is INVESTMENT MANAGMT/AUDITING a RIBA-FREE career?

saifankhan · 06-16-2006, 08:05 AM

Is it permissible to work as a fund manager in an investment management company after doing MBA (FINANCE) or CFA?

Is AUDITING a RIBA-FREE career?

Expecting prompt and sincere replies.

Pracs · 06-17-2006, 10:30 PM

Nothing is interest free these days, and 'no' as an investment manager there is little possibility that you could go around , unless you'd specialise in 'shariah based products only'. Bear in mind you can only have a shariah based product in a truly shariah based economy.

Well, as an accountant I see whatsoever, no possibility of not being involved in 'interest free' transactions.

Schuaeb · 06-19-2006, 01:18 AM

Do u guyz really think dat what we call riba free is really riba free. or just things hav been named differently, ways are sumwhat different.
No career in finacial sector atleast is so called Riba Free, not even \Islamic Bankin

derivativetrader · 06-25-2006, 11:13 PM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by Schuaeb

No career in finacial sector atleast is so called Riba Free, not even \Islamic Bankin
<hr height="1" noshade id="quote"></blockquote id="quote">

I don't agree with you on this. I think a significant number of western investment banks are either offering islamic banking from their current location or they are moving to middle east countries to target strict muslim investors.

At least two of my batch mates are starting this year with an islamic investment banking department in London.

Pracs · 06-26-2006, 12:16 AM

DT,

Just a question out of academic curosity. For a Western bank to provide Shariah based products, or for that matter any other bank going into these specialised products, what would be the 'cut off' or 'halal point'. I mean for a bank it will mean that any capital that they use for these products would come out of 'interest based' business.

This has been a matter of debate in UAE, where one regular bank converted all its operation to 'shariah products' in a year long transfer.

Another bank that I worked for, started of a whole new 'Islamic bank' with a Shariah based products and a Shariah committee etc.. however, the seed capital came from their 'interest bearing bank'.

Any thoughts on this.

derivativetrader · 06-26-2006, 12:50 AM

<blockquote id="quote">quote<hr height="1" noshade id="quote">Originally posted by Pracs
 DT,

Just a question out of academic curosity. For a Western bank to provide Shariah based products, or for that matter any other bank going into these specialised products, what would be the 'cut off' or 'halal point'. I mean for a bank it will mean that any capital that they use for these products would come out of 'interest based' business.

This has been a matter of debate in UAE, where one regular bank converted all its operation to 'shariah products' in a year long transfer.

Another bank that I worked for, started of a whole new 'Islamic bank' with a Shariah based products and a Shariah committee etc.. however, the seed capital came from their 'interest bearing bank'.

Any thoughts on this.
<hr height="1" noshade id="quote"></blockquote id="quote">

Pracs,

To be honest, I don't know much on this front. However, I would def get back to you on this after consulting this with my friend who is actually starting there in Sept this year. Since he also worked for this bank last summer, I am sure he would have something to comment on.

He has left for KHI today, so please give me a week or so to come back with something.

DT