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Fatwa CenterWorking in commercial loans
Question
I am a 29 years old Moroccan woman, I wear my veil, the last week I had a conversation with a French company which will be delocalized in Morocco while preserving its French customers. My station consists in validating the file of loan customers to check if they are in conformity with criteria that the company established. The activity of the company consists of:
- The financial counsel of the customer.
- Constitution of files of loan.
- Guarantee (quaranteed brought to all the types of loan of habitat).
- Repurchase of the loans of the customers surrenders to reduce their monthly payment.
- The assurance of the loans (the policy-holders profit of a mutual aid fund which can come to assistance in the event of financial difficulty during refunding of their appropriations).
NB: This company doesn’t gives the loan; it makes only advise and constitute the files, near the customers of the banks partner. Their rate is 0% to 8%.
They offered me good working conditions. It is expected that I begin the next week but I am very anxious, I do not know if this employment is Halal or Haram? I recently refused a station in a local bank which specialized in appropriations. Please answer me, so that I will know if I can begin with this company or not.
Answer
Praise be to Allah, the Lord of the World; and blessings and peace be upon our Prophet Muhammad and upon all his Family and Companions.
We praise Allah Who has guided you to refuse the opportunity of working in a usury-taking bank and has Directed you to inquire about the work before undertaking it. In fact, this is the obligation of every Muslim to avoid any Haram earnings and to keep away from cooperating in sin and transgression.
Thereupon, we inform you that working in the French company about which you inquire in your question, is not permissible for the following reasons:
1. Constitution of the debt files is not permissible for a company if the debts are interest-based (usually debts contain interest-based dealings). Therefore, the act of constitution of such files is a kind of cooperation and help in dealing with usury which is forbidden in Shariah Allah Says (interpretation of meaning): {….. but do not help one another in sin and transgression. ……}[5:2].
2. A company should not offer the consultant advice to deal in giving interest loans to its clients, doing so is also helping them to commit Haram which is not permitted in Shariah.
3. As you know commercial insurance is also forbidden in Shariah because it contains gambling and high risks.
4. As for the point you declared in your question "repurchase of the loans ……".If the company receives an amount superior to the actual amount of debt itself against its services then such transaction becomes an interest-based loan.
5. It is also prohibited for a company to insure the loans based on interest.
Finally, one may see from the above details that the company indulges in many forbidden activities. Thereupon you should not work in such a company.
We ask Allah to provide you with a Halal source of earnings.
Allah knows best.
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