25-2006

<blockquote id="quote">quote<hr height="1" noshade id="quote">
Please change your mental attitude
<hr height="1" noshade id="quote"></blockquote id="quote">

Will do. [)][)]

- Pracs - 05-25-2006

Zikria,

The question of interest free economic system is not as simple as you think its is (this includes insurance and acturial science as well)there are a lot of factors do you need to consider which includes time value of money and inflationary indices. Refer the thread below which discuss some possibilities and reference to some sources as well

http//www.accountancy.com.pk/forum/topic.asp?TOPIC_ID=639&whichpage=3

- ausmanpk2001 - 05-28-2006

zikria,
if you are so much allergic, then dont chose this profession becaz accountants also hav to do audits of companies & banks which are using interst system.

- Shahbaz - 06-01-2006

ausmanpk2001 .. mar jao...

- Muhammad Ahmad - 06-01-2006

Wt do you mean?
Maar Jao.......Ya........Mer jao?
Pls be seriouse
Regareds
Keep smilling
<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by Shahbaz
 ausmanpk2001 .. mar jao...
<hr height="1" noshade id="quote"></blockquote id="quote">

- Abdur.Rehman - 06-01-2006

Well Mr. Zikria
plz dont interpret ur own meanings from wut is quoted to u from Quran.
i said that Allah can forgive every sin except shirk. and it absolutely doesnt mean that v start doing all other sins except shirk.
This was just to tell u that dont be judgemental on the teachings of Islam. u can not say that one must be punished for a sin. as Allah himself said that He can forgive every sin except shirk. so who r u to decide that one must be punished for a sin. My objection was on ur language or may be thoughts.
Im not a supporter of interest but there are different types of interests. and one must discuss these issues with a religious scholar well versed in Banking. Like Mufti Taki Usmani. Do read his book " Islamic banking System". it may help ur cause. There he has not supported the Islamic banking system but also not said it as haraam.
u shud read this book if u want to know about the consequences of interest on a person practicing islam.
These issues r not to be discussed on forums like these unless u have some solid information and references.
The verses of Quran are very simple and straight forward regarding interest. So there was a need of Ijma and Qias, on this issue considering the different types and complexities in interest based system of now a days. You must first gain requisite knowledge of all the fatwas and judgements passed by the religious scholars. and then develop ur understanding regarding that.
and after coming to a conclusion on that, again come here and share ur understandings with references, so that one may be convinced with wut u say. Now everyone knows about the verses regarding "Riba" in 4th Sipara, but one shud make proper research on that, to debate on it.